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It l.~n~~rr rry~iire~i murtgage ~nswan~r ati a~undihon uf making ~he luan ~e~urrd by this Serurit~ Intitrument.
t3urr~~~~rr .hall ~.1} the ~rcmiu~>>s rryuired tu maintain the insurance in effrct until surh time a~ the reyuirem~nt fur tt~e
~n,uranr~ tern~in:itr, in :?rrunian~e ith Burrower'ti and I.ender's w•ritten agreement or applicablr la~~.
8. lnspection. l.encler ~~r it~ agrnt may m;ike reasonable entries u~x~n and ins~rtion~ ol the Pruperty. Lendc. ;
,
.h.ill R!~ e E3~~rru~~ er nutire at the time of ~~r pri~~r ta an inspection s~ecifying reasonable c3use fur thc ins~ecti~~n.
9. Condemnation. The ~nkee~is uf an~~ a~tiard or claim fi~r damages, direct ur conseyuential, in runnrrtiun ~?ith
an~ rundemnatic~n or c~thrr taking ~~f an~ part af ihe Yro~rt~~. or for rorve~~ance in lieu of rundemn:~tiun, are herchy
a.,igiie~l and ~h~ill be paid ta Lender. •
In the e~rnt ~~f a t~~tal taking uf the Yra~erty, the pnxerds shall be applied to the sums secured b~~ this Securit~~
Ii~~trumrr.t, hether ur not then due, «ith an~ exress paid to Borrawer. In the e~~ent of a partial taking of the Yrupc:rty,
unlr„ B~~rroHCr and Lrnder otherw~ise agree in «~riting, the sums sc~ured b~• this Security Instrument shall be reduced by '
the amc~unt ut the prcxeeds m;~ltiplied b~~ the follow~ing fraction: (a) the total amount of the sums secured immediatelp
hefore the taking, di~ ~ded b~~ (b) the fair market ~ alue of the Property immediately before the taking. Any balanre shall be !
paid to Borrower.
If the Pro~ert~ is absndoned b~• Borrow•er, or if, af'ter notire b}• Lender to Borrow•er that the condemnor oSers to
make an a~ ard or settle a rlaim for damages, Borro~~er fails to resEx~nd to Lender w~ithin 30 da}~s after the ~iate the notice is
g~~en. Lender is authorized ta coltect and apply the proceeds, at its option, either to restoration or repair of the Propert}~ or
t~~ the,ums secured b}~ this Securit~ lnstrument, whether or not then due.
Unless Lender and Sorrower otherw•ise agree in w~riting, any applicaticm of prcxeeds to principal shall not extend or
~u~t4x~ne the due dare of the monthly~ payments referred to in paragraphs 1 and 2 or change the amount of sueh payments.
10. Rorrow~er \ot Released; Forbearance By Lender Not a Waiver. Extensian of the time for payment or
m~~ific:~tion of amortization of' the sums secured by this Security Instrument granted by Lencier to an}• successor in
intere~t of Borrower shall not operate to release the liability of the original Borroa~er or Borrower's surcessors in interest.
Lender shall not be required to commence proceedings against any~ successor in interest or refuse to extend time for
pay~ment or otherw~ise m~xiif~~ amortization of the sums secured by this Se~;urity Instrument b}• reason of any demand made
b~ the origi~zal Borrower or Borrow~er's successors in interest. Any forbearance by Lender in exercising any right or remed}•
shall not be a w~aiver of or ~reclude the exercise of any right or remedy.
I1. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
this Securitr~ Instrument shal) bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
af paragraph 17. Borrow•er's covenants and agreements shall be joint and several. Any Borrower who co-signs this Securit~~
! Instrument but does not execute the Note: (a) is co-signing this Security Instrument onl}• to mortgage, grant and con?~ey~
that Borrower's interest in the Property under tne terms of this Security Instrument; (b) is not personally obligated to pa}~
the sums secured by this Security Instrumenc; and (c) agrees that Lender and any other Borrower may agree to extend,
muciif~~, forbear or make an}~ accommodations with regard to the terms of th~s Security Instrument or the Note without
that Barrower'sconsent.
12. Loan Charges. If the I~an secured by 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 rnllected or to be collected in
rc~nnection «•ith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced b}~ the amount
~ ne~essar} to reduce the charge to the Fermitted limit; and (b) any sums already~ collected from Borrower w~hich exceeded
~ permitted limits w~ili be refunded to Borrower. Lender may choose to make this refund by reducing the principal ow~ed
t under the Note or b~~ making a direct payment to Borrower. if a refund reduces principal, the reduction w•ill be treat~d as a
~ ~artiai prepayment w~ithout any prepayment charge under the Note.
~ 13. Ixgislation AfTecting Lender's Rights. If enactment or expiration of applicable iaws has the effect of
~ rrnderi»g anti~ pro~~ision of the Note ur this Security Instrument unenforceable according to its terms, Lender, at its option,
! ma} reyuire immediate pa}~ment in full of all sums secured b}~ this Securiry Insirument and may invoke any remedies
~ ~ermitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the secand paragraph of
~ ~+aragraph 17.
14. \otiees. An}~ notice to Borrower pro~~ided for in this Security Instrument shall be gi~•en by deli~ering it cr b}~
mailing it b}~ first class mail unless applicable law~ requires use of another method. The notice shall be directed t<~ the
~ Yropert}~ Address or an}~ other address Borrow~er designates by notice to Lender. An~~ notice ro Lender shali be gi~•en b~
~ first class mail to L.ender's address stated herein or any other address Lender designates by notice to Borrower. An}• notic~
Q ~m~ ~ded for in this Securit~~ Instrument shall be deemed to have been given ro Borrower or Lender when given as provided
~ ~n this paragraph.
I5. Governing Law; Severahility. This Securit}~ Instrument shall be ga~~erned b}~ federal law and the law~ of the
~ ~urisdiction in a~hich the Property is toc:ated. In the event that any provision or clause of this Security Instrument or the
; \ote conRicts w~ith applicable law~, such conflict shall not affect other provisions of this Security Instrument or the Note
' which ~an be gi~en effect w~ithout the conflicting pro~ision. To this end the provisions o~ this Security Instrument and the
r tiotr are declared to be se~erable.
~ 16. Borrow~er's Cop}~. Borrower shall be gi~en one conformed co~}~ ~f the tiote and of thi~ Srcurity~ InStrument.
~ 17. Transfer of the Property or a Beneficial Interest in Borrower. If all c~r an}~ ~art cif the Property or any
~ interest in it is sold or transferred (or if a beneficial interest in Borrow~er is sold or transferred and Borruw~er i~ not a natural
~ perticm) without Lender's prior written consent, Lender ma}~, at its c~ptic~n, require immediate payment in full of all tiums
_ ,erured h~~ this Securit}• Instrument. Howe~~er, this option 5hall nor be exercitied h} I_ender if exercise is prc~hibited b}
federal law as <~f the date of this Securit~~ Instrument.
If Lender exerciseti this op[ion, Lender shall give Borrower notice of acceleratien. The notice. shal) pro~ide a penod
c~f nc~t less than 30 da}~s fram the date the notice is delivered or mailed w~ithin which Borrow~er must pay all sums secured by
thi~ Securit}~ Instrument. If Borrower faiis to pay these sums prior to the expiration of this period. Lender ma~ intioke any
rcmedies permitted b}~ this Serurity Instrument w~ithout further notice or demand on BorroKer.
18. Borrow~er's Right to Reinstate. If Borrower meets certain conditi~ns, Borroa~er shall ha~e the right to ha~e
en(<~rcrment c~f this Security~ Instrument discontinued at any time prior to the earlier of: (a) 5 days (ar such other period as
:~~plicable law ma} ~pecif}~ for reinstatement) before sale of the Property pursuan[ to any ~w~er of sale contained in this
~ecurit~ Instrument; or (b) entry~ of a iudgment enforcing this Security Instrument. Those conditi~ns are that Borro~cer:
# (a) pa~ti Lender all sums which then would be due under this Security Instrument and the N~te had no acceleration
~ occurred; (b) rures an} default of ar.~ other co~~enants or agreements; (c) pays all expenses incurred in enforcine this
~ Se~urit}~ In~trument, including, but n~~t lim~ted to, reasonable attorneys' fees; and td) takes such acii~n as Lender may
~
t reati~nahl} reyuire t~~ ati~ure that the lien ~f this Security I~strument, Lender's nghts in the Propert}~ and B~rrow~er's
~~bligation tc~ pa~ the sum~ tiecured by~ this Security Instrument shall continue unchanged. Upcm reinstatement bt~
E3ormwer., thiti Securit~ {n~trument and the obligations secured hereby shal) remain full~~ effecti~~e as if no acceleration had
c~ccurr~d Hc~wr~er. thi~ right tc~ reinstate shall not appl}° in the case of acceleration under paragra~hs 13 ~r 17.
~ooK 675 P~~E252~
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