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86-- 108814
<br />i 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 Boirower's and Lenders written agreement or applicable law.
<br />8. Inspection. Lender or its agent, may,rnake reasonable entries upon and inspections of the Property. Lender
<br />shall give Borrower notice at tleatimc of oipriorto an inspection specifying reasonable cause for the inspectic.n.
<br />9. Condemnation. The proceeds ofam• 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 he
<br />paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after nonce by Lender to Borrower that the condemnor offers to
<br />make an award or settle a claim for damages, Borrower fads 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 ) 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 uccessor in interest or refuse to extend time for
<br />payment or otherwise modify amortization of the sums secured by this SLcurn% Instrument by reason of an% demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbearance h% 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 co %enanis and agreements of
<br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower. subject to the pro%lslons
<br />of paragraph 17 Borrower's covenants and agreements shall be joint and sc%cral An v, Borrower w ho co signs this Security
<br />Instrument but doles not execute the Note: (a) is co- signing this Secunty Instrument only to mortgage, grant and convey
<br />that Borrower's interest to the Property under the terms off this Security Instrument. (b) is not personal) obligated to pay
<br />the sums secured by this Secunty 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 Vote 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 he collected in
<br />connection with the loan exceed the permitted limits, then: (a) any such loan charge shall he reduced b% the amount
<br />necessary to reduce the charge io the permitted limit: and (b) any sums already collecied from Borrower which exceeded
<br />permitted limits will he refunded to Borrower. Lender may choose to make tilts 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 well he treated as a
<br />partial prepayment without any prepayment charge under the Note.
<br />13. Legislation AffectinR Lender's Rights. If enactment or expiration of applicable laws has the effect of
<br />tendering am provision of the Note or this Security Instrument unenforceable according to its terms. lender. it its option.
<br />may require immediate payment in full of all sums secured b% this Security Instrument and may m%oke any remedies
<br />permitted by paragraph 19. If Lender exercises this option. Lender shall take the steps specified to the second paragraph of
<br />paragraph 17.
<br />14. Notices. .Any notice to Borrower provided for in this SLcunty Instrument shall he given by deh%cring it nr by
<br />mailing it by first class mail unless applicable law requires use of another method. The nonce shall tic directed too the
<br />Property Address or any other address Borrower designates by notice to Lender Any notice to ).ender shall he ;nen by
<br />first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower Ar» notice
<br />provided for in this Security Instrument shall be deemed to have been green to Borrower or Lender when gn en as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Secunty Instrument shall he gm erned b% la%% aria the !aw of the
<br />jurisdiction in which the Property is located. In the event that any provision or dame of this Security In%ir,.ment or the
<br />Note conflicts with applicable law. such conflict shall not affect other pro%islons of this SecurnN Instrument or the Note
<br />which can be given effect without the conflicting provision. To this end the pro%voons %,f tilt, Security Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall he given one conformed copy of the Note and of thi, Security In,trumcni
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. 1f ail or :Inv part of the Propert% or :tin
<br />interest in it is sold or transferred (or if a beneficial interest to Borrower is sold or transferred and Borrower is not a natural
<br />person) without Lender's pnor written consent. Lender may. at its option, require unnlediarc payment in full of all sums
<br />secured by this Security Instrument However, this option shall not be exeiciscd b% lender it exercise is prohibited %
<br />federal law as of the date ofthis Security histrument.
<br />x If Lender exercises this option, Lender shall give Borrower nonce of acceleration. l he notice shall prm idc a period
<br />of not less than ±0 days from the date the nonce is deh%ered or mailed within which Borrower must pay all sums Secured by
<br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this 1,erind. Lender may im okc any
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions. lorrower ,hall ha%c the right it, ha%e
<br />enforcement of this Security Instrument discontinued at any time prior to file earlier of (a) 4; days (or such other period a,
<br />{ . applicable law may specify for reinuatement) before sale of the Property pur,uan' !r ::ny power .,f ,aft% , nmanord in tilt,
<br />L Security Instrunient'or(Nentry ofa )udgrnent enforcing thisSecurity ln,irunlrni )hosc.ondmou,,ucth:u Bnrn+wr!
<br />(a) pays lender all or
<br />which *,tier) would be due under this Security Imnumcni and the Note had no uc.elcr:ui •n
<br />occurred; (b) cures any default of any other covenants or agreemcnb. (c) pays .oil expenses !n.urred to enfi,remz: 11111
<br />Securih Instrument, including, but not limited to. reasonable attorneys' fcc,. end (di take, sllrh .Iciior, .1, 1 cndci roe%
<br />reasonably require n: assure that the lien of this Security instrument. I ender', nghi, in the Piopcny ,tnd li, i,• %%,•i ,
<br />ohhgatlou io pay the ,um, ,"ured by this Secunty Insirument shall ominiuc unchanged t p„n Icni,!etcricni h%
<br />llotrowcr, iius Secunty 111 ,.1r12n1Cilt and the obligatlon„CCutcd 11001% 111,1)) tenl.un lull% C11CL!t.r :n 1! n;• .111:4rr+;a n h.Ia
<br />:,ccurrcd H,•we%et. I11, right t„ retn,eate shall not ap},r% ill tile cesv "t Al tart ,n undo) r.lr.: :., i +• !
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