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If I.endcr required mortgage insurance as a condition of making the loan securcd by this Security Instrument, ~
Borrower shall pay the premiutns required to maintain the insurance in eflect until suyh time as the requirement for the
insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
8. Insp~ctlon, I,ender or its agent may make reasonable entries upon and inspections of the Property. Lender
shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9. Condemnntton, The proceetls 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 conveyancc in lieu of condemnation, are hereby ~
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assigned and shall be paid to Lender. 3
In the event of a total taking of the Property, tlie proceeds shall be applied to the sums secured by this Security ;
Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, ;
unless Borrower and I.ender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by g
the amount of the proceeds multiplied 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 Property immediately before the taking. Any balance shafl be =
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paid to Borrower. ;
If the Property is abandoned by Horrower, or if, aRer notice by Lender to Borrower that the condemnor offers to ;
make an award or settle a claim for damages, Bonower fails to respond to Lender within 30 days after the date the notice is ~
given, I.ender 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 Instrument, whether or not then due.
Unless L.ender and Bonower otherwise agree in writing, any application oF proceeds to principal si~aU not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
10. Barrower Not Released; Forbearance By I.eader Not a Vi~atver. Extension of the time for payment or
modiftcation of amortization of ihe sums secured by this Security Instrument granted by Lender to any successor in ~
interest of Bottower shaU not operate to release the liability of the original Borrower or Borrower's successors in interest. :s
Lender shall nnt be required to commence proceedings against any succ~ssor in interest or refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Security Inswment by reason of any demand made <
by the original Borrower or Borrower's successors in interest. Any forbearance 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 Assigns Bound; Jotat ~nd Several Liabiltty; Co-signers. The covenants and agreements of
this Security Instrumant shall bind and benefit the successors and assigns of'Lendee and Borrower, subject to the provisions ~
of paragraph 17. Bottower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security
Instrument but dces not execute the Note: (a) is casigning this Security Instrument only to mortgage, &rant and convey
that Bonower's interest in the Property under the terms of this Security Instcument; (b) is not ~ersonally 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 Note without
that Bonower's consent. ;
12. I.oan 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
k connection with the loan exceed the permitted limits, then: (a) any such loan charge shall te reduced by the amount
~ necessary to reduce the charge to the Qermitted limit; and (b) any sums already collected from Borrower which exceeded `F
~ permitted limits will be refunded to Bonower. I.ender may choose to make this refund by reducing the principal owed
under the Note or by making a dir~ct payment to ~orrower. If a refund reduces principal, the reduction will be treated as a ~
partial prepayment without any prepayment charge under the Note. ~ '
13. Legislation Affecting Lender's Rig6ts. If enactment or expiration of applicable laws has the effect of ~
rendering any provision ~f the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, ~
may require immediate payment in tull of all sums secured by this Security Instrument and may invoke any remedies =
permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~
paragraph 1 '
1~. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ~
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~ mailing 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 florrower designates by notice to Lender. Any notice to Lender shall be given by ~
first class mail to Lender's address stated herein or any ather address Lender designates by notice to Borrower. Any notice
provided for in this Security Instrument shall be deemed to have t~een given to Borrower or Lender when given as provided '
in this paragraph. z
15. Governing I.ew; ~everability, This Security Instrument shall be governed by federal law and the law of the x
jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instr~ment or the ~
Note confticts with applicable lacv, such conflict shall not affect other provisions af 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 ;
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Note are declared to be severable. v
16. Bonower's Copy. Borrower shall be given one canformed copy of the Note and of this Security Instrument. ;
17. Tr~nsfer of the Property or a Beneflcial Interest 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 L.ender's prior written consent, Lender may, at its option, require immediate payment in fuil of all sums ;
secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by p ~
federal law as of the date of this Security Instrument. ti
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period c;~ ~
of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by ~
- this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
~ remedies permitted by this Security Instrument without further notice or demand on Borrower. ~
18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have ~ ~
enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as =
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applicable law may specify for reinstatement) before sale of the PrQperty pursuant to any power of sale contained in this
; Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: ~
-(a) pays I.ender all sums which then would be due under this Security 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 Ir~strument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's ~
~ obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by ~
Bonower, this Security Instrument and thc obligations secured hereby shall remain fully effective as if no acceleration had ~
occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or l7. ~
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