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008525
<br />1 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• 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 tl'e 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 he reduced by
<br />the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
<br />t before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall he
<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 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 bind and benefit the successors and assigns of Lender and Borrower, subiect 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 oni 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 ether 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 (h) any sums already collected from Burrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choxose 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
<br />paragraph 17. paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
<br />14. Notices. Any notice to Burrower provided for in this Securit% 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 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 />fars,t class mail to Lender's address stated herein or any other address Lender designates by notice to Borrrovver. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender %% lien given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. 'I'}ois Security Instrument shall he Lovorncd by fcdcral law anti the law of the
<br />jurisdiction in which the Property is located. In the event that am 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 be given one conformed copy of the Note and of tilts Security I fist rLunCirt.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the l'ropertti or any
<br />interest in it is sold or transferred (or if'a beneficial interest in Borrower is sold or transferred and I3orrowrr is not a natural
<br />person) without Lender's prior written ecroscnt, Lender may, at its option, require tnruediate payment in full of all sums
<br />secured by this Security Instrument. However. this option shall not he excicise�d by }.ertdcr if rxeri. sc is loro,hihiteol by
<br />federal law as of the date of this Security Instrument.
<br />If Lender excrctws this option, L.erider shall give Borrower notice of acceleration. 7 he nroticc steal! prt>a ide ,t hrrioo)
<br />of not less than 30 days from the. datc the n()ttce is delivered or mailed within which Borrt »vcr must pay all sums scoured by
<br />this Security Instrument. If Borrower fails to pay these. sun's poor to the expiration <+f this hc�rtt,oi. Lender nlas invoke alt'
<br />re (es permitted by this Security Instrument without further noticc or demand on Borrower.
<br />18• - Mwetr's Right to Reinstate. If Ho7rro%er meets certain concftitons, hoiroµer shall have tilt, atght to, ha %t,
<br />enforcement of this Security Instrument dr�:o +nttnuccl it .env- time prior to the earlier Of (a) e days (oar such other hrrto�1 l
<br />applicable law may spetifv for rt :tnstatrtntrroti hcfe »re "alt: o+f the Pr,lpc•riv pursuant toy ,in) I' „tare ��f s;alc �„rttantcx) m i;tts
<br />c unity Instrument; or (h) cntt) o +f a judguicnI en fit tcing this Sci:uIItt, lnsttullIc'nt i ho>sc ,3ncftt1,1ns arc that Iic,rr„aarr
<br />(a) pays I ender all sums which theca a4otald he due under this security insirttn'cnf and the 'tor ±,: h�hl tics ArClt'tatsn
<br />c c'urrcd. (h) curt° ait1 tStfault + =f ally „t her rcoaeriaiits ��t ;agrccincrits. (c) pays toll r °+l�rttscs :ncuireaf too �vaf„r;,r;ct tfti�_
<br />curity Instrur "ants oiacltaeftag, but 1-t hi-n led tea, teas :onahic atlwne}s' ties.
<br />:and (ol) t,a{ o. sotala ,t�tn}t= .ts 1 �ta,lct rtssa
<br />lea nahlti rc^quire No assure that the• Item 4,f this sv unty Insirurnt-111. I tcuder's rig. §cis +a, th,� )''_,l,crt� xooi
<br />rlr(attofrt t<t 1 =<i} the aunts st°cutcd h% the'. sr� irstti Ir +4iroarsrea :? ,hall p "t,
<br />li.arr <'t'r. °ht, `sc °, ;�rti laasts.,r,at tit ,atr�� ttrc <,�� o „
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