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payments may no longer be required, at the option of Lender, if mortgage insurance coverage (in theQ~o~nUQ~plnod that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiums required to millntain mo'."tgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. 9. Ins,pection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shaH give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 10. Condemnation. The pmceed~, of any award 01' claim for damages, clirect or consequential, in connection with any ccndemnatioli or Oihel' taking of an}' ;)~Ht uf the Property, or for conveyance in lieu of conJemnation, 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 Secm;,t'" Ins' r.Jmenl , whether or not then due. with any excess paid to Borrower. In the e'/ent of a partial taking of the Property in \;ihk~ the fah' " market value of the Property imme.diately before the taking is equal to or greater than the amount of the !>ums !:ecured by tl';,s Security Instrum~nt immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums secured r-y this Security Instrument shall rJC reduced by the amount of the proceeds multiplied by the following fnction: (a) the total amount of the ~\Ums secured immediately before the taking, divided by (b) the fair mark~t value of the Property immediately before the taking. Any balance shall he paid to Borrower. In the event of a partial taking of the Property in which the fai.r market value o~ the Property immediately before the taking is less than the amount of the sums st:Q1red immediately before the taking, unless T3orrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall be applied to ti Ie sums secured by this Secu:ity Instrument whether or not the sums are then dlle. If the Pnpe,rty is abandoned by Borrower. or if, after notice by Lender to Borrow,'\" that the cor.demnor offers to make an award or set; Ie a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is autl10rized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by (,lis Security Instrument, whether or not then due. Unle~,; Lender and Borrower otherwis?, agree in writing. any application of proceeds to principal shall not extend or pastpOilC t.1e due date of the monthly payments referred to in paragraphs I and 2 or change the r.mount of such paymcnts. 11. Borrower Not Released; ForbearllnccBy Lender Not a Waiver. Extension of the time for payment or m(xlifieatinn of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to releas,e the liability of the original Borrower or Borrower's successors in interest. Lender shall not be rC(luired to commence proceedings against any Sllccessor in interest or refuse to extend time for payment or otherwise modify amorti711tinn of the sums secured by this Security Instrument by reason of any demand made by the original Borrowcr or Oorrowcr's successors in interest. Any forbearance by Lender in exercising any right ur remedy :;hall not be a waiver of or preclude the exercise of any right or remedy. n. Successors amd Assigns Bound; Joint and S~veral Liability; Co-signers. The covenants and agreements of this Security Instrument sh:ill bind and bcnefit the successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17. Borrowe"s covenants and agreements shall be joint and several. Any Borrower who co.signs this Security Instrument but docs not execute the Note: (a) is co-signing this Security Instrument only tn mortgage. gTllnt and convey Ihal 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 eXlend. 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 Chargt'S. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges. and tbt law is finally interpreted so that the interest or other loan charges collected or to bc 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 hy 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. 14. Notices. Any notice to Borrower provided for in this S(cur;t~ Inst"1I111en( sh:!.!! he giv~n hy delivering Ii or hy mailing it hy fi[~i ciuss maii uniess applicable law requircs use of another method. The notice shall be directed to the Property Addres~; or any other address Borrower designates by notice to Lender. Any notice to Lender shall he given hy first dass mail to Lender's address staled herein or any other address Lender designates by notice to Borrower. Any notice provided for in t!tis Security Instrulllent shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph, IS. (;overning Law; Severability. This Security Ins'.rument shall be governed hy federal law and the law of the jurisdiction in which the Property is located, In the event t'm! any proVision or clause of this Security Instnllllent m the Note connicts with applicable law. such confiict shall not affect other provisions of this Security Insfrument or the Note which can he given effect without the conflicting provision, To this end the provisions of this Security Instl;Jrnent and the Note are declared to be severable, 16. Borrowcr's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. Form 3028 9/90 PallO 4 01 6