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If l.ender requ~re~+ mortgage insurance as a condition of making the toan secured by th~s Security Instrument,
Borrower shall pay the premiums req~ired to maintain the insurance in effect until such tima as the requirement for
the insurance termi~~~.,:s in accordar-ce with Borrower's and Lender's wntten agreement or applicable law.
8. lnapection. Lender or iis agent may make reasonable entries upon and inspections of the Property. Lender
shall give Bo?rower notice at the time ot or prior to an inspection specitying reasonabte cause for the inspection.
9. Condemr:atton. The proceeds of any award or ciaim ior damages, direct or consequential, in connection with
anv condemnaticn o~ other taking of any part oi the Property, or for conveyance in lieu of condemnation, are hereby
assigned and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security
Instrument, wheiher or not then due, with any excess paid to Borrower. In the event of a partiaf taking of the Property,
untess Borrower and Lender otherwise agree in writing, th~ sums secured by this Security lnstrument shall be
re~~iced by the amount of the proceeds multipl~ed by the fo;lowing fraction~ (a) the total amount of the sums seccrred
~ mmect~atety 5etore the tak~ng, d~vided by (b~ the iair market value o~ the Property imme~iat2~y be!ore the taking. Any
balance shall be paid to Borrower.
tf the Property is abandoned by Borrcwer, or if, after notice by Lender to Borrower that the condemnor offers to
make an award or settle a claim for dsmages, Borrc~wer fails to respond to Lender within 30 days after the date the
notice is oiven, Lender is authorized to collect and apply ;t~e proceeds, at its option, e;ther to restoration or repair of
the i'roperty or to the sums secu~ed by this Security Instrument, whether or not then due.
Unless Lender and Borrower t~therwise agree in writing, any application of proceeds to princ~pal shall not extend
or postpone the due date of the.monthly payments referred to in paragraphs 1 and 2 or change the amount af sucn
payments.
10. Bor~ower Not Reteased; Fo~bearance By Lende~ Not a Waiver. Extension ot the time for payment or
modification of amortizatinr~ of the sums secured by this Security Instrument granted by Lender to any successor in
interest of Borrower shall not ,»erate to r2lease thz liabitity oi the ariginal 8orrower or Borrower's successors in
inierest. Lender shall not be required to commence proceedings against any success~r in interest or reiuse toextend
t~m~ for payment or othe•wisf ~~dify amortization of the sums secured by this Security lnstrument by reason of any
demand made by the oricinat B^= -ower or Borrower's sucCessors in interzst. Any forbearance by Lender in exercising
any rEght ar remedy sha:! not be a waiver of or preclude the exercise of any right or remedy.
11. Successors and :;.ssign~ Bound; Joini and Severat Liability; Co-signe~s. The covenants and agreements of
th~s Security Instrume~i s~all bind and benefit the successors and assigns of Lender and Barrower, subject to the
~rovisions of paragraph 17. 6orrower's covenants and agreements shali be joint and several. Any Borrower who
co-signs this Security Instrument but does not execute fhe Note: (a) is co-signing this Security Instrument only to
mortgage, grant and convey that Borrower's interest in the Property underthe terms ot ttiis 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, iorbear or make any accommodati~ns with reQard to the terms of this
Security instrument or the Note without that Borrower's conseni. ~
12. loan Charges. If the ioan ~ecured by this Security Instrument is subject to a law which sets maximum ioan
charges, and that law is finaity iniErp=sted so thai the interest or other loan charges collected or to be co!lected ~n
conn~ction with the loa~ excesd the permitted limits, then: (a) any such loan charge shall be reduced by the amount
r,ecessary to reduce the charga to the permitted limit; and (b) any sums already coilected irom Borrower which
exceeded pe?mitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the
pr~ncipal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the redu~tion
will be treated as a partial prepayment without any prepayment charge under the Note.
13. Legistation Affecting lender's Rlghis. If enactment or expiration of applicable laws has :he effect of ~
rendering any provision of the Note cr this Security Instrument unenforcea~le according to its terms. Lender, at its +
option, may require +mmediate payment in full of all sums secu~ed by this Security Insi~ument and may invoke any ~
remedies permitted by paragraph i9. If Lender exercises this option. ~ender shali take the steps specified in the
second paragraph of paragraah 17.
14. Notices. Any notiCe to Borrower prOvided for in this Security Instrument shall be given by del~vering it or 5y
rrailing it by first class mai! unlsss aoplicable law requires use of another method. The notice shal! be directed to the
Property Address or any other ad~'ress Borrower designates by notice to lender. Ary notice to Lender shal! be given
by first class mail to Lender's aadress stated herein or any other address Lender designates by noti~e io Borrower.
P,ny notice provided for in this Security lnsirument shall be deemed to have been given to Borrower or Lender when
given as provide~ in this paragraph.
15. Governing Law; Severability. This Security Instrument shall be governed by lederai !aw and the ~aw of the
; urisdiction in which the Property is located. In the eveni ihai any provision or clause ef this Security Instrum2n2 or the
Note conflicts with applicable law, such conflict shall not atfect other provisions of this Security Instrument or the
Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument
and the Note are declared to Ce severable.
16. Borrower's Copy. Borrower ;hall be given one conformed copy of the Note and of this Security lnstrument.
1 T. Transfer of the Property or a Beneficial Interest in Borrower. lt ali or any part of the Property or any interest in
it is sold or transferred (or if a beneficial +nterest in Borrower is sold or transferred and 8orrower is not a natural ~
person) without Lender's prior written co~sent, Lender may, at its option, require immediate payment in full of aH
sums secured by this Security tnstrument. However, this option shall ~ot be exercised by ~ender if exercise is
prahib~ted by federal law as of the date of this Security Instrument.
If Lender exercisPs this option. ~ender shall give Borrower notice of acceleration. The notice sh::;i Frovide a
period ef not less ihan 30 days from the date the notice is delivered or mailed within v~hich Borrower must pay all sums
secured by this Security Instrument_ If Borrower fails to pay these sums prior to the expirat+on af this period. Lender
may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower.
18. 8orrower's Right ta Aeinstate. If Eiorrower meets certain conditions. Bor~ower shall have the right to have
enforcem2nt ot thfs Security Instrument discontinued at any time pri~r to the eariier of: (aj 5 days (or such other
pericd as applicable la~v may specify for •einstatement) bsfore sale of the Property pursuant to any power af sale
contain~d in this Security tnstru:r.ent: or (b) enir~ of a judgment enforcing this Security Instrument. Those conditions
are that Borrcwer: (a) pays ~ender all sums which then would be ciue under this Security I nstrument and the Note had
na acceleration occurred; (b) cures any default of any other ccvenants or agreements; tc) pays al! expenses incurred
in enforcing this Security Instrume~~t, :ncfuding, but not limited to, reasonabls attorneys' fees; and (d) takes such
action as Lender may reasonably require to assure that the li~n oi this Secur~ty instrument, lender's rights in the
Properiy and Borrower's obiigation to pay the sums se.cured by this Security Inctrument 3ha11 continue unchanged.
Upon re~nstate~nent by Borrower, this Security Instrument and the abligat~ons secured hereby sha4' ramain fully
e'fective as if no acceleration had occurred. However, this righi to reinstate shal{ not apply in the case oi acceleration
under paragraphs 13 or 17.
°ooK 511 pH~E 93i
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