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201302832 7. Protection of Lender's Rights in the Property. If Borrower fails lo Perform the covenants and agreements contained in this Security Instrument.or there is,a regal proceeding that m significantly affect Letider's rights in the Property(such 2s a proceeding in bankruptcy.probate,for ecaldeumation or forfeiture or to enforce laws or regulations),then Lender May do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may inciude paying any sums secured by a lien, whieh has priority over this Security instrument.appearing in court,paying reasonable attorneys fees and entering on the Property m make repairs. Although Lender may take action under this paragraph 7.Iender dues not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security instrument. Unless Borrower and Lender.tgrec to other terms of payment,these amounts shall hear interest from the date of disbursement at the Note rate and shall be payable,with interest-upon notice irom I.ender to Borrower requesting payment 8. Mortgage insurance. If Lender requited mortgage insurance as a condition of!caking the loan secured by this Security Instrument. Borrower shalt pay the premiums required to maintain the mortgage insurance in effect if. for any reason, the mortgage insurance coverage required by Lender lapses or CC:3SeS to be in effect,Borrower 513311 pay the premiums equivalent to the cost to B0170Wer of the Mortgage insurance previously in effecr,tram an ahem=-mortgage insurer approved by Lender if substantially'equivalent mortgage insurance coverage is not available.Borrower shall pay to Lender each month a sum equal to one-twelfth of the yearly toortgage 3M4Erant;S) premium being paid by Borrower when the imnirance coverage lapsed or ceased to he in affect Lender will accept,use and retain these payments as a loss reserve in lieu ol rum:gage insurance. LOSS reserve payments iear no longer be required,at the option of Lendes„ li mortgage insurance coverage (in the amount and for rite period that Lender requires)provided by an insurer approved by Lender again liccOTfleS ayailabie and is obtained. Borrower shall pay the premiums required to maintain mortgage ineirance in effect,or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance with any ivritten agreement between Borrower and Lender i- applicable law. 9. Inspection. lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower ni3iCC,at the time of or prior to an inspccrion specifying reasonable cause for the inspection. 10. Condemnation The proceeds of any award or claMt for damages.direct or consequential,in connection with any cortherraitatiiin or other taking of anv part of the Property.or for conveyance M lieu of condemnation,are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property,the proceeds shall be applied to the sums secured ha'this Security instrument.whether or not then due, with any excess paid to Borrower la the event of a partial taking of the Property in which the fair market value of the Property immediately before the hildrig is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the talc g,tiniess Borrower and Lender otherwise agree in Writing,the SUMS;;ECIIMi by this Security Instrument shall he;educed by aMOLMJ,of the proceeds nuthiptied by the following fraction:(a)the total amount of the sums secured immediately before the taking, divided by tit')the fair market value of the Property immediately before the taking. Any balance shall be paid to Borthwer. In the event of a partial taking of the Property in which the fair market value of the Property immediately bethre the taking is less than the amount of the sums secured immediately before the inking_unless Borrower and Lender otherwise agree in\writing or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Secants Instrument whether or not the sums are then due. If the Property is abandoned by Borrower.UT if.after notice by Lender to Ho".,'mar that the condemnor oilers to make an award or settle a claim for damages.BotTower fails to respond to lender within 30 days after the date the notice is given,Lender is authorized to collect and apply the proceeds,at its option.either to maturation or repair or the Properly or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing,any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. IL Borrower Not Released Forbearance by Lender Not 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 ofBorrower shall not op:trate a release the liability of the original Borrower or Borrower's successors in interest Lender shall not bc required to commence proceedings against any successor as interest or rclusc to extend time fin payment or otherwise modify amortization of the sums secured by this Security instrument by reason of any demand made ht'the original Borrower or Borrower's successors itt interest. Any forbearance by I tinder irs exercising any right or remedy,shall not be a waiver of or preclude the exercise or any right Of remedy. 12. Successors and Assigns Sound:Joint and Several Liability:Co-signers. The covenants sad agreements of this Security instrument shall 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 several. Arty Borrower who co-signs this Security Instrument but does rat CKOCUtt;the Note:tal is co-signing his Security instrument only to mortgage,grant and convey that BOrrOWCT',;interest in the Property under the terms of this Security irMillatent:ibl is nOtpersonatly obligated to pay the sums secured by this Security instrument;and to)specs that Lender arid any other Borrower may agree to extend,modify,forbear or make any accommodations with regard to tire topris of this Scrthrity Instrument or the Note without that Borrower's consent. 13. Loan Charges If the loan secured by this Security instrument is subject to a hive that sets maximunt loan charges,and that law is finally interpreted so that the interest or other loan charges collected cc-to be collected in connection with the loan exceed the permitted limits,then.(a)any such loan charge shall be reduced by the amount necessary to reduce the charge io the permitted limit;and lb)any sums already collected from Borrower which exceeded permitted limits will he refunded to Borrower. Lender stray choose to make'his refund by reducing the principal owed under the Note or by making a direct payment to Borrower. if a refiind reduces principal,the reduction will he treated as a partial prepayment without arty prepayment charge under the Note. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class tool artless applicable law requires use of another method. The notice shall he directed to the Property Address OT any other address Borrower designates by notice to Lender. Any notice to lender shall he 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 itt this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law-,SeVenbithY, Tints Security Instrument shall he governed by federal law and the tiny of the jurisdiction tn which the Property is located. In the event that any provision or etause rat this Security Instrument or the Note conflicts with applicable law. such conflict shall not affect other provisions of this Security Instrument or the Note which can he given effect without the eon:Loring prOVISM31. TO this cad tine provisions of this Security Instrument and the Note are declared to hr.severable. 16. Borrower's Copy. Borrower shall be given one eonfooned copy of the Note and of this Security instrument. 17. Transfer of the Properly'Jr a Beneficial Interest in Borrower, if all or any part of the Property or any interest in it is sold or transferred for if a beneficial interest in Borrower is sold or transferred and Borrower is nor a natural person:without Lender's prior written consent,Lender may,at its option,require irrrtsediate payment in full of all sums secured by this Security instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal 13W as of the date of this Security Instrument If Lender exercises this option.Lender shalt give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sorter secured by tins Security Instrument if Borrower E33k:0 pay these sums swim to the expiration of period,Lender may invoke any remedies permitted,by this Security instrument without further notice or demand On Borrower.