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88- 105734 If Lender required mortgage insuranc!: as a condition of making the loan secured by this Security Instrument, Borrower sball pay tbe premiums required to maintain the insurance in effect until such time as the requirement for the insurance tenniRates in accordance with Borrower's and Lender's written agreement or applicable law. 8. IlIIpOCIlon, Lender or ilS agent may make I'CB5Onable entries upon and inspections of the Property. Lender shall give Borrower notice al the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. 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 sball be paid 10 Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with Bny excess paid to Borrower. In Ihe 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 orthe propcny immediately before the taKing. Any balance shan be paid to Borrower. If the Propeny is abandoned by Borrower. or if, after notice by Lender to Borrower that' the condemnor offers to make an award or settle II claim for damages, Borrowcr 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 Propcny or to the sums secured by this Sef;urity Instrument, whether or not then due. . Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs) and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearan~ By Lender Not 8 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 inlerest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment orotherwisc modify amonization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's SUccessoR in interest. Any forbearance by Lender in exercising any right or remedy shaD not be a waiver of or preclude the elIereise ofany right or remedy. 11. S_a:eaora IIIId Aalgns Bound; Jomt and Several Uabllity; Co-oigners. The covenants and _grcements or this Security Instrumenlshall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but docs not CJl.ecute the Note: (a) is co-signing this Security Instrument only to mongage, grant and convey that Borrower's interest in the Propeny under the tcnns of this Security Instrument; (b) is not personally obligated to pay the 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 regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Loan Owllcs. If the loan secured lIy this Security Instrument is subject to a law which sets maximum loan charges. and that law is finally interpreted 50 that the interest or other loan charges collected or to be collected in connection with the loan e.ceed the permiued limits. then: la) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (h) any sums already collected from Borrower which e.ceeded permilled limits will be refunded to Borrower. Lender may choose 10 make this refund by reducing the principal owed under the Note or by making a direct paymenl to Borrower. If a rcfund reduces principal, the reduction will be treated as a panial prepayment without any prepayment chargc under the Note. 13. Leaidadon Affecting Lender'. Rlahta. If ena-o:tment or cxpiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender. at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies pcrmilled by paragraph 19. If Lender e.ercises this option, Lender shall 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 deliycring it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Propeny Address or any other address Borrower designatcs by notice to Lender. Any notice to Lender shall be giYCD 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 bedeemcd to haye been given to Borrower or Lender when given as provided in this paragraph. 15. Governing la..; 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 conftiC15 with applicable law, such conflict shall not affect other proYisions 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 to be seyerable. 145. Borrower'. Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Tranafer Dr the Property Dr . Benefic/a1lntercslln Borro....r. If all or any pari of th. Properly 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 penon) without 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 sbaIJ not be exercised by Lender if exercise is prohibited by redcrallawas of the date of this Security Instrument. If Lmder elcrciscs this option, Lender shan give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay aU sums secured by this Security Instrument. If Borrowcr fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by thi! Security Instrument without funher notice or demand on Borrower. 11. Borrower'1 RJalu 10 Relnstale, If Borrower meets cenain conditions, Borrower shall have the right 10 have enforcement ofthb Security instrument discontinued at any lime prior to the earlier of: (a) S days (or such other period as applicable law may specify for reinstatement) before sale of the Propcny pursuant to any power of sale contained in thiS Scc:urity Instrument; or (b) entry of a judgment enforcing this SecurilY Instrument. Those conditions arc that Borrower: (Il pays Lender .n sums which then would be due under this Security Instrument and the Noie had no acceleration occurred; (b) cures any defaull of any other COyenanls or agreements; (c) pays all expensC5 incurred in enforcing Ihis Security Inltrument, including. but not limited 10, reasonable attorneys' fees; and Cd) takes such action as Lender may reasonably require to auure that tbe lien of this Security Instrument, Lender's rights in the Propcny and Borrower's obliptilJl1 to pal' the sums secured by thil Sec;:urity Instrument shall continue unc,hanged. Upon reinstatement by Borrower, thi, Security (nllrument and the obligationlsecured hereby shall remam fully effective as if no Deceleration had occurred. However, thil nahl to reinstate shall not apply in the case or acceleration under paragraphs IJ or 17,