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88- 103767 If Lender required mongage insurance as a condition of making the loan secured by this Security Instrument, Borrower ~hall~panJiepremiums required to maintain the insurance in eWect until such time as the requirement for the insurance tertnino~~n accordance with Borrower's and Lender's written agreement or applicable law, 8. ~ClIl. Lender or its agent may make reasonable entries upon and inspections of the Propeny. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Coadenmation. 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 Propeny, 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 Propeny, 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 Borr3wer 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 (0) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Prepeny is abandoned by Borrower, or if, after notice 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 of the Propeny 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 Releued; Forbearance 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 successor in interest of Borrower shall not opente to release the liability of the 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 not be a waiver of or preclude the exercise of any right or remedy. 11. ~ ud Aaips Boaad; Joint and Sennl UabUlt)'; Co-lillDen. The covenants and agreements of this Security Instrument shall bind and benditthe successors and assigns of Lender and Borrower, subject to the provisions of pa/"llgraph 17, Borrower's covenants and agreements shall be joint and sevenl. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mongage. grant and convey that Borrower's interest in the Prepeny under the terms ofthis 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 without that Borrower's consent. 11. .:- CIIarps. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is linally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted 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. thc reduction will be treated as a panial prepayment without any prepayment chargc under the Note. 13. ~ Afrectiq Lader'. RiP'" If enactment or expintion of applicable laws has the elfect of rendering any provision of the Note or this Security Instrument unenforceable accordmg to its terms. Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may mvokc any remedies permitted by parqraph 19. If Lender exercises this option, Lender shall take the steps specified In the second paragraph of paragraph 17, 14. NotIceL Any notice to Borrower provided for in this Security Instrument shall be gIVen by dehvenng it or by mailing it by fint class mail unles.~ applicable law requires use of another method. The nOl1ce shall be directed to the Propcny Addrell or any other address Borrower designates by notice to Lender. Any notice to Lendcr shall be given by first class mail to Lender's address stated herein or any other address Lendcr designates by notice 10 Borrower. Any noti<< previded for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given lIS provided In this paragraph. 15. GoftnWta Law; Snerablllty. This Secunty Instrument shall be governed by federal law and the law of the Jurisdiction in which the Propeny is located. In the event that any provision or clause of thi~ Sc:cunty Instrumenl or Ihc Nole conflicts with applic:able law, such conflict shall not affect other previSIons of this Secunty Instrument or thc Note which can be given dl'ect without the conflicting prevision. To this end lhe prOVISIons of thiS Secunty Instrument and the Note are declared to be severable. 16. Borrower', Copy. Borrower shall be given one conformed copy of the Note and of this Secunty Instrument. 17. TI'UIfer of tile Property or . Beneficial 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 Iransferred and Borrower IS not a natunl penon) without Lender's prior written consent, Lendcr may, at ItS option, require Immediate paymenl In full of all sums ~ured by this Security Instrument, However, thiS opuon shall not be cxerclsed by Lender if ellerclse IS prohibned by federalla.. as of the date of this Security Instrument. If Lender exercises this option. Lender shall glvc Borrower noUce of accelerauon Thc nOllCe" shall provldc a penod of not less than 30 days from the date the notice is delivered or mailed wnhin whIch Borrewcr must pay all ~ums secured by Ihl~ Security Instrument. If Borrower fails to pay these sums pnor to thc e"plrauon of thiS penod, Lender may Invoke any remedies permitted by this Security Instrument without funhcr no lice or demand on Borrower .1. Borrow.'. "p. to Relutate. If Borrower meets ccrtaln condnlOns, Borrower shall have thc nllhl to have enforcement of this Security Instrument discontinued at any Ume prior to the earhcr of: (a) 5 days (or such othcr penod al> applicable iaw may specify for reinstatement) before sale ohhe Propeny pUl'!iuant 10 any power of sale contained In Ihl< Secunty Instrument; or (h) enlry of a Judgment enforCing this Secunty Ins' rumenl Those condlllon~ are tha, 8orro...'er (a) pays Lender an sums which then would be due under this Secunly Instrument and the Note had no acceleratIOn occurred; (b) cures any default of any other covenants or agreements; leI pays all ellpenso Incurred In cnforclnll Ihl' Secunly Inltrument. mcludln" but not limned 10, reasonable anomeys' fees. .nd (d) takes such actIOn a' Lender may' reasonllbly require 10 aMure that the hen of this Secunly Instrument. lender" nllhls In Ihe I'roperly and lIorro...'er', obhpllon to PlY tM sums .ecured by thiS Secunty InSlIlIment shall contlnuc unchanlled Ur<,n rC'lnMatC'men! hl 8orfower, lhls Securlly Instrumcnl and Ihe obhptlOns secured hereby shall remain fully elfecll"e a' Ir no accelcratlon had '",<"urred UowC'ver, thiS n,hl 10 reinstate .hall nolapply In the case of acceleration undC'r parallraph, \ .lm 1 7