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88- 104232 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 terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. IDlpect!on. Lend~'or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the ~e of or prior to an inspection specifying reasonable cause for the inspection. 9. CoIIdemnation. The'p~s"of.any award or claim for damages, direct or consequential, in connection with any condemnation or other t81tinifof an~( Part o(the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a tolal taking of the ProlXrty, 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: (1I) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property !!"'-nediately before the laking. Any balance shall be paid to Borrower. Ifthe Property is abandoned by Borrower, or if. after nolice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to rf.spond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, M 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 postpolle 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; FOrMarance By Lender Not a Waiver, Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any succes..cor 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 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. ll. S_ ud AaipI Bouad; Joint ami Sneral Uability; 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 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 terms of this Security Instrument or the Note without that Borrower's consenL 12. Lout CIIarweI. 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 connection with the loan exceed the pennitted 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 rd'unded 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, the reduction will be treated lIS a panial prepayment without any prepayment charge under the Note. 13. LePsJatiOD Affecting Leader's RJpta. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms. Lender. at its option, ltUIy require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies pennitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notic:a. 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 requtres use of another method. The notice shall be directed to the Propel1y Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first c1as~ mail to Lender's address slated herein or any other address Lender design:.. ."' ny notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borro" : or Lender when given as provided in this paragraph. 15. GoTerninn Law; Sel'erabiUty. This Security Instrument shall 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 conftict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower'. Copy. Borrower shall be given one conformed copy ofthc Note and of this Security Instrument. 17. T......fer of the Property or a BeDefieiallDterest iD Borrower. If all or any part of the Property or any interest in it is sold or transferred (or ifa 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 ellercise is prohibited by federal law as of tbe date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The nollce 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 Instrum~nt. If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any remedies permitted by this Security Instrument without fut1her nOUce or demand on Borrower. II. Borrower'. HI_t to Reiutate. If Borrower meets certam conditIOns. Borrower shall have the nght 10 have enforcement of this Security Instrument discontinued at any time prior 10 the earlier of: (a) 5 days (or such other penod as applical:le law may specify for reinstatement) before sale of the Property pursuant to any power of sale conla1lled In lh.. Security Instrument; or (b) entl)' of a judgment enforcing this Security Instrument. Those conditions are that Borrower. (a) pays Lender all sums which then would be due under this Security Instrumenl and the Note had no Ilccelerallon ~urred; (b) cures any default of any other covenants or agreements: (c) pays all expenses Incurred 111 enforcl11g Ihls Secunty Instrument. inducting, but not limited to, reasonable a!lomeys' fees; and Cd) takes such acllon as Lender may reasonably require to assure Ihat the lien of Ihis Seeunty Instrument, Lender's nghts m the Property and Borrower's oblipallon to pay the sums secured by this Securily Instrument shall contl11ue unchanl!1ed Ur>on rel11Slalemenl hy Borrower. thiS Security Inslrument and the obligatIOns secured hereby shall remain rully elfecll\'c as Ir no accelerallon had occurred However. th", nlht to remstate shall not apply In the ca~e of accelerallon under paragraphs 1.1 ur 17