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88- 105915 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in effect Dolll such time as the requirement for the insurance tenninates in accordance with Borrower's and Lender's written agreement or applicable law. fl. IDlpec:t(on. Lender or its Bgcnt may make reasonable entries upon and inspections of the Property. Lender shall give- Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. CondemJllltion. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or Dlher taking of any part of the Property, or for conveyance in lieu of condemnation. are hereby assigned and shan be paid to Lender. In the even! or a total taking or the Property. the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking or 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 followiug fraction: (a) the total amount of the sums secured immediateJy before lhe taking. divided by (b) lhe fBir market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Propeny is abandoned by Borrower, or if, after notice by Lender to Harrower 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 coUC'Ct and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security 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; Forbearance By Lender Not a 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 interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otl1erwisc 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 interest. Any forbearance by Lender in exercising Bny right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Su......,.. and AuIIlUll Bound; Joinl and Several Uabillly; Co-si8llers. The covenants and agreements of this Security Instrument shaH 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 CD-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 Propcrty under the tenns 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 tenns of this Security Instrument or the Note without that Borrower's consent. 12. Loan Charges. If the Joan secured by this Security Instrument is subject to a law which sets maximum loan charges. and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Joan exceed the permitted Jimits, 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 coUected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make thi, refund by reducing Ihe principal owed under the Note or by making a direct payment to Borrower. Ifa refund reduces principal, the reduction wilJ be treated as a panial prepayment without any prepayment charge under the Note. 13. Lealslallan Alfectlng Lender's Rights. If enactment or expiration of applicable law, has the effect of rendering Bny provision oftbe Note or this Security Instrumern unenforceable according to its terms, Lender, at its option, may require immediate payment in fulJ of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender CJtercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notic:a, Any notice to Borrower provided for in this Security Instrument shalJ be given by deJivering it or by mailing it by first class 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 shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. GoyerniDg LaW; SeyerabUlty. This Security Instrument shaJl be governed by federal law and the law of the jurisdiction in which the Propeny is located. In the event that any provision or clause of this Security Instrumen1 or the Note conflicts with applicable law, such conflict shall not atreet other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of thb Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one cor.formed copy of the Nole and of this Security Instrument. 17. Tl'IlIIIrer of the Property or a 8enefitiallnteresl in Borrower. If all or any pan of the Propert}' 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 shan not be exercised by Lender if exercise is prohibited by fedcrallaw as ofthe date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period ofno11ess than 30 days from the date the notice is deJivercd or mailed within which Borrower must pay all sums secured by [his Security Instrument. If Borrower fails to pay these sums prior to the expiration of1his period, Lender may invoke any remedies permitted by this Security Instrument without fun her notice or demand on Borrower. 18. Borrower's Right to Relastate. If Borrower meets cenain conditions. Borrower shall have the right to have enforcement of this Security Inslrument 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 Propeny pursuant to any power of sale conlained in this Security Instrument; or (b) entry of a judgment enforcing this SecunlY Instrument. Those conditions are that Borrower; (a) pays Lender all sums which then would be due under this Security Instrument and the Notc had no Dccc:leration occurred; (b) cures Bny default of any other covenants or agreements; (el pays all e"'pcn5~ mcurred in enforcmg Ihis Securitylnstrumenl, including. bUI not limited to, reasonable attorneys' fee!.; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument. lender's nghts in Ihe Property and Borrower's obliptlon 10 pay the sums secured by this Security Instrument shall continue unchangrd. Upon reinstatement by Borrower. thiS Seeunl)' Instrument and the obhgations secured hercby shall remam fully effective as ifno Dccelerauon had occurred. However. thl!!. nlhl 10 reinstate shall not apply in the CaR of accelerallon under pllragrDph~ I} or 17