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88- 102650 If Lender r~uiredmortgaie insurance as a condition of making the loan secured by this Security Instrument, Borrower$Jlall pay:-the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminatesin-lIccoroance with Borrower's and Lender's written agreemenl or applicable law. 8; 'lJqpeetiop. Lender or its agent may make reasonable entries upon and inspections of Ihe Property, Lender shall give Bo1T()wetn()tii:e at th'e lime of or prior to an inspection specifying reasonable cause for the inspection. 9. Coadenmation. The proceeds of any award or claim for damages, direcl or consequential, in conneclion with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnalion. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceed5 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, unle5s 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) Ihe 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 Property is abandoned by Borrower, or if, after notice by Lender to Borrower thar tile 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 10 resloration or repair ofthe Property or to the sums secured by this Security Instrument, whether or nol 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 land 2 or change the amount of such payments. 10. Borrower Not Releuecl; 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 the original Borrower or Borrower's successors in interesl. Lender shall not be required to commence proceedings against any successor in interesl or refuse to extend time for payment or otherwise modify amortization 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, 11. Succeaors ancl Aslips Bouncl; Joint UMl Senral Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower. subjeclto 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 tenns of this Security Instrumenl; (b) is nOI 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 tenns of Ihis Security Instrument or the Note without that Borrower's consent. 12. Lou C1aarIleI, 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 exceed the pennitted limits, then: (a) any such loan charge shall be reduced b}' the amount necessary to reduce the charge to the pennitted 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. If a refund reduces principal. Ihe reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. LqiIIatioD Atredia& Leader'. Ripta. If enactmenl or expiration of applicable laws has the effect of rendering any provision of the Note or this Security (nstrumenl unenforceable according to ils tenns, Lender, at its option. may require immediate paymenl in full of all sums secured by this Security Instrumenl and may invoke any remedies pennined by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notlca. Any nOlice to Borrower provided for in this Security Inslrument shall be given by delivering il or by mailing it by first class mail unless applicable law requires use of another melhod. The nolice shall be direcled 10 the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be gi\'en 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 Ihis Security Instrument shall be deemed 10 have been given to Borrower or Lender when given as provided in this paragraph, 15. Goyernlnl Law; Seyerabillty. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event thaI any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflicl shall not alfect other provisions of this Securily Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security (nstrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one confonned copy of the Note and of this Securily Instrument, 17. Tnuufer of tbe Property or a Beneficial Interest in Borrower, If all or any part of the Property or any inlerest in it is sold or Iransferred (or if a beneficial interest in Borrower is sold or transferred and BOrrower is not a natural person) without Lender's prior wriuen consent, Lender may, at its option, require immediale paymenl in full of all sums secured by this Security Instrument. However, Ihis option shall not be exercised by Lender if exercise is prohibited by federal law as ofthe date ofthis Security Instrument, If Lender ellercises this option, Lender shall give Borrower notice of acceleration, The nolice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower mUSI pay all ~ums secured by Ihis Security Instrument. If Borrower fails 10 pay these sums prior 10 Ihe explralion of Ihis period, Lender may invoke any remedies permitted by this Security Instrument without further nOlice or demand on Borrower, 18. Borrower's Ript to RelDltate. If Borrower meets certam conditions, Borrower shall have Ihe nghl to have enforcemenl of this Security Instrumenl discCJntinued at any time prior 10 the earlier of: (11) 5 days (or such other penod as applicable law may specify for reinstatement) before sale of the Property pursuanl to any power of sale mntained in this Securily Instrument; or (b) entry of a Judgmenl enforcing Ihis Securily Instrument. Those condlllons at that Borrower: (a) pays Lender all sums which Ihen would be due under this Securily Instrumenl and Ihe Note h" ' no acceleration occurred; (b) cures any default of I'ny olher covenants or agreements; Ie) pays all expenses mcurte I enforcing this SecurilY Instrument, including. but not Iimiled 10, reasonable attorneys' fees; and (d) takes such acl ,as Lender may reasonably require 10 assure that Ihe hen of this SecurilY Instrumenl, Lender's nghts III the Property and Dorrower's oblillllton 10 pay Ihe sums secured by thIS Secunty InslTument shall conunue unchanged Upon remslalement b) Borrower. this SecurilY Instrumenl and the obhgallons secured hereby shall remain fully effecu\'e as If no ac,'elerallon had occurred_ However. thiS right to reinstate shall nOI apply In the ca!>e of acceleration under paragraphs 13 or 17