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88- 105296 If Lender required mortgage insurance us n condition (If muking the lonn secured by this Security Instrument. Borrower shall pay Ihe premiums required to maintain the insurance in effect unli1 such time us the requirement for the insurance terminates in accordance with Borrower's and Lcnder's wriuen agreement Of applicable Inw. 8. Inspection. Lender or its agent mny make reasonable entries upon and inspections of the Prcperty. Lender shall gi\'c 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 dornases, direcl or consequential, in connection with any condemnation or other taking of any part of the Properly. or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. [n the event of a tolal taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any exeess paid to Borrower. In the event of a partinltaking of the Property, unless Borrower Ilnd 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 tne taking, divided by (b) the fnir market value of the Properly immediately before the laking. Any balance sholl be paid to Borrower. If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower thai the condemnor offers to make on award or scule a claim for damages, Borrower faiJs to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collecl and apply the proceeds, at its option. either 10 restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not Ihen 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 Releasedj Forbearance By Lender Not II Waher. 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 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 cfthe sums secured by this SecurilY Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbe-,uance 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 shan bind and benefit the successors and assigns of Lender and Borrower. subject to the provisions ofpllragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security In~lrument but does not execute the Note: (n) is co.!;igning this Security Imilrument only to mortgage, grant 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 llny other Borrower may agree to extend, modify, forbear or make any accommodations with regard to Ihe term~ IIf this Security Instrument or the Note without that Borrower's consent. 12, Loan Charges. If the loan secured by this Security Instrument is subject 10 a law which sets maximum loan charl:;t:S, and that law is finally interpreted so that the interest or other loan charges collected or 10 be collected in connection wilh the loan exceed the permitted limits, then: (u) nn)' such loall charge shall be reduced by Ihe 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 hy reducing the principal owed under the Note or by making n direct payment to Borrower. Ifa refund rc..-duces principal. the reduction will be treated as a panial prepayment without Ilny prepRyment charge under the Note 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws hu.'i the effect of rendering any provision of the Note or this Security Instrument unenforceable l.Il.::cording to its terms, Lender. at its option, may require immediate payment in full of all sums secured hy 11m, Securily Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this oprion. Lender shall take the steps specified in Ihe second paragraph of paragraph 11. 14. Notices. Any notice 10 Borrower provided for in 11m. Security lnstrument shall be given by delivering it or by mailing it by firsl class mail unless applicable law require~ use of another melhod. The notice shall be directed to the Property Address or any other address Borrower designates hy notice 10 Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other !lddres~ Lender de!o.ignatcs by notice to Borrower. Any notice provided for in this Security InSlrument shall be deemed 10 huve been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security In~lrumenl ~hall he governed hy federal law and the law of the jurisdiction in which the Property is localed. In the event Ihat any pnwl~i(ln or clau!o.e of Ihis Security Instrument or the Note conflicts with applicable law, such conflict shall not affecl other prn\'l..iom of 1111'" Security Instrument or the Note which can be given effect without the conflicting provision. To thi!o. end the prO\'I"IOI1' of Ihis Security Inslrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed ClIP) of the Note ilnd of thi~ Security Instrument. 17. Transfer of the Property or a Beneficial Interest in norruwer. If all or any part of the Property or uny inlerest in it i.o;; sold or lransferred (or if a beneficial interest in Borrower I" ..old or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may. al it\ option, require Immediate payment in full of all sums secured by this Security lnstrumenl. However. this option ..hall nol he e~elci\ed hy 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 l1olll:e of accc!eralloll. The nollce \hull provide It period of not less Ihan 30 days frum Ihe date the notice is delivered or mailed "ilhlll which Uorrower mU"'1 pay all sums secured hy thi!) Security Instrument. If Borrower fails to pay Ihese sums prior Illlhe explrutull111f tlw. pennd. Lender may invoke any remedies permitted b)' this Security Instrumenl without further noUce or demand on Borrower 18. Borrower's Right to Reinstate. If Borrower meets cenain cllnditlol1\. Borrower ..hall halo'l: Ihe nght 10 have enforcement of this Secunty Instrument discontinued at any lime prior 10 the curlier of (11) 5 day\ (or 'ouch olher penod J.l!oo applicable law may specify for reinstalement) before !>ale of 1h~ Properly pursuant 10 i1ny p\lwcr nf 'ollie l:ontaincd III Ihi~ Security In!o1rumenl; or (b) enlT) of a Judgment enforcing Ihl~ Sccunly In'trulIICll1 1'hO'l' \.;'/1l1dlllO"" arc thai Borrower. (a) pay... Lender 311 ..urns which Ihen would be due under thi" Security In"trunlt:nl and Ihe Noll' had no llccclerallOn l'ICCurred: (b) cure~ lIn}' derault of any other t'nveDlmt~ or agreemenl', ll.: I paY" all c'pen"l'" IIlcurred 111 l'nrorc!l1g tillS Secunl)' In~ITument, IIIdudlllg. hUI nol limited 10. rI.'asonahh: \lIlUfTlC}'" (ct..... and (d) Hll..e.. ..u...:h th.'II1H1 a" Lender ma) r~onahl) requlfI: tn iL<;'!'oure that the hen of Ihl... Secunt~ In"lrutllenl, I.l'nder'.. n~lll" 10 Ihe Pnlperl... and Bnrrnwer'.. nbhgullun 10 PiS) Ihe ...um.. 'ecurl:d hy Ihl!o. Sscunty In..trunu:nl ,hall ~.IIIIIHllll' unL'ilal1l!l'd ('1'011 rt.lII,tatllllelll t-.~ B{lrT'll4cr, 11m Sccunl) In..trumenl and Ihe llhhltiltlUIl.. ,e...url'd hl'n'h~ ..h.111 tc:malTl full\ drt'\.ll\ t. .1" 11 n".h ~ e1tOI ,II hIll had ........urrc-d Hnl4c"'cr, thl\ n(l:hl In rcm..tale ..hall nnt ltppl~ 1Il1hr c ,I't' "I ,h. toll'l ,tll< 'II llTHkr 1':11 .I~I arh, l' ,'I I ~