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88- 104146 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 effect until such time as the requirement for the insurance tenninates in accordance with Borrower's and Lender's written agreement or applicable law. 8, IupectlOIl" LeI!!I,~ 9rj,s agent may make reasonable entries upon and inspections of the Property. Lender shall give BOrrower ilOiice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. CoIIdemnadon. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation 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 ofthe 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 offers to malte 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 Releued; Forbearallce 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 operate to release the liability of the original Borrower or Borrower's successors in interesL Lender shall not be required to commence proceedingli 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 waiver of or preclude the exercise of any right or remedy. n. Succeaon ud AuJpa BoIIIId; Jolat ad SeyenJ Uablllty; Co-sllPlen. The covenants and agreements of this Security Instrument shall bind and beneftt 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 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 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 tenns of this Securify Instrumenl or the Note without that Borrower's consent. 11. Lou CIIaqeI. If the loan secured by this Security Instrument is subject to a law which sets mlllimum 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 permitted limits. then: (a) any such loan charge shall be reduced by 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. LeaUIadoa Aft'ecdfll Leader's RlahtL If enactment or expiration of applicable laws has the efi"ect of rendering any provision of the Note or this Security Instrument unenforceable according to its lenns, Lender. at its option. may require immediate payment in full of all sums secured by this Security Inslrument and may invoke any remedies permitted by paragnph 19. If Lender exercises this option. Lender shall take the sleps specified in the second paragnph of pangnph 17. 14. NodceI. Any notice to Borrower provided for in Ihis 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 directed to the Property Address or any other address Borrower designates by notice to Lender, Any notice to Lender shall be given by fint c\asa mail to Lender's address stated herein or any other address Lender designales by notice 10 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 pangraph. 15. Goftmlal LaW; SnenbUity. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Inslrument or the Note conllicts with applicable law, such conllict shall not affect other provisions of this Security Instrument or the Note which can be given dect without the conllicting provision. To this end the provisions of this Security Instrumenl 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 Security Instrumenl. 17. Tnlllfer or tile Property or a Beneficial Iaterest in Borrower. Ir all or any part 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 penon) without Lender's prior written consent. Lender may. at its oplion, 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 prohibited by federal law u of the date of this Security Instrument, If Lender exercises Ihis option. Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 da)'t from the date the notice is delivered or mailed within which Borrower must pay all ~ums secured by Ihis Security Instrument. If Borrower fails to pay these sums prior 10 the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without furl her notice or demand on Borrower, II. Borrower'a RlPt to Rel....te. If Borrower meets cenain conditions. Borrower shall have the right 10 hsve enforcement of this Security Instrument dillCOntinued at any lime prior to the earlier of: (a) S days (Dr such other period as applicable law may specify for reinstatement) before sale of the Propeny pursuanl 10 any power of sale contained in fhis Security Instrument: or (b) enlry of a judgmenl enforcing this Security Instrumenl, Those conditions are Ihal Borrower: (a) JIIIY' Lender alllurns which then would be due under this Security Instrumenl and the Note had no acceleration occuned: (b) curea any detaulf of any other covenanis or a{lreements; (c) paYil all eapen5eli mcurred In enforclnll IhlS Secunty Instrumenf. includin,. but not limIted to, reason.bl/! altorneys' fe6; and (d) lues such action as Lender may realOnably require to auure that the lien of Ihis SecurifY Inslrument, Lender's nghls In the Property and Dorrower's obhlsllon to pay tbe sums secured by fhls Security InSlrument shall continue unchanged Upon remMalemenl hy Bonower,lhlt Secun!y Inllrumenland the obhgationslICCured hereby shall remam fully effectlye as .fno accelerallon hlld occurred Howeyer.thll rilht to relnslate shall nOlapply In the calle of accelerallOn under parallraph' 1,1 or 17