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1 104088 1 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's and Lender's written agreement or applicable law. 8. Insiteetion. 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. 9. Condemnation. 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 ta. m-t then due., with anyexcim paid to Borrower. In the event o£ a partial takiIIg of the Progertb. unless Borro%vr ate L T � erwise avee itf; Writ 'Ang; the siams secured by this Sec anrfitvc Imgtrunnent swrl be reduced by the amount vJi'4llae proceo& ra dciipl ..ed, by'the ftthlotting &a. jwa; (a) the w xag' a mount of the sum-, secured immediately before the taking, divided too (b) the fair market value of the Property immediately before the tak&V.. 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 restoration or repair of the Property 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 i postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. 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 of Borrower shall not operate to release the liability of the original Borrower 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 payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Succeasors and Assigtta Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions i of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in "the. Property under the terms of this Security Instrument; (b) is not personally obligated to pay t the sums secured by this Se =*ity Instrument; and (c) agrees that Lender and any other Borrower ttssy 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. 13. -Low Ch^rge . If the leap 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 or 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 this refund by reducing the principal owed under the Note or by inaicing a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Leglslatitit Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provisiotc of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitter) by paragraph: t,�} :. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph I7. 14. Notices. -Any ¢totice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class.rnail unless applicable law requires use of another method. The notice shall be directed to the I Property Address or any. other addres Borrower designates by notice to.Lender. Any notice to Lender shall be given by first class mail to lenders address staid herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Serenity Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing lAw; Severability. This Security Instrument shall be governed 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 conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16, Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Sccurity 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 option, 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 dategf this Security Instrument. If Lender exerdws this opflin, Lender shall give Borrower notice�rxliiecceieratiop. The notice shall provide a period of not tess.than 30 days frarn thedamibc notice is delivered or mailed icitlts;rs;w)'ti h .Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums.prior to the exliiration of this period, Lender may invoke any f ; remedies permitted by this Security Instrument: without further notice ordemand on Borrower. 18. Borrower's Right to Reinstaie. If'Iiarrower meets certain a6riditions, Borrower shall 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 L 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 ail sums which then would he 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' feet. and (d) takes such action as I.ender may reawnably require to assure that the hen of this Security Instrusneid. (.ender'. rights in the l'mperty and Borrower'% �✓ obligation to pay the sums secured by this Security Instrument shall continue mu. hanged I'pnn n•mstatenient hs Borrower, this Security Instrument and thcohhgaIton%•cLured hcrchy shall rern,un fulls Ofcovw i% if no ak k •Mratioa is.sd 41c, urrt•d llg wesrr. tlns right 10 reussta(c shall not ; apply rn ific lots¢ t .x:, rirr.,� •n nuirr t•.ts tt't ":l ls. t ' r t'