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..I Y•I' 7� 90--^ 106956 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 tic.: as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. laspecdon. 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 stuns secured by this Security Instrument shall be reduced by the atttount 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 Property immediately before the taking. Any balance shall be paid to Borrower. if the Property is abandoned by Borrower, or if, after notice by Lewder to Borrower that the condemnor offers to snake 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 applicai ion of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs l 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 Borrowers successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment orotherwise modify amortization of the sums secured by this Security Instrument by reason ofany 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 n7 remedy. 11. Successors and Assigns Bound; Joint and Several LUbility; Co- signers. The covenants and agreements of this Security Instrument shall bind and benefit the successom and assigns of Lender and Borrower, subject to the provisions of paragraph 17. 8rrrruwer's tovenantz and agreements shell be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the No (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 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. 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 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 he 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 will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender'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 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 permitted by paragraph 19. If Lender exercises this option. Lender shall take the steps specified in the second paragraph of paragraph 17. 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 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 addres %stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall he deemed to have been given to Borrower or Lender when given as provided in this paragraph. is. Governing Law; Severability. This Security Instrument shall he 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 ullect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provimom 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 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 sir transferred (or if a beneficial interest in Borrower is %oid or transferred Lind Borrower is not a natural rierwn) without Lender's rnor written consent. Lender rust.. tic it% vptirn, require immediate payment in full ("all sums secured by thus Security Insimment. however, this r. +ha :1 rot be exercised by lender of exercise is 1p:rohibi'ted by federal law as of-the date of this Security Instrument. if Lender exercises this option. Lender shall give Born ^w;r, r. r :::e of acceleration. The notice %half pow ide a period of not less than Ki days from the date the notice is delivered or mailea %L i,} in which Borrower must pay all sums secured by IN% Security Instrument. If Borrower gels to pay the%e wins prior to the expiration of this period. Lender may invoke any remedies permitted by this Security Instrument without further notice or demand nn uormwer. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions. Borrower shall have the n hi it) have enforcement of this Security Instrumctrt discontinued at any time prior to the earlier of: (a) 5 day, fer such other period a-, applicable law may specify for reinstatement) before %ale of the Property pursuant to any power of vle centatned in this Security Instrument: or (h) entry of a judgment enforcing this Security In %trument. Those condatom are that Burrower. (a) pay% Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred. (h) cures any default of any other covenants or agreement%. (c) pays all expenw% incurred in enforcing this Security In.rrument, including. but not limited to, reasonable attorneys' tics, and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument. Lender'% right% to 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 effecinc as of no acceleration had occurred. However, this right to reinstate shall not apply in the caw of acceleration under paragraphs 13 or 17 FR IPT 12 ,K.,v.o.a..,�.o, ART• �T•• s.� :...�, i:L• s. rq,,a t +l' i �ji'vYlr'u' N.