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If Lender reyuired mortg:~ge insuranre as a condition of making the loan secured by this Security Instrument.
Burro~~~r shall pa~~ the premiums required to maintain the insurance in eflect until such time as the reyuirement for the
imur.~nre terminates in accordance w~ith Borrower's and Lender's written agreement or applicable law.
8. Inspection. Lender or its agent ma~• make reasonable entries upon and inspections of the Property. Lender
,hall gi~ e Borrow~er notice at the time of or prior to an inspection specifying reasonable rause for the inspecti~n.
9. Condemnation. The proceeds ot~an}~ award or claim for damages, direct or consequential, in ronnec:tion w~ith
any rondemnation or other taking of any part of the Property, or for com~eyance in lieu of condemnation, are hereby
assigned and shall be paid to l.ender.
In the event of a total taking of the Property, the pr~eeds shall be applied to the sums secured by this Securit~•
Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property,
unless Borrow~er and Lender otherwise agree in writing, the sums secnred by this Security lnstrument 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 of the Property immediately before the taking. Any balance shalt be
paid to BorroN~er.
If the Property is abandoned by Borrower, or if, after notice b}• Lender to Borrower that the condemnor ofTers 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
gi~~en, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or
to the sums sec: ured by this Security Instrument, whether or not then d~e.
Unless Lender and Borrow•er otherwise 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.
10. Borrower Not Released; Forbearance By Lender l~iot a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
interest of Borrow•er shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Security Instrument 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; Joint and Several Liability; Co-signers. The covenants and agreements of
this Security Instrument shaU bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
of paragraph 17. Borrower's covenants and agreements shall be joint and sev~ral. 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 com=ey
that 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 Instrume:~t; 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 I~i
that Borrower's consent. '
12. Loan Charges. If the loan secured by this Securiry [nstrument 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 I
connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessar}• to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
; ~rmitted limits will be refunded to Borrower. I,ender may choose to make this refund by reducing the principal owed
E under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
i partial prepayment without any prepayment charge under the Note.
~ 13. 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,
k may require immediate payment in full of alt sums secured by this Security Instrument and may invoke any remedies
~ rmitted b ara ra h 19. If Lender exercises this o t~on, Lender shall take the ste s cified in the second ara ra h of
i F~ Y P 8 P P F~ Pe P 8 P
~ paragraph 17.
14. ~otiees. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or b~~
mailing it by first class mail unless applicable law requires use of another method. The notice shal) be directed to the
! Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall 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 shall be deemed ro ha~~e been given to Borrower or Lender when given as provided
~ in this paragraph.
15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the !aw of the
j jurisdiction in which the Property is la:ated. In the event that any provision or clause of this Security Instrument or the
~ Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instr~ment or tne Note
~ w hich can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
tiot~ are declared to be severable.
~ 16. Borrower's Copy. Borrower shall be given one conformed cop}~ of the Note and of this Securit}• Instrumem.
~ l7. Transfer of the Property or a Beneficial Interest in Borrower. If aU or :~n} part of the Propeny or any
~ interest in it is sold or transferred (or if a beneficial interest in Borre~wer is sc~ld or transferred and Borrow~er is not a natural
s pers~n) ~~ithout Lender's prior written consent, Lender ma}~, at its ~ption, require immediate pa} ment in full of all sums
~ secured b~~ this Security Instrument. Howe~~er, this opti~n shall noi be exercised by Lender if exercise is prohibited b~
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federal lau as of ihe date of this Securitv I~strument.
If Lender exercises this option, Lender shall gi~e Borrow~er nohce of acceleration. The notice shall provide a period
<if not less than 30 da}~t from the date the notice is deli~•ered or mailed within w~hich Sorrow~er must pa}~ all sums secured b~~
thiti Securit} Instrument. If Borrower fails to pay these sums prior ta the expiration of this period, Lender ma}~ in~~oke an}•
remedies permitted b}~ thit Security Instrument w~ith~ut further notice or demand on BorroHer.
18. Borrower's Right to Reinstate. If Borro~~~er meets certain conditions, Borrower shall ha~c the right tc~ ha~~e
enfc~rcement c~i'this Serurit}~ Instrument discontinued at an}~ time prior to the earlier of: (a) 5 da}s (or such c~ther peric~d a~
S ~~~lirahl~ la~ ma} specif~~ for reinstatement j before sale of the Property pursuant t~ an}• pc~~cer of sale rontained in this
~ Securit~ In~trument: <~r (b) entr} of a judgment enforeing this Securit}• Instrument. Thcne c~nditi~ns are that Be~rrawer:
~ (a? pa}~ Lender all ~umti which then w~ould be due under this Security [nstrument and the tiote had nc~ acceleratic~n
~ cxcurred: (h) rure~ an~ default <~f am~ other covenams or agreements: (c) pa}s all expenties incurred in enforcing thi~
~ Serurit} tntitrument. in~luding. but n~~t limited to, reasonable attorneys' fees, and ~d? take~ wrh acticm as [.ender ma}
~ rea~e~nahl~ reywrr t~~ ~~wre that thr lien ~f this Security Instrument, Lender'ti nght. in the Prc~~ert~ and H~~rr<?wer'ti
` obligati~m t~~ pa~ the ~um~ tiecured b} this Securit~~ Instrument lhall rciminur un:hanged. l;r~sn reintitatement h~~
i Be~rr~W er, ti~i. S~cunt~ ln~trument and the obligatiom tiecured hereh~ tihall remain full~ rfTrrt~~e if ne~ accrleranem had
urrurr~d H~~~~e~rr. thi~ nght tc~ reinttate Shal) n~~t ap~h in the ra~r e~fa~relcratum under r;~raur:,rh. 1~~~r I'
go~K 67~ P~E 988
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