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88- 105540 If lender required mongD.gc insurance as a condition of making the loan secured by this SecurilY Instrument, Borrower shall pa)' the premiums required to maintain the insurance in effect until such time as the requirement for the insurance tcnnimnes in accordance with Borrower's and Lender's written agreement or applicable law. 8. lupectiOD. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection ~pecifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any liward 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 the event of a total taking of tbe Property, the proceeds sball be applied to tbe sums secured by this Security Instrument. whether or not then due, with any excess paid to Borrower. In tbe 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 total amount of the sums secured immediately before the taking. divided by (b) the fair market value oftbe Prapeny immediately before the taking, Any balance shall 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 date the notice is given, Lender is Buthorized to collect Bnd apply the proceeds. at its option, either to restoration or repair of the 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 nol extend or postpone the due date of the montbly payments referred to in paragrapbs I and 2 or change the amount of such payments, 10. Borrower Not Released; Forbearance B)' 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 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 inlerc:st or refuse to extend time for payment or otherwise modify amonization of the sums secured by this Security Instrument by reason of any demand made b)' the original Borrower or Borrow~s successon in interest. Any forbearance by Lender in exercising any right or remedy shall nOE be a waiver of or preclude the exercise of any right or remedy. .u.. Suc:eessors and Asslgas Bound; Joint and S..eraJ LIability; Co-slllllers. The covenants and agreements of this Security Instrument sbal1 bind and benefit tbe successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements sball be joint and seyeral. Any Borrower who co-signs this Security Instrument but does npt execute the Note: (a) is co-signing this Security Instrument only to mongage, grant and convey that Borrower's interest in tbe Property under .he terms of tbis Security Instrument; (b) is not personally obligaled to pay the sums secured by this SecuriEy Instrument; and (c) agrees that Lender and any other Borrower" may agree to extend, modify. forbear or make any accommodations with regard to the tenus of this Security Instrument or the Note without that Borrower's consent. U. L<rau Ow'&a. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges. and that law is finally interpreted 50 tbat the interest or other loan charges collected or to be collected in connection with the loan e>ceed the pennitted limits, then: (a) any such loan cbarge sball be reduced by tbe amount necessary to reduce the charge to the pennilled limit; and (b) any sums already collected from Borrower wbicb exceeded pennined limits will be refunded to Borrower. Lender may choose to make this refund by reducing tbe principal owed under the Note or by making a direct payment to Borrower, If a refund reduces principal. tbe reduction will be treated as a par1iaI prepayment without any prepayment charge under the Note. 13. J..eaisIatiOD AlfeetiDI Lender's R1pts. If enactment or expiration of applicable laws bas tbe eft'ect of rendering any provision of the Note or this Security Instrument unenforceable according to its tenos. Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies pennined by paragraph 19, If Lender exercises tbis option, Lender shall take the steps specified in the second paragrapb of paragraph 17, 14. Nolic:a. Any notice to Borrower provided for in this Security Instrument shall be given by deliyering it or by mailing it by first class mail unless applicable law requires use of another metbod. The notice sbaII be directed to the Property Address or any other address Borrower designate:; 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 nOEice to Borrower. Any notice provided for in this Security Instrument shall be deemed to baye been given 10 Borrower or Lender wben given as provided in this paragraph, 15. GonmiDg LaW; Se,erahility. This s.curity Instrument sball be governed by federal law and the law aftbe jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law. such conflict shall not a:fect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared lo'be severablt.. 16. Borrower's Copy. Borrower shall be given one confonoed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a BeDeficiallnterest in Borro"er, If all or any' pan of tbe Propeny or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not D natural person) without L...-nder.s prior written consent. Lender may. af its option. require immediate payment in fuB of all sums secured by this Security Instrument. However. this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security InstrumenL If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of nor less than 30 days from tbe date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Im.trnment:. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this SeeuriEy Instrument without further notice or demand on Borrower. 18. Borrowers Right to RctDstate. If Borrower meetS o::rtain conditions, Borrower shall have the right (0 have enforcement or this Security InsErument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before we of the Property pursuant to any power of sale contained in this SccuriEy Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are thll( Borrower: (a) pays Lender aU sums which then would be due under this Security Instrument and the Note had no acceleration occurred: (b} cures any default of any other covenants or agreements; (el pays all expenses incurred In enforCing this Ser.:urity Instrument, mcludmg, but nOE limlled to. reasonable attorneys' fees: lmd (dl take. !\uch acuon as Lender mB)' reasonably rcqum: 10 assure that tite lien of thts Security Instrument. Lender's nght!o In the Property and Borrower'.. obhgauon to pay the sum!!. secured by thiS Security Instrument shall conl1nue unchanged L'pCIO relnslalemenl hy Borro\l.'er. 1hl~ SecunlY In'ttrumenl and the obhgauons secured hereby shall remain fully etfecU1.c a.. If n.l a,,:~'dC"r;llllln had occurred HnwC'\'er. thl" n~h1 tn remor;,tate ~hall nol apply In the ca..e nf acceleralllln lllU.kr panlJ::r:lph.. : ~ "T ! ~