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88- 103478 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower:~haI. I pa)\}hepremillms required to maintain the insurance in effect until such time as the requirement for the insuranCe t#.a~ in accordance with Borrower's and Lender's written agreement or applicable law. . 8. ,~Oa.. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Coademnadon. The proceeds of any award or claim for damages, direct or consequential. in connection with any conden1Jlation or other taking of any part of the 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 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, 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 Propr.!rty is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor oWen 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 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 Re1eued; ForllearaDce By Lender Not . Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any s.JCCeSSOr in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall nOI 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 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 waiverofor preclude the exm:ise of any right or remedy. IL ~ ad AlII.... Baud; JoiDt ad SnerallJabillty; Co-tiRJIerl. The covenants and agreements of this Security Instrument shall bind and benefit the successors and Bssigns of Lender and Borrower, subject to the provisions of parqraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Securily Instrument but does not eJIllCUte the Note: (a) is c:o-signing this Security Instrument only to mortgage. granl and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligaled to pay the sums secured by this Security Instrument; and (0) agrees that Lender and any other Borrower may agree to extend. modify. forbear or make any accommodations with regard to the tenns of this Security Instrument or the Note withoul that Borrower's consent. U. Lau 0IarJeL 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 cormection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charp to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose 10 make this refund by reducing the 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 prepaymeut without any prepayment charJe under the Note. 13. '.....- Atrecdq Lender'. IUP1L If enactment or expiration of applicable laws has the dl'ect of renderina any provision of the Note or this Security Instrument unenforceable according to its terms. Lender. al its option. may Rquire immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by parqraph 19. If Lender exercises this option. Lender shall take the steps specified in the second parapaph of parqraph 17. 14. Nodas. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailinS it by first class mail unIes!; applicable law requires use of another method. The notice shall be direcled to Ihe Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be givm 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 10 Borrower or Lender when givm as provided in this parqraph. 15. Gous~ UW; SeYerabillty. This Security Instrument shall be governed by federal law and the law of the jurildK:tion in which the Property is localed. In the event that any provision or clause of Ihis Security Inslrument or the Note CIOIIIIicts with applicable law. such conflict shall not dect other provisions of this Securily Instrument or Ihe Note which can be liven dl'ect withoul the confticting provision. To this end the provisions of Ihis Security Instrument and lhe Note 1ft declared to be leVerable. 16. Bou...... eo". Borrower shall be given one conformed copy of the Note and of this Security Instrument. 1'7. Tl'Ulfer of tI1e Pn,erty or a BeI1e8cial IBterest in Borrower. If all or any part of the Propcny or any inlerell in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) witbout Lender's prior written consent. Lender may, at its option, require immediate payment in full of all sums teCUred by tbis Security Instrument. However. this option shall not be exercised by Lender if uercise is prohibiled by federal law as oftbe date of'this Security Instrument. If Lender ellercises this option, Lender sltall give Borrower nOlice of acceleralion. The notice shall provide a period of DOC IcI& than 30 days from the date the notice is delivered or mailed wilhin which Borrower must pay allliums secured by Ibis Security Instrument. If Borrower fails to pay these sums prior 10 Ihe expiration of this period, Lender may invoke any remedia permitted by tbis Security Instrument withoul further notice or demand on Borrower. IL ......... RIPt 10 Retatate. If Bof'l'OWCl' meets cenain conditions. Borrower shall have the riShl to have enforcemenl of this Security Instrument disc:ontinued at any time prior to the earlier of: (a) 5 days (or such olher period as applicable law may specify for reilllllatement) before sale of the Propcny pursuanl to any power of sale contained in Ihis Security IlISInament; or (b) enlry of a judJment enforcins this SecurilY Instrument. Those conditions an: that Borrower: (I) pays Leftckr all sums ....hich then would be due under this Securily InSlrument and the Note had no acceleralion occurred; (b) cum any default of any other COYeIIants or aan:emenls; (c) rays all ellpenses incurred in enforcin,lhis Sec:vrity IMlrument. anc:ludin,. but not limiled 10. reatonable allorneys' fees; and (d) lakes such aclion as Lender may ~bly require 10 _ure that the lien of this Securily Instrumenl. Lender', nlhts in Ihe Propcny and Borrower'~ obIiplion to pay the sums ICCUred by Ihis Security Inltrumcnl ,hall conllnue unchan~ Upon reinstalcmcnt b)' 1Jormwer. thIS Security Inutumenl and the obliplJonllleCured hereby shall r~maan fully elrecllve u if no accelerallon had oc:curred. Howe\'er.lhk nabt toretnualeshall nOlapply In thec:..eohccelerauon und~r paral!raph~ IJ or 17