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B6 107070
<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 />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice it 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 or other taking of any part of the Property, or for conveyance 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, wherheror not then due,with any excess paid to Borrower. In theevent of a partial rakingof the Property, unless
<br />Borrower and lender otherw ise 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: tal 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 ro Borrower.
<br />If file Property is abandoned by Burrower, or if, after notice by Lender to Burrower that the condemnor offers to make
<br />in award or settle a claim for damages, Borrower fails to respond rat Lender within 30 days after the date the notice is given.
<br />Lender is authorized to collect and apply the proceeds, at its option, either it) restoration or repair of the Property or to the
<br />sums secured by this Security Instrument, whether or not then due.
<br />Unless lender and Burrower otherwise agree in writing, any application of proceeds it) principal shall nor extend or
<br />postpone the due date of the monthly payments referred to in paragraphs I 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 rhis Security Instrument granted by Lender to any successor in interest of
<br />Borrower shall not operate to release the liability of the original Burrower or Borrower's successors in interest. Lender shalt
<br />not be required to commence proceedings against any successor in interest or refuse to 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 Borrower's successors fn interest. Any forbearance by lender in exercising any right or remedy shall not be a waiver 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 Burrower, subject to the provisions of
<br />paragraph 17. Borrower's covenants and agreements shall he joint and several- Any Borrower who co -signs this Security
<br />Instrument but does not execute the Note: (a) is cu- signing this Security Insrrument only to mortgage. grant and convey that
<br />Borrower's interest in the Property under the terms of this Security instrument, lb) is not personally obligated to pay the
<br />sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree n) extend, modify,
<br />forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without 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 otter loan charges collected or w be collected in connection
<br />with the loan exceed the permitted limits, then: (a) any such loan chargeshall be reduced by the amount necessary to reduce
<br />thecharge to the permitted limit, and (b) any sums already collected from Borrower which exceeded permitted limits will be
<br />refunded to Borrower. 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 will be treated as a partial prepayment without any
<br />prepayment charge under the Note.
<br />13. Legislation Affecting Lenders Rights. if enactment or expiration of applicable laws has the effect of rendering
<br />any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require
<br />immediate payment in full of ail sums secured by this Security Instrument and may invoke any remedies permitted by
<br />paragraph 19. if Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17.
<br />1.4. Notices. Any notice to Burrower provided for in this Security instrument shall be giver) 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 Property
<br />Addressor any other address Borrower designates by notice to Lender. Any notice to lender shall be given by first class mail
<br />to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in
<br />this Security Instrument shall be deemed to have been given to Borrower 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 instrument or the dote
<br />conflictswith applicable law, such conflict shall not affect other provisions of this Security instrument or the Note which can
<br />be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are
<br />declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Now 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 not be exercised by Lender if exercise is prohibited by federal
<br />law as of the date of this Security Instrument.
<br />If Lender exercises this option, lender shall give Borrower nut ice of acceleration. The notice shall provide a period of
<br />not less than 30 days from the date the notice is delivered or mailed within which Burrower must pay all sums secured by this
<br />Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower filters certain conditions, Borrower shall have the right to have
<br />enforcement of this Security Instrument discontinued at any time prior it) the earlier of: (a) 5 days (or such.,ther period is
<br />applicable law may specify for reinstatement! before saheof the Property pursuant to any tower of sale comained in this Se-
<br />turity lnstrumemr or ib) entry of a judgment enforcing this Security Instrument. Those curnhtions are that Borrower .o
<br />pays Lender all sums which then would be due under this Security Instrument and the Note had no a.celcrnton ociurred, h
<br />cures any default ofany (it her convenants oragreements;( c) pays aII expense, incurredinenforcingt his Sect; nn Ins)ntnum,
<br />including, but not limited tor, reasonable attorneys' fees: and (d) takes such action as tender may rcasattntbly requur t . as
<br />-sure that rile Lien A this Security Instrument. I.elrrltt''S rights in the Property and B"ti"mer . , >h #,,,,u„11 t.+ hay :hr —11"
<br />iecurml by thi% Security Instrument shall connntee unchanged. Upon reinstatement by B„rn,wer, this �vtfm(r Instrutncnr
<br />JIM ilte oA)ligations secured hereby shall Millio % fully rhfeeuyr as if no airchetatunt had o'ourtc-d How -rcr:_ fill, nghl t,,
<br />reinstate %hall 91411 apply in the case of acceleration under paraf tal?i)s I + or 1'
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