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I 9. COIulell1natinn. TIII~ Ilr<lceeds of any lIward or dalln for damagcs. dlre~.t or "'o~~,=tHlI9c~,QJJ(~W'lh an)' condemnation llr other taking of nny part of the Properly. or for ~'()n\'l'Y:IIH:e III Ill'll of condemnation, ,Ire hereby Jlssigned and shall be paid to Lender. In the cvelli 1)1' a tOlallllking of Ihe Properl)'. the procceds shall be applied w the sums secured hy this Security Instrulllent, whether or not tlien due, with any excess paid 10 Borrower. In the event of a partial taking of the Property, Ullless Borrower and Lendcr otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the illllonnt of the proceeds multiplied by the following fraction: (a) the total amount of Ihe Slllns secured immediately hefore the taking, divided by (b) the fnir market value of the Property immediately before the taking. AllY balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower i1mt the condemnor offers to make an award or sellle a claim for damages, Borrower fails 10 respond to Lender 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 repairorthe Property or to the sums secured by this Sccurity Inslruillent, whether or not then due. Unless Lemler and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone t h!.' due dale of the lIIonthly payments referred to in paragraphs I and 2 or chanb': the amount of such payments. 10. Uorrowcr 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 sh,lIlnot operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall nol be required tn commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amonization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower \ successors in interest. Any forbearance by Lender in exercising any right or remedy shall no! be a waiver of or preclude the exercise of any right or remedy. 11. Successors und Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind alld benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17, Dorrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but docs not execute the Note: (a) is co-signing this Security Instrument only 10 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 Lendcr 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 Ihis 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 permilled limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. Ifa 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 applicabl.e laws has the effect Df rendering any provision of the Note or this Security Instrument unenforceable according \0 its terms, Lender, at its optiClii, may require immediate payment in full of all sums secured by this Security Instftlment and may invoke any remedies permitled by paragraph] 9. If Lender exercises this oplion, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Burrower provided for in this Security Instrument shall be givcn by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The nOlice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice 10 Lender shall be given by first class mail to Lender's address sta'cd herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have bcen given 10 Borrower or Lender when given as provided in this paragraph. 15, Governing Law; Severability, This Security Inslrumcnt 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 with applicable law. such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the cunflicting provision, To this end the provisions 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 Note and of this 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 11 beneficial interest in Borrower is sold or transferred and Borrower is 1I0t a natural person) without Lender's prior wrillen consent, Lender may, at its option. require immediate paymenl 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 Ihe date of this Security Instrument. If Lender e,\erCISCS this option, Lender shall give Borrowcr notice of acceleration. The notice shall. provide a period of no I 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 to pay these sums prior to the expiration of this period, Lender may invoke any remedies permilted by this Security Im.lrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right te have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such olher period as ;Ipplicable law may specify for reinstatement) before sale of the Property pursuant to ;Ill)' power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions arc that Borrower: (a) pays Lender all. sums which then would be due under this SecUiity Instrument and the Note IUld no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expense!. incurred in enforcing this Security Instrument, including, but not IlJnited to, reasonable attorneys' fees; and (d) takes such ilctwn as Lcnder may reasonably require to assurc that the lien of this Security Instrument. Lender's nghts ill thc Property and Ilorrower's obligation to pay the sums secured by this Security Instrument shall conlinue unchanged. Upon reinstatemcnl by Borrower. this Security Instrument and the obligations secured hereby shall remain fully efl.ecl\vc ,IS if no aecclerallon had occurred. However, this right to reinstate shall not apply in the ca~e of acceleration under paragraphs I J or 17. NON.UNIFORM COVENANTS. Borrower and Lender futiher covenant and agree as foll.ows: 19. Acceleration; Remedies, Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement In this Security Instrument (but not prior to acceleration under paragraphs 13 and 17 unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the lIction required to cnre the default; (e) a date, not less than 30 days from the date the notice Is given to Borrower, by which the default must be cured; . and (d) that failure to curt' the default on or before the date specified In the notice may result in acceleration of the sums secured by this Security Instrument llnd sale of the Properly. The notice shall further inform Borrower of Ihe ri~hl to relndate after acceleration and the right tu bring a cuurt lIctlun to assert the non-existence of a default or any olher defense of norrower to accelfratlon lInd sale, If the default Is not cured on or before the date specified in the notiee. h'nder at Ib option may require Immediate paymenl in full of nil ~Llms secured by this Security In'Jtrumcnl withuut further drmand and mllY invoke the power of sale and IIn)' other fl'medlcs permitted by IIpplicable IllW. !.ender shl111 he entitled II! ('1111 t(' I 011 CklWnsrll incurred in pursulnll the remedies pruvltll'd iu this paragraph 19, indudinl:, hut nnt Iil1lill'd tll. re.....unable altornt')'S' feell 2nd ellsU or lillc evldt'nn'. r-- ; ( '" L