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I 88- 101614 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, norrower 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. 8, In!lilectlon. Lender or its agent may make reasonable entries upon and inspections of the Properly. Lender shall give Borrower notice 8tthe 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 c::orlveyance In lieu of condemnation, are hereby assigned and shall be paid to Lendr.r. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Securily 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 amounl 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. tir if, after nOlice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails 10 respond to Lender within 30 days after the date the notice is given. Lender is authorized 10 collccl and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by Ihis Security Inslrument. whetl>er or not then due. Unless Lender and Borrower otherwise agree ill writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred 10 in paragraphs I and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearsi1ce By Lender Not a Waiver. EXlension 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 10 release the liability of the original Borrower or Borrower's successors in interest. Lender shall nOI be required 10 commence proceedings against any successor in interest or refuse 10 extend time for payment or otherwise modify amortization of the sums secured by this Security Instrumenl by reason of any demand made by Ihe 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 Spveral Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit I he 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 Security Instrument but does not exccule the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest mthe Property uncler the terms of Ihis Security Instrument; (b) is nOl 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 Secunty Instrument is subject to a law which sets maximum loan charges, and that law is finally mlerpreh:d so that the interest or other loan charges collecled or to be collected in connection witl. the loan exceed Ihe 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 the Note or by making a direct paymenl 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 Secunty Instrument unenforceable according to its terms. Lender, at its option, may require immediate payment in full of all sums "ecured by thi" Secunty Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this oplion. Lender shall take the steps specified in the second paragraph of paragraph 17. 14, Notices. Any notice 10 Borrower provided for in thiS Securily In"trument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of anolher method. The notice shall be directed to the Property Address or any other address Borrower designates by notic::e 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 10 have been given 10 BOlTower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrumelll 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 Secunty Instrument or Ihe Note conflicts with applicable law, such conflict shall nOI affect other provisions of this Securlly Instrument or the Note which can be given effect without the conflicting provision To this end the proVlslom of thIS Security In"trumelll 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 pari 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 nOI a natural person) wilhout Lender's prior wrinen consent. Lender may, at its option. require immediale paymenl in full of all sums "ecured by this Security Instrument. However. thiS opllon shall not be exerCised hy Lender If exercise IS prohibiled by federal law as of the date of this Security Instrument. I f Lender exercises this option, Lender shall give Borrower notice of accekrallon. The nOllce "hall provide a period of no I less than 30 days from the date the notice is delivered or mailed within which Borrower IIIUSI pay all sum" secured by' this Security Instrument. If Borrower fails to pay these sums prior to the eXpIratIOn of IhlS period, Lender may invoke any remedies permilled by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets cerlaln condlllOlI". Borrower shall have Ihe nghl to have enforcement of this Security Instrumenl discontinued at any time prior 10 the ear her of: (a) 5 days (or such olher period as applicable law may specify for remstatement) before sale of the Property pursuant 10 any flOwer of sale contamcd in tillS Securlly Instfllment; or (b) entry of a Judgment enforcmg this Seeunty Inslrumenl Those condlllons are thai Borrower. (a) pays lender all sums which then would be due under thiS Sccunty Instrument and Ihe NOle had no accelerallon occurred; (h) cures any default of any other covenants or agreements; (c) pays all expense" Incurred III cnforclIlg lhl~ Secunty Instrument. indudlng, but not limited 10. rea!;onable aHome}'s' fee... and (d) takes wch aCllon as Lender may re8wnably rt'{julfl: 10 as!>ure thaI the Iiell of thiS Secunty Instrument. Lendn's n~hlS III lhe Property and Borrower', obllgallon to pay the sums secured by IhlS Securily (nstrument ,hall COllllnue ullch:mged UpOIl relllstlllelllenl h~ RorrOlAier. lhlS Secunt)' (nstrumenl and Ihe obligallons secured hcreb~ ,hall remalll fully eITedl\ ,. a.. If 110 al"lTleratll\ll had occurred. lIowever. IhlS right 10 reln\tale shallnol apply IIllhc case of itlcclcra!IlHl undn para~r"ph, 11 or 11 ; i ; I ~ - \ ,j ~-. ~ ;! -c,~ "-'i ,-H Jj -H 1 .j :1 '1 ~ '1 '.I i ,...