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88~ 101120 r 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. B. 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 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 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 that the condemnor offers to make an award or settle a claim for damages. Borrower fails to 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 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 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 b}' this Securit}' 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 S<<urit}. Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by lender in uercising any right or remedy shall not be a waiver of or preclude the exercise of any right orremedy. 11. SUCCCSS<lrs and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements oi 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 C<l-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 Property under the terms of this Securit)'lnstrument; (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. 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 interpreled 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 collecled from Borrower which e~ceeded permitted limits will be refunded to Borrower. Lender may chome to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13, Legislation Affe-cting Lender's Rights. If enactment or expiration of applicable laws has the elfet of rendering any provision of the Note or this Securit). Instrument unenforceable according to its terms, lender. at its option, may require immt'<liate payment in full of all sums secured by thi~ Securit)' 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. Notices. Any notice to Borrower provided for In this Security Instrument shall be given by deli\'ering il 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 b)' nOlice to lender. Any notice to lender shall be given by first class mail 10 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 ha\e: been gl\'cn to Borrower or lender when gi\"en as provided in this paragraph. 15. GoYerning Law; Severability. This Secunty Inmument ~hall be governed by federal law and the law of the jurisdiction in which the Propert). is located. In the e\'ent that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such connicl shall not affect other provisions of this Security Inslrument or thc Note which can be given eftC:ct without the conflicting provi~ion. To this end the provi~ions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Nott' and of this Security Instrument. 17. Transfer of the Pro pert). 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 transferred and Borrower is not a natural person) without lender's prior written consent. lender may. at it~ option. require Immedlale payment in full of all sums secured by this Security Instrument. However, this oplion shall nOI be exercised by lender if exercise is prohibited by federal law as of the dale of this Security Instrument. If lender exercises Ihis option, lender shall give Borrower notice of acceleralion. The nOlice ~hall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower mu~t pay all sums securcd by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of thi~ period. lender may in\'okc any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Bonower's Right to Reinstate. If Borrower meets certain conditions, Borrowcr shall havc thc right 10 have enforcement of Ihis Security Instrument discontinued at any time prior to the carlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of salc contained in this Security Instrument; or (b) entry of a judgmenl enforcing this Security Instrument. Thosc conditions arc that Borrower; (a) pays Lender all sums which then would be due under thiS Security Inslrument and the Notc had no acceleration occurred; (b) cures any default of any olher covenanls or agreements; (c) pays all cxpenscs incurred in cnforcing tlus Security Instrument. including, but not limited to, reasonable attorneys' frcs; and (d) takes such action a~ Lcndcr may reasonably require to assure that the lien of thiS SecurllY Instrument, Lcnder'.. rlghls In Ihe Property and Borrowcr's obligation to pay Ihe sums secured by IllIs Sccurlty Instrumenl shall l'tlnllnue unchangcd, UI,on relnslalemenl hy IJorrower.thi.. Securlly InMnlll1ent and Ihe obligations ..ccme" herehy shall rcmalll fully effcctJ\'e as Ifno accelerallon had occurred. lIo\\'e\'cr, Ihls rlghlto rClIIstate shallll..t apply IIIlhe case of accclerallon under paragraphs I' <lr 17 ,.. L r' h