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88- 100597 L If Lender required mortgage Insurance as a lOndition of making the loan secured by this Security In- strument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as a re(luirement for the insurance terminates in accordance with Borrower"s and Lender's written agreement Of 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 lime of or prior (() an Inspection specifying reasonable cause for the inspection 9, Condemnation, The proceeds of any award or cbim for damages, direct or consequential, in connection with any condemnat ion or ot her taking of any 1") rt of I he Propc'rt)', or for conveyance in lieu of condemnat ion, are hereby assigned and shall be paid to Lender. In Ihe event of a tOlal taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or nOllhen due. wilh any excess paid 10 Borrower. In the event of a partial taking of the Property,unless Borrower and Lender otherWise agree in WllI ing, the sum. secured by this Security Instrument shall be reduced by the ,lmOlHll of the proceeds multiplied by the followlllg fractulIl: 'a) the t(Hal amount of the sums secured immediately before t,jking, divided by (b) the fair market v,due of the Pwpeny immediately before the 13king. Any balance shall be paid to Burrower. If the Property is .Ibandoned by Borrdwer, or d, after nmice by Lender to Borrower thar the condemnur offers to make an award or seltle a d,lim for damages, Borrower fails to respond to Lender within "0 days after the date the notice is given, Lender is aUlhorized 10 colin I ,md ,,,)ply the proceeds, ,Il its option, either to restoration or repair of the Property or to the sums secured by this SecllrllY Ins!rumen!, whethn or nO! then due. Unless Lendn and Ilorrown otherwise agree in writing, any application of proceeds to principal shallnOl extend or postpone Ihe due dale of the m(lIllhly paymenls referred 10 HI p,jragraphs I and 2 or change the amoul1l of such paymenrs. 10. Borrower Not Released; Forbearancc By Lender NO( a Waiver. Extension of the time fur payment or modification of amort izat ion of the Slllns secured by this Security Inst rlImenr granred by Lender to any successor in il1lerest of Borrower shall not operale to release Ihc'liabdlly ot Ihe original Borrower or Borrower's successors in inrerest. Lender shall not be required to commence proceedings against any successor in interest or refuse to eXlend time for payment or otherwise modify amorlizalion of the sums secured by this Security Instrumenr by reason of aDY demand made by Ihe original Borrower or Borrower's ~uccessors in illleresl. 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. 11. Successors and Assigns Bound; Joint and Several Liability; Co.signers. The covenants and agreemems of this Security Instrument shall bind and benefit rhe successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and :lgreemems shall be joint and several. Any Borrower who co-signs this Security I nstrumelll but does not execute the Note: (a) is co.signing Ihis Security I nst rumelll only to mortgage, gram and convey that Borrower's interest in (he Property under the terms of this Securily Instrumenl; (b) is not personally obligatcd to pay the sums secured by this Sccurity Instrument; and (c) agrees that Lender and any other Borrower may agree ro extend, modify, forbear or make any accommodalions wilh regard to the lerms of this Securily Instrumelll dr the Note without Ihat Borrower's consenl. 12. Loan Charges. If the loan secured by this SecurilY Instrumem is subject to a law which sets maximum loan charges, and Ihatlaw is finally interpreled so thaI (he illlerest or other loan charges collected or 10 be collected in connection with the loan excet.d I he permilled I i milS, I hen: (a) any such loan charge shall be reduced by Ihe amounl necessary ro reduce the charge to the permilled limil; and (b) any sums already collecred from Borrower which exceeded permit!ed limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under Ihe Note or by making a direer payment to Borrower If a refund reduces principal, the reduction will be treated as a partial prepayment wuhout any prepayment charge under Ihe NOll'. B. Legislation Affecting Lend~r's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of Ihe Note or Ihis Security Instrumelllunenforceable according 10 irs lerms, Lender. at ilS option. may require immediate payment in full of all sums secured by this Security InSlrument and may invoke any remedies permilted by paragraph 19. If Lender exercises Ihis oPlion, Lender shall rake the SlepS specified in the second paragraph of paragraph 17. 1-40 Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by firsl class mail unless applicable law requires use of another melhod. The notice shall be directed ro the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first c1a~s mail to Lender's address staled herein or any mher address Lender designates by nmice to Borrower. Any nmice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. I S. Governing Law; Severability. This Securily Instrument shall be goverrK'd by federal law and the law of the jurisdierion in which Ihe Property IS localed. Inlhe event that any provision or clause of this Securily Instrument or the Note conflicts with applicable law, such confliCl shall nOI affect olher provisions of this Security Instrument or (h<: Note which can be given effeer withoul the conflicting provision To this end Ihe provisions of Ihis Security Instrument and Ihe Note arc declared to bt, severable. 16. Borrower's Copy. Borrower shall be given one conformed ropy of the Note and of (his Security Instrumelll. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any par! of the Property or any illlerest in it is sold or Iransferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a nalural person) withoul Lender's prior wrillen consent, Lender may. at its option, require immediate payment in full of all sums secured by this SecurilY Instrument. However, this option shall not be exerCIsed by Lender if exerCIse is prohibited by federal law as of the date of Ihis Security Instrument. If Lender exercises this Opl ion, Lender shall give Borrower not ice of accelera( ion. The notice shall prov ide a period Ilf not less than .~O days from the date the notice is delivered or mailed WII hin which Borrower must pay all sums secured by this Security Instrument. If Burrower fails to pay these sums prior ro Ihc' c'xpiration of this period. Lender may invoke any remedies permit!ed by Ihis Security Instrument withoul further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower met'ts certalll condilions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any rime pflor to rhe earlier of: (a) ') days lor such olher period as applicable law may specify for reinstalement \ before sale of 111(' Propc'fly I'll rSU,11ll to any power of sale colH.1 ,ned in t his Se- curity Instrument; or (b) entry of a judgment enforcing Ihis Sent: ity Inslrumelll Those conditions are that Borrower (a! pays Lender all sums which I hen would be due under this Securily I ns( rumem and the Note had no ,I(CekLlllon III cllffed. I b, (Urcs any default of any olher convcnams or agrl'l'menrs, I c) pays all expenses II1cufred in enlmcing tillS Snurtl) I oS! I"Ulllt'lH. including, hut nor limited 10, reasonable altorneys. fees; 'lIld Id) lakes such .Illllln .IS l.ender 111.1)' re.ISllIl.lbl) 1"l''1UIll' III ,IS. ~Urt: Ihat the hen of tllI\ SecurllY Il1strUlll('III, Lel1del., rights III dl(' I'mpl'rl)' alld !\orrIlWl'IS Ilbhg,1l11l11 ill 1'.1) Ihe sUllls ~t'(url'd hy thiS Sl'lllrlty Insrrunwnl shalllOnlllllll' unchallged UpOIlI"f.'lfht.lll'n1l"IHI" !\Ol"lll\\('I.I}.IS "l'lllllll IIlSIIUI111'IH ,Ind Ihl' ohll~all"'ls sl'cufl'd herl'hy sh,lIIITlIlillll full)' dfe("(I\'(' ,IS If 110 .lnl'kLllIIIlI h.ld lllUIl re,1 HllW"\("l. tillS 11,;:111 III rC'lnsl.lll' sh,dlllll' ,11'1'1)' III I hI' lase of ,Illl'ler.1l10IlUlld('r paragr"phs I \ III I"