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1~.94'04712 condemnation or other taking of any part of the Property. or for conveyance in lieu of corilmnation, 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 secutt'd 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 in which the fair market value of the Property immediately before the tasting is equal to or greater than the amount of the sums secured by this Security In it7ument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums seemed by this Securitv Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sutras 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 Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Under otherwise agree in writing or unless ;applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether o. not the sums are 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 i,, given, Lender is authorized to colfecl 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 Botrow~:r otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the mont'ttly payments referred to in paragraphs I 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 to interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums spcumd 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 :ind Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument sh,dl bind and benefit the successors and assigns of Lender and borrower, subject to the provisions of paragr ph 17. BOiTC)wcr'.`: covenants and agrectnents shall be joint and several. Any Borrower who co-signs this 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 lnstrumcnt; (h) is not personally obligated to pay the runts :secured by 111is Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make anv c::corr~ri+vdaiions with regard to the teiins of this Security Instrument or the Note without that Borrower's consent. 13. Lowe Chat•g,es, If' the loan secured by this Socurity Instrument is subject to a law which sets maximum loan chtrrges, 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 pemJued limit: and (b) any sums already collected from Borrower which exceeded permitted limits will he refunded to i3orrower. 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 prepaymen'. charE~ a.mJer the Note. 14. Nv! i rr, ,",ray notice to Forrower provided for in this Security instrument ;hall be given by delivering it or by trailing, it t y ON iti nutail unless applicable law requires use of another method. The notice shall be directed to the Property Addrt-.s; or any father address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lcnder'.:iddre%s stated herein or anv 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. 15. Governing Law; Severability. This Security instrument shall be governed by federal law and the law of the J;;risdiction in which the Property is located. In'the event that any provision or clause of this Security instrument or the Note cahflicts with applicable law, such conflict shall net 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 he severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrumenl. 17. Transfer of the Property or a Beneficial Interest in Borrower. Ii 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 Leader 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 provide a.period of not less than 30 clays 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 remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions. Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as sing k Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT'- Uniform Covenants 9/90 (page 4 of 6 pages) i