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I LJ 88- 101826 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower 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 orapplicable 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 faking 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 ihe Property is abandoned by Borrower, or if, after notice by Lender to Borrower thatthecol1demnor 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 gi\'en. Lender is authorized to collect and apply the proceeds. 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 referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not ReletiOO; Forbearance B)' Lender Not a Wsh'er, 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 requir~ to commence proceedings against any successor in interest or refuse to extend time for payment or otherv.'ise modify amortilation 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 lender 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 Several Liabilit)'; Co-signers, The covenants and agreements of this Security Instrument shan 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 se\'eral. 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 obligatcd to p.\j' the sums secured by this Security Instrument; and (c) agrees that Lcnder and any other Borrower may agree to extcnd, 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 interest or other loan charges collected or to be collected in connection with the loan ell.ceed the permitted limits. then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the perrr.itted 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 payment to Borrower. lfa refund reduces principal, the reduction will he treated as a partial prepayment without any prepa)'ment charge under the Note. 13. Legislation Affecting Lender"s Rights.. If enactment or expiration of applicable laws has the etTect of rendering any pro\'ision of the Note or this Security Instrument unenforceable according to its tcrms, 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. )flenderexercises this option, Lender shall take the steps !ipecified in the second paragraph of paragraph l1. 14. Notkcs. Any notice to Borrower pro\'ided for in this Security Instrument shall be gi\'cn hy delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directcd to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be givcn hy tirst class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Sccurit)' Instrument shall be deemed to ha\'e been given to Borrowcr or Lendcr whcn given as provided in this paragraph. 15. Goyen.iq La..; Seyerability. This Security Instrument shall be go,'erned 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 NOIe conflicts with applicable law, such conflict shall not affect other pro\'isions of this Security Instrument or the Note which can be gh.en effect without the conflicting prm'ision. To this end the prm'isions of this Security Instrument and thc Note are declared to be severable. 16. Borrower"s COP)', Borrowcr shall be gi\'en one ~'onformcd copy of thc Notc and of this Security Instrument. 17. Traasfer of the Property or a Benefic:iallnterest in Borrower. If all or any part of the Property or an)' interest in it is sold or transferred (or if a beneficial intcrest in Borrower is sold or transferred and Borrowcr is not a natural person) without Lender's prior written consent, Lcnder may, at its option, requirc immediatc paymcnt in full of all sums secured by this Security Instrument. Howe\'er, this option shall not be excrcised by Lendcr if excrcise is pmhibited b)' federaUawas of the date of this Security Instrument. . If Lender ell.ercises this o'ption, Lender shall gi\'c Borrower notice of accelcration. The noticc shall provide a period of not less than 30 days from the date the notice isdclh'cred or mailed within which Borrower must pay all sums se~ured by this Security Instrument. If BorfQwer fails to pay these sums prior to the cApiration of this period, Lender may invoke any r~ie$ permitted by this Security Instrument without further notice or demand on Borrower, . II. Born"er"s Ript.to Reinstate. If Borrower meets ccrtain conditions, Borrowcr shall have the right to ha\'e enforcement of this Security Instrument discontinued at any time prior to th~' earlier of: (a) 5 days (or such ot her period as applicable law may spec if)' for rein..tatcmcnt) before sale of the Property pursuant to any power of sale l'onlained in this . Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions arc that Borrower: . (a) pays Lender aU sums which then would be duc under this Security Instrumcnt .:md the Note had no acceleration occun'ed; (b) cures an)' default of an)' other covenants or agreements; (c) pays all e,.;penses incurred in enforcing this S<<urity Instrument, induding. but not limited 10. reasonable attorneys' fees: and (d) takes such action as Lender may rea~nably require to ll....urc that the lien of this Security Instrument. Lender's rights in the Property ami Borrower's obliption to pa),thc !.urns ,>ecured by this Security lnstrument shall continue unchanged. Upon reinstatement by Iklrro",'cr. thh. Se{~urity InMrument and the obligations securcd hcreb}' shall remain fully elTc~.ti\'e as if no ;\t'cdeTalioll had occurred. IhIWC\C'r. thi!. right to rein\tBte shallllotilpply in the case of acccleraliollllllder paragraph~ 1.\ or 17