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88- 102716 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 elTect until sucb time as the requirement for the insurance temiinates in accort:dnce witb Borrower's and Lender's written agreement or applicable law. .. 8.~. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall.give Bon-ower noticeattbt time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condeilmation. The prOceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of tbe Property, or for conveyance in lieu of condemnation, are hereby assigned and sball be paid to Lender. In the event of a total taking of the Property, tbe proceeds shall be applied to the sums secured by tbis Security Instrument, wbether or not then due, with any excess paid to Borrower. In the event of a partial taking of tbe Property. unless Borrower and Lender otberwise agree in writing, tbe sums secured by this Security Instrument sball be reduced by the amount of tbe proceeds multiplied by tbe following fraction: (a) tbe total ammmt of the sums secured immediately before the taking, divided by (b) the fair market value of tbe 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 that the condemnor olTers 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 procec:ds, at its option, either to restoration or repair of tbe 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 montbly payments referred to in paragraphs I and 2 or cbange the amount of such payments. 10. Borrower Not Releued; Fol'bNrance By Lender Not a Waiver. Extension of the time for payment or modificaLion 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 tbe original Borrower or Borrower's successors in interest. Lender sha1I not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of tbe 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 orremedy. 11. Sacceaon uti Aaipa Bouad; 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 c.o-signs this Security Instrument but does not execute the Note: (a) is c.o-signing tbis Security Instrument only to mortgage. grant and convey that Borrower's interest in tbe 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 witbout that Borrower's consent. 12. Loa Charaea. 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 otber loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any sucb loan cbarge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower whicb exceeded permitted limits will be refunded to Borrower. Lender may cboose to make this ref WId by reducing tbe principal owed under the Note or by 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. LelIiIlatiOD AffeetiDa Leader'. Rilbts, If enactment or expiration of applicable Jaws has the elTect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at 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 egercises tbis 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 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 directed to the Property 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 tbis Security Instrument shall be deemed to bave been given to Borrower or Lender when given as provided in this paragrapb. 15. GovenaiDa LaW; Severability. This Security Instrument sball be governed by federal law and the law ofthe jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note whicb can be given dect without the conflicting provision, To this end the provisions of this Security Instrument and tbe Note are declared to be severable. 16. Borrower'. Copy. Borrower shall be given one conformed copy of the Note and ofthis Security Instrument. 17. Trulfer of the Property or a Bene6c:iaJ Interest in Borrower. If all or any pan of the Propeny or any 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. require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal Jaw as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration, The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to tbe expiration of tbis period. Lender may invoke any remedies permitted by this Security Instrument without funher notice or demand on Borrower, IL Borrower'. RiaIlt to Reillltale. If Borrower meets certain conditions, Borrower shall have Ihe right to have enforcement of this Security Instrument discontinued at any lime prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry lJf a judgment enforcing this Security Instrument. Those conditions are thai Borrower: (a) pays LeIlder all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, includina, but not limited to. reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure tbat the lien of this Security Instrument. Lender's rights m the Propcrt)' and Borrower's obIiption to pay the sums secured by thiS Security Instrument shall continllC unchanged. Upon reinstatement b)' Borrower, this Security Instrument IIUl the obliptions secured hereby shall remain fully effective as if no acceleration had occurred, However. th., right to reimtate shall not apply m the case of acceleration under paragraphs 13 or 17.