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86- 107408
<br />IIf Lender required mortgage insurance as a condition of making the loan secured by this Security instrument,
<br />Borrower shall pry the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance terminates in accordance with Borrower's and Lenders 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 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
<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 />3 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 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 covenants and agreements of
<br />this Security Instrument shall hind 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 Instrumcnt: 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 />11. 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 he 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 />k permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
<br />under the Mote 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 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 shall 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 cr any other address Borrower designates by notice to Lender. Any notice to lender shall be given by
<br />first class mail to Lenders 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 or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall he 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 --if this Security Instrumem 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 conflicting provision. To this end the pnnisxms 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 dote 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 cold or transferred (or if a beneficial interest in Borrower is sold or transferred anti Borrower is not a natural
<br />person) without Lender's prior wntten consent, Lender may, at its option. require immediate payment to full of all sums
<br />%ccurrd by this Security instrument. However, this option .hall not be cxcrcised by Lender if exercise is prohibited by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exerases this option. Lender shall give Borrower nonce of acceleration The notice shall provide a period
<br />of not less than 30days from the date the notice is delivered or mailed within which Borroncr mus; nay ZII sums secured by
<br />this Security Instrument. if Borrower fails to pay these sums prior to the expiration of this period, L ender may invoke any
<br />remedies permitted by this S-tcurity Instrument without further notice or demand on Borrower
<br />18. Borrow'er's Right to Reinstate. If Borrower meets certain Conditions. Harrower shall Bove the right io have
<br />enforcement of this Security Instrument discontinued at any time prier to the eWocr of tit) 5 (lays for such other period a,.
<br />appltcable law may spccif} for reinsiutemenih before sale ,,f tilt property pursuani to an} honer A sate taitallwd rot tills
<br />Security Instrument, or 1b1 entry of a ludgrnent enfor::a, this Securny Instrtirneni i hoar , oiidmon, au that logic sit,
<br />(d) pays Lender all sums which then wouid be due under this Se ur:ty irsirurncnt ,uhl ;hC \ „ir }tad o-., ac.i l•tr.a:;, •;
<br />o,.currvd: ib) cures any iitfault of anp other Cr>v(`nants of agreements i,) psys AP cvpcnsr, in"irrcll ni rnlnr,ul Ot”
<br />SWounly ItiSirninent, tnetudtng, hitt not itmtted to, reasonable attoinevs tees and ill) tar: su.!. acierr. as I C,"tcl vl,p,
<br />rca+otiat+ly require ti, assure that Oic her( atf !his Security instrument i ndcr . his iii !lic Pi.,prrt\ .nisi
<br />t,, ligation to pay tl: t, ittms `w',,uICd I`t this Scignt-, itistrnmCni Oi.di i;,i, ll te: y'.�.',: t ]— i
<br />Bilrrfbw f:Y, tFi144e`L UfXt) instTilmr : and :lit', vhhgattin, `leiwvd here', h.w
<br />]:slurred 11= w'9t ^l, this rigbl tt) ty't [7YtgtC °,hall its :t apt i! 11, the 'Alt, si :i. wd— ;,,u
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