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87- 107145 r If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of orprior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds orany 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, 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 Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, 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 by the following fraction: (a) the total amount of the sums secured imm~iately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. 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 to collect 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 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 I and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Wail'er. 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 in 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 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 nOl be a waiver of or preclude the exercise of any right or remedy. II. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants 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. Borrower's covenants 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 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 Instrument or the Note without that Borrower's con;ent. 12. Loan Charges. If the loan secured by this Security Instrument is subject 10 a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges colkctt"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 frolll Borrower which exceeded permitted 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 payment to Borrower. If a refund reduces principal. the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. I.egislation Affecting [,ender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrumcnt unenforccable according to its terlllS, Lendcr, at its option, may require immediate payment in full of all sums secured by this St'Curity Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivcring 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 Address or any other address Borrower designates by notic.: to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designalt'S by notice to Borrower. Any noticc provided for in this Security Instrumcnt shall be dcemcd to have been given to Borrower or Lendcr when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by f~"<iemllaw and the law of the jurisdiction in which the Property is located. In the event Ihat any provision or clausc 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 be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are deelared to be severable. 16. Borrower's Copy. Borrower shall be given one ~'onformcd copy of the Note and of this Security Instrument. 17. Trander of the Propert}. 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 transferrcd and Borrower IS not a natural person) without Lender's prior written conscnt, Lender may, at its option, require inllllediate payment in full of all sums secured by this Security Instrument. However. this option shall not be exert'ised by Lender if excrcise is pmhibiled hy federal law as of the date of this Security Instrumcnt. If Lendcr exercises this option. Lender shall give Borrower notice of acceleration. The noticc shall provide a period of not less than 30 days from the datc the notice is delivercd or mailed within which Bl'rrower must pay all sums secun:d by this Security Instrumcnt. If Borrower fails to pay thesc sums prior to the cxpiralton of 1111\ period, Lender may lI\loke any remedies permittcd by this Securily Instrument without further noticc or dcmand on Borrower. 18. Borrower's Right to Reinstate. If Borrower mcets certain conditions, Borrower shall have Ihe right 10 havc enforcement of this Security Instrumcnt discontillUed at any time prior to the earlier of: (a) 5 days (or sudl othcr pt'Tiod as applicable law may specify for reinstatcmenl) beforc sale of the Property pursuant to any power of sale contall1<:d in tins Security Instrument; or (b) cntry of a judgment enforcing tins Security InstrulIIClI1. Those conditions arc that Borrower: {a) pays Lcnder all sums which then would bc due undcr thIS Sccurity Instrumcnt and thl' Notc had 110 aCl'deratlOn occurred; (b) curcs any dcfault of any other covenants or agrccmcnts; (cl pays all expwses IIlclIrred III cnforclIlg thiS Security Instrumcnt, including, Inll not hmitcd to, reasonable attorneys' fecs; and (d) takes Sill'll al'til'n as Lender may reasonably reqUIre tn assure that the lien of this Sccurity Instrumcnt, Ll'nder's rights In the Property and Ilornl\wr's obligatioll It.' pay the sluns secured hy thIS Sccurity InstrulIlenl shall conllllUl' unchanged \.'pon n.'lIlsti\ll'll\enI hy Borrower, tlus Securlly Instrull\elll alld the ohhgaltons secllred herchy shall relllalll fully drecllh' a' If no acn.leralHlIl had occurred, Ilowcver, IIIIS rlghll') relll\lalc shall nol apply 1111 he case of 'I<:cckr all"" lIrllk, par;,!=ral'h, 11 ,1' 1- L , " ~