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I 88- 101796 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shaIl 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. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time afar 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 evcnt 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 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 restoration or repair of the Property or to the sums sccured 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 referred to in paragraphs I and 2 or change the amount of such payments, 10, Borrower Not Released; ForbellrllDce By Lenricr Not 0 Wlli"cr. Extension of the time for payment or modification of amortization of the sums :5ecured by this S~urity Instrument granted by Lender to any successor in interest of Borrower sh:J.\lnot operate to release the liability of the original Borrower or Rorrower's :mcces:mrs in intcrCtit, Lender shall nor be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums s~ured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. An)' forbearance by Lender in e:\crcising any right or remedy shall nOl be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liabilit),; Co'signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns ofLenuer and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall bejoint and several. Any Borrower who co-signs this Security Instrument but does not execute 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 Securit)' Instrument; and (c) agrees that Lender and any other Borrower may ugree to extend. modify. forbear or makc 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 50 that the interest or other loan charges collected or to be collected in connection with the loan eAcced thc permitlcd limits, then: (a) any such loan charge shall bc reduced by the amount necessary to reduce the chargc to the permitted limit; and (b) any sums already collccted from Borrower which cxceeded 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 pa)'ment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without an)' prcpayment charge under the Note. 13. Legislation Affecting Lender's Ri~hls. If enactment or e:\piration of applicable laws has the effect of rendering any provision of the Note or this Sccurity Instrument unenforceable according to lis terms. Lender. at its option, may require immediate payment in full of all sums secured by this S~urity Instrument and may invoke any remedies permitted by paragraph 19. If Lender e:\crcises 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 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 Rorrower. Any notice provided for in this Security Instrument shall be deemed to have been gi\'cn to Borrower or Lender when given as provided in this paragraph. 15. Goyerning 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 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 Securily Instrument and the Note are declared to be severable. 16. Borrower.s Copy. Borrowcr shall be givCfl one conformed copy of the Note and of this Security Instrumen!. 17. Transfer of the Property or a Beneficial Interest in Borrower. [f 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 not a nat ural person) without Lender's prior wrillen 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 prohibiled by federal law as of the date of this Security Instrument. If Lender exercises Ihis option. Lender shall give Borrower notice of acceleratioll. The notice shall provide ,I period of not less than 30 days from the date Ihe notice is delivered or mailed within which Borrnwcr musl pay all sums sccured by this Security Instrumen\. If&rrower fails to pay these Sums prior to the c)\piration of this period, Lender may invoke ilOY remedies pc:rmiltcd by this Sccurity,lmilrument withoutfunher notice or demand 011 Borrower. , 18. Bort9"er.s RiKht to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to havc enforcement of this Security IlIstrument discontinued at any lime prior (() the earlier of; (i\) 5 d"y:> (or such other perioll 11S Applicable law may specify for reinstatement) before sale of the Property pursuant 10 any power of sale conh.incd in Ihis Securilylnstrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions arc that Borrower: (a) pa)'s Lender 211 sums which then would be due under this SeeUril)' Instrument and Ihe NOle Iwd no i\C~,:dcralion oc<ourn:dj (b) cUr~ any default of any other covenants or agreements: (c) pays all eJ(~cn5cs incurrcd in enforcing this ~urity Instrument, including, but not linlited to, reasonable ..ttorney:;' f<:c~; and (d) takes such action as l.endcr may r~"ably require to assure that the lien of this Security [nstrument, Lender's nghl!. in the Properly :llld Borrower's obligation to pa}' the ..um!;, s<<ured by this S<:curlty I"strllrnenl ..hall conlinuc unchanged, UPOIl reinstatcmcnt by Rorru'lli'cr. Ihi~ Security Instrument llnd the obligations secured hereby !;hllll relllillll full). cll'cctiv~ ;~s if 110 a\C~-ck'mll{}n hild o.;:curro;:d, U(lwcvn,thl~ nghllO rcimtltlc ~hllll not apply III the Ul~C ofarcclcrlltiOIl under IlJlrJI~mph!. 1301 17 ;d