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I 88- 102015 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 inS\Il'llnCe in effcct until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agrecment or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Propeny, Lender shall give Borrower notice al the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for dal11l1ges. direct or consequential, in connection with any condemnation or other taking of any part of Ihe Property. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the SUIllS secured by this Security Instrument. whether or not then due, with any cxcess paid to Borrower. In the event of a parlial taking of the Properly, 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 laking. Any balarK'e shall bt~ paid 10 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 1he 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 payments. 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 thc liability of the 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 amortization of the sums secured by this Security Inslrument 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 ofar preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements 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 docs 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 lhis Security Instrument or the Note without that Borrower's consenl. 12. Loan Charges, If the loan secured by this Securily Inslnllllent is subject to a law which sets maximum loan charges, and that law is finally interpreted so that lhe interest or other loan chargcs collected or to he collecled 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 lhe permilled limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded 10 Borrower. Lender may ch(lose t(l make this refund by reducing the principal owed under the Note orby making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. I.eglslation Alfl'eting I.ender's Rights. If enactment or expiration of applicable laws has the eUcct of rendering any provision of lhe Note or lhis Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment 111 full of all slims secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. I f Lender exercises 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 he given by delivering it or by mailing it by first class mail unless .\pplicable law requires lISe of another method. The notice shall be directed 16 Ihe Property Address or any other address Borrower designales by notice to Lender. Any notice to Lender shall be given by fir'it class mail to Lender's address stated herein or any other address Lender designates by notice 10 Borrower. Any notice provided for in this Security Instrument shall bc deemed to havc been given to Borrower or Lender when givcn as provided in this paragraph. 15. Governing 1.11"'; SC\'l'rabilit)'. This Security Instrument shall be governed by federal law and Ihe law of thc jurisdiction in which the Properly is located. In Ihe evcnt that any provision or clause of this Security Instrument or the Note conflicts with applicable law. ~udl connict shall not affect other provisions of Ihis Security Inslrument or the Note which canl.le gi\'en effect wilhont thl'conflicting provision. To this end 1he provisions of this Sel'urity Instrumcnt <lllllthc Note are declared to be sCl'efllble. 16. Borrower's Copy. Borrower ,hall he given one conformed copy of the Note and of lhis Security Instrument. 17. Transfer of the flrupert). IIr II Ul'neficlol Inlncst in Uorro\,(er, If all or an)' part of the Property or any interest in it is sold or transferred (or if a helll'lldal interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior wriltenl'onwnt, Lemler may. at its option, require immediate payment in full of all snllls secured by this Security Inslrmllent. Huwever, lhb oplion shall not be exercised by Lemler if exercise is pmhibiled by federal law as of the dale of this Security Imlrumenl. If Lender exercises this option, Lender shall give Borrower notice of acceleral ion. The notice shall provide a period of not less than 30 days from the datc thc noticc is delivered or mailed within which Borrow..:r lIlust pay all SUlllS secured by this Security Instrument. If Borrowcr fails to pay these sums prior 10 thc expiration of this period, Lender lIlay in\"Oke any remedies permitted by lhis Securit}' Instrument without furiher notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Horro.....er meets certain conditions, Borrower shall have the right to have eliforcement of this Security Instrument discontinued at any lime prior 10 the earlicr of: (a) 5 day~ (or such olher period as applicable law ma)' specif}' for rdnslatclllent) before sale of the ProperlY pursuant to any power of sale contnined in this Security Instrument; or (b) entry of a judgment cnforcing this Security InstTllnll.'nt. Those conditions arc that Borrower: (,1) pays Lender all SlIllIS which then would be due under this Security Instrumenl and the Nole had nil acn'leration occurred; (b) cures an)' def/lull of any other covcnanls or agreements; (c} pays all expenses incurrcd in enfor~'ing thi, Security Instrument, including. but not limited to. rcasonable attorneys' fees; and (d) takes s!lch action as Lender may n:asollably require 10 aswre thai the lien of Ihis Security Instrument. Lender's IIghb in the Propert)' and Bnrrowcr\ obligation to pay the SUIllS secured by thb Security InstruJllent ..hall continue unchanged Upon rcinslall'nH:nt hy BorJOy"er. this Se\:urit}' Ino,trulllent and the ohligalion.. securcd hereby shall remain fully clrlTtl\e a~ If no alyc!n:IlI111l 11:111 occurred, Ilo....-c\cr, I his (;gllt to reill~lalc ..11:111 hot apply III I he CI~e of :In.-clcl.ll UBI unde, l'ala~I,lph~ 11 or 17