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,,\ B8- a05137 If Lender required mortgage insurance us 0 condition of making the loon secured by this Security In5trumen~, Borrowt;r 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 Bnd inspections of the Property. Lender sha.lI give Borrower notice at the lime afar 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 Dny condemnation or other tnking of any part of the Property. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of n total tnking of the Property, the proceeds shnl] be applied to the sums secured by this Security Instrument, whether or not th'en due, with Bny 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 rc:duced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before Ihe taking, Any balance shaH 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 dute 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 nol extend or poslpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Releasedi Forbearance By Lender Not D 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 to release the liability of the origir.1l1 Borrower or Borrower's successors 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 Secl.J;:ty 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 afar preclude the exercise of any right or remedy, 11. Successors and Assigns Boundi Joint and Several Liability; Co~signers. The covenants and agreements of this Security :nstrument 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 bejoint and several, Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grunt and convey that Borrower's interest in the Property under the terms of this Security 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 permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded pennitted Jimits will be refunded to Borrower. Lender may choose to make this refund by reducing thc principal owed under the Note or by making a direct payment to Borrower. ]fa refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Nole. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect 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 permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17, 14. Notices. Any notice to Borrower provided for inlhis Security Instrument shall he given by delivering it or by mailing it by first class mail unless applicable law requires use of another method, The nOlice shall be directed to 1he Propeny Address or any other address Borrower designates by notice 10 Lender. Any notice to Lender shan be given by first class mail to Lender's address stated herein or any other address Lender designalt.."S by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given 10 Borrower or Lcnder when given as provided in this paragraph. IS, Governing Law; Severability. This Security Instrument shall be governed by fedcral Jaw and Ihe law of the jurisdiction in which the Propcn)' is located. In the event that any provision or clause of thi!o Securi1}' Instrumenl or Ihe Note conflicts with applicable law, such conflict shan not affect other provisions of this SecunlY lnstrumenl or lhe Note which can be given elfec1 witham the conflicting provision, To this 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 thc Note and of this Security Instrument, 17. Transfer or tbe Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred nnd Borrower i!'l not II natural person) without Lender's prior written consent, Lender may. at its oprion. require immediate paymenl in full of all sums secured by thls Security Instrument. However, Ihis option shall not be exercised by Lr:nder if e1l.crcise is prohibitr:d by federal law as orthe date of this Security Instrument, If Lender exercises this option, Lender shal1 give Borrower notice of acceleration. The nollce !-hall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower musl pay all "urns secured by this Security Instrument. If Borrower fail'i to p~~ these sums prior 10 the expiration of this period, Lender may invoke any remedies permitted by this Securily Instrument withouI funher notice or demand on Borrower. 121. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right (0 hu\'e enfcorccmenl or this Security Instrument discontinued at any time prior te- the earlier of: (a) 5 days (or !-ouch other penod as applic.-lble law may specify for reinstatement) before sale of the Properly pursuant to any power of sale contained in this Seeurit}' Instrument; or (b) entry of a judgment enforcing this Security In!'llrumen!. Those condition!> arc that Borrowl'r; (a) pays Lender all sums which then would be due under this Securily In!'ltrumenl and the Notc had no acceleration occurred; (b) cures an)' defaull of any other covenants or agreement..: (c) pay.. all e1l.pCml'"!-o incurred in cnforcing tlm Security 100'ttrument, includll1g. hut not limHed to, reasonllble nltorney~' fees: and (d) lakes !>uch aclinn a!'o Lender mllY reasonabl)" require 10 assure that the lien of this Security Instrument. Lender'" nghts 111 the Property and Borrower's obligalion 10 P3)' the sums secured by tlu!. Sel.:unt)' InMf'umenl shall C(lnllnuc unchanged. t TrOn Tcin..lntl"l1lcnl hy Borrower. thl!; Security In!>trumenl and the obh~allnm. secured hereby ..hall remalll fully effectl\C iI" If nil :Icn'lerilllt'rl had nccurred, HowC'\.o'er. rhl!; r.g~tln rell1!>tatC' 'thall ntlt apply 10 the l'a..c: llfacn:IC'Tallllll under rara~raph.. Ill" I;