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88- 105056 If Lender required monpge Insurance as a condition of making the loan secured by this Security Instrument, Borrower shaJ1 pay Ihe'premlums required to maintain the insurance in elfecl until such time as Ihe requiremenl for the insurance tenninates'in accordance with Borrower's and Lender's written asreement or applicable law. JI..'; I~. ' tender or its agent may make reasonable entries upon and inspections of the Propeny, Lender shall give Borrower nOlice at the time of or prior 10 an inspection specifying reasonable cause for the inspection. 9. CondeamatfOD. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any pan of the Propeny, or for conveyance in lieu of condemnalion, are hereby assigned and shall be paid to Lender. In the evenl of a toW taking of the Propeny. Ihe proceeds shall be applied 10 the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In Ihe event of a panial taking of the Propeny, unless Borrower and Lender otherwise agree in writing, tbe sums secured by this Securily Inslrument shall be reduced by Ibe amount of the proceeds multiplied by the following fraction: (a) the total amounl of tbe sums secured immediately Ocfore the taking, divided by (b) the fair market value oftbe Propeny immediately before Ibe laking. Any balance shall be paid to Borrower, If the PropcrIy is abandoned by Borrower, or if, after notice by Lender 10 Borrower that tbe condemnor olfcrs to make an award or seule a claim for damagCS, Borrower fails to respond 10 Lender within 30 days after tbe date the notice is given. Lender is authorized to collect and apply the proceeds, at its option. either to restoration or repair of the Property or to the sums secured by tbis Securily Instrument, wbetber or not then due. Unless Lender and Borrower olberwise agree in writing, any application of proceeds to principal sball note.tend or postpone the due date of Ibe monthly payments referred 10 in paragraphs I and 2 or change the amount of sucb payments. 10. Borro..er Not Released; Forbearance By Lender Not a Waiver. EKlension of the lime for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shaD not operate to release the liability of the original Borrower or Borrower's SilCCessors 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 demsnd 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 prccludetbe e.ercise of any right or remedy. 11. SuccaIon ODd AIsIgnI Bound; Jolat ODd Se..n1 UabIUIy; Co-signers. The covenants and agreements of this Security Instrument sball bind and benefilthe successors and assigns of Lender and Borrower, subjeclto the provisions ofparagrapb 17. Horrower's covenants and agreements sball be joint and several. Any Borrower who co-signs this Securily Instrumenl bUI does nol e.ecule tbe Note: (0) is co-slgning tbis Securily Instrumenl only to mongage, grant and convey thaI Borrower's interest in tbe Property under Ihe terms of Ihis Security Inslrument; (b) is nol personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to e..end, modify, forbear or make any accommodations witb regard to the terms of this Security Instrument or Ihe Nole wilhout that Borrower's consent. 12. LoaD Cbarpa. If tbe loan secured by this Security Instrumenl is subjeclto a law wbich sets ma.imum loan cbarges, and lhat law is finally interpreted so that Ihe interesl or olher loan charges collected or to be collected in conneclion with the loan exceed the permiUed limits, Ihen: (a) any sucb loan charge shall be reduced by Ihe amounl necessary 10 reduce tbe charge to tbe permilted limit; and (b) any sums already collecled from Borrower which e.ceeded permiUed limits will be refunded 10 Borrower. Lender may choose to make this refund by reducing lhe 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 prepaymenl witboul any prepaymenl cbarge under lhe Noto. 13. Lesfalallon AlfectiDa Lender'. Rlgb18. If enactmenl or expiralion of applicable laws has tbe elfect of rendering 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 permiued by paragrapb 19. If Lender e.ercisestbis option, Lender sballtake the Sleps specified in the second paragrapb of paragraph J7. 14. Noll.... Any notice 10 Borrower provided for iJ. this Security Instrument shall be given by delivering it or by mailing it by fint class mail unless applicable law requires use of another metbod, The notice sball be direcled 10 Ihe Propeny 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 stated herein or any other address Lender designaLes by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in tbis paragrapb. 15. Go..rnlng Law; Se.erablUty. This Securily Inslrumenl sball be governed by federal law and tbe law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the NolO conflicts wilh applicable law, sucb conflict sball not alfect otber provisions of this Security Instrument or Ihe NOle which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared 10 be severable. 16. Borrow.r" Copy. Borrower shall be given one conformed copy of the Note and oftbis Security InslrumenL 17. Tl'IDIfer of liIe Property or a Beaellclallnlerest in Borro...r. If all or any pan of the Propeny or any intcrat 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 written consent, Lender may, at its option, require immediate payment in full of aU sums secured by this Security Instrument. However, this option shaJl not be exercised by Lender if exercise is prohibited by fedcrallaw as oftbe date of this Security Instrumenl. IfLcnder exercises this option, Lender shall give Borrower notice or acceleration. The notice shall provide a period of not less tban 30 days from Ihe dale Ihe notice is delivered or mailed wilhin which Borrower musl pay all sums secured by tbis Securily Instrument. If Borrower fails to pay tbese sums prior 10 the expiration of lhis period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borro...r'. Rlgbllo Reinltate. If Borrower meets cenain conditions, Borrower shall bave lhe right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (8) 5 days (or such other period as applicable law may specify for reinstatement) before sale of tbe Propeny pursuant to any power of s:sJe contained in this Security InstJument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borro~er: (a) pay. Lender all sums whicb then would be due under this Security Instrumenl and lhe Nole had no .c..lerauon occurred; (b) cures any default of any other covenants or agreements; (c) pays aU expenses lDcurred JD enforcmg thiS Security Instrument, including, but not limited to, reasonable attorneys' fees; and Cd) takes such action as Lender may reasonably require to assure lhat lhe lien of this Security Instrument. Lender"s rights in the Propeny and Borrower's obliptioo to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower. this Security Instrument and the obligations secured hereby shall remain fully effective BS if no acceleral10n had occurrcd. However. this right to reinstate shan not apply in the case oraccclerauon under paragraphs 13 or 17.