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If Lender required mortgage ~nsuranre as a rond~tion of making the I~~an ~ecured b~~ thi~ Secunt}~ In,trument,
Burrower shall pay the premiums reyuired to maintain the insurance in effrrt until such timr as the reywrement t~~r the
?nsurance terminates ~n accordance w•ith Borrower's and Lender's w.•itten agreement ~~r applicable law.
8. Inspection. Lender or its agent may make reasonable entries u~x~n and inspertiuns of the Prupert~. l.cn~irr
shall gi~e Borrow~er notice at the t~mr of or pnor to an inspection spccif}~ing reusonable ~ause fur Ihe insperti~m.
9. Condemnation. The procreds of any award or claim for damages, d~rert ar ct~nseyuent~al, ii~ r~~nnecuan with
an~~ condemnat~on ur other taking of any part of the Property, or for rome~anre in lieu uf rundenu~an~m, are hrreb~
assigned and shall oe paid to Lender.
In the event of a total taking c~f the Property, the pr~erds shall br applied t~~ the sums serured b~ this Serunty
Instrument, w~hether or not then due, with any excess paid to Borrc~w~er. !n the event o` a part~al ta{:ing of the Ym~er~y,
unless Borrower and Lender otherwise agree in writing, the sums s~cured by this Serurit}~ lnstrument shall t~ reduce~i h~
the amount of the proc;erds multiplied by the follawing fraction: (a) the tutal amount of thr sums secured immrdiatel~
befare the taking, di~ ided by (b) the fair rttarket value of the ProPert~~ ~mmediately before the taking. Any halan~e shall be
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notire by Lender to Borrower that the condrmnor offer. t~
make an award or settle a rlaim for damages, BorruN~er fails to res~~nd ta Lender within 30 da}~s aflcr thr datr the n~~ti~r n
gi~~en, Lender is authorized to collect and apply~ the proceeds, at its option, either to restoratiun ur repair uf the Proprrty ~~r
to ttie sums se:.ured by this Security Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in H~riting, any application of pr~xeeds to principal ~hall not extend ~~r
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or rhange the amount of such pa~~mentti.
10. Borrower Not Reteased; Forbearance By I.ender Not a V1'aiver. Extensian of the time for payment ~~r
modification of amortization of the sums secured by this Security Instrument granted hy~ Le~der to any ~uccess~~r in
interest of Borrower shall not operate to release the liability of the original Borrc~w~er or Borrow~~r's sucresson in interest.
Lender shall not be required to commence proceedings against any surceswr in inter~-~t or rePuse to extend t~me fur
payment or otherw•ise modif~~ amortization of the sums secured bv this Sec«ritti Instrument b~~ reason of am~ demand made
by the original Borrower or Borrower's successors in ~nterest. Anp forbearance by Lender in rxercising any right ~~r remed}~
shall not be a w~aiver of or preclude the exercise of any right or remedy.
11. Successors and Assiqns Bound; Joint and Several Liability; Co-signers. The rovenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns af Lender and Borrower, subject to the pro~•isions
~ of paragraph 17. Borrower's rnvenants and agreements shall be joint and several. Any Borrower who ro-signs this Serurity~
Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and con~~ey
~ that Borrower's interest in the Property under the terms of this Securit~~ Instrument; (b) is not personally obligated to pa~
the sums secured by this Security Instrument; and (c) agrees that Lender and an~~ ~ther Borrower may agree to extend,
; modi`y, forbear or make any accommodations with regard to the terms of thiti Serurity Instrument or the Note w~ithe~ut
~ that Borrower's consent.
~ 12. Loan Charges. If the loan serured by this Security Instrument is tiubject tu a laa~ which sets ma~~mum loan
~ charges, and that law is finally interpreted so thai the interest or other laan char~es collected or to be collected in
e c.onnection with the loan e;:ceed the permitted limits, then: (a) any such loan charge st~all be redured by the am~~unt
~ necessary to reduce the charge to the permitted limit; and (b) any sums alread}~ collected from Barmw~er which exreedr~i
~ permitted limits will be refunded to Borrower. Lender may choose to make thi~ refund b}~ reducing the principal ow~ed
~ under the Note or by making a direct payment to Borrower. If a refund r~duces principal, thc reductic~n will be treated as a
partial prepayment without any prepayment charge under the Note.
13. Legislation Affecting Lender's Rights. If enactment or expiration of apphrable law~s hati the effect c~f
rendering any provision of the Note or this Security Instrument unenforceable arcording t~ itt terms, Lender, at its optu~n,
may require immediate payment in full of all sums secured by this Security Instrument and may in~~oke any remedies
~ permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps s~cified in the secc~nd paragraph uf
~ paragraph 17.
~ 14, Notices. Any notice to Borrower provided for in this Security Instrument tihall be gi~~en by delivering it ~~r h}~
mailing it by first class mail unless applicable law requires use of another methcxi. The notice ~hall be directed t~ tl~e
; Propert}• Address or any ether address Borrow~er designates by notire to Lender. An} n~tice tci I.ender shall be given h~
~ first class mail to Lender's address stated herein or any other addres, Lender designateti by n~~tice tc~ Borrow~er. Any nc~tire
provided for in this Security Instrument shall be deemed to have been gi~en to B~rrc~wer i~r Lender when gi~en ati ~rrn~cfed
~ in this paragraph.
~ I5. Governing Law; Severability. This Securit}~ Instrument shall bc: g~~~erned h~ frderal I~w~ and the la~+ uf the
~ jurisdiction in which the Property is lo~ated. In the event that any provision or clause c~f this Secunty Instrument ur the
' Note conflicts with applicable law, such conflict shall not affiect other provisions of [his Secunty Intitrument ~~r the tiute
; which can be given effect without the ronflicting prmision. To this end the provision~ c~f thiti Security Instrument ar~~i the
tiote are declared to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the ti~~tr and of~ ihis Secunt}• In`trument.
17. Transfer of the Property or a Beneficial Interest in Borrower. If all or an}~ part of the Yrctiprrt} or an~
interest in it is sold or transferred (or if a beneficial interest in Borrower ~s sold or transferred and Borrc?w~er nut a natural
person) without Lender's prior written consent, Lender may, at its nption, reyuire immediate payrrient ~n full uf all tiumti
secured by this Security Instrument. However, this option shal) no? be exercitied by I.ender if exercise ~s ~rohit~ited h}
federal law as of the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall J~rcn~ide a~enexi
of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay~ all tiumti secured by
this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender ma~~ invoke any
remedies permitted by this Security Instrument without further notice or demand on Burrow~er.
18. Borrower's Right to Reinstate. If Borrower meets certain cc~nditions, Borrower shall ha~c thr right t~~ have
enforcement of this Security Instrument d:scontinued at any time prior to the earlier of: (a) 5 days (or tiuch other prnod as
applicable law may specify (or reinstatement) before ~ale of the Property pursuant to an} ~wer of sale contained in this
Security Instrument; or (b) entry of a judgment enforcing this Secunty Instrument. Those conditions are that I3orrower:
(a) pays Lender all sums which then would be due under this Security Instrument ard the Note had no acceleraticin
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
reasonably require te~ assure that the lien of this Security lnstrument, Lender's nghts in the Property and Borrower's
obligation to pay the sums secured by this Security Instrument shaU continue unchanged. U~n reinstatement hy
Borrower, ihis Security Instrument and the obligations secured hereby shall remain fully efTective as if no acceleration had
occurred. However, this right to reinstate shall not aRply in the case of acceleration under paragraphs 13 or 17.
g~~~ 675 fA~E 3fi8
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