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88- 104976 If Lender required mortgage insurance as a condition of making the loan secured by this Security lostrume"nt, Borrower shall pay the premiums required to maintain the insurance in effect until such time os the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. 'Lender o'r its agent mllY make reasonable entries upon and inspections of the Property. lender shall give Borrower notice at the tim~.of oc prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with no)" condemnation or other taking of any part of Ihe Properly, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid 10 Lender. In the evenl of a total taking of the Property, the proceeds shall be applied 10 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 Sc:curity Instrument shall be reduced by the amount of the proceeds multiplied by the following fmction: (n) the total amount of the sums .secured immediately before lhe taking, divided by (b) the rair market value oflhe 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 make 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 ProperlY or to the sums secured by this SecurilY Instrumenl. whelher 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 paymenls, 10. Borrower Nor Releasedj Forbearance By Lender. Nor 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 successor in interest of Borrower shall not operate la-release the liability of the original Borrower or Borrower's succes.",ors in interesl. Lender shall not be required to commence proceedings against any successor in interesl or refuse 10 extend time for payment or otherwise modify amortization of the sums secured by this Security Instrumenl by reason or any do:mlmd 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 Ihe exercise of any right or remedy. 11. Su~cessors and Assigns Bound; Joint and Several LiabilitYi Co-signers. The covenants and agreements of this Security Instrumenl shall bind and benefil the successors and assigns of Lender and Borrower. subject 10 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 Ihis Security Instrumenl only to mortgage, granl and convey that Borrower's interest in the Property under Ihe lerms of thls Securily Instrument; (b) is nol personally obligaled 10 pay the sums secured by this Security Instrumenl; and (c) agrees that Lender and any other Borrower may agree to extend, modify. forbear or make any accommodations with regard to the lerms of this Security Instrument or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrumenl is subject to u law which sets maximum loan .charges. and that law is finally interpreted so thai the interest or other 101m churges collected or 10 be collected in connection with the loan exceed the pel!initted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce Ihe charge to Ihe permitted limit; and (b) any sums already collected from Borrower which exceeded raermiUed limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the N~t~ nr by making a direct payment to Borrower, If a refund reduces principal, the reduclion will be trealed as a partial prepayment withOUt ..~~ !lrepaymenl charge under the Nole. 1~. Legislation Affecting Lenoi;-'o;: Rights. If enactment or expiration of applicable laws has the effect of rendc:ring any provision of the Note or this SecUnty :~..trumenl unenforceable according 10 its terms, Lender, a1 its option, may require immediate payment in full of all sums secureri ~:;" 'his Security Instrument and may hl\1oke any remedies permitted by paragraph 19. If lender exercises this option. Lender shali I"'~" the steps specified in 1he secon,j paragraph of parasraph 17. 14. Notices. Any notice to Borrower provided for in this Security Inslrument shal1l..~ ziven by delive. ing it or by mailing it by first class mail unless applicable Jaw requires use of another method. The notice sil.:.IJ be directed 10 Ihe Property Address or 8QY other address Borrower designates by norice 10 Lender. Any notice 10 Lender .:ltall be given by first class mail ro lender's address srated herein or any other address L.ender designates by nmice to Borrowcl Any notice provided for in this Security Instrument shall be deemed to have been given 10 Borrower or Lender when given a~ !Jrovided in Ihis paragraph. 15. Governing Law; Severability. This Security Instrumenl shall be governed by federullaw and Ihe luw or the jurisdittion in which the Property is located, In the event that any provision or clause of this Security Instrument or ti~e Note conflicts with applicable law, such conflict shall not affect other provisions of Ihis Security Instrumenl or 1he N~t~ which call be given effect without the conflicting provision. To Ihis end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Rcneficial Interest in Borrower. If all or an)' part of lhe Property or any inlerest in jt is sold or transferred (or if a beneficial interest in Borrower is sold or lransferred and Borrower is not a natuml person) without Lender's prior wrillen consent,. Lender may, at ils option. require immediate paymenl in full of all sums secured by this Security Instrument, However. this oplion shall not be exercised by L.ender if t:'xercise is prohihited by federal law asoftbedate of this Security Instrument. If I..ender exercises this option, Lender shall give Borrower nOlice of acceh:rarion. Tl1c notice shall provide a period of not less than 30 days from the date the nOlice is delivered or mailed within which Borrower musr puy all !\ums !\ccurc:d by this Security InstrumenL If Borrower rail, 10 pay these sums prior to the expiration ofthi, period, Lender may invnke un)' remedies permitted by this Security IJl5trumcnt without fu"her notice or demand on normwer. 18. Borrower's RiahllD Reinstate. If Borrower meets cenain conditions, Borrower shall have the right to have enforcemenl of this Security Instrument discondnued at any time prior to the earlier of: (a) 5 da}'!'t (or !'tuch ntht:r period us applicable law may specify for rein~ralement) before sale of the Property pursuant 10 un)' power uf ~ulc cnI1lained in Ihi~ Securily Instrumenl; or (b) entry of a judgment enforcing Ihis Sccuril)' Instrumenl. Those conditions are lhal Borrower: (a) pays Lender all sumff which then would be due under Ihiff Security Inslrumenl and the Note had no ac(t:'lcral1tll1 occurred; (b) cures any default of any other covenants or agreement!!.; (c) pays all CXPCI1!'<oC" IIIcurrc:d III cnforclIlg 11m Security Inslrumenl, inclUding. bUI not limited to. rca~onable llltOrneY!i' fet!s; nnd td} lUke.. ~uch action ll!\ Lender JI1U~ reas.onably r~uirc to u!tsure Ihat Ihe: lien or Ihi!t Sccurit}, Instrumenl, Lender'" nght~ In the Prol'crl} and Bnrrowcr\ obhplion to pay the ..urns. \CCured b)' this. Security Instrumenl ..haJJ nmtmuc unchanged L'pc.lII n.'m..luleJt1cnl h) Borru.....rf. Ihl!lo Seeunl). In!ttrumcnl and the ohligalion!t !tccured hereby !Iohall remulJl full) dTeell\c;I.. If 1111 .h.:t.:dcrallnn h~ld l)f,;l-urra! Ilo"c"'..cr. Ihl" nght 10 n:in\talc \han nol apply 10 lhe L'a!\C of ac&:ch:ratulII unde, rarll~raph, , , 1'1 \.. "1 .