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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. Inspection, 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, director 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, unless 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 fraction: (a) the total amuount of The sums secured immediately before the taking. divided by (b) the flair market value of the Property immediately before the taking. Any balance shall be paid to Borower. 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 lsastrument, whether or not then due. Unless Lender and Borrower+oth-erwise agree iti writing, any application of proceed:: to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs i and 3 or change Ohs amount of such payments. 10. Borrower Not Released; Forbestance By Lender Not a Waiver. Ex(tensior.. of the time for payment or modification of amortization of the sums secured by this Security Instrument L=nfad t y Lender to any successor in interest of Borrower shall not operate to release the liability of the original Bv,n-(jwtr or Borrowers 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 11*1. 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. Successors and Assigns Bowed; Joint and Several Liability; Co- sifters. The covenants and agreements of this Security Instrument shall bind and benefit the saa:essors and assigns of Lender and Borrower, subject t,+ ;he provisions of paragraph 17. Borrower's wveaaa9ai5 and agrcrt;;c :' »• shall be Mt 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 Borrowers interest in the Prepe:riy under the terms of this Security Instrument; (b) Is Gcs+t personally obligated to pay the sums secured by this Security Instrument. and (c) agrees that Lender and any other ew-rower may agree to extend, modify, forbear or MAW any secern=odations with regard to the terms of ths: Security Instrument or the Note without that Borrower's consent. 12, Loan Charges. If the t(:,:in secured by this Security instrument is subject to a f ;owe which sets maximum loan charges, and that law is finally ine(erpreted 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 making a direct payment to Borrower. If a refund reduces principal, the reduction writ Gee created as a partial prepayment without any prep+at-mrent charge under the Note. 13. Legislation Affecting Leader's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according tot 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 permitted by paragraph 19. If Lender exercises this option. Lender shall take the steps specified in the second paragraph of paragraph V. 14. Notices. Any notice ism &grower provided for in this Security Instrument 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 herein or any other address Lender 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 liken as provided in this paragraph. 1S. Governing Law; Severability. This Security Instrument shall he governed by federal law and the law of the jurisdivocun 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 m her prklt•ts: its of this Security instrument or the Note which can be given effect without the conflicting provision. To this end ahe provisions Of this Security Instrument and the Note ace declared to she severable. 16. Borrower's Copy. Do-ro,&er shall be given one cart; -rtned copy of the Note and of this Security Instrurt:(en: 17. Transfer of the Prgmxt ;y or a Beneficial Interest is Borrower. If all or any part of the Property yr a.? interest in it is sold or transferred (. ov if a benefiout interest it,, bam.wer is sold or transferred and Borrower is not a nadural person) without Lender'% prior written consent. Under may. at its option, require immediate payment in full of alt sums secured by this Security Instrument. However. Shull not he exercised by Lender if exercise is prohibited by federal law as of the date of this Sec -o nr% I nstrutrem. If Lender exerciser this rpnoln, Lender shall give Rorrvw er notice of acceleration. the not ice shall prm ide a peraal of not less than 30 days from the date the notice is delivered or .Ailed sAithin which Borrower must pay all sums securt+c. `. } Ir..uununt if iksrrower fair 10 j 1', these sums r. for to the e�tptrnnon of thi. period. lender may irn(ok(: arm remedies permrrred by rhm'Se -runty Instrumene to itFaut further Horace r *r 4errsnd tin tformwer. 18. Borrowtr s Right to Reimstatt. If Boorrcwer meets certain cord gums, Borrower shall have the nght to Rine enforcement of this Security Irtstrurnene discontinued at any uiane prior to the earlier of. (a) S days (or such other pern►d as applicable law may specify for rem-,ratemenn hefiire sale of rbe Property pursuant to any power of sale contained in this Security Instrument: or (h) entry of a judgment enforcing this Security Instrument Thou conditions are that Borrower: (a) pays Lender all sums which then would he due under this Secure[} Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreement,,: (c) pays all expense% incurred in enforcing this Security instrument, including, but not limited to, reasonable attorneys' fees: and id) takes such action as Lender may reasonably require to assure that the hen of this Security Instrument, Lender's rights in the Property and iorrower'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 effeeme as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.