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88-105797 If Lender required mortS-Be in~urance as a condition DC making the loan secured by this Security Instrument. Borrower shall p~y the premiums required to maintain the insurance in effect until such time as the requirement for the insurance ~erminatcs in accordance with Borrower's and Lender's written agreement or applicable law. 8. ,lnIJ'ecdon.' Lender or its agent may make reasonable entries upon Bnd inspections of the Property. Lender shall give Bo~unotice.tthe time of or prior to an inspection specifying reasonable cause for the inspection. 9. CoIldelDDl.tion. The proceeds arany award or claim for damages. direct or consequential. in connection with any condemnation or other laking of any part of the Property. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the ..ent of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or nol then due, with any eXcess paid to Borrower. In the event of B 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 amount of tbe sums secured immediately before the ta!dog, divided by (b) the fair market value of the propeny immediately before the taking. Any balance shan be paid to 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 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 option, either to rcstQration or repair of the Property or to the sums secured by this Security InstrUment, whethcr or not thcn due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due dale of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments. 10. Borro..er Not Releaaed; Forbearance By Leader 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 of Borrower shall 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 amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interesL Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise arany right or remedy. 11. Suc:ceaaora ODd Alai.... Iknmd; Joint ODd !ineral Uablllty; eo-slgners. The covenants and agreements of this Security Instrument shall bind and beneftt the successors and assigns of Lender Bnd Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreemenlJ shall be jointBnd several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co.signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Propeny under the terms 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 CIw1lea. If the loan secured by this Security Instrument is subject 10 a law which sets m...imum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or 10 be collected in connection with the loan exceed the permilled limits, then: (a) any such loao charge shall be reduced by the amount nec....ry to reduce the charge to the pennilled 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 making a direct payment to Borrower. If a reiund reduces principal, the reduction will be treated as a panial prepayment without any prepayment charge under the Note. 13. Leglalatlon Alfeet1na Lender'a R1ghta, If enactment 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 permilled by paragraph 19. If Lender exercises this option, Lender shall take the steps specified io 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 clB55 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 sball be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. GoyemlDa La..; s.yenblllty, This Security Instrument shall be goyerned 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 conRicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given cfl'ect without the confticting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower'l Copy~ Borrower shall be given one conforml"d copy of the Note and of this Security Instrument. 17. TraDafer of Ihe Property or a Beoellelallnteresl In Borro..er. 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) 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 not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security InstrumenL Ir Lender exercises this option, Lender shall give Borrower noti~ of acceleration. The notice shan provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all !Oums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without funher notice or demand on Borrower. 18. 1IorTower'1 Ript 10 Reinstate. If Borrower meets cenain conditions, Borrower shall have the right to have enforcement ofthi5 Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to Bny power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions an: that Borrower: (a) pays Lender alllums which then would be due under this Security Instrument and the Note had no acceleration occurred: (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including. but not limited to, reasonable attorneys' fCCSi and (d) takes such aclion as Lender may reasonably require to assure that tbe lien of this Security Instrument. Lender's rights in the Property and Borrower's oblipuon to pay lhe sums secured by thit Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obliptions secured hereby shall remain fully effectivc as ifno acceleration had occurred. HowC"ier. this nlbt 10 reinstate shall not apply in the case of acceleration under paragraphs 13 or t 1