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88- 1 01~; 04 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 1he insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. S, Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at 1he 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 even1 of a lotal taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, wi1h any excess paid to Borrower. In the even1 of a panialtaking 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 mulIiplied by 1he following fraction: (a) the total amount of the sums secured immediately before t he taking, divided by (b) the fall' market value of the Propeny 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 oflers 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 applica1ion 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. EX1ension of the time for payment or modification of amoniza1ion of the sums secured by this Security Instrument, granted by Lender to any successor in illlerest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall n01 be required to commence proceedings against any successor in interest or refuse to extend time for paymcn1 or otherwise modify amortiza1ion of the sums secured by this Security Inslrumen1 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 1he 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 1he successors and assigns of Lender and Borrower, subject to the provisiops of paragraph 17. Borrower's covenan1S and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-sigiling this Security Instrument only to mortgage, grant and convey that Borrower's interest in 1he Pr0peny under the terms of this Security Instrument; (b) is n01 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 Instrume.11 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 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 permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under 111e 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 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 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 permilled by paragraph 19. If Lender exercises this option. Lender shall lake the steps specified in the second paragraph of paragraph 17. 14. :'IIotices, Any notice to Borrower provided for in this Security 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; 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 this Security Instrument or the Note conflicts wi1h applicable law, such conflict shall not affect other provisions of this Secunty In~trument or the Note which can be given effect without the conflicting provision. To this end the provisions of till, Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of tlm Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property (>f any interes1 in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Horrower is not a natural person) without Lender's prior written consent. Lender may, at its option. require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date Of1his SecUlity Instrument. If Lender exercises 1his op1ion, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less 1han 30 days from 1he date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of thiS period. Lender may invoke any remedies permitted by 1his Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certalll conditions. Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earher of: (a)." days (or such olher period as applicable law may specify for reinstatemenl) before sale of the Property pursuanl to any power of ...ale eonjall1ed 111 t hI' Security Instrument; or (b) entry of a judgment enforcing thiS Security InstrumenL Those condlllOns are thaj Borrowcr: (a) pays Lender all sums which then would be due under this Secunty Instrument and Ihe NOjc had no acceleration occurred; (b) cures any defaull of any other covenants or agreements; (c) pays all c:<.pensc... II1curred In cnlorc'lng Ill\'. Security Instrument, including, but not limited 10, reasonable attorney.... fecs. and (d) take... ...uch action a... Lcnder Illav reasonably require to assure that the lien of tillS Secunty Instnllllenl. Lendcr\ lights In the I'r()l'en~ and 1l11ITll\\Cr:s obligation to pay the sums secured by I.his Secunty Instrulrlenl ~hall conjlnuc ullchanged L.poll relllstatemeilt b\ Horrower, 11110., Security I nst rumellt and the obhgallolls secun'd herehy ,hall r l'lIlalll lul" "'kCII\ l' a' 'I no ;Kc'c!cralll1ll had occurred Howe\ cr. I hI' nght to relllstate \hall not apply III the ea\c of ;'cl cler a I" "' under pa' a!,laph, I ' "I 1-' r- I ~