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lf Lender required mortgage insurance as a condition of making the loan secured by this Sec~rity Instrument,
E3orrower shall pay the premiums required to maintain the insurance in efle~;t until such time as the requirement for the
insurance terminatrs in accordance with Borrowe~'s and Lender's written agreement or applicable 13w.
8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
shall give Borrow~er notice at the time of or prior to an inspection specifying reasonable cause tor the inspection.
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 candemnation, are herzby
assigned and shaii be paid to Lender.
In the eti~ent of a tota! taking of the Property, the proceeds shall be applied to the sums secured by this Security :
lnstrument, whether or not then due, with any excess paid to Sorrower. In the event of a partial taking of the Property,
unless Borrower and Lender otherwise agree in writing, the sums secured by this Securiry Instrument shali be reduced by ~
the amount oP the proceeds multiplied by the foltowing fraction: (a) the total amount of the sums secured immediateiy ~
before the taking, divided by (b) the fair market vaiue of the Property immediately before the taking. Any balance shall be ~
paid to Borrower.
lf' the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to ~
make an award or settle a claim for damages, Borrower fails to respond ta Lender within 30 days aRer the date the notice is ~
given, Lender is authorized to collect and apply the proceeds, at its option, either to resroration or repair of the Propert~~ or ~
to the sums secured by this Security Instrument, w•hether or not then due. a
Untess Lender and Borrower oiherwise agree in writing, any application of proceeds to principal shall not extend or ~
~stpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. ~
l0. Borrower Not Released; Forbearance By L.ender Not a Waiver, Extension of the time for pa~~ment or
modification of amort~zation of the sums secured by this Security [nstrument granted by Lender to any successor in ~
interest of Borrower shall not operate to release the liability of the original Borrower or 8orrou•er's successors in interest. ~
Lender shall not be required to commence pra:eedings against any successor in interest or refuse to extend time for ~
payment or otheru~ise modify amortization of the sums secured by this Securit}• Instrument by reason of any demand made
by the original Borrower or Borrower's successon in interest. Any ('orbearance b}~ Lender in exercising any right or remedy ~
shall not be a w~aiver of or preclude the exercise of any right or remedy. ~
11. Successors and Assigns Bound; Joint and Several Liabiiity; Co-signers. The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
of paragraph 17. Borrow~er's covenants and agreements shall be joint and several. Any Borrower w~ho co-signs this Security~
Instrument but dces not execute the Note: (a) is co-signing this Security lnstrument anly to mortgage, grant and con~~ey ~
that Borrow~er's interest in the Property under the terms of this Security Instrument; (b) is not personally obtigated to pay ~
the sums secured by this Securit}~ Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
modify, forbear or make anv accommodations with regard to the terms of this Security Instrument or the Note without
that Borroa•er's consent.
12. Loan Charges. If the loan secured b}~ this Security [nstrumeni 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 w~ith the loan exceed the permitted limits, then: (a) any such loan charge shatl be reduced by the amount
necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which ezceeded
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 $orrower. If a refund reduces principal, the reduction wifl be treated as a
partial prepayment w•ithout any prepayment charge under the Note.
13. Legislation AfTeeting Lender's Rights. If enactment or expiration of appiicable laws ~as the effect of ,
rendering any provision of the Note or this Security Instrument unenforceable acrording to its terms, Lender, at its option,
may~ reyuire immediate pa~~mem in full of al) 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 17.
14. Notiees. Any notice to Borrow~er provided for in this Securit}~ Instrument shall be giren by delivering it or by
mailing it by first class mait unless appticable law requires use of another methad. The notiee shall be directed to the ;
Properry Address or any other address Borroa~er designates by notice to Lender. Any~ notice to Lender shall be given by i
first class mai! to Lender's address stated herein or any other address Lender designates by notice to B~rrower. An}• notice ~
provided for in this Security Instrument shall be deemed to have been given to Borro~~~er or Lender when given as provided
in this paragraph. ~
15. Governing Law; Severability. This Securit~~ Instrument tihatl be guverned by federal iaw and the !aw of the i
jurisdiction in a•hich the Property is tacated. In the event that any pru~•ision or clause of this Security Instrument or the
iv'ote conflicts with applicabie law, such conflict shall not affect other ~rovisions of this Ser;urity Instrument or the Note ;
u~hich can be gi~•en efTect without the conflicting provision. To this end the provisions of this Security Inurument and the
'.~ote are declared to be severable.
16. Borrower's Copy. Borrower shall be gi~~en one confo.-med copy of the Note and af this Security Instrument. ~
1'1. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
interest in it is sold or transferred (or ifa beneficial interest in Borrower is sold or transferred and Borrower is not a natural i
person) without Lender's prior written consent, Lender may, at its option, require immediate pay~ment in full of all sums '
secured by this Security Instrument. However, this option shafl not be exercised by Lender if exercise is prohibited by
federal law as of the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notiee shall provide a period
of not tess 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, L.ender may invoke any
remedies permitted by this Security Instrument without further notice or demand on Borrower.
18. Borcower's Right to Reinstate. If Borrower meets certain conditions, Borrow-er shal! have the right to have
enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as
applicable law~ may spec~fy for reinstatement) before sale of the Property 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 Borrow~er:
(a) pays Lender all sums which then would be due under this Security lnstrument an~i the Note had no acceleratior.
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, reasonabte attorneys' fees; and (d) takes such action as Lender may
reasonably reyuire to assure that the lien of this Security Instrument, Lender's r~ghts 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 effective as if no acceleration had
occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
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