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ss— 107538
<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 terminates in accordance with Borrower's and Lender's wntten agreement or applicable law.
<br />S. 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. Coadetanstion. The proceeds of any award or claim for damages, direct or consequential, in connection with
<br />any condemnation or other taking of any pan 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 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 this Secunty 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 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. 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 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 If 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 taws 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 dehvering it or by
<br />marling 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 mail to Lender's 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 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
<br />Note conflicts with applicable law, such conflict shall not affect other protiisions of this Security Instrument or the Note
<br />which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Note 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 intern, 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
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises this option. Lender shalt give Borrower notice of acceleration The notice shall provide a period
<br />of not Ins than 30 days from the date the notice is delivered 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 am
<br />remedies permitted by this Security Instrument without further notice or demand on Dot rower
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of (a)' days (or such other period as
<br />applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
<br />Security Instrument. or fb) entry of a judgment enforcing this Secur,ts lnsirument Those . onditions arc that Borrower
<br />fist pays Lender all sums which then would be due under rho Securny instrument and .he \tic had tit, ac.eleration
<br />occurred (hi cures any default of arts other covenants or ,agreements. tai pays all expenses a.urred in enforcing this
<br />Security Insirurticm. including, but not limited to, reauonable atiorneys' fees and tdt rakes sash action as ICrider may
<br />r e�sonab)v rcgmre t„ assure that the lien of !ht Smuntj instrument,'Lcndcr v nghis !n the Ptorwrts and Borr -rr\
<br />rhhgarv...n t, pat 'he sun» •.c,.ured by tins Security Imiruntent,shall ;,n,t;ntw un.hamet-i 1 po,i tern,taictrent hN
<br />fir,n •v cc ha yCt war'. Iratrumeni and the whhya,:uns secured ita rebt shall remum full. rile.! vc ,tv t1 n •.,i,eie!. +ttr:n had
<br />!hn right ro retnstaic shall curt appfv :r. the.. a -r + ,a!•. .,• :arid., ;,ara�r.i t,hs
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