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I 0 85- 003811 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 daniazes. 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 Burrower 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 Secunty 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 dote: (a) is cu- 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 Secunty instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify: forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Loan Charges. ff the loan secured by this Security Instrument is subject to a law which sets maximum loan charges. and that lass is fir:ally 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 to reduce the charge to the permitted limit: and (b) any sums already 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 to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without anv prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendenng any provision of the Note or this Security Instrument unenforceable according to its terms. Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph IQ. If Lender exercises this option, Lender shall lake the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in this Securny instrument shall be given by delivering it or by - tailing it by first crass marl 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 first 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 he deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing law: Severability. This Security Instrument shall he governed by federal law and the law of the turisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security instrument or the Note which can he green effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared n) he se%ernhle. 16. Borrower's Copy. Borrower shall he given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. if all or any part of the Property or any interest in it is sold or transferred t, .r if a beneficial interest in Borrower is sold nr transferred and Borrower is not a natural person) without Lender's prior written consent. Lender may, at its option, require immediate payment in full of all 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 Securit y Instrument. If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this 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 hays the right to have enforcement of this Security 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 in this Security Instrument ,r phi rntr. f a ;udernem enforcing this Security instrument. Those conditions are that Borrower: la) pays Lender :t1; stints which 'hen would be due under this Security Instrument and the dote had no acceleration occurred: ib) cures ani default of am ether covenants or agreements: (c) pays all expenses incurred in enforcing this Security instrument, utcludini', but net limned to, reasonable attorneys' fees: and (d) takes such action as Lender may reasonably require to assure that the lien of this Secunty instrument, Lender's rights in the Property and Borro wer's obligation to fvy the writs secured by this Secunty Instrument shall continue unchanged. Upon reinstatement by Borrower. this Se:: urrr. Instrument and the ubligauom secured hereby shall remain fully effective as if no acceleration had cecurred. linwc.er, this rieht to reinstate shall net apply in the case of acceleration under paragraphs 13 or 17. Non- Untl-(tR'A CtwF NAN' lS Borrower and Lender further covenant and agree "follows: 19. Acceleration; Remedies. Lender shall give notice to Borrower prior to 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 dote, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or imfore 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 inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non - existence of a default or any other defense 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 may require immediate payment in full of all sums 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 crisis of title evidence. If the power of salt is invoked, - trustee shall record a notice of default in each county in which any part of the Property is locartil and shall mail copies of such notice in the manner prescribed h) applicable law to Borrower and fu the other pers<)ng prescribed by applicabie law. After the time rrquirrd h) applicable law, Irusteer shall gise public notice of sale to the persons and in the manner prewtitxrl by applicable law. Tlosiee, without demand of Borrower. shall snit the NJ M , z