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86- 106274
<br />If Lender required mortgage insurance as a condition of making the loan secured by this Security In-
<br />strument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as a requirement for
<br />the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
<br />S. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />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, direct or consequential, in connection with any
<br />condemnation orother taking of any part of the Property,or forconveyance in lieu of condemnation, are hereby assigned and
<br />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 die event of a partial taking of the Properly, unless
<br />Borrowerand Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount
<br />of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before taking,
<br />divided by (b) the fair market value of the Property immediately before the taking Any balance shall be paid to Borrower
<br />If the Property is abandoned by Burrower, or d, after notice by lender ui Borrower that The condemnor offers to make
<br />an award or settle a claim for damages. Borrower fails to respond to lender within it) days after the date the notice is given.
<br />Lender is authorized ail collect and apply the proceeds, at its option, either to restor.;tion or repair of the Property or to the
<br />sums secured by This Security Instrument, whether or nor 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 ? 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 />modificationuf amortization of the sums secured by this Security Instrument granted by 1 -ender n, any successor lit mterest of
<br />Borrower shall not operate to release the liability of the original Burrower or Borrower's successors in interest Lender shall
<br />not be required to commence proceedings against any successor in interest or refuse w extend time for payment or otherwise
<br />modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower
<br />or Borrowers successors in interest. Any forbearance by Lender in exerusing anv right or remedy shall not be a waver of or
<br />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 this
<br />Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of
<br />paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who cu -signs this Security
<br />Instrument but does not execute the Note (a) is co-signing this Security Instrument only it) morigage, grant and comeythat
<br />Borrower's interest in the Property under the terms of this Security Instrument, t bi is nut personally obligated to pay the
<br />sums secured by this Security [nstrumenr, and (c) agrees that Lender and any other Burrower may
<br />o agree ro extend, modify.
<br />forbear or make any accommodations with regard to the terms of rhis Security Instrument r the Note wuthour that
<br />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 connection
<br />with the loan exceed the permitted limits. then: (a) any such loan charge shall be reduced by the amount necessary to reduce
<br />the charge to the permitted limit, and i b) any sums already collected from Burrower which exceeded permitted limits will be
<br />refunded to Burrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a
<br />direct payment to Borrower. If a refund reduces principal, the reduction w ill lx treated as a partial prepayment without any
<br />prepayment charge under the Note.
<br />13- Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering
<br />any provision of the Note or this Security Instrument unentorceable according to its terms. Lender, it its option, may require
<br />immediate payment in full of all sums secured by this Securitv instrument and may invoke any remedies permitted by
<br />paragraph 19. It Lender exercises this option. Lender shall rake the steps specified in the second paragraph of paragraph 1
<br />14. Notices. Any notice to Borrower pro% ided for in this Security Instrument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method The nonce shall be directed ail the Property
<br />Address or any other address Borrower designates by notice to Lender Any nonce w Lender shall begiven by first class mail
<br />to Lender's address stated herein or any other address Lender designates by nonce to Borrower. Any notice provided for in
<br />this Security Instrument shall be deemed to have been given to Burrower or Lender when given as provided in this paragraph
<br />15. Governing Law; Severability. This Security 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 Instrurnenr or the Note
<br />conflicts with applicable law, such conflict shall not affect other provisions of this Se-LuruN Instrument or the Note wlmch tan
<br />be given effect without the conflicting provision To this end the provisions of this Security ln.,trunhent and the Note are
<br />declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and tit this Security Instrument
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. if all (it .illy part of the Properrc or anv
<br />interest in it is sold or transferred for if a beneficial interest m Burrower is sold of transferred and Burruuer is not a natural
<br />person) without Lender's prior written consent, Lender may, at its option, require munediare payment in full of .ell sums
<br />secured by this Security instrument. However, this option shall not be exetclwd by Lender it exen use is prohihaed hy federal
<br />law as of the date of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Burrower notice of acceleration The notice shall pro% idea period of
<br />not less than 30 days from the date the notice is delivered or mailed within which Burrow et must pay all scans secured by this
<br />Security Instrument If Borrower fails co pay these sums prior to the expiration of this period, Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice of demand on Borrower
<br />18. Borrower's Right to Reinstate. If Burrower meets certain (onditions, Borrower shall have the right to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of a, 5 day s or such oilier period as
<br />applicable law may specify for reinstatement) before saheof the Property pursuant (o any p mer of salcumt:uned in This Se.
<br />curity Instrunlenr, or (b) entry of a judgment enforcing this Security InstrumenT l'host woduiom are (11.11 Borrowea ;.It
<br />pays Lender all sums which then would be due under this Security Insortiment .trill tilt Note had rn, a.crlcrat ion ammo red. 1 b
<br />cures any default of any other tonvenants or agreements, tc ) pays all expenses mcuT ltd in t nl,ut ing this Seoul 11% 1 nstrumenr.
<br />including, but not limited to, reasonable attorneys fees, and id take, su,h ,ction .t, I tndci tit, +% rea,t,nabl% ro•quoc t„ a,
<br />sure that the hen ut this Security Instrument. Lender s right, in the Pt..pcn% aild limit ,tI , „hhu;a(n 11 of p.n tilt win,
<br />sc'uired by this Security Instrument shall continue un. hanged 1'j> o rr;n,ra(r(rtlit h% li „et „rt. fill, "c,urft In,nu. it, w
<br />and the obligations ,etared hereby shall remain fully ctfeetivt .i, it nu lm!. tea; I lit%, rich :Ito, , gh, n•
<br />reinstate shall not apply lit the case of auelerauou under paragraph, i . ,i
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