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88- 105841 rr lender required mortgage insurance as a condition of making the loan secured by this Srcurity Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance tenninates in accordance with Borrower's and lender's wriucn 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 althe time of or prior to an inspection specifying reasonable cnuse for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or olher taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid 10 Lender. In the event of a lolal taking oC the Property, Ihe proceeds shan be applied 10 the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the evenl of a partial taking of the Property, unless norrower and lender otherwise agree in wtiting, 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 tnking, divided by (b) the fair market value of the Property immediately bef(Jre the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by lender to Borrower thnl Ihe condemnor offers to make an award or settle II 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 restoralion or repair of the Property or to Ihe sums secured by this Security Inslrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall nol extend or postpone the due date oCthe monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Releasedj Forbearance By Lender Not a Waiver, Extension of the time for payment or modification of amortization of the sums secured by this Security Inslrument grunted 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 lime for payment or otherwise modify amortization of the sums secured by this Security Instrumenl by ren!'!on of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance hy lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several liability; Co-siRners. The covenanls llTld agreements of this Security Inslrument shall bind and benefit the successors and assigns of Lender and Borrower, subjecI 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: (a) is co-signing this Security Instrumenl only 10 morlgage. grant and convey Ihat Borrower's interest in the Property under Ihe terms of this Security Instrument; (b) is not personally obligated 10 pay the sums secured by this Security Instrument; and (c) agrees thar lender and any other Borrower may agree to ex.tend, modify, forbear or make any accommodations wilh regard to the terms of this Security Instrumenl or the Note without that Borrower's consent. 12. Loan Charges, If the loon secured by this Security Instrument is subject to <llaw which sels maximum 101m charges, and that law is finally interpreted 50 that the interest or other loan charges collecled or III he 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 pennitted limit: Rnd (b) any sums already collected Crom Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing Ihe principal owcd under Ihe Noleor by making a direct payment 10 Borrower. Ira refund reduces principnl, the reduclion will be Ireated as n partial prepayment without any prepayment charge under the Note. 13, Legislation Affecting Lender's RiRhts, )f enactment or expiration of applicable laws ha!'i the effecl of rendering any provision of the Note or this Security Instrument unenforceable llccurding to ils terms. Lender. at its option, may require immediate payment in full of all sums secured by Ihis Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this oplion. Lender shall take the sleps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall he given by delivering il or by mailing it by Iirst class mail unless applicable law requires use of anolher method. The nolice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any noliec 10 Lender shall be givcn 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 ~hall be deemed to have been given to Borrower or Lender when given as provided in this ps.ragraph. 15. Governing Law; Severability. This Security Instrument shall be gmerncd by fcd'~rallaw and the law of the jurisdiction in which the Property is localed. In the event thai any provision or clause uf Ihi!l Securily Instrument or the Note conRicls with applicable law, such conflict shallnol affect other provisions of this Security Instrument or the Note which can be given effect withoutlhe conflicting provision. To this end the provisions oflhb Security Inslrument and the Note are declared to be severable. 16. Borrower's Copy, Borrower shall be given one conformed copy of the Note and of Ihis Security Instrument. 17, Transrer of the Property or a Beneficial Interest in Borrower. If all or an}' pari of Ihe Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or tr<ln!'!ferred and Borrower is not 11 natural person) without lender's prior written consent, Lender may. at its option. require immediale payment in fuIlnf all sums secured by this Security Instrument. However, Ihis option shall not be exerciscd hy Lendl'r if cxcn:i~c i!lo pnlhibitcd by federal Jaw as ofthedllteofthis 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 days from the date the notice is delivered or mailed within which Borrowcr mU!lo1 pay all !'!um!t !lccured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration oCthis periud. Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's RighI to Reinstate. If Borrower meets cenain conditions, Borrower shall ha~'c the right to have enforcement of this Security Inslrument discontinued at any time prior to the earlier of: (a) 5 days (or !'!uch lIIher period liS applicable law may specify for rdnstaleme"l) before sale of the Propert)' pur!'!uanl 10 any puwer of sale t;lllllainl.:d in thi.. Security Instrument; or (b) enlry of a. judgment enforcing Ihis Security Imtrumenl. Tho..e t;unditiml!'! arc thut Bnrftlwer: Ca) pays Lender nil sums which Ihen would be due under this Security Instrument llnd the Nole had no aCI,:c!eratioll occurred; (b) cur~ any defnuh of any other em'ennnts or agreemenl!o>; (cJ pays all expem,e!' incurred ill enforcing thi~ Securily In!olruml:nt. mduding, hut nOI hmncd to, Tl:a~onable alloflley!'!' fce~; and Cd) Illke~ ~uch action ~l', Lender may rea~nabl). rcqum: In ll!loSurC that the lien (If thil'l Sel;urit) Instrument. Lender's nghh III Ihe l.roperl)' .tIId Borrower'.. obligallon In PU)' Ihe ..urns !rl-curetl by thi~ Security [nstrument ..hall wnlll1uc ullchilllgeJ. Crun relll..lalelllelll h) Ilnrwwer. Ih,\ SeCUnl) In..lrument and the ohligatlons !il'l.:ured hereby shall remUl1I fully elTcl'II\C il~ If 1111 ,iI:n'lcr:llltlll had IlCL.urrC'd Ull~e\.l:r, 1111\ nghtln relfl\tulc ..halllltJl apply illlhe ca~e nraCcdCrlIllllII ulllkr par:l!!raph.. 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