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86-305275
<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 Lenders written agreement or applicable law.
<br />S. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
<br />shall give Borrower notice at the t ime 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 />any 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_ shalt be
<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 faiks to respond to Lenderwithin 30 days after the date the notice is -
<br />given. Lender is authorized to collect and apply the pnxceds. 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 i he monthly payments referred to in paragraphs I and 2 or change the amount ofsuch payments.
<br />10. Borrower Not Released, Forbearance By Leader 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 Borrowers 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 Borrower or 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 />11. 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 be joint and several. Any Borrower who ins -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 term 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 to 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 Ibis 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 be 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 ofthe Note or this Security Instrument unenforceable according to its terms_ Lender. at itseption.
<br />may require immediate payment in full of all sums secured by this Security Instrument and ma} .invoke any remedies ,
<br />permitted by paragraph 19 i f Lender exerciser this option. Lender shall take the steps spe ified in the second paragraph of
<br />paragraph 17:
<br />14, Notices. Any notice to Borrower pro, tried for in this Security Instrument shall begn en by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any notice to tender shall be given by
<br />first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Ariv notice -
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall be governed hi federal law and the law -if The
<br />jurisdiction in which the Property is located. In the event that any provisio =n or Jausc of this Secunty Instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provrsuins of this Security Instrument or the Note
<br />which can be given effect without the conflicting provision. fo this end the provisions of this Security Instrument and the
<br />`ore are declared to be severable.
<br />16. Borrower's Copy. Borrow er shall be given one conformed copy of the dote and of this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. Lf all or.any par dthe Property or any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent. Lander may, at its option, require immediate payment in full =_1 ail Seim,
<br />secured by this Security Instrument. liowever, this option shall not be excicised by Lender if exercise is pr.ohihked by
<br />federal law as of the date of this Security instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice ofacceleration. The notice shall pro. ide a period
<br />of not less than 301 days from the date the notice is delivered or mailed within which Borrower must pay all sumssecurcd by
<br />this Security ° Instrument. if Borrower fails to pay these sums prior icy the expiration of ibis period. Lender trial invtke any
<br />remedies permitted by this Security Instrument without further notice tit demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right io have
<br />eriforccment of this Security Instrument dixontinued at any time prior to the earlier cif: (a) 5 days for such .other pertvid as
<br />appheabic law may specify for reinstatctium) lxfore sale of the Property pursuant to :try power of sale ;ontaimd in thts
<br />,Security instrument; or (b) entry of a judgment enforcing this Securn) Instrument'rhiise conditions are that Borrower
<br />(a) Tray. Lender all ,unto which their would he due utnlcr this Securty Instrument ;ind -the Nuic had no ,trceleraue =n
<br />tvcurrcd. th) :cures any default of any other covcaants or agreentcnts, (c) pays all expenses incurred its enforcing this,
<br />lceunq Irwranunt, including, but nut limited tit. r_asonabic attnrn"s fee's_ and td's takes sui:h aattan as I_mlidsi nta.
<br />rcasonabl) icqunv to assure that the, lien t,f this S,-cunt) instrument, Lender's rights m the Proilxlly vine) Buiro%won't
<br />hhjiami li to pri) (tic sums sc,:urvd h, tills scournp Instrument mall coin we rmchangrd Vr.,n irn,statcnieaia ho
<br />Hsrrr „war tt.k S:, urn% Institenicni .Ind tile, 611gankins =_roasted hercb) shall rem lm!uil% ctle,tatic Al It 110 to ratn -rs h.i,S
<br />,..- M,r,:S ll,-' ", till, 1, F)Nt i, lnristatc Shall nu t., pt, lyn, iltec= t> e,. fi, t oceler.lWmaudvrl.si_,i.i.it,1,. *i l
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