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I L 88=- 100933 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 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 Sl!ms secured by this Security Instrument, whether or not then due, with any excess paid to Bor~ower. 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 ny the folk1\ving 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 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 authorized to collect and apply the proceeds, at its option, either 10 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 10 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 ;'\;'ot Released; Forbearance By Lender !';ot 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. 11. Succ~ssors 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 provision~ of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execuk 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 Secunty 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 winch sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permilled 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 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. !fa refund reduces principal. the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiraticn of applicable laws has the effect of rendering any provision of the 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. :-.lotices. Any notice to Borrower provided for in this Secunty Instrument shall be gIven by delivering 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 have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Sevcrability. This SecurIty Instrument shall be governed ny federal law and the law of the jurisdiction in which the Property is located. In the event that any proVIsion or clause of tillS 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 givcn clfect without the conflicting provision. To this end the provisions of this Security Inslfumelll and the Note are declared to be severable. 16. Horrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrumerll. 17. Transfer nf the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any IlIterest III it IS sold or transferred (or If a beneficlallllterest III Borrower is sold or transferred and Borrower IS not a natural person) without Lender's prior wntten consent, Lender may. at its option. requIre immediate payment in full of all sums secured by tillS Security Instnllnent. However, thIS option shall not be exerCIsed by Lender if exercise is prohibited b) federal law as of the date of II liS Security Instrument. I I' Lender t'x(~rClses th;s option. Lender shall give Borrower notIce of acceleration. The notice shall proVIde a penod of not less than .\0 days from the date the notIce is delivered or maIled within which Borrower must pay all sums secured by thiS Secunty InstrulIlent. If Borrower falls to pay these sums pnor to the expiratIOn of this period, Lender may IlIvoke any remedies perrllllled by tillS Security Instrument without further notice or demand on Borrower 18. norrower's Right to Reinstate. If Borrower meets certalll conditIOns. Borrower shall have the right to have enforcement of Ihls Security Instrument discontinued at any time prior to the earlrer of: (a) 5 days (or such other penod as applicable law nUl) speCify for reinstatement) before sale of the Property pursuanl 10 any power Ill" salc c.onlalned III IlrlS Security Instrument: or (b) entry of a judgment enforclllg thIS Security Instrumenl Those c'onditlons arc Ihal Borrower (a) pays Lender all sums whICh then would ne due under thIS Secunty Instrument and the "Ole had no ac.c.ckratll"l occurred; (b) t'ures any default of any other covenants or agreements. Ie) pays all expcnscs IlIcurrcd In cnl"orclIlg IhlS Security In,trumelll, IlIcludllig. but not Illlllted 10, reasonable attorneys' fees. and It!) takes such actl"n as I cndn lI1a~ reasonably require to assure that the lien of thiS Security Instrument. Lendn.s rIghls In till' !'ropt'rll and IIOIII"'CI.S obligatloll tn pay the sums secured by thIS Security Instrumellt shall cIlIlllnuc ullchallgcd 1 ,,,'n rCln',lalcnH'nl hI Ilorrllwer, thl' Security Inslrument and tht' obligations secured hereby shall rCJl\allllull~ <'ired" I';1S rlno ;IlCt'kl "lion had ,,,,curred HOWl'\er.lhlS right torelllstateshallnllt appl~ II1lht'l.a't'Ill"accckrallllllundel p,lIaglaphs I \ "I I' r-~. ~..IC\.:.., ., B '"l ~~ h