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88- 105879 If Lender required mortgage insurance as 3 condition of making the loun 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 insurance terminate!! in accordance with Borrower's and Lender's written agreement or applicable law, 8. Inspection. Lender or its agent may make reasonable enlries upon and inspections of the Preper!y. Lender shall give Borrower notice at 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 part of the Property, or for conveyance in lieu of condemnation. are hereby assigned Bnd shall be paid to Lender, In the even! of a total taking of the Propeny, Ihe procced"i shall be applied to Ihe sums secured by this Security Instrument. whether or not then due, with 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 Bmount 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 vlllue of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if. aner notice by Lender to Borrower that the condemnor offers to make an award or seltle 11 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, nt its option, either to reslOmtion or repnir of the Property or to the sums secured by this Security Instrumenl. whethe.!r or not then due, Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shull not extend or postpone the due date of the monthly payments referred 10 in paragraphs I and 2 or change the amount of such pnyments. 10. Borrower Not Releasedj Forbearance By Lender Not a Waiver. Extension of the time for payment or modificntion of amortization of the sums secured by this Security Instrument granted by Lender ill 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 10 commence proceedings against any successor in interest or refuse to c~tend time for payment or otherwise modify amortizntion orthe sums secured by this Security InstrumeOl by reason of allY 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. 11. Successors and Assigns Bound; Joint and Several Liability; Co.signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower. subject to the provision5 of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument bur does not execute the Note: (a) is co-signing this Security Instrument only to mortgage. grant and convey that Borrower's interest in the Property under the terms or this Securit~. Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender nnd nny other Borrower may agree to extend. modify, forbear or make any accommodations with regard to the terms of this Security Instrumenl or the Nole without rhat Borrower's consent, 12. Loan Charges, If the loan secured by this Security Instrumcm is subject to a law which sets maximum loan charges, and that law is finally interpreted so rhar 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 permitted limit; and (b) any sums already collecled from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choosl: to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. Ifa refund n:duct:S principal. the reduclion will be treated as a partial prepayment without any prepayment charge under the Nole. 13. Legislation Affecting Lender's Rights. If enactment or expirJ.tion of applicable laws has the effect of rendering any provision of the Note or this Security Instrumenl unenforceable according to its terms. Lender. al its option, may require immediate payment in full of all sums secured by this SI'curity Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shall lake 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 delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice !>hal! be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice 10 Lender shull he given by first class mail to Lender's address stated herein or any other address Lender designates by nolice [0 Borrower. Any notice provided for in this Security Instrument shull be deemed to have been given [0 Borrower or Lender when given iJ!> provided in this paragraph. IS. Go,erning La~ Severability. This Security Instrument shall be goo.'crncd by fcdcrullaw l.ITld the law of the jurisdiction in which the Property is located. In the event that any pruvision or clause of Ihi!> SccurJly Im.lrument or the Note conflicts with applicable law. such conflict shall not affect other provisions of this Security In!olrument or Ihe Nole which can be given effect without the conflicting provision. To this end the provisions oflhi!> Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shan be given one conformed copy of the Nole and ofthi~. Securily Instrument. 17, Transfer or the Property or a Beneficial Interest in Borrower, If all or any part of the Property or uny interesl in it is sold or transferred (or if a beneficial interest in Borrower i', sold or transferred and Borrower is not a nnlurlll person) without Lender's prior written conscQt, Lender may, at its option. require immediate payment in full of aU sums secured by this Security Instrument. However. this option shall not be exercised by Lender if exercise is prohibited by federal law as oflhe date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less 1han 30 days from the date the notice is delivered or mailed within which Borrower mmt pay all sums secured by this Security Insrrument. If Borrower fails 10 pay these sums prior to the expiration of Ihis pt=riod. Lender may in....oke Ilny remedies permitted by this Security Instrument withoUl further nalice or demand on Borrower. 18. Borrower9s Right to Reinstate. If Borrower meets certain condilion!>, Borrower shall have the right 10 have enforcement of this Security Instrument disconlinued at any time prior to the curlier nf: (a) 5 day!' (or !'uch olher period u!. applicable law ma}' specify for reinstatement) before snle of the Property pursunnt to any power of !'iJle cUlllaincd ill 11m Securily Instrument; or (bl entry of n judgment enforcing this Security Instrumenl, Thm.e conditions arc that Borrower' (11) pays Lender all sum!. which then would be due under this Secunly Instrumenl and the.! Note hud TlO llcl,:clefllliulI occurred; (h) cures any default of any other em'enants or agreements: (c) pay.. :111 c"pen...e!o Incurred 111 cnfnrclIlg 1111.. SeCUfll)' Inor;.trument. Including. hul nnt hmned to. reasonable atlorney..' fee!>: and (dllake!' ..11l:h action a.. Lcnder mil) reasonably require tn iI,",!oure Ihat the hen of lhi!. Security Inslrumenl, Lender'.. nghh 10 lhe I)ropcrty llnd Borrower'.. ohhgatlllO 1Il pay the ..urns ~ecurc:d hy thl!. Sel'urtty Im.trumcnt ..twit l'Ontlnllt' UIlCh:l11gcd l:poll relli..ralclTlent h~ Ilorrm';er. 1111" Securily Imlrllmcnl and the uhhg,UlIlltl.. ..ecun:d herch) ..hall rl'nmlll full) dlt.-l"ll\e a.. d"IHI ;I\'Cdt'rallnn had t>ccurrcd rtn\A,e\,er. Ihl" nghl fn relh"late "hutlnlll appl~' mlhe ca..t.t,f lh:~"dt'.,llh'n 1Il1dl'r pilfagraph.. 1111!' 1-