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85-- 002645 <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 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. Comiletnnatioe. 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 />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 said 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 am• 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. Loss 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 he 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 />permitted limits will be refunded to Borrower. Lender may chriose 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 law's 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 m 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 he directed to the <br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall he 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 provisions 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 he given one conformed copy of the time and of tills 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 suns <br />secured by this Security instrument. However, this option shall not he exercised by Lender if exercise is prohibited by <br />federal law a%of the date of this Security Instrument. <br />if Under exercises this option, Lender shall give Borrower notice of acceleration Vile notice shall provide a pernxf <br />of not less 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 tuty <br />remedies permitted by this Security Instrument without further notice or demand on Borrower. <br />18. Borrower's Right to Reinstate. if Borrower meets certain conditons, Borrower shall have the right to have <br />enforcement of this purity Instrument discontinued al any time prior to the earlier of (a) S days (or such other perirxl as <br />applicable law stay specify for reinstatement) before: sale of the Property pursuant to any power of sale contained m this <br />Security Instrument, or (h) entry of a judgment enforcing this Security lustrurnent 'I hose conditions are that Borrower. <br />(a) pay% Lender all sums which then would he due under this Security Instrument and the Note had no acceleration <br />occurred. (b) zurc% ally default of any other covenants or agreements: (c) pays all exlie•nsm incurred to enforcing tilts <br />Stet -urny Instrument, mc:ludung, but not limned to, rensimahle attorneys' fors: and ((If takes such action ;is Lender may <br />rewwmahly require to assure that the hen of tills Set urity Instrument, I aaufer's rights In rho Propx•rty and Borrower's <br />ohligaiivn ro pap t)ie sunny %m ured by this Sccumv Instrument shall z:rmun w unchmiged I'Ison rculstatenicnt by <br />llommrr, this Secordy lnslrunirnt and the ohligations wcur'ed hereby shall rcni;.itn Mill% etfrrtnr as It nu;crccleratnn had <br />,m- ,jrrri.t However, this right to rriwmatc shah) nor apply rn thr ca "r of a,. t 6vr. lion wid"r ;,,tragral,hc 1 1 <br />