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88- 104788 Ir Lender required mortgage insurance as 8 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 85 the requirement for the Insurance terminates in accordance with Borrower~s and Lender's written agreement or applicable law. .. lapeclioa. Lender or its asent m.y m.k. reason.bl. .ntri.. upon and inspections of the Property. Lend.r shan give Bonower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. eo.deam.Idoa. The proceeds of any award or claim for damaSe5. direct Of consequential. in connection with any condemnation or other laking of any part of the Property, or for conveyance in lieu of condemnation, arc hereby assill"ed and shall be paid '0 Lend.r. In the event of. totalt.kinS of the Property. th. proceeds .hall be applied to ,h. 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 Propeny. unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the .moun' of ,h. proceeds multiplied by the followins fraction: (a) the total amount of the sum. secured immediat.ly before the taltinS, divided by (b) th. fair market valu. ofth. Property immediat.ly befor.th. takins. Any balanc. shall be paid '0 Borro",.r, If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or seule a cJaim 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. wh~ther or not then due. Unless Lender and Borrower otherwise agree in writing, any application ofprocecds to principal shall not extend or postpone the due dlte of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments. 10. Borrower Nut Releaed; Forbeanuu:e By Lender Not a Waiter. Extension of the time for payment or modification of amonization of the sums secured by this Security Instrument granted by Lender to any successor in tnlerest of Borrower shall not operate to release lhe liability of the original Borrower or Borrower's successors in interest. Lender shan not be required to commence proceedings against any successor in inlerest or refuse to extend time for payment or otherwise modify amonization of the sums secured by thiS SecurilY Instrument by reason of any demand made by the original Borrower or Borrower's successon in interesL Any forbearance by Lender in exercising any righl or remedy shall nol be . waiver of or preclude the e"ercise of any right or remedy. 11. SIoeeeaoon ad Aulpo IIoartd; JolDt ad s...ra1 Uabllity: Co-.illD..... Th. covenants and agreements of this Securily Instrument shall bind and benefit the 5UCCCSIOfS and assIgns of Lender and Borrower. subject to the provisions ofparasraph ]7. 8orrower'Iio CO\lenanlS and agreemen15 shall bejoint and several. Any Borrower who co-signs this Securily Instrument but does not execute Ihe Note: (8) is co-signing this SecurilY Instrument only to mongage, grant and convey thai Borrower's interest in the Propeny under the terms of Ihis Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Inslrument; and (cl agrees thai lender and any other Borrower may agree to extend. modify, forbear or ntalke any accommodalions with regard to the terms of this Security Instrumenl or the Nole withoul that Borrower', consent. 12. L.oa CII.a.rIeL If the loan secured by thl.!. Security Instrument IS subject to a law which sets maximum loan charges. and that Ia", i. finally int.rpreted 10 'hal the 1D'.rOl' or o'h.r loan charsOl collected or to be collected in connection with the loan exceed the permitted limits. lhen: (a) any such loan charge shall be reduced by lhe amount necessary 10 reduce the charge to the pcnniued limit; ano (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may chOO5e 10 make this refund by reducing the principal owed under tbe Note or by making a direct payment to Borrower. Ifa refund reduces principal. Ihe reduction will be treated as a partial prepayment withou, any prepaym.nt chars. und.r the NOle. 13. Leaidadoa Afl'ectiaa Lender'. Riabta. If enactmenl or e~piration of applicable laws has the effect of rendering any provision oflhe Note or Ihis So.:urit)' Instrumenl unenforceable according 10 i15 terms, Lender, at its oprioo, may require immediate payment in full of all sums secured by this Security Inslrument and may in\loke any remedies permitted by paragraph ~ 9. If Lender exercises this option. Lender shall take the steps specified in the second paragraph of paragraph 17, 14. Notices. Any notice 10 Borrower provided for in this Security Instrumenl shall be given by delivering it or by mailing il by fint class mail unless apphcable law requires use of anolher method. The notice shall be directed to the Propc:ny Address or any other address Borrower designates by notice to lender. Any notice 10 Lender shall be given by fint class mail to Lender's address staled herein or any other address Lender designates by notice to Borrower. Any nolice provided for in this Securily Instrumenl shan be deemed 10 have been given to Borrower or Lender when given 85 provided ID this paragraph, 15. Go.tI'IliDI Law: S...rabllity. This Security Instrumenl shall be gov.rned by federal law and ,h.l.w of th. Jurisdiction in which the Propeny is located. In the event that any provision or clause of this Security Instrument or the Nole confticlS with applicable law. such conflict shall not affect other proviSIOns of this Security Instrument or the Note which can be given cff'ect without the conflicting provision. To this end the provisions of this Security Inslrument and the Note are declared to be severable. 16. Borrower'. Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Truaf.. or tile Properly or . BeD.fi.ialIDt....t In Borrower. If all or any part of ,he ProperlY or any Inlerest in it is sold or transferred (or if a beneficial interest in Borrower IS sold or Iransferred and Borrower IS nol a natural peROn) without Lender's prior written consenl. Lender may, at ilS option, require immediale payment in full of all sums secured by this Security Instrument. However, this option shall not be e~erciscd by Lender if exercIsc is prohibited by federal la.. as oftbe date of this. Security Instrument. If Lender exercises lhis option, Lender shaU give Borrower noUce of acceleration. The noUce shall provide a period ofno11ess than 30 days from the date Ihe notice is delivered or mailed within which Borrower must pay all !';ums sccured b)l Ihis Secunt)' Inatrumcnt.lfBorrowcr rails 10 pay these sums. prior 10 the explrauon of this penod, Lender may invoke any remedies pcnniued by this Security Inslrument withoul funhcr notice or demand on Borrower. '1. Bono.u'. 81111' 10 Relatate. If Borrower meels cenam conditIOns.. Borrower shall hllYe the nghllo ha\le enforcement ofchil Securily Instrument dis.contlnued It any lime prior 10 Ihe earlier of: (a) 5 days (or such other penod:u applicable la. may lpccify for reinstatement) before sale of the Fropen)' pursulnl to any power of sale contamed in lhl~ Security IMtrument; or fb) entry of a judgmmt enforcing this Secun1y Instrument. Those conditions are rhat Borrower ra) polys Lender .U 'luml which Ihm would be due under this SeeU"1)' Instrumenl and th~ Nole had no Ul.:cderallult octurred; (b) ""res Iny default of any other covenanls or agre-emenls; (c) pays all expcn5C5 Incurred 10 enforcmg Ihl!. Securil) InSlrumcul, mc:ludinl, but nol limned la, reasonable anomeY!i' rea. and (d) take!. !'uch .chon 8!0 Lender may reuonabl) requITe 10 alsure Ihal the lien of thi, SeeU"ty Inslrument. Lender'!, nlhls 10 Ihe Property and Dorrnwer.... obhpuon to pill the lum, secured by IhlS Sccunly In'lrument "hall conllnue unchanged Upon rem~lalemenl h)' BonOWiel'. thll Secunly Inurument and Ihe obhgatlons ioCCured hereb) shall remam full}. etrccllve a!!llr l\i,l accderalltln had occurred Howner. Ihl" ",hi to mn,late "han nOI apply In the ca10C nf .ceder.llon under par.graph.. I.~ III 1 "7