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I I L '~o .bo"-"" 100709 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument. Borrower shall pay the premiums required to mainlain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's wrilten 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 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 conveyancc 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 Lcnder 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 secureri 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 offers to make an award or settle a claim for damages. Borrower fails 10 respond to Lender within 30 days after the date the notice is given, Lender is euthorized to collect and apply the prc,~eeds. 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 extcnd or postpone the due date of the monthly payments referred to in paragraphs I and 2 or changc the amount of such paymcnts. 10. Borrower !'lot 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 intcrest of Borrower shall not operate to release the liability of the original Borrower or Borrower's succcssors 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 thc original Borrowcr or Borrowcr's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercisc of any right or remedy. 11, 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 Propert~ 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 Instrumcnt 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 interest or other loan charges collected or to bc collected in 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 permilled limit; and (b) any sums already collcctcd from Borrower which exceeded permilled limits will be rcfunded to Borrower. Lcndcr may choose to make this refund by rcducing the principal owcd under the Note or by making a dircct payment to Borrower. If a rcfund reduces principal. the reduction will be treated as a partial prepayment without any prcpaymcnt chargc under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforccable 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 permilled by paragraph 19. If Lender exercises this option. Lender shall take the steps specificd in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be givcn by delivering it or by mailing it by first class mail unless applicable law requires use of another method, The notice shall he dircctcd to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first elass mail to Lcnder's address stated herein or any other address Lendcr designates by notice to Borrower. An~' noticc provided for in this Security Instrumcnt shall be deemed to have been given to Borrower or Lcnder when givcn as provided in this paragraph. 15. Governing Law; Severability. This Secumy Instrument shall be governcd by federal law and the la\\ of the jurisdiction in which the Property is located. In the cvent that any provision or clause of this Security Instrument or thc Note conflicts with applicable law, such conflict shall not affect other provisions of this Securily Instrument or the Note which can be given effect without the conflicting proviSIOn. 1'0 Ihls cnd the provisions of this Security Instrumcnt and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given onc conformed copy of the Notc and of this Sccurity Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transfcrred (or if a beneficial interest in Borrowcr is sold or transferrcd and Borrower is not a natural person) without Lender's prior wrillen consent. Lender may, al lis option. reqllln: imme(lIate payment m full of all sums secured by this Security Instrument. However, Ihis option shall nOI be e:\ell'lsed hy Lender If exercisc IS pmlllbitcd by federal law as of the datc of this Security Instrument. If Lender exercises this option. Lcnder shall give Borrowcr not ice of acceleralion, Thc 1I0lice shall prO\ide a period of not less than 30 days from the date the noticc is delivcred or m,uled within which Borrowcr must pay all sums securcd by this Security Instrumcnt. If Borrower fails to pay these sums prior 10 Ihe expiration of this period. Lender may mvoke any remedies permillcd by this Security Instrumcnt without further notice or demand on Borrower. 18, Borrower's Right to Reinstate. If Borrower meets certain conditions. Borrower shall have Ihe right to have enforcemcnt of this Security Instrument discontinued al any time prior to the earlier of: (a) 5 days (or such other period as applk-able law may specify for reinstatemenl) before sale of Ihe ProperlY rursuanl to any power of sale containcd in 11m Securily InSlrunll'nt; or (b) entry of a judgment enforcing this Security Instrunlt'nt. Those conditions arc thai Borrower: (a) pays Lender all sums which then would be due under this Sccurity lnstrumenl and Ihc :'s'ote had no '1C,'c1erallllll occurred; (b) cures any default of any other covcnants Of agreemcnts: (c) pays all e:\pemcs Incurred 111 cnforcmg till' Security Inslrumcnl, 1I1clud1l1g, but not limited 10, reasonable allorneys' fces: and (d) lakcs stich action as I endcr may reasonably require to assure that the Iicn of tIllS Securily Inslrumcnt. Lcndcr's rlghls In the Propcrly and BOIT!l\\cr's obligatloll to pay thc sums secured hy IhlS Securlly IlIstrument shall cont1l1uc unchanged. L'pllll IT1I1slalcnKIII by Borrower, tillS Security Instrumcnt and I he obligations secured hereby shall rl'mam fully cl1..','II\ c as If 110 'lL'Cclcralll111 Iud Ilccurrl'd IIllwc\er. Ilns rlghlto rC1l1statl' shall 11111 apply III I Ill' lasc of accl'krallllll under para)!raph, )1." I' !. .i t ' l_'~ ~:: JII l~ l"~.i' .A*.:' t~3 i~.' ~ ,o@ " 'J~' ~. ~