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~: . ,'J:~~"": \93- 110891 condemnation Qr 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 ::>pplied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. 1n the event of a partial taking of the Property in whkh the fair market value of the Property immediately before the taking is equal to or greater th:>fl the amount of the sums secured by this Security Instrllment immediately before the laking, 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 hy 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 ,hall be paid to Borrower. In the eveni of a partial taking of the Propeny in which the fair market value of the Property ihlmediately before the taking is le:is than the amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unles!\ applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums arc then 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 damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized lo collect and apply the proceeds, at its option, either to rC3toration or repair of the Property or to the sums secured by this Secunty Instrument, whether or not then due_ Unl..:ss Lender and Borrower othuwise agree in writing, any application of pmceeds to principlll shall not ex:tend or po:.tpone the due date of the monthly payments referred to in paragraphs I and 2 or chlmge the amount oisuch payment!\. 11. Borrower Not Released; Forbearance By Lel1de:- Not a Waiver. Ex:tension of the time for payment or modification ,)f amortization of the sums secured by ihis Security rnstrument 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 Poot be required to commence proceedings against any successor in interest or refuse to ex:tend 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. 12. Successors and Assigns Bound; Joint and Severn I liability; Co-signers. The covenanls and lIgreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint lInd several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only 10 mortgage, grant and convey that Borrower's interest in the Property under the tenns of this Security Instrument; (h) is not personally obligated to pny 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 teffilS or this Security Instrument or the Note without that Borrower:., consent. . 13. Lmm Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum Joan charges, 'Ind that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the lo..n exceed the permitted limits, the.,: (a) any such loan charge sh:\i1 be reduced by the amount necessary to reduce the <:l"large to the permitted limit: and (b) any sums already collected from Borrower which ex:ceeded pennitted 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 pa~'ment to Borrower. 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 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 ArJdress or any other addrt~s Borrower designates by notice to Lender. Any notice to Lender shall be given by tirst 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 given as provided in this paragraph. IS. Governing Law; Severability. This Security Instrument shall be governed by federal law and .ne law of the jurisdiction in which the Property i~ located. In the event that any provision or clause of this Security rnstrument or the I"!ole 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. BOI-rower's Copy. Borrower shall be given one conformed copy of the Note and of thj~ Securily Instrument. 17. Transl'er of the Property or a Beneliciallnterest in Borrower, If all or any part of the Property or any interest in it i!> 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 hy this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the dart: of this Security Instnllnent. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less tllan 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedie~ permitted by tllis Security Instrument without further notice or demand on Borrower. 18. Borrower'sRight to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any lime prior to the earlier of: (a) 5 days (or such other period as Single Family.. Fannie Mae/Freddie Mac UNIFORM INSTRUMENT~" Uniform Covenants 9/90 (('<1!?I' 4 oft, palin)