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88- 101095 r L 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 III effect unti! 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 elltrles upon and inspectiolls of lhe Property. Lender shall give Borrower notice atthe 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 pc'l of the Property, or for conveyance in heu of condemnation, are hereby assigned and shall be paid 10 Lender. In the event of a IOtal taking of the Property, the proceeds shall be applied to the SlllllS 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 thaI the condemnor offers 10 make an award or settle a claim for damages, Borrower fails 10 respond to L~nder within 30 days after the dale the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoralion 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 IJroceeds to prlflcipal 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; Forbearance By 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. 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 \(1 the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. A ny Borrower who co'slgns I his S,-,eurity Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in :he Property under the terms of this Security Instrument; (b) IS not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. LOlm Charges. If the loan secured by this Securitv Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permilled limits will be refunded to Borrower. Lender may choose to make this refund by reducmg the principal owed under the Note or by making a direct payment to Borrower. If a refu.nd reduces principal. the reduction Will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of apphcable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to ils terms, Lender. at its option, may require immediate payment in full of all sums secured by this Security Instrument ali(I may mvoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps speCIfied m the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for 111 this SecurI\)' Instrumellt ~hall he glvell hy deliverillg it or by mailing it by first class mail unless applicable law requires use of another method. The Ilotlce shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notKe to l.ender shall be given by first class mail 10 Lender's address stated herein or any other address Lender designates hy Ilotll'e to Borrower. AllY notice provided for in this Security Instrument shall be deemed to have been given to Borrower 01 Lemler whell given as provided in this paragraph. 15. Governing 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 tlm Secullty Inqrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of tlm Security Instrument and the Note are declared to be severable, 16. Borrower's Cupy. Borrower shall be given one conf'.Jrllled copy of the Note and of tillS Security 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 transferred (or if a beneficial interest in Borrower is sold or tl ansferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its optiOll, require immechate payment in full of all sums secured by this Security Instrument. However, this option shall Ilot be exel clsed by Lemler If exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercis~s this option, Lender shall give Borrower notice of acceleratlOll. 'I he Ilotlce shall pro\lde a period of not less than 30 days from the date the notice is delivered or mailed within whIch Borrower must pay all sums secured by this Security Instrument. If Borrower fails 10 pay these SUIIJS prior to I he expIratIOn of 11m period, Lender may invoke any remedies perrnilled by this Security Instrument without further notKe or demand 011 Borrower 18, Borrower's Right to Reinstate. If Borrower meets ceflam COlldlll<lIl~. Ilof!cmer shall have the right to have enforcement of this Security Illstrument discolllmued al any lIme prior lolhe earlier of (a) ~ days (or such olher period as applicable law lIJay speCify for reinslatemenl) hefore sale of the Propel I y plJlSlIall1 10 any pmH'r of sale contamed III thiS SecurI\y InslrUmen!; or (bl entry of a Judgment ellforcmg Ihls Secul!lv 1''''IUIIH'1I1 '] hose l'''nd,tlons are lhat Borrowel (a) pays lender all sums .....hKh Ihen would be due und.:r II1Is <;elllllll 11"llllIll<'lIl '" III Ihe ....."Ie had 110 acceleralloll occurred. (b) cures any default of any other cmenanrs 01 a~l('elll(,lIh. I, i paIs ;111 t'\1'1'IISl'S 1I11111Tnl In enforclllg tlll~ Securll) Instlulllent. Includlllg. but Iwt hrmtr'd to. lea~onable atl(llllns' kl" alld Idlla~l" sllch actHlIl as I (,l1der ilia) I('a~r\nabl~ requlle to a~~ure thai the hen of thl' SCUll It I II1~tIUI11ell' I ('lId('I' rl~hl' III rile 1'1\'1'('111 alld I\(III"\'\'('I'S ohlrgall(l11 10 pal th(' 'IJlnS secult'd by II1Is Securlly IIISIIU!ll('111 ,hall '''111111(1(' 1111. '''"'!!l'd t 1'''11 lell1\lall'l1I(,lll h Borrll\'\'cr. \tllS Securrty 1r1\lrulIlcnt and Ih(' ohllgalloll' s('culed h('ld'l ,hall "'llIall,llIlh ..Ik, !I\" as 111111 ac.ek"'II.lll had r>Clurrcd I!,,\'\' C\ CI. I h" ngh: to rCII1\lalc ~hallllot al'ph III 1 he last' .01 ,". l'kl all"" lIlldel 1'.11 "i' I a I"" 1 1 ," t' ,,' h.