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88- 105715 If Lender required mortgage: insurance as a condirion 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 ins.urancc terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower nOlice at the time of.or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The,pr~s of any awnrd or claim for damages, direct or consequential, in connection with any condemnation or other takin~;Ot any part of the Property, or for conveyance in lieu of condemnation, Brc hereby assigned Bnd shall be paid to Lender. In the eVCDt of a tetaltaking of the ProperlY. the proceeds shall be applied EO the sums secured by this Securi[y Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unJess 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: (0) the lotal 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 shaU be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offcrs to make an award or seith: 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 option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not (hen due. Unlcss Lender and Borrower otherwise agree in writing, any appJication of proceeds to principal shall not extend or postpone the due date of the monthly pa}'ments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By 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 or Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. lender shaH nol be required 10 commence proceedings against any successor in interest 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 interest. 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. II. Sue~essors and Assigns Bound; Joint and Several Ulblllty; Co.slgners. The covenants and agreements of this Security Instrument shall bind and benefit the succcssors and assigns of Lender and Borrower, subject to the provisions of paragraph J 7. Borrower's covenants and agreements shall be joint 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 mO"80ge, grant and convey thaI Borrower's interest in the Property under the terms of this Security Instrumenl; (b) is not personally obligated to pay Ihe sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with rcgard to the terms of this Security Instrument or Ihe Note without that Borrower's consenl. 12, Loan Charges. If the loan secured by this Security Instrument is subject 10 a law which sets maximum loan charges, and that law is finally interpreted so thut the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permiued limiti and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make Ihis refund by reducing the principal owed under the Notc or by making a direct payment to Borrower. If a refund reduces principal. the reduction will be treated as a partial prepaymcnt without any prepayment charge under the Nole. 13. Legislation Affec:tlng Lender's Rights. If enactment or expiration of applicable laws hos the effect of rendering any provision of the Note or this Security Inslrument unenforceable according to its terms, Lender, at its option. may require immediate payment in full of all sums secured by Ihis Security Instrument and may invoke any remedies pennitted by paragraph 19. If Lender exercises this option. Lender shall take Ihe steps specified in the second paragraph of plU'llgraph 17. 14. Notices, Any nolice 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 10 the Property Address or any olher address Borrower designates by notice to Lender. Any nolice 10 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 ,~ds paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the 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 n01 affect other provisions of this Security Imtrument or the Note which con be given effect withour the conflicting provision. To this end the provisions of this S~curity [nslrument and the Note arc declared to be severable. 16. Borrowerts Copy. Borrower shall be given one conformed copy of the Note aud of this Security Instrument. 17. Transrer of the Property or a Benefi~rallnterest in Borrower. If all or any part of the Property or any inl;:rest in it is sold or transferred (or if a beneficial interest in Borrower is SOld or transferred and Borrowcr 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 nOI be exercised by Lender if exercise is prohibiled by federallBw as oflhedBteofthis Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of accelerurion. The nul ice !<ohllll pnlVide II period ofnotlcs5than 30 days from the date the notice is delivered or mailed within which Borrower mu,( PIlY all sum!'! !'!ccun:d hy this Security InstrumenL If Borrower fails 10 pay thcse sums prior 10 [he expiration of thi!'! pcrltld, tcndcr may IIwllke uny remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to ReJnstate. If Borrower meets certain conditions. norrower !'!haU havc rhe fight In havc enforcement ofrhis Security Instrument discontinued at any time priOf 10 the earlier of: (u) 5 days (ur such other period us applicable law may specify for reinstatement) before sale of the Property pursuant to Ilny powcr IIf !oule Cnl1ll.l1ned in lhis Security Instrument; or (b) entry of njudgmenl enforcing this Security Instrument. Those condllion!<o afC lha( Borrower: (a) pays Lender aU sums which then would be due under this Security Instrumenl and Ihe Nnte had no llccclcration occurred; (b) cures any defoult of any other covenants or agreements; (e) pays all cxpcmc!'o IIIcurrl..'(j In cnforcing Ihi~ SeeunlY Instrument. including, but not limited to. reasonable attorneys' fees; and Cd) tukc.\ such aclltlll as Lender IDay reasonably require 10 Buure that the hen of Ihis Security Instrument, Lender's flgh"- in the Prnpclly and Unrruwer's obhgauon 10 pa) Ihe "urn" \eCured h)' thl" Security JnMrument shall continue unchanged Upun n:iu!'olalcmC:l1t hy Borrower. Ihl" SC1:unt)' In'\lfument Hnd the ohllgauOn\ secured herehy ,hull rc:mllln fully cffCl.'ll\:c 1I"lr no ll~~c1l'rlllllln 11m! occurred. H{l~c"'C'r. Ihl~ nghlln rC1D\IJlII!' ..hall nUllIJ'ply It I theclI<;C: of ttL'celernlum Ilndl'r para~mf1h.. 1.1111' 17