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86- 105773
<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 Borrowers 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 ofor 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 shall 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 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 1 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 Borrower or Borrower's successors in interest Any forbearance by Lender In exercising any fight 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- signets. 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 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 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 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 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 of the Note or this Security Instrument unenforceable according 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 la. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
<br />paragraph 17
<br />14. Notices. Any notice io Borrower provided for in this Security instrument shall be given by delivering it or by
<br />mailing it by first class mad 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 Lender shall be given by
<br />first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower 'it Lender when given as provided
<br />in this paragraph
<br />i 15. Governing Law; Severability. This Secunty Instrument shall be governed by federal law and the law of the
<br />jurisdiction In which the Property is located In the event that any provision or clause of this Security Instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note
<br />which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
<br />Note are declared to be severable
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument
<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 sold or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent. Lender may, at Its option, require immediate payment in full of all sums
<br />secured by this Security Instrument However, this option shall riot be exercised by Lender if exercise is prohibited by
<br />federal law as of the date of this Secunty Instrument
<br />if Lender exercises this option, Lender shall give Borrower notice of acceleration 1 he notice shall provide a period
<br />of not less than 30 day's from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument. If Borrower falls to pay these sums prior to the cvpnation of this period, Lender may in oke any
<br />remedies permuted b) this Security Instrument without further notice or demand on Borrower
<br />18. Borrower's Right to Reinstate. If Borrower meets certain .oridmons. Borrower shall have the right to have
<br />Ienforcement of this Secunty instrument discontinued at any time prior to the earlier of (a)' day s Irr such other period as
<br />L� appbLabfe law may spacdy for reinstatement) before sale of the Property hu;suant I„ eny powcr A sale onlained m this
<br />Sccuncv Insirurnent or (b) entry of a judgment enforcing this Sevunry Lis!ruincw ) hr.sc .,,ndilwn% arc that Botiowet
<br />la) pa)s l ender all sums which then would be due under this Sesunty Invnunrw and the ",ac had 1w a.rcleration
<br />eceurred th) .ure, ati•y detauh of any other ....enanis ,.: agrecnicnls ! bss
<br />� a all evlru.rs onsur:ed n. enh+r.otg ;his
<br />st %un r ,a
<br />r, Irisirurnenl including, but not lnited to. rces,ahlc atiorness ' r .end lit take, su.h a,ti,m as lender ma,
<br />rags rahf. e.{uirc t„ assure that !hc lien of this Security lnstrumetw; Lender s n.l.; I;, i - {art. and It.vi,•wcr's
<br />; hlrgsn. „ pat the sums sevured by Ih:v Smunty inrhu {{mitt, shall .cat r r�.�s:atrmcut i�t
<br />Hurr,,wer t! .1r.unt. Ins'runien; and the •,hhlatrottksl4f�t>tl�erCt i ) ar, icmain 'u :o, . 1., ,r .t .i.,cl..ai . , ha.!
<br />H-oc,cr Ih,srighl iorruistaic ',hail n,?iappi)ui ihe.au .,f a..rkrei;el.n ar *,tr• ,h .1l !11 ,,r i
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