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a~-- 10:3303 If lender required mongage insurance as a condition of making the loan secured by this Security Inslrument, Borrower shall pay the premiumi required to maintain the insurance in effecl until such time as the requirement for the insurance terminales in accordance with'Borrower's and Lender's wrinen agreement or applicable law. 8. lns,ectiOD. lender or its agent may make reasonable enlries upon and inspections of the Property. Lender shall give Borrower notice atlhe 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 an, condemnation or OIher taking of any part of the ProperlY. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of Ihe propeny, the proceed" ,;'.l!J '<e applied to the sums secured by this Security Instrument, whether or not then due. wilh any excess paid to BOli,'" tl'. In Ihe event ofa partial laking 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 :he following fraction: (a) the total amount of the sum.s secured immediately before the taking, divided by (b) the fair market value of the Propeny 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 :ondemnor 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 reslOration or repair of the Property or to the sums secured by lhis 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 dale of the monlhly payments referred to in paragraphs I and 2 or change lhe amounl of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amonizalion of the sums secured by this Securily Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of lhe 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 amonization 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 nOI be a waiver of or preclude lhe exercise of any right or remedy. 11. Succe&ors and AssillDl 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 does not execule the Note: (a) is co.signing this Security Instrumenl only to mongage, grant and convey that Borrower's interest in the Property under Ihe terms of this Security Instrument; (b) is nol 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 10 the terms of Ihis Security Instrument or the Note without Ihat Borrower's consent. 12. Loan OIarges. If the Joan secured by this Securily Instrument is subject 10 a law which sets maximum Joan charges, and that law is finally interpreted so Ihat the interest or other loan charges collecled or 10 be collecled in conneclion with the loan exceed the permilted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permilted limit; and (b) any sums already collected from Borrower which exceeded permitted Iimils will be refunded 10 Borrower. lender may choose to make this refund by reducing the principal owed under the Note or by making II direct paymenlto Borrower. If a refund reduces principal. the reduction will be 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 Ihe Note or this Security Instrument unenforceable according to ilS terms. Lender. al 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. If lender exercises this option, Lender shall lake the steps specified in Ihe second paragraph of paragraph 17, 14. Notices. Any notice 10 Borrower provided for in this Security Instrumenl 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 direcled 10 the Propeny 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 Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. GovemiDg LaW; Sevenbility. This Security Instrument shall be governed by federal law and Ihe law oflhe jurisdiction in which the Property is located. In the evenl that any provision or clause of this Security Inslrument or the Note conflicts with applicable law. such conftict shall not affect other provisions of Ihis Security Instrument or the Note which can be given effecl without the conflicling provision. To this end the provisions of Ibis Securily Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be gi,'en one conformed copy oflhe Note and oflhis Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any pan of the Propeny or any inleresl in it is sold or transferred (or if a beneficial inlerest in Borrower is sold or lransferred and Borrower is nOI a natural person) without Lender's prior written consenl. lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall nOl be exercised by Lender if exercise is prohihited by federal Law as ofthe date ofthis Security Instrument. If Lender CJlerciscs this option. Lender shall give Borrower nOlice of acceleration. The notice sball provide a period of not less than 30 days from tbe date the noh<;<: is delivered or mailed WIthin which Borrower musl pay all sums secured by ~ Security Instrument. H Borrower fails 10 pay these sums pnor 10 the expiration of Ihis period. Lender may lIl\'oke any =edies pennitted by this Security Instrument without funher notice or demand on Borrower. 18. Borrower'. RI&Irt 10 Rcillltlltc.. If Borrower ma:ts ecrUin conditions. Borrower shall have Ihe nght 10 ha"e enforcement ohhis Security Instrument discontinued at any time prior 10 the earlier of: (a) 5 days (or such other penod as applicable law may specify' for reinstatement) before sale of the Propen~' punuanl 10 any power of ",Ie contamcd in lhlS Securit). Inslrument; or (b) enlry ofajudgment enforcing this Security Instrument Tho", conduions arc: that Borrm.'er: (al pa)'S Lender all sums which then would be due under this Security Inslrumenl and the NOle had no accelerallon occurred; fb) cures any defaull of any other covenants or agreements; (c) pays all expens~." IDcurred in enforCing I hIS Securil)l Inslrumenl. indudin~. but not hmited to. reasonable allomey,,' fee!o; and 4d) lakes such acllon as Lender ma) rc:alIoOII&bly require to assure thattbe lien of this Security' Instrument. Lender's nghls In rhe Property and Il",,,,"cr's obhption 10 pay tbe surns ~ed by this Security Instrument shall continue unchanged L'pnn relDs(alcmcnl h~ Borro..er, Ibts S<<unt). Instnnnerll and Ihe ohhgatlOm """ured hereby .hall rerT13ln fully eff.:..tJ'c;l' If no ac,'clcr:ttJon h:td ocrurred. HO\loO\e1. thl' nllt-! to rem'''II~ shall nOl apply 10 Ihe C3'" nf accelcrauon under paragraphs l' ,'r l'