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wh�i:inli,illy cyuivalcnt m��ngagc insurancc covcragc is nu1 crvailablc. 13��rn,wcr sh,dl ��ay 1�� Lcndcr cach m�mih:i tium cyual lu
<br /> �mc-l�vcllth ul thc yearly mortgage insur.�ncc prcmitnn bcin�;paid by Borr��wer whcn Ihc insur:incc covcragc lapsrd�ir ccaxcd I�� �
<br /> he in elfecl. l.ender will accepl,use and retain these paymenis a; :i losx rescrve in liw af mor�gage insur;ince, Loss rcscrve '
<br /> � p,�ymems may no longer be reyuireJ,at the option of LenJcr, if mortgage intiurancc coveragc(in tl�c aiuounl anJ for ihc peri�id
<br /> that LcnJer' requires)providccl by'�n insurer approved by Lendcr again becomes availahlc and is oMaincd. Bnrrowcr shall �ay �
<br /> <- the prcmiums rcquired to maintain mortFage insurance in el'fcct,or to provide a loss reserve,until the requiremcnl for mortgagc
<br /> insurance ends in accordance with any written�greement between Borrower and LenJer or applicable law.
<br /> 9. Inspection. L.ender or its agent may make reasonable entries upon and inspections of the Property. Lender sha�l give '
<br /> Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br /> 10. Conderonation. The proceeds of any aw�rd or claim for damages, direct or conseyucntial, in connection wilh any �
<br /> c�mdemnalion or other taking of any part of the Properry,or for conveyance in lieu of condemnation, are hereby assigned and �"-^
<br /> shull bc pnid lo Lendcr.
<br /> In thc event uf a total laking of the Properry,the proceeds shall be applicd to the sums sccured by this Sccurity Instrumcnl, W
<br /> whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair '�
<br /> mnrket value of the Properly immediately before the taking is equal to or greater lhan the amount of the sums secureJ by this
<br /> Security Instrument immediately before the taking,unless Borrower and Lender otherwise agree in writing, the sums secured hy �
<br /> this Securiry Instrumenl shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the lolal �
<br /> amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediatcly
<br /> before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair
<br /> market value of the Property immediately before the taking is less than the amount of the sums secured immediately before Ihe
<br /> taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall
<br /> be applied to the sums secured by this Security Instrument whether or not the sums are then due.
<br /> If the Property is abandoned by Borrower,or if,aRer notice by Lender to Borrower that the condemnor offers to make an
<br /> award or setde a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given,
<br /> I.ender is auNiorizeJ tn collect and apply Ihe proceeds,at its option,either ro restoration or repair of the Property or to the sums
<br /> secured by Ihis Security Instrument,whether or not then due.
<br /> Unless Lender and Borrower otherwise agree in writing, any application of proceeds to princip�l shall not extcnJ iir
<br /> postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments.
<br /> I1. Borrower Not ReleaSed:Forbearance Ry Lender Not a Waiver. Extencinn of ihe rime for paymenl or mnclification
<br /> of amorti�ation of thc sums sccured by thiz Sccurity Instrument granted by I.ender to any xuccessor in intcicst of Borrower shall
<br /> not operate to release the liabiliry of the original Borrower or Borrower's successors in interest. Lender shall nut be required tn
<br /> commence proceedings against nny successor in interest or refuse ro extend time for payment or otherwise uiodify amortimlion
<br /> of the sums secured by this Security Instrument by reason of any demand made by the origin�l Borrower or Borrowcr's
<br /> successors in in�erest. Any forbearance by Lender in exercising any right or remedy shnll not be a waiver<�f or preclucle the
<br /> esercise of any right or remedy.
<br /> 12. Succesmrs and Assi�ns Ifound; Joint and Several Liability; Co-si�ners. The covenants and agrecments of Ihis
<br /> Securily Instrument'shall bind and benefit the successors and assigns of l,endcr and Borrowcr, subject to the provisiuns ol'
<br /> paragraph 17. Borrower's covenants and agreements shall be joint and severlL My Borrower who co-signs this Security
<br /> Instrumcnt but does not execute the Nc�le: (a) is co-signing this Security Instrumcnl only �o morlgage, gr:inl and convey 1h;u
<br /> E3orrowcr's interesl in the Pmperty under the terms of this Security lnstrument; (b)is not personally obligatcd to pay the�ums
<br /> secureJ by this Security InstrumenC and(c)agrees that Lender and any other Borrower may agree tu extend, modil'y, fonc�ar ur
<br /> make any accommcxlalions with regard to the tenns of this Security Instrument or the Notc wilhout that Borrower'c consent.
<br /> 13. Loan Char�es. If the loan secured by this Security Instrument is subject to a law which�et�maxinnun loan charges,
<br /> and that law is finally interpreted so dia� the interest or other loan charges collecteJ or to be collected in cunneclion with tlic
<br /> loan exceeJ the permitted limitc, then: (a)any such loan charge shall be rcduced by Ihe amount necestary lo reduce the chargc
<br /> lo the permitted limit;and(b)any sums already collected from Borrower which exceeded pennitted limits will be refunded lo
<br /> Rrn'rower. Lender may choose lo make this refund by reducing the princip.d owed under Ihe Note or hy making a Jirecl
<br /> payment to Borrower. If a refund reduces principal, the reduction will be lreated as a partial prepayment without any
<br /> prcpaymcnl charge under the Note.
<br /> 14. Notices. Any notice to Borrower provided for in this Security Instrument tihall be given by dcliverin� it ur by mailing
<br /> i1 hy lirsl class mail unless applicaMe law reyuires use of another melhod. The notice sha�l be directed lo the Property Address
<br /> ur .my other address Borrower designates by rn>tice to Lender. Any nolice tu Lender shall be given by I'irst clasti m;iil to
<br /> Lender's address stated herein or any other address Lender designates by notice to Borrower. Any nolice provided for in Ihis
<br /> Security Listrument shall be deemed to have been given to Borrower or Lender when given as provided in fhis pc�ragraph.
<br /> I5.(:overning Law; Severability. This Sccurity Instrument shall be governecl by feJeral law and �hc law of thc
<br /> jurisdiction in which the Property is located. In the event that any provision or clause uf this Securiry Instrwnent ur the Note
<br /> conllicls with applicable law,such conllict shall not affect other provisions oF this Securily Instrument nr the Nole which can be
<br /> gi��cn effect without the conFlicting provision. To this end the provisions of this Security Instrument and the Note arc declared
<br /> to be severable.
<br /> 16.ISorro���er's Copy,g��rrower shall be given one confurmed copy of the Note and of this Sccurity Ins�rumcnt.
<br /> (7.Transfer uf!he Property or a Beneficial Interest in Borrower. If all or any part of the Properry or any interest in it
<br /> is sold or transferred(or if a benefici:tl interest in Borrower is sold or transferred and Borrower is not a natural persun)wilhout
<br /> Lender's prior written consem, Lender may, at its option, require immediate payment in full of all sums secured bv Ihis
<br /> Security InslrumenL However,this option shall not be exercised by Lender if exercise is prohibited by federal law as of the Jate
<br /> of lhis Securily Inctrument.
<br /> If Lender exercises this option, Lender shall give Borrower no[ice of acceleration. The notice shall proviJe a period of not
<br /> ! Icss than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this
<br /> Security Instrmnent. If Borrower fails to pay these sums prior to the expiration of this pericxl, I,ender may imoke any remedies
<br /> penniUed by this Securily Instrument without further notice or demand on Bortower.
<br /> 1R. Horrnwer's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have Ihe right to have
<br /> enfurcement of Ihis Securily Instrument discontinucd at any time prior to the earlier oL (a) 5 ��,�y� (i�� �ii��� �,i��cr periud ais
<br /> applicable law may specify for reinstatement) before sale of the Property pursuant lo any power of sale containeJ in this
<br /> Security Instrument;or(b)entry of a judgment enforcing this Security InslrumenL Those conditions are that Borrower: (a)pays
<br /> Lender�II sums which then would be due under this Security Instrumenl and lhe Note as if no accelcration had occurred; (b)
<br /> cures any default of any olher covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument.
<br /> including, but nol limited to, rcasonable attorneys' fees; and (d)takes such action.is LenJer may reasonably rcyuire I�i assurc
<br /> Ihat the lien of Ihis Securily Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums securcd hy ���
<br /> Ihis Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security hislrumenl anJ Ihe �r�
<br /> obligatiuns secured hereby shall remain ful�y effective as if no acceleration had occurred. However, this right to reinslate shall
<br /> not apply in the case of acceleration under paragraph 17,
<br /> 19. Sale of Note; Change of Loan Scrvicer. The Note or a parlial interest in the Note (toge�her with this Sccwity �'.
<br /> Ins�rument)muy be sold one or more times without prior notice to Borrower. A sale may result in a changc in Ihe enliry(known * r
<br /> ac�he"Lo�n Scrricer")that collects monHdy paymcnts due under tlie Note aad this Secwity Inslrument. '1'here also may be one '+w
<br /> or more changes of the Loan Servicer unret.Ued to a sale of the Note. II'Ihere is a change of the Loan Servicer, Borrower will be
<br /> gi�en wriuen notice of the change in accordance with paragraph 14 above and applicable law.The notice will slale the name;md
<br /> address of the new Loan Servicer and the address to which paymenls should be made. Thc notice will also contain any olher
<br /> infonna�ion rcyuircd by applicaMe law.
<br /> 20. Flazardous Substances. Borrower shall not cause or permi[ihe presence, use, disposal, slora�e, or release of an��
<br /> Hazardous Substances on or in Ihe Property. Borrower shall not do, nor allow anyone clse to du, anythin� .iflecting thc
<br /> Property Ihat is in violation of any Environmental Law. The preceding two sentences shall not apply to the presencc, uxe, or
<br /> storagc c,n lhe Property of small yuanlilies of Hazardous Substances Ihat are gencrally recognizcd to bc appropriale lo normal
<br /> residcntial uscs and tu maintenancc uf the Property.
<br /> Paqe 3 of 4
<br /> _ Form 3028 9/90
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