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4 a--p _ y 4 a- 101846 U Leader required mortgage insurance as a condition of making the loan secured by this. Security Instrument. 'Borrower shall pay the premiums required to maintails, the insurance in effect until such time as the requirement for the insu mce terminates in accordance with Borrower's and Lender's written agreement or applicable law. 9. IsepwIlerrt, Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. !. Coodemmabs. The proceeds of any award or claim for datrage% direct or conscgtientiaL in connection with any condermution 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. fin 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 Bonower. In the event of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing, the sums seared 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 before the taking, divided by (b) the fair market value of the Fwperty immediately before the taking- Any balance shall be paid to Borrower. If the Property is adandoned by Rarrower, or if, after notice by Leader to Borrower that the condemnor offers to make an award or. settle a claim for dam.: Borrower fails to respond to Linder within 30 days after the date the notice is given, Lender is w thorized to tolled ark aWly the proceeds, at its option, either to restoration or repair of the Proprrta er to die sums secured by this Serasity fast'vment. ahcthkr or not then due. Unless Lender and Bcara;'wer otherwise agree in vrtiiting, any application of proceeds to principal shall not extend or postpone the due .date of the monthly payments referred to in par4raphs I and 2 or change the amount of such paymerts- IS. lloriv i Not Released; l:oet>wriace By Leader Not r it *vr. Extension of the time for payment or modifieWna' of,amortization of the sums secured rats &!; Security instrument granted by Lender to any successor in interest of Bonzwer shpt: not operate to release the lfabi.i.'y of the origim: l :Borrower or Borrovives mccessors in interest. Leader shall not be r nmired to commence proceedings against any succescr in interest or refuse :z ttzA time for payment cr ct;ierwise modify •atm- Tniration of the sums swuredl by this 53=urity Lament by reason of any demand made by the crgital Borrower or & =- ewer's successors in inter. itsy fr'3te<:ance by Lender in exercising any aright or remedy shall not be a waiver Rf. or ;6;tude the exercise of any er nxnpit: 11. Snecemors and Astons Sound; Joist and Several LiakfflY, .Co- siqurei4:. The ¢eveaants 'psi agreements of this Seawcy instrument shall bind. and benefit the successors and assiEr cif Lender a--rd Borrower, subject: to the provisions of p:4aph 17. Borrower's covenants and agreements shall be johm , -+d several. Any Borra-w-er who cc -signs this Security Instrument but does not execute the Note: (a) is co- signing this Sexun., Instrument. only to mortgage, grant and cony, that Borrower's interest in the Property under the terms of this Security instrument; (b) is not personally obligated to pal+ the suss 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. 12. Loan Charges. if the loan 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 collected t:r 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 to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make chit refund by reducing the 6!'Yicp.d 43 fired under the Nate or by making a direct payment to borrower. if a refund reduces pr.nd -pal. the reduction will be ea ed vi ri partial prepayment wihout any prepayment charge under the Note. 13. LKhlatlos Affecting Leader's WSW If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrumer; i;;rtert rorceable according to i*D terms. Lender, at its option. may require immediate payment in full a "f`ca. swro secured Vr - r'nis Security instrument and may invoke any remedies permitted by paragraph 19. If Lender exerasm, tbiv jl -116n, Lender shall take the steps '' specified in the second paragraph of paragraph 11. 16. Notlees. Any notice to I$_rrr'u'wer provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail wt -tss applicable law requires use of another method. The notice shall be directed to the Property Address or any cther address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's add_ -mr, 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 bet—ti given to Borrower or Lender mdieo! riven as provided in this paragraph. IS. Governing Lew; SeverabWty. This Security Instrumeit-t shall be governed by federal law aid the law of the iur idiction in which the Property is located. In the event that Eny provisions ur clause of this Secoity Instrument or the Not: conflicts with applicable law, such conflict shall not affect other provisions (if this Security instrument or the Note which can be given effect without the conflicting piamsion. To t!y.;s end the r raviii(im of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower sha11 be given one confomr,!d Copy of flit Nate and of this Security Instrument. 17. Transfer of the Ptapefey or a igesefkial 104m. In Borrower. if all cr arty part cf the Property or any interest in it is sold or transferred (or it a beneficial interest in'l)orrower is sold or transferred and Borrower is not a natural person) e:o Awithout Lender's prior writun nsent. Lender m p„ it. its option. require immediate payment in full of all sums secured by this Security Instrument. However, this option shaal'tt t 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 shad! provide a period of not less than 30 days from the date the notice is delivteved or mailed within which the Borrower must pay: all sums secured by M5 Security Instrument. If Borrower fails to pay these sums prior to the expiration of this pefod„ Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on BorrQc:er. ' - 11. Borrower's Right to Relsetate. if Borrower tneets certain conditions. Borrower itWl have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as s:pgtli=ble law may soccify for rrinstatcmcnt) before sale of the Prop<-rty pursuant to any power of sale contained in this Security Instrument; or 1b) 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 attorney's 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 Smunty instrument and the obligations secured hereby stall 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 WF; fw r rs •- II