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005406
<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. Condemnation. The proceeds of any award or claim for damages, director 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 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. 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 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 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 (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 be treated as it
<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 u, its terms. Lender, at its opt top.,
<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 rake the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower provided for in this Secwtty 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 ,hail he directed to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lendcr shall be given b%
<br />first class mail to Lender's address stated herein or any other address Lender designates by notice to Bortoveer. Ali% 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 />IS. Governing Law; Severability. 'This Security Instrument shall be governed by federal law and the law .' nce
<br />located. jurisdiction in which the Property is located. In the evert that any provision or clause of this Security IIISITUIllent or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Hole
<br />which can be given effect without the conflicting provision. To this end the provisions of this Security In%trumc•nt and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall he given one conformed copy of the Note and of This Sccutity Instrument
<br />17. Transfer of the Property or a Beneficial interest in Borrower. if all or any part of the Prolwity 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 it natural
<br />person) without Lender's prior written consent. Lender may, at its option, require inuuediule payment nr full (4 ,111 snot,
<br />secured by this Security Instrument. However, this option ,hall not he exercised by Looter rf exercise is prohibited h,
<br />federal law as of the date of this Security Instrument.
<br />If Lender exerciw. s this option, Lender shall give Borrower notice of acceleration. The notice shall provide it period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all suits secured by
<br />this Security Instrument. If Borrower fails it) pay then sums prior tai the expiration of this period, Lender nray urs„ke any
<br />remedies permitted by this Security Instrument without further notice or demand on Borruwcr.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain condilious, Borruwcr shall Italic the right to have
<br />Leoforcernent of this Securtly Instrument discontinued at any time prior to the c.0 lice of•. (a) 5 days (or such olher pcnud its
<br />L applicable law mi y specify for reinstatement) before sale of the Prulrerty pursu.tnt to any powct uf,ale coca ;nncd in tills
<br />Security Instrument: or (b) entry of a judgment enforcing this Security Instrument. '1 hose cnndinons air that Roo rowel
<br />(a) pays Lender all sum,, which titer, would be clue under this Security Instrument and the Nose had no aescleranon
<br />occurred; (h) cures io,y (iel °itull of at)) other euscuants or agreements. (r) pa)s all expenses n,curred set enfiucing tilt, �p
<br />Secunfy Instrunuvnt• Including• but nil loomed to, reasonable alturncys• fees. and (d) tnkcs such action as I , °ndet tone
<br />reasonably fcgmrr. to assure That the hen set tile, Security Insirunicnt, Lender 's light,, in the 1'wpcil} nail 1441110%k"I .
<br />ohhgaliun to hay the turns scoured by this Scsurrty Instrtuucnt shall ua,uniu unelnuit;rd 1 1„11 irui.tatemcul ty
<br />liurni%er, this Seouroy hisrnnncnt inn, nc� ubltgauotr, secured hereby shall rrtn.,in link , tlrrnir :n i+ m e. rlri,Wun h.nl
<br />acurrrd 1f <nc<•s, i. ilusright to rrurstaleshall tint apply in Ihc,asr„I AL1,01• ,,,tn,u 10"I" 1••,ieut,!0h -.
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