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86- 106662
<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 termmaiesin agcordauce watt S rower's`and Lender's written agreement or applicable law.
<br />X. inspection. iterrder or }ts anent awy..tnake reasonable entries upon and inspections of the Property. Len.ier
<br />shall give Borrower notice stthettmeofor -prior to an inspection specifying reasonable cause for the inspection.
<br />9, Condensation. 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 totaftaking 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 />snake 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 i he 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 s 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 successor 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 stud 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 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. Lose Charges. If the loan secured by this Security instrument is subject to a !aw 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. Ifa 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 according to its terms, Londe,, 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 shalt be given 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 Lender shall be given by
<br />first class trail to Lender's address stated hcrem or any other address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security Instrument shalt be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; S'everabilfty. This Security Instrument shall be governed by federal law and the law of the
<br />iurisdiction in which the Property is lu;ated. In the event that any provision or clause of this Security Instrument or the
<br />Mote 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 conftictine provision. To this end the provisions of this Security instrument and the
<br />!Vote are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Securit y Ins* ntment.
<br />17. Transfer of the Property ors 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, rcqutrc immediate payment in full of all Sums
<br />secured by this Security Instrument. However, this option shall not be exeicis�d by Lender if exercise is prohibited by
<br />federal law as of the date of this Security Instrument.
<br />If Lender,exercises this option. Lender shall give Borrower not ice of acceleration. The notice shalt provide a period
<br />of not Has than 36 days from the date the notice isdelivered 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 period, Lender may invoke any
<br />rerttedtes permitted by this Security Instrument without further notice or demand on Borrower.
<br />11<. :Berrawsr'a;Atilllt to Rainstinte. If Borrower meets certain conditions, Borrower shall have the right to have
<br />enforcemuntof thissecurity Instrument discos tinued at any time prior to the earlier of: (a) 5 days (or such other period as
<br />Applicable law may spmify foureinstalement► before sale of the Property pursuant to any pc:ewcr of sale coirtioned in this
<br />Security Instrument: or (h) entry oafs jittigtnent- enforcing this Security Instrument. Thosc conditions arc that Borrower:
<br />(a) pays tender all.sumr which then mould be due under this Security Instrument and the Note had no acceleration
<br />(,,*,curred: (ii) cures any default of any other covenants of agreements: (c) pays Al expenw% mcurrcxl ir, enfo:cing this
<br />security Instrument, ineltid ng, hot not limited to, reasonable attorneys' fees; and (d) takes such acuon as Lender inay
<br />r 'rt €stbiy require to assure that the lien of this lift-unty, Instrument. Lcnder'F rights it, Property and Borrower's
<br />C"gatton tv pay the sums secured by this `*curtly li>sirumeat shall continue MWflanrcd, Ulx n r inSt orcrncm tv
<br />401rowcr. thisS"vainy Insttutneut and the obli itet secured hereby Shall remain iulh c1To :.Inc fist n, acce.eration had
<br />oct.urrcd llowcvcr, this right to tcinstate shall not apply in the lase. c f rcleratura Ubder )drat ruphS i '—t 17
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