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88- 106000 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to mainUlin the insurance in effect until such time a'i the requirement for the insurance terminate~ in accordnnce with Borrower's und Lender's written agreement or llPplicable law. 8. Inspection. Lender or its agent 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. 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 and shall be paid to Lender. In the event of a total taking of the Property. Ihe proceeds shall be applied to the sums !lecured 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 amount of the proceeds multiplied by the following fraction: (n) Ihe total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately berore the taking: Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower 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 Ihe notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restomtion 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 10 principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs land 2 or change the amount of such payments, 10. Borrower Not Released; Forbearance By Lender Not a Wai'Ycr. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrl!ment grunted by Lender to any successor in interesL 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 III extend time for payment or otherwise modify amortization 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 forbearam:e by Lender In ex.ercising any right or remedy shall not be a waiver afar preclude the exercise or any right or remedy. 11. Successors and Assigns Boundj Joint and Several LiabilUy; Co-siRners. The covenants 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 several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (n) is co-signing this Security Instrument only to mortgage, grunt and convey that Borrower's interest in the Property under the terms of this Security Instrumenl; (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 the Nole without that Borrower's consent, 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges. and that law is finaJly interpreted 50 that the interest or other 101m charges collected or to be collected in connection with the Joan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permilted limit; and (b) Ilny sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose 10 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. If enactment or 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 thi~ Securily Instrument and may invoke any remedies permitted by paragraph 19. lfLender exercises this option, Lender shall lake the steps specified in the second paragraph of paragraph 17. 14. Notices. Any nOlice to Borrower provided for in this Security Inslrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed 10 the Property Address or any other address Borrower designates by notice 10 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 shaH be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. GO'Yeming LaWj Severability. This Securily 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 this Security Instrument or the Note conflicts with applicable law. such conflict shall nOl affect other provisions of this Security Instrument or the Nole which can be given effect without the conflicting provision. To this end the provisions of this Security Jnstrument and the Note are declared to be severable. 16_ Borrower's Copy_ Borrower shall be given one conformed copy of Ihe Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or ilny pari of the Property or any interest in it is sold or transferred (or ira beneficial interest in Borrower is sold or transferred and Borrower is not a nalUral person) withoul Lender's prior wrincn consent. Lender may. at its option. require immediate payment in fult of all sums secured by this Security Instrument. However. this option shnJl not be exercised by Lender if exercise is prohibiled by federal law as orthe date of chis Security Instrument. If Lender exercise!>. this option. Lender shall give Borrower nolice of acceleration, The nolice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower musl pay all..ums secured by this Security Instrument. If Borrower fails to pay these sums prior 10 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 RiKht to Reinstate. If Borrower meets certain conditions, Borrower shaH have the right to have enforcement of1his Securit)' Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such ulher period as applicable law may specify for reinstatement) before sale of the Properly pursuant to any power of sale contained in Ihis Security Instrument; or (b) entry of a judgment enforcing this SI.~urity Instrument. Those condition!. are that Borrower: La) pays Lender aU sums which Ihen would he due under lhis SL"Curity Instrument and the Nole had no acceleration occurred; (b) cures any default of any other covenants or ogrcement!.; (c) pays all expcnse~ incurred in enforcmg thIS Security Instrument, including. but not limited 10, reasonable attorney!.' feo; and (d) lakes ..u..:h aClioll a~ Lender may rcasonnbly require to a!l!lUfC that the hen of this Sccuriry Instrumenl. Lender\ nght:-t III lht' Prop<:rly and Btlrrn.....er... obllgallon to pay the ..urn!. "iecured by tlm. Security Im.trument ,hall CllOllTlue unchanged Uplln rein~lillcmcnl flY Borro.....er. thl' Secunt}" In'tlrumenlltl1d the (lbligatinn't ~cured hcrehy ..hall remain fully dfcl'll\c a, lflltl ;In..l'lcralllln hull occurred Unv,e\l:r, th" nght tn rCIO\tatc ..hall not apply Ullhe r.:JI'l' lIf ,Il:u:kralltlll lIndn rilr..~rarh, l' '\1 ] 7