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88- 105529 If Lender required mortgage insuranee as a condition of making the loan secured by this SecurilY Instrumenl, Borrower shall pay Ihe premiums required to maintain the insurance in elf..t until such time as the requirement for the insurance lerminales in accordance with Borrower's and l.ender's written agreement or applicable law. I. I~oa. Lender or it. agent may make reasonable enlries upon and inspections of Ihe Property, Lender shall give Borrowtr notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. CoDdemution. 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 Ihe event of a 10lal taking of the Property, the proceeds shall be applied 10 the sums secur<d by Ibis Securily Instrument. whether or not then due, with any excess paid to Borrower. In the event of 8 partial1aking of the PropenYl unless Borrower and Lender otherwise agree in writing. the sums secur<d by this Security Instrument shall be reduced by lhe amounl of Ihe proceeds multiplied by the following fraction: (a) Ihe tolal amounl of the sums secured immediately before the laking, divided by (b) Ihe fair market value oflhe Property immediately before Ihe laking, Any balance shall be paid 10 Borrower, If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that th~ condemnor offers to make an award or settle a claim for damages, Borrower rails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair ofthe Propeny 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 postponelhe due dale oflhe monthly paymenlS rererr<d to in paragraphs I and 2 or cbangelhe amounl ofsueh paymenlS. 10. Borrower Not Released; Forbearance By Lender Not. Waiver. Extension of the time for payment or modification of amonization 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 againsl any successor in interesl 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 mterest. 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. Suc:ceaon and Aaaipa Bound; Join. and s.-.eral LIability; Co-slgne... The covenants and agr..menlS 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 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, grant and convc:y that Borrower's interest in the Property under the terms of'his Security Instrument; (b) is not personally obligated to pay the sunu secured by this Security Instrument; and (e) 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. 1%. Loan Cbaraea. If the loan secured by this Security Instrumeot is subj"llo a law whieh sets m""imum loan charges. and that law is finally interpreted 50 that the interest or other loan charges collected or to be collected in conn..tion wilh the loan exceed lhe permilled limilS, then: <a) any such loan charge shall be reduced by tbe amount necessary 10 reduce the charge 10 Ihe permilted limit; and (b) any sums already coll..ted from Borrower which exceeded permilted limilS will be refunded 10 Borrower. Lender may ehoose to make this rerund by redueing the prinelpal owed under the Note or by making a direct paymenlto Borrower, If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepaymenl charge under the Note. 13. LqlaIatloa Alfedlng Lender'. R1ihta, If enaclment or e.piration or applicable laws has the elf..l of rendenDa Bny provision orthe Note: or this Security Instrument unenforceable according to its tenns, Lender. at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies pertt'illed by paragraph 19, IfLendere.ercisesthis oplian, Lendershall take the steps specified in the second paragraph of paragraph 17, 14. Notices. Any notice to Borrower provided for in this Security Instrument 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 Property Address or any other addre!5 Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by nolice to Borrower. Any notice provided for in this Security Instrument shall be deemed 10 have been given to Borrower or Lender when given as provided in Ihis paragraph, 15. Gonrnina LaW; Sel'erabillty. This Security Instrument shall be governed by federal law and the law ofthe jurisdiction in which the Propeny is located. In tbe ev~t that any provision or clause of this Security Instrument or Ihe Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given eft'ect without the conflicting provision. To this end tht: provisions of this Security Instrument and the Note are declared 10 be severable. 16. BorTO"lfer'1 Cop)'. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. T.....r.. of the Property or a Beneficial Inleresl In Gorrower. If all or aoy part of the Property or aoy intCRSt 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 option, 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 by federal law .. ofthe dateoflhis Securily Instrumenl. If Lender ex~ciscs this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 3Od.ays 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 eJl.piration of this period, Lender may invoke any remedies pennilted by this Security Instrument without further notice or demand on Borrower. 1... BonoWer'1 Rlpt to Relutate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of thls Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuanl to any power of sale contained in this Security Instrumcnt; or (b) entry of a judgment enforcing this Security Instrument. Those condltions are that Borrower: (a) pays Lender ~11 sums which thcn would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (cJ pays all expenses mcurred in enforcing this Security In~trument. mcluding, but nol limited to, reasonable attorneys' fees; and fd) lakes such action as Lender may rcuonably reqUite to U5ure that the lien of this Security Instrument, Lender's nRhts in the Propcrty and Borrower's obliptlDn to pay thl! sums secured by rillS Seeurit)' Inslrument shall continue unchanged. Upon reinslatement by BolTOWler. lhu. Security Instrumenl and the obligations secured hereby shall remam (ully effective as If no accelerallon had occurred. HO'Wever, thu ri&ht to reinstatclhall nOlapply m the ca!>e of accclcrllllol1 under paraRraph~ I J or 17