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if Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, ~
• Borrower shall pay the premiums requi~ed to maintain the insurance in e~'ect until such time as the requirement for the ~
insurance tern~inates in accordance with Borrowe~'s and L.ender's written agreement or appiicable taw.
8. Inspection. Lender or its agent may make reasonable entries upon and inspeciions of the Aroperty. Lender
• shall give Borro~~er notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9, Condemnation. The prcaceeds 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 af condemnation, are hereby
assigned and shall bc paid to Lender.
!n the event of a total taking of the Property, the praceeds shail be applied to the sums secured by this Security
Instrument, whether or not then due, with any excess paid to Borrower. ln the event oP a partial taking of thc Property,
untess Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by
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 oP the Property immediatety betore the taking. Any balance shall be
paid to Borrower.
If the Property is abandoned by Borrower, or iP. after notice by Lender to f3orrower that the condemnor offers to
make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date the notice is
given, Lender is authorized to collect and apply the preceeds, at its option, either ta restorati~~n or repair of the Property or
to the sums secured by this Security ]nstrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shal! not extend or
postpc~ne ihe due date of the monthty payments referred to in paragraphs 1 and 2 or change the amount of such pa}~ments.
10. Bor~ower Not Released; Forbearance By Lender Not a Waiver, Extension of the time ior payment or
modification of amortization of the sums secured by this Security Instrument granted by [.ender ta any successor in
interest of Borrower shall not operate ro release the liability of'the original Borrow~er or Borroa•er's successors in interest.
Lender shall not be required to commence proceeciiiigs :i~ai~~st a~~~ su~e.:,»:: 6:: :::!=~M! nr rFl'„ce tn extend time for
payment or otherwise modify amortization of the sums secured by this Security Instrument b~ reason of any demand made
by the original 8orrow•er or Borrawer's successors in interest. Any forbearance by Lender in exercising any right or remedy
sha11 not be a waiver of or preclude the exercise of any right or remedy.
~ 11. Successors and Assigns Bound; Joint and Several Liability; Co-signe~s, The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borroa•er, subject to 1he provisions
of paragraph 17. Borrower's covenants and agreements shal) be joint and several. Any Borrower who co-signs this Security
Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
thal Borrow•er'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 exteod,
- modify, forbear or make any accommcxiations with regard to the terms of this Sec-uritp Instrument or ~he Note without
E that Borrower's consent.
I2, Laan Charges. If the loan secured b~~ 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 laan 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 (rom Borrower which exceeded
permitted limits will be refunded to Borrower. Lender may ehoose to make this refund by reducing the principal owed
under the Note or by making a direct payment to Borrower_ If a refund reduces prineipal, the reduction will be treated as a
partia) prepayment without any prepayment charge under the Note.
13. Legislation AfFecting Lender's Rights, If enactment or expiration of applicabie 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 ali sums serured by this Security lnstroment and may in~~oke any remedies
permitted by paragraph 19. If l.ender exercises this option, Lender shall take the sreps specified in thc second paragraph of
4 paragraph 17.
14, tiotices. An~ notice ro Bormw•er provided for in this Security Instrument shatl be gi~~en by detivering it or by
~ mailing it by first class mail unless applicable law requires use of another methcxi. "The notice shall be direrted !o !he
Property Address or any other address Borrower designat~~s by notice to Lender. Any noticr to Lender shall be given b~~
first class mail to Lender's address stated herein or an}~ olher address Lender designates b~~ notice to Borro~~er. Any notice
pro~•ided ior in this Securit~~ lnstrument shall lxx deemed t~~ have becn gi~~en to Borrow•er or Lender w•hen given as provided ~
in this paragraph.
l5. Governing Iaw; Severabilit}•. Thiti Securit}• Instrument shall be ~u~~erned b)• federal law and the law• of the
jurisdiction in which the Yroperty is Ic~cated. In the event that an~~ pro~•ision or rlause of this Securit}• Instrument or the
~ Note conflicts with appticabte 1aw, such conflict sha!! not ati'ect other pro~~isions of this Security Instrument or the Note
~ which can be given effect without the conflicting provision. Tc~ this end the provisions of this Securi~y Instrument and the
~ Note are declared to be severable.
~ 16. Borrower's Copy. Borrow~er shall be given ~ne conformed copy of the Note and of this Security Instrument.
17. Transfer of the Property or a Beneficial (nterest in Borrower. If a!I or any part of Ihe Yroperty or any
~ ~ interest in it is sold or transferred (or if a benefirial interc~t in Borrow~er is sold or transferred and F3orrow~er is not a natural
~ ~ person~ ~a~ithout Lender's prior written consent, Lender may, at its option, reyuire immediate payment in full of all sums
secure~i by lhis Security Instrument. However, this option shall not be exerrised by Lender if exeresse is prohibited by
~ federal law as of the date of this Security Instrument_
~ If l.ender exercises this option, Lender shall give Rorrower notice af acc~leration. The n~tice shal) provide a period
~ of
not less than 30 days from the date the notice is delivered or mailed within which Borrow•er must pay all sums secured by
~ this Security Instrumeni. 1( Borrower fails to ~ay these sums prior to the exp±ration of this period, Lender may im•oke any
~ remedies permitted by this Securiry Instrument without further notice or demand on Borrower.
~ 18. Bflrrower's Right to Reinstate. If Borrower meets certain conditic?ns. Borrower shail have the right to have
en(orcement o!' ~his Security Instrument discontinued at any time prior t~ the earlier of: (a) S days (or such other period as
applicaole law• may spec~fy for reinstatement) before sale of the Property pursuant to any power of sale contained in this
Security tnstrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower:
(a) pays Lender al) sums which then would be due under this Security Instrument and the Note had no acceferation
occurred; (b) cures any default of any other covenants or agreements; (c) pays afl expenses incurred in enforcing this
Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes soch action as Lender may
reasonably require to assure that the lien of this 5ecurity (nstrument, l,ender's rights in the Property and Borrower's
obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by
Borrower, this Security Instrument and the obligations secured hereby shall remain fully efTective as if no acceleration had
occurred. However, this right to reinstate shal! not apply in the case of acceleration under paragraphs 13 or 17.
gooK 558 P~~E 924
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