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r L f,t 85-003770 If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given. Lender is authorized to collect and apply the proceeds. at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs i and 2 or change the amount of such payments. 10. Borrower Not Released: Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make anv accommodations with regard to the terms of this Security Instrument or the Note without that Borrowers consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finahv interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary, 1 reduce the charge to the permitted limit; and (b) any sums alreadv collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment io Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision ofthe Note or this Security Instrument unenforceable according to its terms. Lender, at its option, may require immediate payment it,. full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option. Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided form this Security Instrument shall be given by delivering it or by mailing it by ;;rsi :lass mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by nrst class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law: Severabiiity. This Security Instrument shall be governed by federal law and the law of the iurisdicnon :n which the Property is located. In the event that any provision or c lauw of this Security Instrument or the Vote conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the dote which can he given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to he severable. 16. Borrower's Copy. Borrower shalt be given one conformed copy of the Note and of this Secuni, Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any pan of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's pnor written consent. Lender may, at its option, require immediate payment in full of alt sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 34 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by :his Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Secumv Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained to this Secur.t, instrument: or thi entry of a judgment enforcing this Security instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Securty Instrument and the Note had no acceleration occurred: lb) cures any default of any other covenants or agreements: (c) pays all expenses incurred in enforcing this Security Instrument. including, but not limited to. reasonable attorneys' fees: and (d) takes such action as Lender may reasonably require it) assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation "o pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower. ii%) -securit} Instrument and the obligations secured hereby shall remain fully effectne as if no acceleration had occurred. However. this right to reinstate shall not apply in the case of acceleration under paragraphs 1,,-)r i7. NO %LUNEFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 19. Acceleration; Remedies. Lender shall give notice to Borrower prior ti acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraphs 13 and 17 unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default (c) a date, tut ten than 30 days from the date the Notice is given to Borrower, by which the default must be cured; and (d) that f "ure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further infotm Borrower of the right to reinstate after acceleratior..&*4 tlac r;gbt to bring a court action to assert the non - existence of a default or any other defence of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice. Lender at its option my require immediate payment in full of as wane secured by this Security instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 19, including, but not limited to. reasonable attorneys' fees and costs of title evidence. If the power of sale is invoked, Trustee shall record a notice of default in each county in which any part of the Property is located and shall mail copies of such notice in the manner prescribed by applicable law in Borr +,suer and to the other persons prescribed by applicable law. After the time required by applicable yaw, Trustee shall giYv puhlic notice of salt to the persons and in tale manner prescribed by applicable law. Trustee, without lemand rn Horr,,a,r, +hall ell the M