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r- .', L 88- 100695 If Lender required mortgage insurancc as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain thc insurance in effect until such time as the requirement for the insurance terminates in accordance with Horrower's and Lender's wriuen agrcement or applicable law. 8. Im;;pection. Lender or its agent may make reasonable cntries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damagcs, direct or consequcntial, in connection with any condemnation or other taking of any part of the Propcrty, or for convcyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Propcrty, thc 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 folIowing fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair markct value of the Property immediately before the taking. Any balancc shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that thc condemnor offers to make an award or settle a claim for damages, Borrower falls to respond to Lender within 30 days aftcr the date the notice is given, Lender is authorized to colIect and apply the proceeds, at its option, either to restoration or rcpair of the Property or to the sams secured by this Security Instrument, whether or not thcn duc. Unless Lender and Borrower otherwise agree in writing, any application of procceds 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; Forbearl!llce By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrumcnt granted by Lender to any successor in interest of Borrower shalI not operate to release the liability of the original Borrower or Borrowcr's successors in intcrest. Lender shalI not be required to commence proceedings against any successor in interest or refuse to cxtend time for payment or otherwise modify amortization of the sums secured by this Security Instrumcnt by reason of any dcmand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lendcr in excrcising any right or remedy shalI not 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 agrccments of this Security Instrument shall bind and benefit the successors and assigns of Lendcr 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 Instrumcnt 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 thc terms of this Security Instrument; (b) is not personalIy obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extcnd, modify, forbear or make any accomf'lodations 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 Instrumcnt is subject to a law which scts maximum loan charges, and that law is finalIy interpreted so that the interest or other loan charges collected or to bc colIcctcd in connection with thc loan exceed the permitted limits, then: (a) any such loan charge shalI be rcduced by thc amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which excceded permitted limits wilI be refunded to Borrower. Lender may choose to make this refund by rcducing the principal owed under the Note or by making a direct paymcnt to Borrower. If a rcfund rcduces principal, the reduction wilI be trcatcd as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactmcnt or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its tcrms, Lender, at its option, may require immediate payment in fulI of alI sums secured by this Security Instrument and may invoke any rcmcdies 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. Thc noticc shall be directed to the Property Address or any other addrcss Borrower designates by notice to Lendcr. Any noticc to Lcnder shall be giwn 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 shalI be deemcd to havc bcen given to Borrower or Lender whcn givcn as providcd in this paragraph. 15. Governing Law; Severability. This Sccurity Instrument shall be governed by fedcrallaw and thc law of the jurisdiction in which thc Property is located. In the event that any provision or clausc of this Security Instrument or the Note conflicts with applicable law. such conflict shalI not affect other provisions of this Security Instrument or the Note which can be given cffect without the conflicting provision. To this end the provisions of this Security Instrumcnt and thc Note arc declared to be sevcrable. 16. Borrower's Copy. Borrowcr shall bc given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or 2 Beneficial Interest in Borrower. If all or any part of thc Propcrty or any intcrest 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 wrillcn consent, Lender may, at its option, requirc immcdiate payment in full of all sums sccured by this Security Instrument. However, this option shall not be exerCised by Lcnder if cxcrcisc is prohibitcd by federal law as of the datc of this Security Instrumcnt. If Lender exercises this option, Lender shall give Borrowcr notice of acceleration. The notice shall providc a period of not less than 30 days from the date thc notice is delivered or mailed within which Borrowcr must pay all sums sccurcd by this Security Instrumcnt. If Borrower fails to pay thcse sums prior to the expiration of this period, Lcnder may invokc any remedies permilled by this Security Instrumcnt without further notice or demand on Borrower. 18. Borrower's RIRht to Reinstate. If Borrower meets certain conditions, Borrower shall havc thc right to havc enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatcment) before sale of the Property pursuant to any power of salc contained in this Security Instrument; or (b) cntry of a judgment enforcing this Security Instrumcnt. Those conditions arc that Borrowcr: (a) pays Lcndcr all sums which then would be duc under this Sccurity Instrumcnt and thc Notc had no acccleration . occurred; (b) cures any dcfault of any othcr covenanls or agrccments; (c) pays all cxpenses incurrcd in cnforcing Ihis Security Instrument, IIlcluding, but not Iimitcd to, rcasonable attorncys' fccs; and (d) lakcs such actIOn as Lendcr may reasonably rcqUlrc to assure that the hen of Ihis Security Instrumcnt, Lcnder's nghts III the Property and Borrowcr's obligation to pay the sums sccurcd by this Sccurity Instrumenl shall continuc unchangcd. Upon relllstatcmcnt by Borrowcr, thiS Security Imlrlllllcnl and thc obligations securcd hcrcby shall rcmalll fully cffCCllve as .fno acceleration had nccurred. However, tillS nghlto rClnstate shall not apply inthc case of accclcrallonllndcr paragraphs I J or 17 ~ ~ J h