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, 88- '105581 If Lender required mortgage insurance as a condition of making Ihe lonn secured by this Security Instrument, Borrower ~halJ pay the premiums required 10 maintain Ihe insurance in effect until such time us the requirement for lhe insurance lcmlinnles in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make rensonable entries upon Bnd inspections of the Preperly. Lender shnll give Borrower notice Dt the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Cundemnnllon. The proceeds of Ilny award or claim for damages. direct or consequential, in connection with nny condemnation or other taking of any part of lhe Property. or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. In the event of a tOlal taking of Ihe Property, the proceeds shall be applied 10 the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Propeny, 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 of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after norice 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 authorized to collect and apply the proceeds, at its oplion, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise llgree 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 Released; Forbearance By Lender Not a Waiver. EAtension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender 10 any successor in interest of Borrower shaH not operate (0 releasc thc liabililY of the original Borrower or Borrower's successors in interest, Lender shall nol be required to commence proceedings against any successor in inlerest or refuse to extend time for payment or otherwise modify amortization uflhe sums secured by Ihis Security Inslrument 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 bea waiver afar preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several LiabilitYi Copsigners. The covenants and agreements of this Security [nstrument 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 Inslrument but does nol execute: the Note: (a) is co-signing thi:- Security Instrumenl only to mortgage, grant and convey that Borrower's interest in the Property under Ihe lerms oflhis Security Inslrument: (b) is not personally obligated 10 pay the sums secured by this Security Inslrument; and (c) agrees that Lender and any olher Borrower may agree to extend, modify, forbear or make any accommodutions wilh regard to Ihe lerms of this Security Instrument or the Note withoul that Borrower's consent. 12. Loan Charges. If the lonn secured by Ihis Security Instrument is subjecl 10 a law which sel!i maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collecled in connection with the: loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amounl necessary to reduce the charge to the permil1ed limit; and (b) any sums already collected from Borrower which exceeded permiued limits will be refunded to Borrower. lender may choose to make this refund by reducing the principal owed underthe Note or by making a direct payment 10 Borrower. Ifa refund reduces principal. Ihe reduction will be Ireated as a partial prepayment without any prepaymenl charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or e1Opiration of applicable laws has the effect uf rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its oplinn, may require immediate payment in lull of all sums secured by Ihis Security Instrument and may invoke any remedies permitted by paragraph 19. If lender exercises this option. Lender shall lake the steps specified in t he second pllragraph of paragraph 17, 14. Notices. Any notice to Borrower provided for in Ihis Security Instrumenl ~hall be givcn by delivering it or by mailing it by first class mail unless applicable la\l,' requires use of another method. The nOlice shall be directed to the Property Address or any olher address Borrower designates by notice 10 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 notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given 10 Borrower or Lender when given as provided in this paragmph. 15. Governing Law; Severability. This SecurilY Instrument shall be gm'crned by federal law and tht: law of Ihe jurisdiction in which the Property is located. In thc event that any provision or clause of this Security Instrument or tht: Note conflicts with applicable law, such connicl shall nol aft"ecl other provi~ions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end Ihe provisions of this Security Instrument and Ihe Note are declared to be severahle. 16. Borrower's Copy. Borrower!ihall be given one conformed copy of the Nole and of this Securily Inslrument, 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any parI of the Properly or any interest in it is sold or lfImsferred (or if a bendicial interesl in Borrower is sold (lr transferred and Borrower is nol a nalural person) without Lender's prior written consent. Lender may. at its oplinn. require immediale payment in full of all sums secured by this Security Instrument. However. Ihis option shall nol be exercIM..'Ci hy lender if exercise is prohihited by fede:rallaw as of the date of this Security Instrument. If Lender exercises this option, lender shall give Borrower nolice of acceleration. The nOlice shall provide a peril)d of not less than 30 days from the date the notice is delivered or mailed wilhin which Borrower must pay nil sums secured by this Security Instrument, If Borrower fails to pay Ihl.osC' sums prior 10 the expiration of this period, Lender may invoke uny remedies permitted by this Securily Instrumenl without further notice or demllnd (10 Borrower. 18. Borrower's Right to Reinstate. If Borrower meels certain condi,ion~. Borrower shall hu"'c Ihe right to have enforcement of this Security Instrument disconlinued al any time prior 10 Ihe curlier of: (a) 5 dllYS (or such other perind a~ applicable law may specify for re:instatement) before: !'.ale of the Propert). pu....uunt 10 uny power of sule conta1l1cd in Ihi~ Security Instrument; or (h) eDifY of a judgment enforcing this Security Ino;trument. Tho,>e conditions are Ihlll Borrower (0) pa)'s Lender all sum!io which Ihen would be due under thi!! Secunl)" Inslrumetlt IInd thc Noll' had 110 uc~l'IeTl1IIIIll Occurred; (b) curC!l tmy default of an)' other co"enams or llgrecmcnl~; (L-) pa)'s all e1OrCI1..e~ ltIt:UTfl-d III cnforcIIIg lh,.. Seeurit). In..trument. mcluding. but not Iimiled tn. reasonable anorne}.... fco; and (d) lake.. \uch aCtlllll a.. Lender 11111) reasonably require: In a\sure thai the lien of Ihis Security Instrumenl, Lcnder', fllthl' In Iln: PropCrI)' JHUJ Unrrowc-r'.. obligation to pay Ih~ \um~ sec:ured hy tlu\ Securit)' In..lrument ..hall cnnlllllll.' 1lI11:han~l'd llpllll rt:Hl\IJ.,tclI\cnl h) Borrm...er, lhl" Seeun1) In\lrurncilt and the nhliglll1un!t "cl.ured herchy ,hall rt'lTlalfl full) drt'l'l\\t: i" lflllllh'\'l'!crnllllll had U\:l;urred BO'lAt\ltr, Ihl' nsht 10 rem..lale ...haJllIlllllpply 1Illhe ca"e (If aCl'l'It'rltllllT1 ullIkr pilraJtfal'h.. 11"1 l'