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[f Lender required mortgage insurance as a condition o( making the loan secured by this Secunty lr~strument,
Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
insurance terminates in accordance with 8orrowet's and Lender's written agreement or applicable law.
8, Inspectioa. Lender ur its agent may make reasonable entries upon and inspections oi' the Propert~•. Lender
shal! give Borrow~er notice at the time of or Qrior to an inspection specify+ng reasonable cause for the inspection.
9. Condemnation. The prckecds af~any award or ciaim for damages, dirert or consequentiat, in connection with
any condem~ation or other taking of any part of the Property, or for ronveyance in lieu of condemnation, are hereby
assigned and shaH be paia to Lender.
ln the event of a totat taking of tfie Property, ihe proceeds shali be appiied ro the sums secured by this Security ,
InstrUment, whether or not then due, with any excess Qaid to Borrower. 1n the event of a partial tat:ing of tfie Property,
unless 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 i
before the taking, ciivided by (b) the fair market value of the Property immediately before the talcing. Any balance shal! be !
paid to Borrower. ~
If the Property is abandoned by Borrower, or if, after natice by Lender to Borrower 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 auth~rized to collect and apply the prcx:eeds, at its option, either to restoration or repair of the Pro~rty or
to the sums secured by this Securit}~ Instrument, whether or not then due.
Unless Lender and Borr~wer otfiervvise agree in writing, any application of prc~ceeds to principal sha11 not extend or
postpone the due date of the monthly payments referred ta in paragraphs 1 and 2 or change the amount of such paycnents.
10. Borrower Not Released; Forbearance By Lender Not a Waiver, Extension of the time for pa}~ment or
modification of amortization of the sums secured by this Security Instrument granted b}~ Lender to any successor in
interest of Barrower shall not operate to release the liability of the original Borrow~er 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
Rayment or otherwise modif}~ amortization of the sums secured by this Security instrument by reason of any demand made
by the original Borrow~er or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy 1
shall not be a w~aiver of or preclude the exercise of any right or remedy.
11. Suecessors and Assigns Bound; Joint and Several Liabitity; Co-signers. The covenants and agreements of
this Security Instrument shail bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
af paragraph 17. Borrower's co~~enants and agreements shafl be joint and s~veral. Any Borrower who c~-signs this Security
Instrument but does not execute the Note: (al is co-cigning th~s S~urity Insirs:n~~t c:sly to mortgagc, gcar~t and cor~vey ~
that Borrower'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 extend,
modify, forbear or make any~ accommodations with regard to the terms of this Security [nstrument or the Note without
that Borrower's consent. ~
12. Loan Charges. [f the loan secured by this Security [nstrument is subject to a law~ which sets maximum {oan ~
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected en
connection w~ith the loan 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 from Borrower which exceeded
permitted limits will be refunded to Botrower. Lender may choose to make this refund by reducing the principal owed
under the Note or by making a direct payment to Borcower. If a refund reduces principal, the reduction will !~e treated as a ~
f partial prepayment w~ithout any prepayment charge under the Note. ~
13. Legislation ABecting Lender's Rights. If enactment or expiration of applicable laws has the effect of !
; rendering any provision of the Note or this 5ecurity Instrument unenforceable according to its terms, Lender, at its option, ;
~ may require immediate payment in fu{) of all sums securzd by this Security Instrument and may imoke any remedies
~ permitted by paragraph 19. If Lender exercises this optian, Lendec sha41 take the steps specified in the second paragraph of
! paragraph 17.
14. Notices. Any notice to Borroa~er provided for in this Security Instr~ment shal) be given by delivering it or by
~ mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
~ Psoperty A~ddress 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 to have been given to Borrower or Lender when given as provided
' in this paragraph.
15. Governing Law; Sererability. This Securit}~ Instrument shall be governed by federal law and the law of the
i jurisdiction in which the Property is tocated. In the event that any provision or clause of this Security Instrument or the
; Vote conflicts with applicabte law, such conflict shaN not afi'ect other provisions of this Security Instrument or the Note
' w~hich can be given effect without the conflic[ing provision. T'o this ead the provisions of this Security InStrument and the
~ tiote are declared to be szverable.
~ 16. Borrower's Copy. Borrower shall be given one conformed copy~ of the Note and of this Security Instrument.
~ 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
~ interest in it is s~ld or transferred (or if a beneficial intere~t in Sorrower is sold ~r transferred and Borrower is not a natural
i person) without Lender's prior written consent, Lender may, at its optian, reyu+re immediate pa~~ment in full of afl sums
, secured by this Se~urity Instrument. However, this option shall nor 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 notice shall provide a period
oi not less than 30 days from the date the notice is delivered or mailed w•ithin which Borrower must pay all sums secured by
this Security [nstrument. If Borrower fails to pay these sums Prior to the expiration of this periad, 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 ~his Security Instrument dis:.ontinued at any time prior to the earlier of: (a) 5 days (or such other period as
applicao{e law• may sper~fy for reinstatement) before sale of the Property pursuant to any power of sale contained in this
~ Security (nstrumenr, or (b) entry ot a}udgment enforcing this ~curity Instrument. Those conditions are that Borrow~er:
~ (a~ pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration
~ occur~ed; (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 reyuire to assure that the lien ot' this Security Instrument, Lender's nghts in the Property and Borrower's
obligation to pay the sums secured by this Security Instrumeni shall continue unchanged. Upon reinstatement by
Borrower, tnis Security Instrument and the obligations secured hereby shall remain fu{ly effective as if no acce{eration had
occurred. However, this right to reinstate sha11 not apply in the case of acceleration under paragraphs 13 or 17.
eooK 67~ P~cE 982
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