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88-1022'l6 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. laapectfon. Lender or its agent may make reasonable entries upon and inspections o(the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause forthe inspection. 9. CondemlUltion. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any pan of the Property, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. In Ihe event of a lotal 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 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 Propeny is abandoned by Borrower, or if. after nOlice 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 ofthe Property or 10 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 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 gran led by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's succes.~ors in interesl Lender shall nOI be required 10 commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amonizalion of the sums secured by this Security Instrumenl 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 nOI be a waiver of or preclude the exercise of any right or remedy. II. Successors and Assigns Bound; Joint IIJId Se..eraI Uability; Co-signers. The covenants and agreements of this Security Inslrument 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 execule the Note: (a) is clHigning Ihis Security Instrumenl only 10 mortgage, granl and convey that Borrower's interesl in Ihe Property under the terms of this Security Inslrument; (b) is nOI personally obligated to pay the slims secured by Ihis Securily Inslrument; and (c) agrees that Lender and any 01 her 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 Cbarges. If the loan secured by this Security Inslrument is subject to a law which sets maximum loan charges, and that law is finally interpreled so that the interest or 01 her loan charges collected or to be collected in connection with Ihe loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amounl necessary to reduce the charge to the permiued limit: and (b) any sums already collected from Borrower which Cllceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the NOIe or by making a direct paymenl to BOrrower. If a refund reduces principal, Ihe reduction will be treated as a partial prepayment \\-ithout any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enaClment or expiralion of applicable laws has the effecl of rendering any provision of the Note or this Security Instrumenl unenforceable according to ils terms. Lender. al its option, may require immediate payment in full of all sums secured by this Security Instrumenl and may invoke any remedies permitted by paragraph 19. If Lender exercises this oplion, Lender shall take Ihe steps specified in the second paragraph of paragraph 17. 14. Noti~. Any notice 10 Borrower provided for in Ihis SecurilY Instrument shall be given by delivering il or by mailing it by firsl 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 nOlice 10 Lender. Any nOlice to Lender shall be given by first class mail to Lender's address staled herein or any other address Lender designales by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed 10 have been given to Borrower or Lender when given as provided in this paragraph. 15. Goftming Law; Sevenbility. This Security Instrumenl shall be governed by federal law and Ihe law of Ihe jurisdiction in which Ihe Property is localed. In the eventlhal any provision or clause of Ihis Securily Instrument or the Note conllicts with applicable law. such conftict shall nOI affect other provisions of this Security Instrument or the Note which can be given elfect without the confticting provision. To Ihis end the provisions of this SecurilY Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of Ihe Note and of Ihis Securily Instrument. 17. Transfer of the Property or a Beneficial Interest in Borro..er. If all or any part of Ihe Property or any interesl in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferrL-d and Borrower is nOI a natural pernln) without Lender's prior written consent. Lender may. at il~ oplion. require immediate payment in full of all sums secured by this Security Instrument. However. this oplion shall nOI be exercised by Lender if cxercise is prohibiled by federal law as of the dale of this Security Inslrumenl If Lender Cllercises this option, Lender shall give Borrower nOlice of acceleration. The nOlice shall provide a period of not less lhan 30 days from the date the nolice is delivered or mailed wilhin which Borrowcr must pay all sums secured by this Security Instrument" If Borrower fails to pay Ihese sums prior to t he expiration of Ihis period. Lender may invoke any remedies permitted by this Securily Instrument witbout further nolice or demand on Borrower. ,18. Borrower's Rilht to ReiMtate. lfBorrower mccts certain c:onditions. Borrower shall have Ihe right 10 have eDforccmcnt oftbis Security Instrumentdisconlinued at any time prior 10 the earlier of: (a) 5 days (or such other period as applicable law may Specify for reinslalement) befon: sale of the Property pursuant 10 any power of sale contained in IhlS Security In5trummt: or (b) entry of a judgment mforcing this Securily Instrument. Those condilions arc that Borrower' (I) pays Lender all sums wbich then would be due under tbis Security Instrumenl and the NOle had no acceleralion ocCurred: (b) cures any default of any othet; covenants or agreements; (c) pays all expenses incurred in enforcmg Ihis Security IMltument, includina. but not limiled 10, reasonable attorneys' fees: and (d) IJIkes such acllon .u Lemler may rCUONlbly require to 1155Ut;! lutlhc lien of this Security Instrument. ~r's righb In Ihe Prorc:rt). and Horro..'"r', obIiption 10 poly the Slim. secllred by Ihis Security Instrument shall continue unchanged. Upon rClllstalernenl by Borrower. Inil Security lnstrllmmt and lhe obIiptions lOCCured hereby shall remain fully effccll\'c a' If no aCL"den'IIOn had nccurred. Ito,,'ever. tn.s ript to rei nst ale tohall not appl)' in the case of aa:e1eration under para~raph, I ~ nr 17