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88- 105700 If Lender required mortglge insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance renninates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Il\IPOCIloa, Lender or ilS agent may make reasonable entries upon and inspections of the Property. Lender shaJlgive Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Coaclemaatloa. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the evenl of a 10laltaking of the Property. the proceeds shan be applied to the sums secured by this Security Instnlment. whether or nol then due, with any excess paid to Borrower. In the event of a partial taking of the PropenYl unless Borrower and Lender otherwise agree in writing. the sums secured by this Security Instrument shall be reduced by the amount of the proceeds mulliplied by the following fraction: <a) the total amounl of the sums secured immediately before the talting, divided by (b) the fair market value of the Propeny immediately before the taking. Any balance shall be paid to Borrower. If the Property is abmdoned 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 giVCD. Lender is authorized to collect and apply the procccdi. at its option, 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 agree in writing. any application ofprocceds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments. 10. Borra.... Not Rclcucd; Forbearance By Lender Not a Waiver. Exteosion 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 shaD 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 amonization of the sums secured by this Security Instrument by reason of any demand made by the originatl Borrower or Borrower's successors in interest. Any fllrbearance by Lender in exercising any right or remedy shall not be B waiver of or preclude the exercise of any right or remedy. 11. Suc:c:caaon and AaalgDII Bound; Joint and Several Uability; eo-slgners. The covenanlS and agrcemenlS 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: (8) is co.signing this Security Instrument only to mongage, grant and convey that Borrower's interest in the Propcrty under the terms oflhis Security Instrument; (b) is not personally obligated to pay the 5Ums secured by this Security Instrument; and (c) agrcc:s that Lender and any other Borrower may agree to extend. modify, forbear or make any accommodations with regard to the tenns of this Security Instrument or the Note without tbat Borrower's consent. u. Loan C'harges. If the loan secured by this Security Instrument is subject to a law which sets nwdmum loan charges, and that law is finaUy interpreted so that tbe interest or other loan cbarges collected or to be collected. in connection witb the loan exceed the permitted limits, tben: (a) Bny such loan charge shall be reduced by the 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 by reducing the principal owed under the Note or by ma!cing a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Not.. 13. lqiaJatloa Medina Lender's R1pta, If eoactment or expiration of applicable laws has the effect of rendering any provision of the 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 permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notica, 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 address 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 notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing LaW; Se.crability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which tbe Property is located. In the event tbat any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conftict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To tbis end the provisions of this Security Instrument and the Note arc declared to be severable. U5. Bonuwer'. Copy~ Borrower shaD be given one conformed copy of the Note and of this Security Instrument. 17. Tranafcr of the Property or a Bcncficiallntcratln ikJrrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) witbout Lender's prior wrinen 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 as orthe date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 d..ys from the date the notice is delivered or maiJed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay tbese sums prior to the expiration of this period. Lender may invoke any remedies penniltcd by this Security Instrument without funher notice or demand on Borrower. 11. Bornnrertl RiPt to Reillltate. If Borrower meets certain conditions. Borrower shall have the right to have enforcement cfthis Security Instrument discontinued at any rime prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Propcr1y pursuant to any power of sale conlalncd in this Security Imlrument; or (b) entry of a judgmtnt enforcing this Security Instrument, Those conditions arc that Borrower: fa) pays I..cndcr all sums which then would be due under this Security Instrument and the Note had no acceleration 0CClJrred; (b) cures any default of any other covenlolS or agreemmls; (c) pays all expenses incurred in enforcing this Sa:unty Instrument. IDcluding. but nOl hmited to, rc:asonable attorneys' fees; and (d) takes such acuon as Lender may reuonably require to assure [hat the lien of this Security Instrument. Lender's nshts In the Property and Borrower's abllpllon to pII)' the sums secured by this Security Instrument shall conllnue unchanged Upon rcmstatemenl by 80rr0wc!. tbu Sccunty Instrument and the obhgatlons iCCured hereby 5....11 remam fully dfccllvc a!i If no accelerauon had occurred. However. tho. n&hl to reinstate shall not apply In theasc ofaccder&lIon under pangraph!o 1 J or 17