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88- 101286 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums requircd to maintain the insurance in effect until such time as the requircment for the insurance terminates in accordance with Borrower's and Lender's wrillen 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 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 ser:ured 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 belorc 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 aftcr the date the notice is given, Lender is authorized to collect and apply the procecds, 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 rcfcrrcd to in paragraphs I and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance Dy 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 sllccessor in interest or refuse to extend time for payment or otherwise modify amortization ofthc 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 to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Secunty Instrument but does not executc 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 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 interpreted so that the intcrcst or other loan charges collected or to be collected in connection with the loan cxceed the permilled limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the perm;!ted limit; and (b) any sums already collected from Borrowcr which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this rcfund by reducing the principal owed under the Note or by making a direct payment to Borrower. Ifa refund rcduces 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 iis 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 sccond paragraph of paragraph 17. 14. Notices. 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 mcthod. 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 givcn by first class mail to Lendcr'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 fcderallaw 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 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 this Sccurity 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 t his Security I nst rument. 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 transferrcd (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 its option, requirc immediate paymcnt in full of all sums secured by this Security Instrument. However, this option shall not be exerciscd by Lender if excrcise is prohibited by federal law as of the date of this Security Instrument. If Lcnder excrcises this option, Lender shall give Borrower notice of acceleration. Thc notice shall provide a period of not less than 30 days from the date the notice is dclivered 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, Lendcr may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier 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 sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Sccurity Instrument. Those conditions arc that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and Ihe Note had no an'cIeration occurred; (b) cures any dcfault of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, rcasonable attorncys' fees; and (d) takes slIch action as Lcnder may reasonably requirc to assure that the lien of this Security Instrument, Lender's lights in lhe Property and Borro\\'cr's obligation to pay thc sums sccured by this Security Instrument shall continue unchangcd l!pon rcinslalcment by Borrower,lhis Security lustrumentand the obligations secured hcreby shall rcmain fully efrcl'lllc as ,fno acceleration had occurrcd, Howcver, this right to reinstate shall not apply in the case ofacceleralionunder paragraphs I.' or 17. r----- , . I << t')'~ ' i .