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, BB- 104196 If Lender required mongage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in ell'ect until such time as the requirement for the insurance t~rminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. laspectjon... Lender or its agent may make reasonable entries upon and inspections of the Propeny. Lender shall give Borrower notice at the time of or pnOr'lQ' SJJ'!JtlIpection specifying reasonable cause for the inspection. 9. COIldeIualion. The proceeds of any.ward or claim for damages, direct or consequential, in connection with any condemnation or.oth~ ~nl.ofany pan ofthePropeny, or for conveyance in lieu ofcondemnation,lIi'e hereby assigned and shall be paid to Lender.' . .~. -.~ In the event of a tOlallaking of the Propeny, the proceeds shall be spplied to the sums secured by this Security Instrument. whether or not then due, with any excess paid to Borrower. In the event of a parria) taking of the Propeny, unless Btlrrower and Lender otherwise agree in writing, the sums Sl:Cured 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 Propeny immediately before the laking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower thai the condemnor oll'ers to make an award or settle a clllim for damages, Borrower fails to respond 10 Lender within 30 days after the date the notice is given, Lender is authori:u:d to collect and apply the proceeds, al ils 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 smount of such payments. 10. Borro"er Not Releuecl; Forbearuee By Leader Not a Wall'er. EXlension of the time for payment or modification of amonization 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 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 oriiPnaI Borrower or Borrower's successors in interest. Any forbearance by Lender in cxcrcising any right ar remedy Ihall not be a waiver of or preclude the exercise of any right or remedy. 11. Suc:eeaIon and AIIJpa BoUDd; Jolat &Dd Senral Uablllty; Co-slanen. The covcnants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrowcr. subjeclto the provisions of paraaraph 17. Borrower's covenants and agreements shall be joinl and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signinS this Securily Instrument only 10 mongage, grant and convey that Borrower's interest in thc Propeny under thc tcrms of this Security Instrumcnt; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any olhcr Borrowcr may agree to extend. modify, fOi'bear or make any accommodations with regard to thc Icrms of this Security Instrument or thc Note withoul that Borrower's consent. U. Lou CIIups. If the loan secured by this Security Instrument is lubject 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 uceed 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 uceeded 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 panial prepayment without any prepayment charge under the Note. 13. LeldIIatJoa Afreed... Lender's RlPtI. If enactment or cxpiration of applicable laws has the effect of rcndering 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 exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notica. Any notice 10 Borrow:r provided for in this Security Instrumenl shall be givcn by dclivering it or by mailing it by finl class mail unless applicablc law requires use of another mcthod. The nOlice shall be directed to Ihe Property Address or any other address Borrower designates by notice to Lender, Any notice to Lender shall he givcn by fint class mail to Lender's address stated herein or any other address Lender dcsignalcs by nOlicc to Borrower. Any nOli.:c provided for in this Security Instrument shall be deemed to havc been given to Borrowcr or Lendcr when given as provided in this paragraph. 15. GonnUq La,,; Sel'erabUlty. This Security Instrument shall be governed by federal law and thc law of the jurisdiction in which the Propeny is located. In the event that any provision or clause of this Security Instrument or thc Note conllicts with applicable law, such conftict shall not all'ecl othcr provisions of Ihis Security Instrumenl or thc NOlc which can be given efl"ect without the confticting provision. To this end thc provisions of this Security Instrument and the Note are declared to be severable, 16. Borro"er's Copy. Borrower shall be given one conformed copy of Ihc Note and of Ihis Security Instrument. 17. Tl'llllller of die Property or a Beneftelallnterest In Borro"er. If all or any pan of the Propeny or any interest in it is sold or transferred (or if a beneficial inlerest in Borrowcr is sold or transfcrred and Borrower is nOI a nalural penon) without Lmder's prior wriuen consent, Lender may, al its option, rcquire immediale paymcnt in full of all sums secured by this Security Instrument. However, this option shall not be excrcised by Lender if cxercise is prohibiled by federal law as of the date of this Security Instrument. If Lender exerci!:s this option, Lender shall give Borrower noticc of accelcration. 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 10 the expiration of this period, Lender may invoke any remedies permitted by this Security Instrumcnt without further notice or demand on Borrower. 1.. Borro"er's Rlpt to Reiutate. If Borrower meets cl:nain conditions, Borrowcr shall hBvc the righl 10 havc cnforcement of this Security Instrumcnt discontinued at any time prior to Ihc earlicr of: (B) S days (or such othcr period as Bpplicable law may lpecify for reinstatement) before sale of the Property pursuant 10 any power of salc contained in this Security Inslrument; or (b) entry of a jUd,ment enforcing this Security Inslrumcnt. Those condilions arc Ihat Borrower; (s) pays Lender all sums which then would be duc under this Security In~trumcnt and the Nole had no acceleration occurred; (b) cures any default of any other covenants or a,reements; (c) pays all cxpenses Incurrcd in cnforcing this Security Instrument, includina, but not limited to, reasonable auorncys' fees; and (d) takes such aClion as Lcnder mal' reasonably require 10 assure that the lien of this Security Instrument. Lender's "ghts In Ihc Properly Bnd Borrower's obliplion to pay the sums secured by Ihis Security Inslrumcnt shall continue unchanged. Upon reinslatcmenl by Borrowcr, this Security Instrumcnl and thc obligalionl secured hcreby shall rcmaln fully clfecllve as if no accelerBllon had occurred. Howcvcr, Ihis righlto reinltate shall nol apply In the case of accelcrallon under p8ragr8ph~ I" or 17