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200606021 payments may no longer be required, at the option of Lender. if mortgage insurance coverage (in the amount and for the period that Lendcr requires) provided by an insurer approved by Lender again becomes availablc and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgagc insurance ends in accordance with any written agreement between Borrower and Lender or 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 lime of or prior to an inspection specifying reasonable caLlse for the inspection. 10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. lr, the event of a total taking of the Property, the proceeds shall be applied to the sums secLlred 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 taking is equal to or greater than the amount of the sums secured by this Security Instrument immediately hefore the taking, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multipl ied 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 Propeny 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 thc taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Propeny is abandoned hy 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 to collect and apply the proceeds, at its option, either to restoration or repair of the Propeny 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 principal 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. Bon'ower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for paymenr or modification of amortization ot' 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 commcnce proceedings against any successor in interest or refuse to extend time for payment or otherwise modi fy 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 Lcnder in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assi~ns Bound; ,Joint and Several Liability; Co-signers. The covenants and agreemcnts 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 covcnants and agreements 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 Instrument; (b) is not personally obligated to pay the sums secured by this Security Instmment; 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 Notc 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 finally interpreted so that the interest or other loan charges collected or to be collected in connection with thc loan exceed the permittecllimits, then: (a) any such loan charge shall be recluced 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 rcfunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment 10 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 he directed to the Property Address or any other address Borrower dcsignates by notice to Lender. Any notice to Lender shall be givcn by first 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. 15, Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is locatcd. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can he given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to he severable. ]6. Borrower's Copy. Borrower shall be gIven one conformed copy of the Note and of this Secunty Instrument. . Form 3~~ /90 ~ -GR(NE) In 17) 0.1 P090 4 of 6 I ~) nltl - /' -