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88- 105771 If Lender required mortgage insurance as a condition of making the 10Bn secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in effcct until such time as the requirement for the insurance 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 notice allhe lime 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 part of the Property, or for conveyance in lieu of condemnation, are hereby nssigned and shall be paid 10 Lender. In th.: evenl of a toral taking of the ProperlY, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due. wilh any excess paid to Borrower. In the 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 amoun~ of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediatc:l)' before the taking. Any balance shall be paid 10 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 seltle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collecl and apply Ihe proceeds, Ilt its option, either 10 restoration or repair of the Property or to the sums secured by this Sc:curity 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 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the lime for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender 10 any successor in interest of Borrower shall not operate 10 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 interes1 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 original Borrower or Borrower's successors in imeresl. Any forbearance by Lender in exerCising any right or remedy shall nol be a waiver afar preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Se,ersl Liability; Co.signers. The covenants and agreements of this Security Instrumenl shaU bind and benefit the successors and assigns of Lender and Borrower, subject to Ihe 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: (n) is co-signing this Security Instrumenl only to mongBge, grant and convey that Borrower's interest in the Property under the terms of this Security Instrumenl; (b) is nol personally obligated to pay the sums secured b}' this Security [nstrUmenl; and (c) agrees thai 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 wilhout Ihat Borrower'~ const:=nt. 12. Loan Charges. If the loan secured by this Security Instrument is subject [0 a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charge~ collecled nr to ht' collected in connection with the loan exceed the permitted limits. then: (a) any such loan charge !thaU be reduced by the amount necessary to reduce the charge 10 the permined limit; and (b) any sums already collecled from Borrower which exceeded permitted limits will be refunded 10 Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direcl payment to Borrower. [fa refund reduces principal, Ihe: reduction will be trealed as a panial prepayment without any prepayment charge under the Notc. 13. Legislation Affecting Lender's RiRhts. If enactment or expiration of applicable laws ha~ the effect of rendering any proviSIOn of the Note or this Security Instrument unenforceable according to lis terms, Lender, at ils option, may require immeaiale payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph ]9. If Lender exercises 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 Securily Inslrumenl shall be given by delivering it or by mailing it by firsl class mail unless applicable law requires use of another method. The notice !thaU be directed 10 the Property Address or any other address Borrower designates by notice to lender. Any notice to Lender shaU be given by first class mail 10 lender's address stated herein or any other address Lender designates by nolice to Borrower. Any nolice 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; Sewerabiliry. This Security Inslrument shall be governed by federal Jaw and the law of the jurisdiction in which the Property is located. In the event that any provision or clause ofthi", Security Inslru:nenl or the Note conflicts with applicable law, such conflict shall not affect other provision::. of this Se-:urily Instrument or the Nole which can be givc:n effect wilhout the conflicting provision. To this end the provisions of this Security lnstrumenl and the Note are declared to be: !>e\'eruble. 16. Borrower's Copy, Borrower shall be: given one confonned copy of the Note and of this Security [nstrumenl, 17. Transfer of the Property or 8 Benefichlllnteresr in BorrcNer. 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) wnhoul Lender's pnor written consent, Lender may. at its option. require immediate payment in fulJ of all sum.. secured b)' this Secunt)' ln~trumenl. However, this option shall nOI be exel cised by Lender if exercise is prohibited b) federal law as of the date of this Security Instrument. If Lender exercise. this oplion, Lender shall give Borrower notice of acceleration. The notice shall provide 11 period of not less than 30 days from the date the notice is delivered or mailed within which Borrower mus1 pay all sums secured by this Security Instrument, If Borrower fails to pay these sums prior to the e~piration of lhis period. Lender may invoke nny remedies pc:rminc:d by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Ript to Reinstate. If Borrower meets cc:rtain conditions., Borrower shaU have the righl 10 have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such olher period a~ Dpplicable law may sp:cify for reinstatemen1) before sale of the Propeny pursuanl 10 any power of sale contained m lhi~ Security Ins1rumenl; or (b) entry of a judgment enforcing this Security Instrument. Those condilions are that Burrower (a) pays Lender all sums which then wouJd be due under this Security In!>trument and the Note had no acceleration occurred; (b) cur~ any default of any other co\'cnants or agreements; (c) pays all expense.. Incurred In enforcmg thl~ Secunty Instrument, including, but not limited to, reasonable attorneys' fees; and (d) lak~ ~uL-h action rea!oOnabl)' rc:qum: to Il!o~un: Ihat the lien of thlS Security Instrument, Lc:nder'~ nghl~ in the Prnpr:rly lInd BClffO\1o'er'!o obligation 10 PO). the !turn!! secured by thiS Securily Instrument !thall conlmuc unchanged Lpllll rt'm~talement b, Borrulolo'er. 1111'1, Secunty In!o1rument and the obhgallon!! !tccured h(:reby shall r.::mam fully dfecll\oC a~ If nll iH:..:detallnn had occurred Hnv.-c:"c:r,th" nght 10 ranstate !lhan not upply In the caM:ofaccderallllll undc:r para~rBph.. llllT Ii