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86- 104165
<br />If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument.
<br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
<br />shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award or claim for damages. director consequential, in connection with
<br />anv condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property,
<br />unless Borrower and Lender otherwise agree in writing. the sums secured by this Security Instrument shall be reduced by
<br />the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
<br />before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall he
<br />paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
<br />make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is
<br />given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or
<br />to the sums secured by this Security Instrument, whether or not then due.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs i and 2 or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver, Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
<br />interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
<br />Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
<br />payment or otherwise modify amortization of the sums secured by this Security instrument by reason of any demand made
<br />by the original Borroweror Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
<br />shall not be a waiver of or preclude the exercise of any right or remedy.
<br />I.I. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of
<br />this Security instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall bejoint and several. Any Borrower who co-signs this Security
<br />Instrument but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey
<br />that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
<br />the sums secured by this Security instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
<br />that Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Security Instrument is subject u> a law which sets maximum loan
<br />charges. and that law is finally interpreted so that the interest or other loan charges collected or to be collected In
<br />connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
<br />under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will he treated as a
<br />partial prepayment without any prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights, If enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable accordi rig to its terms, Lender, at its option.
<br />may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies
<br />permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall he given by delivering it ar by
<br />mailing it by first class mail unless applicable law requires use of another method. The notice shall he directed to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by
<br />first class mail to Lender's address stated herein or any other address [ender designates by notice to Borrower. Any notice
<br />provided for in this Security Instrument shall he deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. Thu Sccurtty Instrument shall hr goscrncd b% federal law and the law of the
<br />jurisdiction in which the Proper": is located- In the event that any provision or clause of this Security Instrument or the
<br />Notc conflicts with applicable !av%, such contlict shall not affect Other provisions of this Security histrumCnl or the Note
<br />which can be given effect without the cOnflicting pro% »inn. fo this end the proi,lstons of this Security Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be glum one contemned copy of the Noic and of this Security Instrunicnt.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is or transferred and Borrower is not a natural
<br />person) without Lender", prior written consent. Lender mac, at it, option. require miniediate payment in It'll of :Ill sums
<br />secured by this Security insirunicnt. Howe%er, this opthm shall not he cxeiciscd by Lender if r.xerc:se is prol,ibned by
<br />federal law as of the date of this Security Instrumcnt.
<br />If Lender exercises this option. Lender shall gnc Borrower notice of acceleration. i he noLicC shall pro%'dc a period
<br />of not less than 30 digs from the date the notice is delivercd or nulled within whi Ji Borrow ci must pay :Ill was secured by
<br />this Security hislrumeni. if Borrowcr fails to pay these sums pror ti) 'he expireonn <tf this period, Lcndcr may nivokc :nay
<br />ren'edics permitted by this Security Instrument without further noucc or demand on Bill rowcl
<br />18. Borrower's Right in Reinstate. 11 Borrower meets ccr[tun cntttl'tions, Borrower shall ha%e the right to It i
<br />L cntorc, :men; of this SCcunly insta urnent disLOWartue 1 at any tone pr t r to the i a bet ,,f till s f:», to such ether proud a,
<br />L apl,hcahle law may spccily for rcm,i.imnew ) het rc srl • , t tic 111 I burst 1111 I,, : nv li rnri of s Ac '; nI imcd ni do,
<br />4ecuru% Instrument or (hi cntr% ^fa lud;,nicnt !iIorc ng Till, Sc %oily In,truncnt fho,c c0ud,non, are Il.at 8nrrowrr
<br />(a)i pays Lender all sums t%tuch thin would lie duc under till, Sc <unrc Institrnnrn' and Inc Now 11,1,1 n is :rle•.r :il1011
<br />iccurrcti_ ih) cure, an% dcfaul: of .o,, o'hcr errant, • t = ��rcentcnts, (., o.t%, X11 ,at�rnsr, mcurrcd u. ,vito,cinu tills
<br />SCCUrtIN Instrtitncnt, nic;u.dn;g, but n(it ',iniuca tr.
<br />rca,rnably
<br />, equil a-urr that tlt111i: ko) it this •_sn'sis trnln,unrr•t. I ,�ndcr s tent, Ill thr 041 li0rn„w,i .
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