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88- 106092 _~.I.f Lender required m~ngage insurance as a condilion of making Ihe loan secured by this Security Inslrument, "sItaIl pay the premiums required to maintain the insurance in effecl until such lime as the requirement for the . . biat~in~nce with Borrower's and Lender's wrillen agreement or applicable law. " ," . r or its agent may make reasonable entries upon and inspections of Ihe Propeny. Lender sball give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. !I. Condemnatlnn. The proceeds of any award or claim for damages, direct or consequential, in connection wilh any condemnation or olher laking of any pan of the ProperlY, or for conveyance in lieu of condemnalion, are bereby assigned and shall be paid to Lender. In tbe evenl of a 10lal taking of the Propeny. tbe proceeds sball be applied to tbe sums secured by this SecurilY Instrument, whetber or not tben duc, with any excess paid to Borrower. In the evenl of a partial taking of tbe 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: (a) the total amounl 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 Propeny 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 Ihe proceeds, at its option, either 10 restoralion or repair of the Property or to Ihe sums secured by this Security Instrumenl, whether or nottben 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 montbly payments referred 10 in paragraphs land 2 or change Ihe amount of such paymenlS. 10. Borrower Not Rel-.cl; Forbaruce By Lender Not a Waiver. Extension of Ibe time for payment or modificalion of amor.;zation of the sunlS secured by Ibis Securily Inslrument granled by Lender 10 any successor in interesl of Borrower shall not operale to release the liability of the original Borrower or Borrower's successors in inleresl. Lender shall not be required to commence proceedings against any successor in inleresl or refuse 10 extend time for payment or olberwise modify amortization of lhe sums secured by this Security Inslrument by reason of any demand made by the original Borrower or Borrower's successors in inleresl. Any forbearance by Lender in e.ercising any right or remedy shall not be a waiver afar preclude the exercise of any righl or remedy. 11. 5ucees1On and AuiIlD8 Bond; Joint and Several LiabiUty; Co-signen. The covenanlS and agreemenlS of Ibis Security Instrumenl shall bind and benefilthe successors and assigns of Lender and Borrower. subjecl to the provisions of paragraph 17. Borrower's covenants and agreements shall bejoint and several. Any Borrower who co-signs Ihis Security Instrument bUI docs nol execule the NOle: (a) is co-signing this Securily Inslrument only 10 mongage, granl and convey lhal Borrower's inleresl in Ihe Property under Ihelcrms of this Security Instrumenl; (b) is not personally obligaled to pay Ibe sums secured by this SecurilY Instrumenl; and (c) agrees thaI Lender and any other Borrower may agree 10 extend, modify, forbear or make any accommodations wilh regard to the tenns of Ibis Security Instrument or the Note without that Borrower's consent. U. Loan Cbaraa. If Ihe loan secured by Ihis Security Instrumenl is subject to a law whicb selS maximum loan charges, and that law is finally interpreted so that the interest or olher loan charges collecled or to be collected in connection with the loan exceed the pennilled limits, then: (a) any such loan charge shall be reduced by the amounl necessary to reduce the charge to the pcnnitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may cboose to make this refund by reducing Ihe principal owed under the NOle or by making a direct payment 10 BOrrower. Ifa refund reduces principal, the reduction will be Irealed as a partia1 prepaymenl withoul any prepaymenl charge under the Note. 13. LegIslation Meeting Lender'. Rlllhb. If enactment or e.piralion of applicab]e laws has tbe elfecl of rendering any provision of the Note or this Security Inslrument unenforceable according to ils tenns, Lender, al ils oplion, may require immediate payment in full of aI] sums secured by this Securily Instrumenl and may invoke any remedies permilted by paragrapb 19. If Lender exercises tbis option, Lender shall take the sleps specified in thc second paragrapb of paragrapb 17. 14. Notices. Any notice 10 Borrower provided for in Ihis Security Instrumenl sball be given by delivering it or by mailing it by first class mail unless applicab]e law requires use of another metbod. The nOlice shall be directed 10 Ihe Properly Address or any other address Borrower designales by notice 10 Lender. Any nOlice 10 Lender shall be given by first class mail to Lender's address staled herein or any olber address Lender designales by notice to Borrower. Any nOlice provided for in this Security Instrument shall be deemed 10 have been given to Borrower or Lender when given as provided in this paragraph. 15. GovcmlDg Law; SeveralJlllty. This Security Instrument shall be governed by federal law and the law of Ihe jurisdiction in wbich tbe Property is ]ocaled. In Ihe evenl thaI any provision or clause of this Securily Instrumenl or Ihe NOle confticts with applicable law, sucb conllict sball not affect other provisions of Ihis Security Instrumenl or the Note which can be given elfect without tbe conllicting provision. To Ihis end the provisions of Ihis Security Inslrument and Ihe Note are declared to be severab]e. 16. Borrower'a Copy. Borrower sball be given one confonned copy of the Nole and of Ihis SecurilY Instrumenl. 17. Tnusr... of the Property or a Beneficlallnlerest in Borrower. If all or any part of the Property 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 consen~ Lender may, at its option. require immediate payment in full of all sums secured by this Securily Instrumenl. However, this option shall nol be exercised by Lender if e.ercise is prohibited by fedcrallaw as of the date oflhis Security Instrument. If Lender Cltereises Ibis option, Lender sball give Borrower notice of acceleration. The nOlice sball provide a period of nol Jess lhan 30 days from Ihe date the notice is delivered or mailed within which Borrower must pay all.ums secured by this Security Instrument. If Borrower fails to pay these sums prior to tbe Cltpiralion of this period, Lender may invoke any remedies pcnnilted by Ibis Security Instrumenl wilhoUI further notice or demand on Borrower. lB. Borrow..'s Rlpt to Reinstate. If Borrower meets cenain conditinns, Borrower shall bave the right 10 have enforcement of this Security Instrument discontinued at any lime prior 10 Ihe carlier of: (a) 5 days (or such otber period as applicable law may specify for reinstalement) before sale of the Property pursuanl to any power of sale conlained in Ihis Security Instrumenl; or (b) entl}' of a judgment enforcing this Security Instrument. Those conditions are tbal Borrower: (a) pays Lender all sums which then would be due under this Security Inslrumenl and Ihe Note had no aeecleration occurred; (b) cures any default of any olher covenanls or agreemenlS; (c) pays all expenses incurred in enforcing this Security Imtrument.. including. bur not limited to. reasonable attorneys' fees; and (d) takes such action 8S Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the ProperlY and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower. this Security Im~trumcnl and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, thili right to mnstate shan not apply in the case of acceleration under paragraph!. 13 or t 7