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� 'a � � �9'A �09015 . - payments may no longer be required, at the option of Lender, if mortgage insurauce coverage (in the amount and tc,r the perio� that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiuuis required to maintain mortgage insurance in effect, or to pi•ovide a loss reserve, until the requireinent for mortgage iusurance ends in accordance with any written agreement between Borrower and Lender o�•applicable law. 9. 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 thc inspectio�i. 10. Condemnation. The proceeds of any award or claim tor damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condeinnation, are hereUy assigned a�id shall be paid to Lender. ln the event of a total taking of the Property, the proceeds shall be applied ro the sums secured by this Security Instruinent, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of tlle Property in whicli the tair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this � Security Instrument immediately before the taking, unless Borrower and I_ender otherwise agree in writing, the sums secured by this Security [nstrument shall be reduced by the amount of the proceeds multiplied by tl�e 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. In the event of a partial taking of the Yroperty in �vliicl� the fair market value of tl�e Property immediately before the taking is less than the amount of the sums secw�ed immediately before the taking, unless Borrower and Lender otherwise agree in writi�ig or unless applicable la�v otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the sun�s are the�1 due. 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 darnages, 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 principa] shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 11. 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 amortication 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. 12. Successors and Assigns 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 Borro�ver, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower �vho co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and com�ey that Borrower's interest in the Property under tbe 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. 13. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is tinally inteipreted so that the interest or other loan charges collected or to be collected iu connection with the loan exceed the permitted limits, theu: (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 F3orrower. Lender may choose to make this refund by reducing the principal owed imder the Note or by making a direct payment to I3orrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given Uy deli��ering it or by mailing it by first class mail unless applicable law requires use of another rnethod. The notice shall be directed to the Prope►-ty Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by t7rst class mail to Lender's address stated herein or any other address Lender designates by notice to Botrower. Any notice provided for in this Security I�istrument shall be deemed to have been given to F3orrower or Lender when given as provided in this paragrapli. 1�. Governing Law; Severability. This Security Instrument shall be governed by federal law and the la�v of the jurisdiction in which the Property is located. ln the event that any provision or clause of this Security Instrunient or the Notc 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 [nstrument 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. Form 3028 9l90 �-fi�N�(9212).04 Page 4 of 6 Initials�.�� �