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I 88- 1019ff1 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 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 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, arc hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall he 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 Sccurity 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 imnwdiately hcfore 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 wit hin 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, eithcr 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 I and 2 or change the amount of such paymcnts. 10. Borrower 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 shall not operate to release the liability of thc original Borrower or Borrower's successors in interest. lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amorti1:ation of the sums secured by this Security Instrument by reason Gf 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 ofor preclude the exercise of any right or remedy. II. Successors l!nd Assigns Bound; Joint and Severai Liability; Co.signers. The covenants and agreemcnts of this Security Instrument shall 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 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 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 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 ~harges 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 colleckd from Borrower which exceeded permitted limits will be refunded to Harrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal. the reduction will b~ 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 Security Instrument unenforceable uccording to its terms, Lender, at its option, may require immediate payment in full of all sums secured by this Sccurity 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. An)' notiL'e to Borrower provided for in this Stcurity Instrument shall he given by 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 addrcss Horrower designlltes by noticc to lcnder. 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 Harrower. Any notice .provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when givcn as provided in this paragraph. IS. Governing taw; Severability. This Security InstrumeI1l 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 Inslrumcnt or the Note conflicts with applicable law. such conflict shall not affe~t other provisions of this Security Instrument or thc Note which can be given effect without the conflicting provision. To this end the provisions of this Sccurity I nst rumcnt and the Note are declared to be scverable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrumcnt. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or an)' interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, requirc immediHlc payment in full of all sums secured by this Security Instrument. However. this option shall not be excrt'ised by Lender if c:\erl'ise is pmhibited by federal law as of the date of this Security iustrument. If Lender exercises this option, lender shall give Borrower notice of accelera:ion. Thc notice shall provide ,I pcriod of not less than 30 days from the date the notice is delivered or mailed withm which Borrower must pay all sums s~L'ured by this Security Instrument. If Borrower fails to pay thcse sums prior to the expiration of I his period, Lender milY invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. if Borrowcr mects cerlain conditions, Borrowcr shall have lhe right to havc enforcement of this Security instrument disconlinued at any time prior to thc earlier of: (a) 5 days (or such olher period as applicable law may specify for reinstatement) bcfore sale of t he Proper! y pursuant to any power of salc conlaincd in this Securitylnstrument; or (b) entry of a judgment enforcing this Security Instrument. Th,,~~ conditions arc that Borrowcr: . (a) pays Lender all slims which then would be due under this Security Instrument and the Note had no accl'leralion occurred; (b) curcs any default of any other covenants or agreements; (c) pays all expenses incurred in enfon:ing this Security In'itrumcnl, il1l.:luding. hut nol limited to, reasonable attorlleys' fees; and (d) takes such aclion as l.enda may rt!asona?ty rcquire 10 a!.snre Ihat thc lien of this Security Instrument, Lender's rights in lhc Property ;lIld llorn)\H'r'.. obligatioll to pa~' the S(lIn., ..C'C'urcd by this Security Instrumcnt shall cOlltillUr: nnchangr:d. l:pllll rr:lllstatcmr:1I1 h~ Borrower, this Sl'cufity !mlrulI1ent find Ihr: ohligations sr:cnrcd hereby ..hall rClllalll fnlly cni:ctlll' as 11' IIn ;ICcTlnatlllll had oc<:urrcd, Ilowe\er, thi,,"ght 10 rcill!>t"lc \hilllllot IIpply in the L'a!>c ofaccclcrall\ll1ulIlkr par;lgraph.. 11 III l'