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88- 105941 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 until such time as the requirement for the insurance Icnninales in accordance with Borrower's and Lender's written 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 al the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any nward 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 and ,hall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whethfr or not then due, with any excess paid to Borrower. In the event of a panial taking of the Propeny, 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 tbe foDowing fraction: (a) the total amount of tbe sum!. secured immediately before the taking, divided by (b) the fair market value of the Property immediately beforethelllking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lc:nder to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lcndcr within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Propeny or to the sums secured by this Security Instrument, whether or not then due. Unless Lendcr and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due datc of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10, Borrower Not Releued; Forbearance By Lender Not B Waiver. Extension of the time for payment or modification of amonization of the sums secured by tbis Security Instrument granted by Lender to any successor in interest of Borrower shaD not operate to release the liabUity 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 cxtend time for payment or otherwise modify amonization ofthe 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 ex.ercising any right or rcmedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. SU<eeuorl ODd Asslgns Boud; Joint and s...raJ Liability; Co-.lgnors. The covenanls and agreements of this Security Instrument shall 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 sevcral. Any Borrowcr who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mongage, grant and convey that Borrower's interest in the Propeny under the tenns of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (e) agrees that Lender and any othcr 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. Loaa Cb.arps. If the loan secured by this Security Instrumcnt 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 loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessaI}' to reduce the charge to the penniued limit; and (b) any sums already collecled from Borrower which exceeded permilted limits will be refunded to Borrower. Lend.r may choose 10 make this r.fund by reducing tho 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, LqislItion Afrectin& Leader's Riptl. Ir enactment Dr expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies penniued by paragraph 19. IfLonder exercises this option, Londer shall take the Sleps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in Ihis Security Instrument shall be given by delivering il or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Propeny Address Dr 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 Lcndcr when given as provided in this paragraph. . 15. Gonrnlng LaW; Senrability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of Ihis Sccurity Instrument or thc Note conflicts with applicable law, such conflict shall not aff'cct other provisions of this Security Instrument or the Note which can be given effcct without the conflicting provision. To this cnd the provisions of this Security Instrument and the Note arc declared to be 5evCTllblc. 16. Borrower'. Copy. Borrower shall be given one conformed copy of the Note and orthis Security Instrument. 17. TraDlfer of the Property or a Beneficial Interest in Borrower. If ali or any part of the Property or any interest in it is soJd or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is nol a natural person} without Lend.er's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. Ho",'cyer, this option shall nol be exercised by Lender ir excrcise is prohibited by federal law as of the date of this Security Instrument. If Lcndcr exercises this option, Lendcr shall give Borrowcr 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 Borrower must pay all ~ums secured by Ihis Security Instrument, If Borrower fails to pay these sums prior to the expiration of Ihis period, Lender may invokc any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower'. RlPt to ReiDJtate. If Borrower meets certain conditions, Borrower shall havc the right 10 have enforcement of this Security Instrument discontinued at any time prior to the earlier of: fa) 5 days (or such olhcr period as applicable law may specify for reinstatcmenl) before sale of the Propcny pursuant to any power of sale contained in Ihis Security Instrument; or (b) entry of a judgment cnforcing this Security Inslrumen!. Thosc condilions arc that Borrower: (a) pays Lender aU sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants CJr agreements; (c) pays all expenses incurred in enforcing this Sccurily Instrument. including, but not limited to, reasonable anorneys' fees; and (d) lakes such action as l..cnder may reasonably require to assure thai the lien of this Security Instrument, Lc:nder's nghts In the Propcny and Borrower's oblipuon to pl.)' the sums secured by this Security Instrument shall conllnuc unchanged. Upon reinstatement by Borro...er. this Secunly Instrument and the obligations secured hereby shall rl:'main fully effcctlve ti ifno acceleralion had occurred. Howcver. this n&hl to reinstatc shan not apply in the ca5C or acceleration under paragraphs 13 or 11