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88- 105066 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. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall gh'e Borrower notice at the time of or prior 10 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 any condemnation or other taking of any pan of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, 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: (a) the total amount of the sums secured immediately before the laking, divided by (b) the fnir 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 that the condemnor offers to make an award or senle a claim for damages, Borrower fails to respond to Lender within 30 days ;Ifter 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 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 postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of Ihe 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 nol operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall nol be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amonization oflhe 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, 11. Successors and Assigns Bound; Joint and Several Liability; 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 tbe Note: (a) is co-signing this Sc:curity Instrument only to mortgage, grant and convey that Borrower's interest in the Propeny under the terms of this Sl.:curity 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 consent. 12. Loan Charges. 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 permined limits, then: (a) any such loan charge shall be reduced by the amount necessary [0 reduce the c~large to the permitted limit; and (b) any ~ums already collected from Borrower which exceeded permitted limits will be refunded to Borrower, Lender may choose to make lhi~ 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 as a partial prepayment without any prepayment charge under the Nate. 13. Legislation Affecting Lender's Rights. If enactment or cxpimlion of applicable laws has the effeCI of rendering an)' provision oflhe Note or this Security Instrumenl unenforceable: according 10 1I~ terms, Lender, at its option, ma)' require immediate payment in full of all sums secured hy Ihis Secunty Instrument and may invoke nny remedies permitted by paragraph 19. If Lender exercises this option, Lender sholl take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in thi!l SecurJly In!'tlrumcnt shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Propen3o' Address or any other address Borrower designates hy noHee to Lender. Any nolice 10 Lender shall be given by first class mail to Lender's address stated herein or any other nddres!t Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been gi\'en 10 Borrower or Lender when given as provided in this paragraph. 15_ Governing Law; Severabilit}'. This Security InsLrument shall be governed by federal law and the law of the jurisdiction in which the Propeny is located. In the event that any provision or clause of thi!t Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Inslrument or the Note which can be given effect without the conft.icting provision. To this end the provisions of this SecurilY Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy oflhe Note and of this Security Instrument, 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in ir is sold or Iransferred (or jf a beneficial interest in Borrower is sold or traO!iferred and Borrower j~ nol a nalum} person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sum~ secured by Ihis Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option. Lender shall give Borrower nOlice of acceleration, The notice fthall 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 Instrument. If Borrower fails to pay these sums prior to the expiration of thIS period, Lender may invokt' un)' remedies permitted. by this Security Instrument without further nolice or demand on Borrower, 18. Borrower.s Right to Reinstate. If Borrower meets cenain conditions, Borrower shall have the right to havl' enforcement cfthis Security Instrument discontinued at any time prior to the earlier of: (a) 5 day!. (or such other pcriod a!'t applicable law may specify for reinstalemc:nl) before sale of the ProperlY pursuan1 to tIDY power of sale containc:d in 11m. Security Instrument; or (b) cntry of a judgme:nl enforcing thi!. Securit), Inslrument. Those condlli(Jn~ an: that BOfTOWl:f: (a) pays Lender all sums which then would be: due: under this Securily ln~lrument and the Nole had nll aCl'deration occurred; (b) cures any default of any other covenants or agrL"ements; (c) pa}'s all cxpem;t.~ incurred 111 enforcing till!. Security Instrument, including, but not limited to, reasonable at1omey!t.' feo; and (d) tak~ !o.UI:h ltc-litH! a!t. lender ma:)' reason:1bly requlfe 10 assure that the lien of this Security InslTUment, Lender'" nghb 111 the Pfllperl~ and Borrower'.. obhga m to pay the sum!l sccurc:d by this Security Instrument shall continue um:hangcd. l:pnn n:lI1!'ttlltcmclll 11) Born. .:r, thl!!. Security InMrument and the obligation~ secured hereby ",hull renuun full)' dfel.:I1\'l." a.. IfTW al.:l.:l.IL'raIHH\ haJ OCCt& I. Howe\'er. this right to reinstate shall not apply in the case of accderatl(ln under paragraph.. 1'\ \11 I;"