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85-000183
<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 requitement for the
<br />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
<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 Cite 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 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 secures) 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 />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 he 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 he reduced by the amount
<br />necessary to reduce the charge to the permitted limit; and (h) 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 a 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, 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 i» this Security instrument shall he 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 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 1orrower 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 Cite law of the
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or [lie
<br />Note 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 flits end the provisions of tilts Security Instrument and the
<br />Note are declared to he 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 llte Property or a Beneficial Interest in Borrower, if all of any par[ of the Property or any
<br />interest in it is sold or transferred (or of a beneficial interest lit liunower is sold or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent, Lender may, at its option, require intntediale payment in full of all sum%
<br />secured by this Security Instrument. However, this option shall not tic exercised by Lender if exercise is prohibited by
<br />federal law as of the date of this Securify Instrument.
<br />if Lender exercises this option, 1_endcr shall give Borrower notice of acceleration. The notice %hall provide a period
<br />of nut less than 30 days from the date the notice is delivered or mulled within which Iorrower must pay all sums secured by
<br />this Security Instrument. if Borrower fails to pay these sums prior fu the expiration of flik period, Lender may Invoke ally
<br />remedies permitted by this Security Instrument without further notice or demand un Burrower,
<br />18, Borrower's Right to Reinstate. If iurrower meets certain conditions, Hot rimer %hall have the right to have
<br />enforcement ol'thi% Security In%tntnicnt di%cunnmicsl al auty lime prior In the earlier of (a) 5 day-- (ur %uch other period a%
<br />applicable law may specify for rcinstaicnicnt) before %;dc of the Property pursuant ((I any power of sale coutaincd in tilts
<br />Security ImIrumcnl; or (h) cnlry of it judgment enforeutg flits Security ht%Irunteni. Those condition% are that Borruwei:
<br />(a) pays I -ender all %urns which then would liv due under thi% Security Instrument and the Now had no acceleration
<br />trccurrcd; (h) cures any dcfautl of any other t;ovenanis or agreements; (c) pays all expenws incurred in enforcing flu%
<br />Security Instrument, including, but not limited [o, reasonable attorney%' I'ee%; and (d) takc% %ucli action a% Lender 1113)
<br />reasonably require to a%surc that the lien of this Security htsimment, Lender's rights in ilic Property and liurrowcr'%
<br />obligation to pay the %urns scarred by lit;% Security instrument %hall continue unchanged. (Iptm rcm%tafcnicnt h%
<br />110rrower, ihi% Sssurrty 100 1 umcnt and the uhhgaulow, sectn'ed hrrt•by shall remain fully effective as if n4 a:rcic r: Iws, h.td
<br />oct:urred However, this right In reinstate Shall not apply nt the yaw of accelerahean under paragraphs 1 t ur I'
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