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r l 87- 107187 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 at1he time of or prior to an inspection specifying reasonable cause for the inspection. . 9. 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, 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 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, If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor olfers 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 1 and 2 or change the amount of such payments. 10. Borrower Not ReleLwd; Forbearance B)' 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 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 not 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 consent. 12. 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 intetest 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 amouill necessary to reduce 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 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. L~sl.tion Affecting Lender's Rights. If enactment or expiration of applicable laws has the elfect of rendering any provision ofthe Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in full of all sums secured by this Security 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 deli\'ering 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 notice to lender. Any notice to Lender shall be given 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 ha\'e been given to Borrower or lender when given as provided in this paragraph, IS. Go.erning 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 this Security Instrument or the Note conflicts with applicable law. such conflict shall not alfect other provisions 0:' this Security Instrument or the Note .....hich can be given elfect 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. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest init is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natura) person)without lender's prior wrillen consent, lender may, at its option, require immediate payment in full of all sums secW'ed by this Security Inslrument. Howe\'er. this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Securit). Instrument. If lender exercises this option, lender shall give Borrower notice of acceleration, The notice shall provide a period of not less than 30da)'s from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower rails 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 Borro.....er. 18. Borrower's Rlaht to Reinstate, If Borrower meets certain conditions, Borro.....er shall have the right to have enforcement of this Security Instrument disconlinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrumen!. Those condit\llns are that Borrower' (a) pays Lender 311 sums which then would be due under this Security Instrument and Ihe Noll' had no acceleration occurred; (b) cures an)' default of 3n)' other covenants or agreements; (t.) pays all eApemcs incurred in enforcl1lg this Securlly Instrument, including, but nol limiled to, reasonable aIlOI'll('Y': fees; and (d) lakes such action as I rndl'r ma)' reMonably require to assure that the hen of this Srcunt) ImtrullIcnl, !.rnder's fights III lhr I'fllprtly and 1I0rHl\\C1'S obligation 10 pa)' Ihe sums secured by IllIs Security Instrulllrlllshall l'l.lIllinue unchanged Upon reimtatelllent h) Borrower. Ihl\ Sccurlty Instrument and Ihe obligations secured hrreby shall 'cmalll fully eI1e<:ll\e as If no acceleratllln had occurred, II ow ever. tlm nghtto reinslate shall not apply in the Glse of :Il'l t'lera lion under pamgr:lphs I J 01 17 r-'~ .... l