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88- 10e231 If Lender required mortgage insurance as n condition of making the lonn 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 terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable enlries upon and inspections 01 the Property, Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condem~ation. 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 01 a total taking 01 the Property. lhe proceeds shall be applied to the sums secured by this Security Instrumenl, whether or nOlthen due, wilh any excess paid to Borrower, In the event of a partial laking of the Property, unless Borrower and Lender otherwise agree in wriling, Ihe sums secured by this Security InSlrument shall be reduced by the amounl ollhe proceeds mulliplied by the lollowing Iraclion: (a) the total amount 01 the sums secured immediately bel ore the laking, divided by (b) the lair market value 01 the Property immediately belore the laking. Any balance shall be paid to Borrower. IIlhe Property is abandoned by Borrower, or il. alter 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 afier 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 writing, any application of proceeds to principal shall not extend or poslponelhe due date 01 the monthly paymenls reI erred to in paragraphs I and 2 or change the amount 01 such payments, 10, Borrower Not Released; Forbearance By Lender Not a Waiver. Exlension of the time lor payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest 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 to 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 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; Joln1 and Several Liability; Co,signers. The covenants and agreements 01 this Securily Instrument shall bind and benefit the successors and assigns olJ,.ender and Borrower, subject to the provisions olparagraph 17. Borrower's covenants and agreements shall bejoint and several, Any Borrower who co-signs this Security Instrument but does nO! e.ecute lhe Note: (a) is co-signing lhis Security Instrument only to mortgage. granl and convey thai Borrower's interesl in the Property under the terms 01 this Security Inslrument; (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 Note without that Borrower's consent. 12. Loan Charges. II the 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 loon charges collected or to be collected in connection with the loon e.ceed the permiued limits, lhen: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permilled limit; and (b) any sums already collected Irom Borrower which exceeded permilled limits will be relunded to Borrower. Lender may choose to make this relund by reducing the principal owed under Ihe Note or by making a direct payment to Borrower. II a relund reduces principal, the reduction will be lreated as a parlial prepaymenl without any prepaymenl charge under the Note. 13. LegIslation Affecting Lender'. Righi.. If enaclmenl or expiration 01 applicable laws bas the effect 01 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 Instrumenl and may invoke any remedies permilled by paragraph 19. II Lender e.ercises this option. Lender shall take the steps specified in the second paragraph 01 paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use 01 anolher method. The notice shall be directed to the PrOperly Address or any other address Borrower designates by notice to Lender, Any notice 10 Lender shan be given by first class mail to Lender's address Slated herein or any other address Lender designates by notice to Borrower. Any notice provided lor in this Security Instrument shall be deemed to have bccn given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shan be governed by federal law and the law 01 the ju.isdiction in which the Property is located. In the event that any provision or clause of this Security Instrumenl or the Note conflicts with applicable law, such conflict shall not aWect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the NOle are declared to be severable. 16. Borrower's Copy. 8o:Tower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of tbe Property or a Beneficiallnlerest In Borrower, 11 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 consent, Lender may. at its option. require immediate payment in full crall sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by lederallaw as oflbe date olthis Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period olnol less lhan 30 days Irom the dale the notice is delivered or mailed wilhin which Borrower must pay all sums secured by this Security Instrumenl. 11 Borrower fails to pay these sums prior to the e.piration of this period, Lender may invoke any remedies permitted by Ihis Security Instrument without further noLice or demand on Borrower. 18. Borrower's Right to Reinstate, If Borrower mccts certain conditions, Borrower shall have the right to have enforcement arthis Securi'ly Instrument discontinued at any time prior to the earlier of: (0) 5 days (or such other period as applicable law may specily lor reinstatement) before sale of the Property pursuant to any power 01 sale contained in this Security Instrument; or~) entry of ajudgmenl enforcing this Security Instrument, Those conditions arc 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 covcnants or agrcementsj ec) pays all expenses incurred in enforcing this Securily Instrument. including, but not limited to, reas-anable attorneys' fees; and (d) takes such aclion as lender may reasonably require to assure Ihat the lien of this Security Instrument. Lender's rights in the Property and Borrower's obligation 10 pay the sums secured by this Security Instrument shall continuc unchang~d. Upon reinSlatement by Borrower, this Security Instrument Bnd the obligations Se(:ured hereby shall remain fully effective as ifoo acceleration had occurred. However. Ihi!!> righllo reinstate shall not apply in the case of accel~ralion under parngraphs I J or 17 J ,'. ('I' t. i' ~