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88- 106003 If lender required mortgage insurance ns a condition of making the loan secured by this Security Instrument. Borrower shan pny Ihe premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates 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 Rolict: at the time of or prior 10 an inspection specifying reasonable cause for the inspeclion. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnation or other taking of any pari of the ProperlY, 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, the proceeds shall he 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 1he Propeny, unless Borrower and Lender otherwise agree in writing. the sums secured by this Security Ins1rument shall be reduced by the amount of the proceeds multiplied by the following fraclion: (a) the tolal amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Propeny immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower. or if, after notice by Lender 10 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 the notice is given, lender is authorized to 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 wri1ing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments. 10, Borrower Not Released.; Forbearance By Lender Not a Waiver, EXlension of the time for payment or modification of amonization of the sums secured by this Security Instrument grunted by Lender to any successor in interest of Borrower shall not operate to release the Jiability 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 amonization of the sums secured by Ihis Security Instrument by reason 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 or or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound.; Joint and Se,eral 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 provisions of paragraph 17. Borrower's covenonts 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, grant and convey that Borrower's interest in the Propeny 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 und any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without 1hat Borrower's consent. 12. Loan Charges. If1he loan 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 loan exceed the permitted limits. then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pennined limit; and (b) any sums already collected from Borrower which exceeded permined limits will be refunded 10 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. t3. Legislation Affecting Lender's Rights, If enactment or expiration of applicable Jaws has the effeCI of rendering any provision ofthe 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 Ihis Security Instrumenl and mny invoke any remedies permiued by paragraph 19. 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 Ihis Security Inslrument shall be givcn by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall bc direcled 10 the Property Address or any other oddress Borrower designates by notice 10 Lender. Any nolice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by nolice to Borrower. Any notice provided for in this Security Inslrument !<thull be deemed to hu\'c been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Propcrt)' is located. In the event that any provision or clause of this Security Instrumci1! or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrumen1 or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note arc declared to be severable. 16. Borrower's Copy, Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Barrowe., If all or any part of the ProperlY 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 wntlen consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security [nstrument. However. this option shaH not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleralion. 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 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 fun her 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 afany time prior to the earlier of: (a) 5 days (or such other period a.'i applicable law may specify for reinstatement) before sale of the Property pursuant to nny power of sale contained in Ihis Security Instrument; or (b) entry of a judgment enforcing this Security [nstrument. 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 any other covenants or agreements; (c) pays all ell.penses incurred in enforcing thi!<t Security Instrument. including, but nol limited to, reasonable attorneys' fees; and (d) lake!<t ..ueh act inn as Lender may reasonably require to assure that the lien of this Security Instrument. Lender'" nghls 10 tht: Prnpt:i"ty and Borrower'!>. obligation to pay the sums secured by Ihi!>. Security Instrument shall contmue undllmged l 'piln rcin..lalemenT hy Borrower, thi!; Security Instrument and the nbligBllon~ secured hcrehy ..hull remain fully efTcl,:II\'C liS If Ill) iln:c1cratlnn had occurred. Ho\\o'C'ver.lhis righl to rein..tale !<thall not apply In the 1.:L1"t.l1fucccll.rallllll under rilraf!rartl'. Illlr 1"7