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88- 105259 If lender rcqutn'd mnrtnn!:w in:-.umncc liS a condilion of milking the loon secured by Ihis Security Instrument. lJorrower shall pn)' rhe prcmium!\ required 10 mnintuin the in~urancC' in effect until such time us Ihe requirement for the Insurnnce lcnninnlc!o in accordance with Borrower's nnd Lender's written agreement or npplicllble luw. 8. Inspection. Lender or its agent may make reasonable enlries upon and inspections of the PreperlY. Lender shall give Borrower notice 01 the time of or 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 any condemnation or other tnking of any pari of the Property. Of for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. In the event of a total laking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or nol then due, with Ilny excess paid to Borrower. In Ihe 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 totul amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking; Any balance shall be paid to Borrower. [fthe Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or scllle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collL-ct nnd apply the proceeds, at its option, cilher to restorntion 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 I and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not 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 10 release the liability of the original 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 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 afar preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liabilityj Co-signers. The covenants and agreements of this Security Instrument shall bind llnd 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 docs not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under Ihe terms oflhis 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 collccted or 10 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 permitted limits will be refunded to Borrower. Lender may choose to make this 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 Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Notc or this Security Instrumcnt unenforceable according to ilS terms, Lender, at its oplion, may require immediate payment in full of all sums secured by this Security Instrument Ilnd may invoke any remedies permitted by paragraph 19. If Lender exercises this option. Lender shall take the steps specified in the second paragraph of parngroph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shull be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice !>hall be directed to the Property Address or any other address Borrower designates by notice 10 Lender. Any Dol ice to Lender shall be given by first class mail to Lender's address stated herein or any 01 her address Lender designall..'S by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given 10 Borrower or Lender when givelllls provided in this paragraph. 15. Governing Lawi Severability. This Security Instrumenl shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that uny provision or clause of Ihis Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end Ih~ 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 Beneficial Interest in Borrower. If all or any part of the Property or tiny interest 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 oplion, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited hy federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shull give Borrower notice of acceleration. The notice shall provide a period of not ~ess than 30 days frum the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. rfBorrower fails to pay these sums prior to the expiration of this period, Lender mny invoke lIny remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to hu\'e enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such uther perilld u.. applicable law may specify for reinstatement) before sale of the Property pursuant to any power orlinle contained in thili Security Instrument; or (b) entry of a judgment enforcing this SecurilY Instrument. Those conditio"" arc that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and Ihe NOle had no Ilc4.:c1eralinn occurred; (b) cures any defau:t of any other co\'cnanh or agreements: Ic) pays all ex.pense!i incurred in enforcing 11m Securily Instrument, including, bUI not limited to, reasonable attorneys' fees; and (d) tllkcs !iuch action as Lcmler may reasonably require to assure Ihal the hen of this Security Instrument, Lender's rights in the Property and Borrower'.. obligation to pay 1he sums secured by thi!> Security Instrument shall continue unchanged. llplln rein!.1<Itclllenl hy Borrower, thi~ SecurilY Instrument and the obligations secured herehy shall remain fully cnccli\c il!'o II' nil llL:cch:latlml hml occurred. Howcver. lhis fight to rem!otutc shall not apply in lhc case ofaccclcratlotlunder paragraph.. l.~ "r 17