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85-004158
<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 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 I and 2 or change the amount of such payments.
<br />10, Borrower Not Released; Forbearance By fender 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 Borrowers 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 as:iigns 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 coney
<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 he 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 (b) 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 tinder 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 tenor. Lender, at its option,
<br />may require immediate payment ht 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 uo this Sec11no, Instrument shall he given by deli%cring it m by
<br />mailing it by first class mail unless applicable law requires use of another method ]'he notice shall he directed to the
<br />Property Address at any other address Borrower designates by notice ur 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 Bonower. 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 Instriunc•nl shall he co%crncd by federal lank and the law of the
<br />jurisdiction in which the Property is located. In the event that any pro%iswn or clause of this Security Instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrutnent ur the Note
<br />which call be given effect without the conflicting provision. Lo this end the pro%isions of tins Security insinaancnt and the
<br />Notc are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one contormed copy of the Note and of this Security Instr'untrnt.
<br />17, Transfer of the Property (or a Beneficial Interest in Borrower. If all or mo, part ul the Property or soy
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or Ii,instirredl and Borro%%cr s not a n :ducal
<br />person) without Lender's prior written consent, Lender may, at its Option, require nnnnethaic paynnnt nn fall of all sums
<br />secured by this Security Instrument. llowever, this option shall not be exciciscd he Lender it e%crcnx• is pi rhnhned by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of a :ccleratton. I he normc shall pro% Me ,r period
<br />of not less than 30 days front the date the notice is delivered or mailed within w luck Borrow cr n ist pay all suns set m ed by
<br />this Security Instrument. if Borrower fails to pay these sums prior 141 the expiration of this period. 1 ender may smoke :try
<br />remedies permitted by this Security Instrument without further notice or dernand on Borrower.
<br />18, Borrower's Right to Reinstate. If Horrower meets certain conditions, Horruwcr shall luoc the right to ha%c
<br />enforcement of This Security Instrtuncnt discontinued at any ante prior to the ear her of ia) 5 days (or such ,rther period as
<br />L applicable law may specify for reinstatement) hefote sale of the Property pur'sdo;dtu to any %er of salr cn11tanu'd n (Ills
<br />Security Instrument; or (It) entry of a judgment enforcing this Secutuy I list runn•nt l hose road ltlorts are 111,11 Hdmddw.n
<br />(a) pays I.cnder all sums which then would Ix due Under this Secunly Instountcnt and the Now had n,- ac"Iciatnm
<br />dKCUfred. (h) cures any default of jtny other co%cnanis ut aµrcenents. (c1 pays ,tC e%pcnses nicurrrd m rnfincMg 1111% t`
<br />Svcurily instrument. (ucludhng, butt 11411 limited to. reasonable attorneys' F.res.:nod (d) lakes such anon Is 1 cndci man
<br />rra%onuhly require 1„ assure that the lien of this Security Instrutnent. I ender', nghls rn the I'rd,t eny .110 llollo%%vt',
<br />rbhgatu'll no pay the ,rains secured by this Security ilHlrtilln'nt shall "'wiliue un.hanf dl I 1 -11 cm•rrt; nlcnl i,%
<br />11„rrwAk:c, this Srt.unty InNrunu n( and the �dhhµaUom urn tired hcreb..11. ;11 rm,un luny had
<br />n rurrrd 1 hour :d [. rlm right .r, 0, , 11 —!1 , 1 1-
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