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88- 104452 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 Ihe insurance terminates in accordance with Borrower's and Leoder's wrinen agreement or applicable law. ;8", ,.~on, Lender or its agent may make reasonable entries upon and inspections of the Property. Lender sball giveBOhower'notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages. direcl 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 10 Lender. In the event of a tOlal taking of the Property, the proceeds shall be applied to the sums secured by this Securily Instrument, whether or not then due. with any excess paid 10 Borrower. In Ibe evenl of a partial taking of the Property, unless Borrower and Lender otherwillC agree in writing, the sums secured by this Security Instrument shall be redu<Cd by tbe amount of the proceeds multiplied by the following fraction, (a) the total amounl of the sums se!!ured 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 Property is abandoned by Borrower, or if, after notice by Lender to Borrower thaI the condemnor offer> to make an award or senle a claim for damages, Borrower fails to respond 10 Lender wilhin 30 days after Ihe dale the notice is given, Lender is authorized to collect and apply the proceeds, al its option, either 10 restoralion or repair of the Property or to the sums secured by this Security Inslrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds 10 principal shall not extend or postpone the due date of Ihe monthly payments referred to in paragraphs I and 2 or change Ihe amount of such payments. 10. Borro..er Not Releue<l; Forbearance By Lender Not. Waiver. EXlension of the lime for payment or modification of amortization of the sums secured by this Securily Inslrument granled by Lender to any successor in interest of Borrower shall not operate to release Ihe liability of the original Borrower or Borrower's successor> in inlerest. Lender shall not be required 10 commence proceedings againsl any successor in interest or refuse 10 extend lime for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand madc by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall nol be a waiver of or preclude the exercise of any right or remedy. 11. Succeaon and AuI(p11 Bound; Joint and Several Liability; Co-s1ll"ers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assill"S 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 Ihe Note: (a) is co-sill"ing Ihis Security Instrument only 10 mortgage. grant and convey that Borrower's interest in Ihe Property under Ihe lenns of this Securily Instrument: (b) is nol personally obligated 10 pay the sums secured by this Security Inslrumenl; and (c) agrees that Lender and any other Borrower may agree 10 cxlend, modify, forbear or make any accommodalions with regard to Ihe lerms of this Securily Inslrumenl or Ihe Note wilhoUl that Borrower's conllClll. 12. Loan Cbaraa. If the loan secured by this Securily Instrumenl is subject to a law which sets maximum loan charges, and that law is finally inlerpreled so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permilled limits, then: (a) any such loan charge shall be redu<Cd by Ihe amounl necessary to reduce the charge to the pcnnilled limit; and (b) any sums already collected from Borrower which exceeded permille<l limits will be refunded to Borrower. Lender may choose to make this refund by reducing Ihe principal owed under the NOle Dr by making a direcl payment to Borrower. If a refund reduces principal, the reduclion will be lrealed as a partial prepayment without any prepayment charge under Ihe NOle. 13. ~latlon Affecting Lender's R1pb. If enaclment or expiration of applicable laws has the effect of rendering any provision of the Note or this SecurilY Instrument unenforceable according 10 its terms, Lender. at its option, may require immediate payment in full of all sums secured by this Security Instrumenl and may invoke any remedies permilled by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph i7. 14. Notices. Any nOlice to Borrower provided for in Ihis SecurilY Instrument shall be given by delivering il or by mailing il by first class mail unless applicable law requires use of anolher method. The nolice 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 first class mail to Lender's address Slated herein or any other address Lender designates by nOlice to Borrower. Any nOlice provided for in Ihis Security Instrumenl shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15, Governing La..; Severability. This Security Instrument shall be governed by federal law and Ihe law of the jurisdielion in which the Property is located. In the evenlthal any provision or clause of this SecurilY Inslrumenl or the Note conlliclS with applicable law, such conllicl shall not alfect other provisions of this Security Instrumenl or the Note which can be given effect without the conllicting provision. To this end the provisions of this Securily Instrument and the NOle are declared to be severable. 16. Borrower'. Copy. Borrower shall be given one conformed copy of the Note and of this Security Inslrument. 17. Traufer or the Property or II Benellclallnterestln Borrower. If all or any part of Ihe Property 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 person) without Lender's prior wrillen consent, Lender may. at ils oplion, require immediate paymenl in full of all sums secured by this Securily Instrument. However, Ihis option shall not be exercised by Lender if exercise is prohibiled by federal law as of Ihe date of this Security Instrument. If Lender exercises this option. Lender shall give Borrower notice ofacceleration. 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 a11.ums secured by this Security Instrument. If Borrower fails 10 pay these sums prior to the expiralion of this period. Lender may invoke any remedies permilled by this Security Inslrument without further notice or demand on Borrower. 18. Borro..er's Rlpt to Reloslate. If Borrower meets certain conditions. Borrower shall have Ihe righl to have enforcement of this Securily Instrument disconlinued al any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant 10 any power of sale contamed in Ihis Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are lhal Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the NOle had no acceleralion occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument. including. but not limited to. reasonable Buorneys' fees: and (d) lakes such aClion as Lender may reasonably require to assure that the lien \If this Security Instrument, Lender's rights in the Property and Dorrower's obligation to pay Ihe sums secured by this Security Inslrument shall continue unchanged. Upon reinstatement by Ilorrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no accelerali.,n had occurred. However, this righlto reinstate shall nol apply in the case of acceleration under paragraphs 13 or 17.