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I" 88- 101579 u If Lender required mortgage insurance as a condition of making thc loan secured by this Security Instrument, Borrower shall pay Ihe premiums required to maintain the insurance in effecl until such time as the requirement 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 ami 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 shaH be paid to Lender. In the event of a total taking of the Property, the procecds shall be applied to the sums secured by this Security Instrument, whethcr 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 restomtion or repair orthe Property or to the sums secured by this Security IllSt rument, 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 thc sums secured by Ihis 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 nol be required to commence proceedings against any successor in interest or rcfuse to extend time for paym1:111 or otherwise modify amorlization 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 Lcnder in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. II. Successors and Assigns Bound; Joint and Senral 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 thc provisions of paragraph 17. Borrower's covenants and agreements shalI be joint and several. Any Borrower who co-signs this Security Instrument but does not executc the Note: (a) is co-signing this Sccurity Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personalIy 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 Instrumcnt 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 cxceed the permitted limits, then: (a) any such loan charge shall be reduced by Ihe amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded pl'rmitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by lllllking a direct paymcnt to Borrower, If a refund reduces principal, the reduction will be treated liS a partial prepayment without any prepayment charge under the Note. 13. l.egislation 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 unenforcellble according to its terms, Lender, at its option, may reqnire immediate payment in full of all SUlIlS 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. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering il or by mailing it by first class mail unless applicable law requires use of another melhod. 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 tl\l; J>r~)perty b 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 gh'l:n effect without the conflicling provision. To this end the provisions of this Security Instrumcnl and the Notc arc declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this SecurilY Instrument. 17. Transfer of the Property or a lteneficial Interest in Borrower, If all or any part of the Property or an)' interesl in il is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a 1Ii1lural person) without Lcnder's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Securil)' Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federallnw as of the date of this Security Instrument. If Lender cilcrcises this option, Lender shall give Borrower notice of acceleratioll. The notice shall provide a pcrioll of not less than 30 days from the datI.' Ihe notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If lJorrower fails to pay these sums prior to the expiration of this period, Lender ilia)' invoke any remedies permitled by this Security Instrument without further notice or demand on Borrower. 18. Ilorrower's RIKht to Reinstate. If Borrower meets cerlain conditions, Borrower shall have the righl 10 have enforcement of this Security Inslrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law mil)' specify for reinstatement) before salc of the Propl'rlY pursu;lIIt to any power of sale contained in this Security Instrumcnl; or (b) cntry of;1 judgment enforcing this Security Inslrull1enl. Those conditions life Ihal Borrower: (a) pays Lender aU MIniS which then would he due under this Security In\tnunenl amI Ihe Noll' had no aCn'lef3lion occurred; (b) cures any defnult of an)' olher covenants or agreemcnts; (c) pays all expenses incurrcd in cnforcing this Security In<.,trllll1ent. including. hut nol limited to, rellsonablc 1l110fllCYS' fees; ,Ind (d) lakes s\Jch 1II;I1On ilS 1.~'II(h-r may reasonably require ICJ assure thai the licll of Ihis Seeurily Instrumcnt, Lender's flghls in the Propcrty illlll lImHlwcr's ohligation In p"y the sums secufl~d hy Ihis Se<::urity InslruIIIl;nl shall conllllnc unchanged. Upon n:instatt'm~'nl by DQ~!~!wer. Ilus Sel'urily Instrulllent alHlthc ohligations secured herch,' shull rCllIlun fully <'Iredi"e as If U<l lIcCCICraliol1 had (x'curred. I IllWl'\'cr. this right to rcill',tatc shilll not lIpply in the t'IlSI.' nf,lCl'cl('r atllll1l1nder jliHagmphs 1.\ or 17 . .!