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88- 105321 If Lender required murtgage insurance us 11 condition of mnking the: loan secured by this Security Instrument. Bornmcr ,hull P3)' the premiums required to maintain the insurance: in effect until such time as the requirement for the m~urnncc: lc:rminalC!l in accordance with Borrower's and lender's wriuen agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender \hall (;1\ co Borrower nollce at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemn.tlon. The proceeds of any award or claim for damages. din..'CI or consequential. in connection with an)' &:ondcmnallOn or other laking of an)' part uf the Property. or for conveyance in lieu of condemndtion, arc hereby B!asigned and shall be paid to Lender. In the e\"ent of a tOlaltuking of the Property. the proceeds shall he applied to the sums secured by this Security Instrumenl, whether or not Ihen due, wilh uny excess paid to Borrower, In the event of a partial taking of Ihe Property, unless Borrower and Lender otherwise agree in wriling, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by Ihe following fraction: (a) the total amount of the sums secured immediately before the taking. diVided by (b) the fair market value orthe Property immediately before the t:lking. Any balance shall be paid to Borrower. If the Propen)' is ab.sndoned by Borrower. OT if. after notice by lender to Borrower that the condemnor offers to make an award or seule u claim for damages., Borrower fails to respond 10 Lender within 30 days after the date the notice is given, Lender is authorized to concet and apply the proceeds. at its option. either to reslora.tion or repair of the Property or to the sums secured by 1his Secunty lnstrument. whether or not then due. Unless. Lender and Borrower olherwise agree in writing. any application of proceed!oo to principal shall not extend or postpone the due date of the monthly pOlyments referred to in paragraphs I and 2: or change the amount of such payments, to. Borrower Not Reteased; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortimtion of the sums secured by Ihis Security Instrument granted hy Lender to any successor in intcrcsl of Borrower shall not operate to release the liability l'f the original Borrower or Borrower's successors in interest. lender shall not be required to ('ommenee proceeding!'! ugainst any !oUCCL"Ssor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured hy thi!! Security Instrument by reason of any demand made by the original Borrower or Borrower'!! succes.~or.. in interest. Any forbearance by Lender in ex.ercising any right or remedy shall not be a waiver of or preclude the exerci~ of any right or remedy. 11. Successors and Assip Bound; Joint and Several Liability; Co-shtners. TIle covenants and agreements of this Security Instrument shall bind and benefi1the successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17, Borrower's covenants and agreements shan be jOlnt and several. Any BorroYo'cr who co-signs this Security Instrument but does not cxecute the Note: (a) IS clH..1gning this SLOCUrit}' lnslrumcnl only to mortgage, grant and convey that Borrower'~ interest in the ProperlY undcr the tcrm~ nfthi~ St.~urity Instrument Ib) is nut personally obligated In pay lhe sum!! secured by this SecUliry InstI1JmcnL and (c) ugre~ that Lender and any other Dorrower may agree to cxtcnd. modify. rorbeBr or make an)' accommodatll1n!'t wirh regard 10 the terms of thls Security Instrument or the Note wiLhout that Borrower's consent. 12. Loan ChaTKes. If the loan ~cured by Ihis Secunty [n!'ttrumcnt is subject In u law which sets maximum loan charges. and that law is finally interpreted so that the lntert.~t or olher IOlln t.:hargt."S collected or to be collcl.ted in connection Wilh the loan cXl;ccd the pcrnllncd limit!.., Ihen: (a) an)' '1uch loan charge ~hall be reduced by the amount necessary 10 reduce: the charge 10 the permined limit; and (b) any !Oums already collected from Borrower which exceeded pennittcd limits will be:' refunded 10 Borrower Lender may choose to make thl!! refund by reducing the princlpnl owed under the Note or by making a direct payment 10 narrower, If a refund reduces principal, the reduction will he treated n~ a panial prepayment without any prepn~'menl charge under the Note, 13. legislation AffecllnR I...cnd~r's RIRhts. If enactment or e1ipiration of applicuble luws ha~ the effect of rendering any provision oflhe Note or till' Securll~' Instrument unenforceable: according tOils term!'o, Lender, at it!\. option, may require immediate payment III full of all !lUlU!\. "ccured by thiS Security Instrument and may invoke any remedies permitted by paragrnph Iq. If Lender eller~I!'oe!o tlus option, Lender shall take the !'!teps !!pecified in the second paragraph of paragraph 17. 14. Notice5. An) nollL'l' to Borrnwer prnvlded for in this Sccunty Instrumenl ~haJl he given hy delivering it or by mailing it by fir..l c1u,,~ mall unl~!'o apphcable law require. use of another method" The nolice shall be directed to Ihe Property Addres~ or any olher addro!t Borrower dC!lolgnate5 by notice m Lender. Any nonce to Lender shall be given by first class mail to Lender\ Ilddro!t Matt."tJ herem or any other address Lender dt:Slgnalcs by notice to Burrower, Any notice provided for in thIS SecurilY In!.trument "hull be deemed to have been given to Borruwer or Lender whcn given as provided in lhis paragraph, 15. Governing Law; Si:nrabilit)'. TIlls Security Instrument !lhaJl be gmerned by fedentllow and the Inw of the jurisdiction in which the Property is located. In lhc event Ihat an)' provision or clause of Ihi~ Security Instrument or the Note conflicts with applicable law, such conflict !.hall not affect other pnwi!'!iolls of lhis Securily Instrument or the Note which can be gi\'en effect Yo.ithout the conflicting pro\'i!aion, To thi.'! end the provisum~ of Lhis Secunty In!>lrument and the Nole are declared to be ~verable. 16. Borrower's Copy. Borrower !Iohall be given one conformed CtlPY of the Nnle and of Ihl!. Security Instrument" 17. Tr:msfer of the Property or a Beneficial Interest in Borrower. If all or any purt of Ihe Properl)' or an)' interest in it is sold or transferred (or if a beneficial imercsl in Borrower i:-. sold or Iram.(errcd and Burrower i~ nlll a naluml person) without lender's prior Yo'rinen consent, Lender may, at it!t option. require Immediate payment in full (If all sums secured by this Security Instrument. However, thi!> option shall not be e~ell'lsed b) Lender if cxerci!..e IS rmhibited by federal law as of the dale ofthi!t Security IlIslrument. IrLcnder exercises Ihis. option. Lender shall give Borrower notlce of acceleratmn, The nolll'e ,hall provide a pc-rind of no I less than 30 days from the date the nolice i!'o delivered or mUlled within which Borrowcr mu!'>t pay all..um.. !<..ecured by this Security Instrument. If Borrower fails to pay Ihesc sums prior tothe expiration of Ihl!.. period. Lender may 1II,,'oke any remedies pcnniucd by thi!i Security Instrument Yo'ilhoUI funhcr nut ice or demand on Bornlwer 18~ Borrower', Ript to RelnstJItc. If Borrower meets cenoin condition!!, Borrower ~hul1 ha~c 11n: n~htlu ha\l,~ enforcement ofthi~ Securit)' Instrument dl~ontinued at un)' time prior tn the earher of: (u) 5 da):~ (or ~uch olher peri(ld il~ applicable la...: mD)' sprcify for reinstatement) before -.ale (If I he Proper I Y' pur!louul1t to an) power of !oule a.:llntmTlcd III thl' SccurilY Instrument; Cf (b) entT}' of a jud~menl enforclOg Ihl.. Secunt)' 1000lrunu:nt Tho...c cnnditiom arc Ihut Borrower ta) pay' Lmder all sum!> which Ihen ....'ould be due under thi!lo Sccunl)" In!ltrumcnt and th~ Note had no ac!":dcr.l1inn occurred; (bJ cures an)' default of any other COllenant.. Of agrttment~, Ic. pa)'!!. all eApeO'J:\ lOl.:urrt.'d In 1.'Ilfora.:II1g thi... Security Imo1Tument. lOc:ludmg, bus 001 hmll.:d tu, rCII~(mahlc allnrnC)I" fce\.. and Ld. tah... ...udl aa.:llllII "... l.endl.'r mu} r~nabll r~uire In n~ure that Ihe lien of Ihl~ Sccunt) Inslrumenl. Lender', nghh III thl.' Prl1pl.'r1) ;mJ Bnrrower', ob1ipuon 1l) Pll) the ...umll ...xuTl:d b) Ihl!> Scl.'unl)' 1II'lolrument ...hall cOlltmut' unci n!ll"ll l'pllll n:m...tall."Olcnl h~ Borro....'er.lhl\ Seeunt) Imlrument and Ihe obhgallul1!'o loCL'urcd here h) ...hall reOlUIII full~ Cl"IIH' a... If l'll.h,-~-,'kl:llltlll h:al1 t'K:eurred Uo....c"'t'r.thl...n~hlln rem..talt=...hull 11IIIapp') mlhe .."a..e llf .."..,,"dCratltlll undl r,t~tarh.. 111'1 1"