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9. Condemnation. The proceeds ~lr IlIly uwurd or c1uim for damages, direct or conSeq~~i~11 CI~19c~0~ \\~ 17 uny condemnlltion or other lakin~ nf atly part of the Proper,ty, or for conveyance in lieu of condemnallon, ure hereby assignL-d und shall he paid to Lender. III the e\'cnl ofa Intnllaking or Ihe Property, the proceeds shall be applied 10 the sums secured by Ihis Security Inslrument, whether or not then due, wilh uny excess puid to Borrower, In the event of a partiaJtaking of the Property, unlcss Borrower and Lender olherwise agree in writing, the sums secured by this Securily Instrumenl shall be reduced by Ihe amount of the proceeds multiplied by the following fraclion: (a) the lolal amount of the sums secured immediutely before the laking, divided by (b) the fair market value of the Propeny immediately before the laking. Any balance shall be paid 10 Borrower. If the Properly is abandoned by Borrower, or if, after notice hy Lender to Borrower that the condemnor olTers to make an award or settle 0 claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized 10 collect 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 e1i.tend or postpone the due dale 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 time for payment cr modification of amortization of the sums secured by this Security Instrument gran led by Lender to any successor in interest of Borrower shan 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 renson of any 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~slgners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the prm'isions of paragraph 17. Borrower's covenants and agreements shan bejoint and several. Any Borrower who co-signs this Security Instrument bUI does not execute the Nole: (a) is co-signing this Security Instrument only to mortgage, grant and convey thai Borrower's interesl in the Property 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 Ihe Note without that Borrower's consent. 12. Loan Charge!i. If the loan secured by this Security Instrument is subjeclto 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 conncction with Ihe 10lln exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary 10 reduce Ihe charge to the permitted 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 refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13, Legislation Affecting Lender's Rights. Ir enactment or expiration of applicable Jaws has the effect of rendering any provision of the Note or this Security Jnstrument unenforceable according to its terms, Lender, at its option. rooy require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies pennilled by paragraph I g. 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 Security Instrument shall be given by delivering 11 or by mailing il 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 staled herein or any other address Lender designates by notice 10 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. Governing LaWj Severability. This Securit}. Instrumenl shall be governed by federaJlaw 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 conflicts with applicable law. such cantlicl shall not affect other provisions of this Security Instrument or the Note which can be gh'en effect without the conflicting pro'olision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be gi'olen one conformed copy of the Note and of Ihis Security Instrument. 17. Transfer of the Property or a Beneticiallnterest in Borrower. If all or any part of the Propeny or any interest in it is sold or trdnsferred (or if a beneficial interest in Borrower is sold or transferrcd and Borrowcr 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 Inslrument. However, this option shall nOl be exercised by Lender if exercise is prohibited by federullaw us of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower nOlict: of acceleration. The notice shall provide 0 period of no I less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums 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 further notice or demand on Borrower. 18. Borrower's Right to ReInstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this 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 any power of sale conlained in this Security Instrument; or Cb) entry of a judgment enforcing this Securily Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of an}' other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, induding, but not limiled to, reasonable uuorneys' fees; and (d) takes such aclion as lender may reasonably require to afisure that the lien of this Security Instrumenl. lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall conlinue unchanged. Upon reinstatement by Borrower. this Securily Instrument and the obligations secured hereby shall remain fully effective as if no acceleralion had occurred. However, this right to reinstate shall not apply in the caseofaccelcration under paragraphs I ~ or 17. NON~UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 19. Acceleration; Remedies. Lender shall give notke to Borrower prior to Dcceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraphs 13 and 17 UDleu applicable law provide!ll otherwlse). The notice sball specify: (a) the default; (b) the action required to cure the dd.ult; (I:) . date, Dot leu tbaD 30 days from tbe date the notice Is ginn to Borrower, by which the default must be curedj . and (d) that fallure to cure the default on or before tbe date specified in the notice may result in acceleration of the sums secured by this Security lmitrument and sale of the Property. The noUce shall further inform Borrower of the rlRht to nllll..te after acceleration and the rlpt to brinK a court action to IlSsert the non~existence of a default or any other defense of Borrower to accelentlon Ind .ale. trthe default Is not cured on or before the date specified In the notice, Lender at Its option may require immediate payment In rull of all lums secured b)' this Securlt)' Instrument withnut further demllUl ud may intoke tbe power of ..Ie Ind Iny other remedies permitted by applicable law. Lender shall he entitled tn collrct all eJ:peDSeI incurred in punuina the remedies prodded in this paraMraph 19, IndudinN, bllt nut Ilmiled In. rruoaable attorneYI' fea and COlli of title e"ldellft.