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9440 IM711 condemnation or other taking of any part of the Property, or for conveyance in lieu of con<iernnation, are hereby assigned and shall be p :icl 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 nor not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fzi- market venue of the Property immediately before the taking is equal to or greiter than the amount of the sums secured ha ibis Security Instrurnera immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums Secured by tNIS Security Instrument shall be reduced by the amount 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. In the event of a partial taking of the Property in which the fair market value of the Properly immediately before the taking is less than the amount of the sums secured immediately h6ore the taping, unless Borrower and Lender otherwise agree in writing or unless applicable law° otherwise provides, the prococds 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 &mages. 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 sutras secured by this Security Instrument, whether or not then due. Unless ..ender and Borrower otherwise agree to writing, any application of proceeds to principal shall not extend or Ixhstpone :he due date of the monthiy payments referred io in paragraphs 1 and 2 or change the amount of such payments. It. Borrower Not Released; i"'urbearance By Lender Not a "silver. Extension of the time for payment or modi0cation 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 to interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise rrndify amortization of the sums securA by this Secutlty Instrument by reason of any demand made by the original Borrower or Borxower's successors in interest. Any forhearaiice by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise cif any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenant. and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrowers covenants and agreements shall be joint and several. Any Borrower who ci-signs lhis Security instrument but does not execute the Note: (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 lw;trument or the Note without that Borrower's consent. 13. Loan Charges. If the loan secured by this Security Instriment is subject to a law which sets maximum loan charf,;es, 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 necescarv to r;~duce 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 principai 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. 14. Notice.. Any notice to Borrower provided for in this Security Instrument shall 1_,e given by delivering it or by inr<iling 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 Lenders :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 yr Lender when given as provided in this p=gr-apn 15. Governing Law; Severability. This Security Instrument shall be 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 'his Security Instrument or the Note conflict; 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. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. 11ransfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is 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 by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall pro, ide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all suers secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke. _-rty remedies permitted by this Security Instrment without further notice or demand on Borrower. 18. Borrower's Right to keipstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the :.artier of: (a) 5 days (ar such other perioa ~,L; Sing- Family --Fannie Mae-Treddie Mat UNIFORM INSTRUMENT- Uniform Covenants 9190 1poge 4 of h Fa,gr$)