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r L r 89- 400336 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, 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 Borrower•: and Lender's written agreement or applicable law, & Inspeetfea. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the titre of or prior to an inspection specifying reasonable cause fur the inspection. A. COM"nation. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in 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 by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unkss 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 firaction: (a) the total amount of the sums secured immediately before the takint divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice 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 authorized to collect and apply the proceeds. at its option, either to restpratron or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and &iffoawer otherwise agree in whtb;S, any application of proceeds to ptncipal shall not extend or postpone the due.dale 9f the monthly payments referred to im pangmphs 1 and 2 or change ti o amount of such paymenm 10. Bermwer Not Rclea:od; Fewibea aaw By Lerner Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by ibis. Security Instrument granted by larder to any successor in interest of Borrower shall not operate to release the liabi.liry of the original, Borrower or Borrower's successors in interest. Lender shall not be required to commence proceeding against any- successor in interest or refuse to extend time for payment or othavise modify amortization ofthe sums secured by this Security Instrument by reason of any demand made by the original Taact+ower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a wshoer of or preclude the exercise of any-rigbt, or remedy. 11. Saceasrora ant A*dM Bound; Joint and. Several Liability; Co- signets. The covenants and agreements of this Security Instrument shalt bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph IT Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but dues not execute the Note: (a) is co- signing this Security Instrument only to mmgage, grant and convey that Aefrrnvgr'e interest in tL! Property LIIde:' th-- #-- strait: of this Sxarity iiwtre,MF.rat; (b) w aW, ��aaoisWlI % dot liipitd io 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 Instrument or the Note without that Borrower's consent. IL Lw Charges. If the loan secured by this Security Instrument is subject to a lave 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 connection with the loan exceed the permitted limits, then: (a) any such loan charge sleep be reduced by the amount necessary to reduce the charge.to the permitted limit; and (b) any sums already co&cW from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed. under the Note or by making a direct payment to Borrower. If a refuted educes principal, thgreduction will be treated as a Partial prepayment without any prepayment charge under the Nate. 13. Legidatloa Affecting header's Rights. If enactment or expiration of applicable Iaws has the effect of renderitiS any provision of the Note or this-Security- Instrummt unenforceable according to its terms, Lender, it its option, may'require immediate payment in full of aft sums secuied by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option; Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notieea. Any notice to Borrower provided for in this Security Instruttient shall 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 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 heceiner any other address Leader 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, Sev=Wlilllty. this Security instrument shall be govemed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the- Note conflicts with applicable law, such c onfiiet shall not affect other provis=mai; this Security Instrument or the Notre which can be given effect without the conflicting provision. To this end. the. proviswa of this Security Instrument and the Note are declared to be severable. 16. Borrowers Copy. Borrower shall be givenone conformed copy of ttie 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 sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its elation, require immediate 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 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 of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 111. Borrower'ss Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 3 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security instrument and the Note had no acceleration 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 to assure that the lien of this Security Instrument. Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security instrument shall continue unchanged Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17 7