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It' Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
insurance terminates in accordance with Borrowe~'s and Lender's written agreement or applicabte law.
8, Inspectton. Lender or its agent may make reasonabte entries upon and inspections of the Property. Lender
shall give Bor~ower notice at the time of
or prior to an inspection specifjring reasonable cause for the inspe~tion.
'9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
~ assigned and shal! be raid to Lender.
In the event of a total taking of ihe Property, the proceeds shall be applied to the sums secured by this Security
InstrUment, ~vhether or not then due, with any excess paid to Dorrower. In the e~ent of a partial taking of the Property,
unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by
the amount of the proceeds multiptied by the following fraction: (a) the total amount of the sums secured immediately
before the taking, divided by (b) the fair market value of the Prop~rty immediately before the taking: Any balance shall be
paid to Borrower.
If the Property is abandoned by Borrawer, or if, after notice by Lender to Borrower that the condemnor ofFers to
make an award or settle a claim for damages, Borrower i'ai{s to respond to Lender within 30 days after the c3ate 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 Insirument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application oP proceeds to principal shall not extend or
postpone the due date of'the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payrnents.
10, IIorrower 1Vot Released; Forbearance By I.ender Not a Waiver. Exter~sion of the time for payment or
modification of amortization of the sums secured by this Se~curity Instrurnent 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 nnt be required to commence proceedings against any successor in interest or refuse to extend time for
payment or othenvise modify amortization of the sums secured by this Security Instrument by reason of any demand made
by the original Borrower or Borro~ver's successors in interest. Any fortsearance 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 Asslgns Bound; Jojnt and Several Liability; Cg-signers. The covenants and agreements of
~ this Secnrity 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 shail be joint and several. Any Borrower who co-signs this Security
} Instrument but does not ex~cute the Note: (a) is co•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 Security 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 Idote without
~ that Borrower's consent.
12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
~ charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
~ connection with the toan 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 any prepayment charge under the Note.
I3. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
~ rendering 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 19. If Lender exercises this option, Lender shall !ake the steps specified in the second paragraph of
paragraph 17.
14. Notices. Any notice to Borra~ver provided for in this Security Instrument shall bc given by delivering it or by
maifing it by first class mail 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 shatl 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 sha(I be deemed to have been given to Borrower or Lender wherrgiven as provided
~ in this paragraph.
1S. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of ihe
jurisdiciion in which the Property is located: In the event that any provision or clause of this Security Instrument or the
Note confliets with applicable law, such conHict shall not afTect other provisions of this Security Instrument or the ~tote
~vhich can be given effect without the conflicting provisio~. To this end the provisions of this Security Instrument and the
Note are declared to be severable.
16. Borrower`s Cogy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
17. Transfer of the Praperty or a Beneficial Intere§t in Borrower. If all or any part of the Property or any
interest in it is sold or transferred (or if a beneficial interest in BorrowEr is sold or 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 Gender if exercise is prohibited by
federal law as of the date of this Security Instrument. . -
If Lender exerciscs this option, L.ender 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 r~~ailed within which Borrower must pay all sums secured by
this Security Instrument. If IIorrower fails to pay these sums prior to the expiration ~f this period, Lender may invQke any
remedies permitted by this Security Instrument without farther notice or demand on Borrower.
_ 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shaU have the right to have
enforcement of this Security Instrum2nt discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
applicable la~~ may specify for reinstatement) before sale of the Property pursuant to any pewer of sale contained in this
Security Instrument; or (b) entry of a judgment enforcing this Security Insteument. Those conditions are that Borrower:
(a) pays Lender all sums which then would be due under this Sect~rity Instrument and the Note had no acceleration
occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this
Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
reasanably require to assure thai the lien of this 5ecurity Instrument, Lender's rights in the P~operiy and Borrower's :
- obligation to pay the sums secured by this Security Instniment shall continue unchanged. Upon reinstatement by ~
Borrower, this Security Instrument and the obligations secured hereby shall remain fu11y effective as if no acceleration had ~
occurred. However, this right to reinstate shall noi apply in the case of acceleration under paragraphs 13 or 17. _
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