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88-106285 If L~ndC'r required mOrlgnge insurance 115 II condition of making the loan secured by this Sc<;urity Instrument, Borrower shnll pny Ihe premiums required \0 muinlnin lhe insurnnce in effect until such time ns the requirement for Ihe insurance terminates in accordance with Borrower's and Lender's written agreement or [Ipplicablc law. 8. Inspection. lender or ils ngent mny make rea5Qnnble enlries upon nnd inspeclions of the Property. lender shall give Borrower notice at the lime of or prior to nn inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or cloim for damages, direct or consequential, in connection with any condemnation or other taking of nny pari 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. the proceeds shall be applied to the sums secured by this Security Instrument, whecheT or noc chen 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 chis Securicy Instrument shall be reduced by the amount of the proceeds multiplied by Ihe following fraction: (al Ihe total nmount of Ihe sums secured immedintely before the tnking, dividcd by (bl the fair mnrket vnlue of the Properly immedintcly before the tnking: 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 n claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is giv~n. 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 postpone the due date of the monlhly payments referred to in paragraphs I and 2 or change Ihe amount of such pnyments. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for 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 re;:quired 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; Joint and Several Liability; Co-signers. The covenants nnd ngreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph J 7. Borrower's covenants and agreements shalJ be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms or this Security Instrument; (b) is not personalJy obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to exte!1d, 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. If the Joan secured by this Security Instrument is subject to a Jaw which sets maximum lonn charges. and that Jaw is finalJy interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits. Ihen: (a) any such lonn chnrge shull be reduced by the nmount necessary 10 reduce Ihe charge to the permitted limit; nnd (b) any sums alrendy collecled from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the NOle or by making n direct payment to Borrower. If a refund reduces principal, the reduction will be treated as n partinl prepaymcnt without nny prepayment charge under the Note. 13. Legislation Affectlng Lender's Rights. If ennctment or expirntion of applicable Inws hns the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms. Lender, at its option. muy require immedinte pnyment in full of all sums secured by this Securily Inslrument and may invoke nny remedies permined by paragraph 19. If Lender exercises this option, lender shnll tnke the sleps specified in Ihe second parugraph of pnragruph 17. 14. Notil:es. 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 applicabJe law requires use of another method. The notice shall be directed to the Propeny Address or nny other nddress Borrower designates by nolice 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 nOlice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this pnragraph. 15. Goyemlng La.., Severability. This Security Instrument shall be governed by federal law and Ihe Inw of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the NOle confticts with npplicnble Inw, such conftict shall not nffecl other provisions of this Security Instrumenl or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note ore declared to be severable. 16. Borrower's Copy. :lorrower shall be given one conformed copy or the Note and of this Security Instrument. 17. T~ftlfer of the Property or a Benefl~ial Interest in Borrower. If all or any part of the Property or any interest in it is sold or lrtmsf~rred (or if 0 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 of all sums secured by this Security Instrument. However. this option shalJ not be exercised by Lender if exercise is prohibited by federal law as oflhe date of this Security Instrument. If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the dale the notice is deHvered 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 invoko: any remedies permitled by this Security Instrument without further notice or demand on Borrowcr. 18. Borrower'. Rlaht 10 Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement afthis Security Instrument discontinued at any time prior to tht: ('arlier of: (a) 5 days (ar such other period us applicable law may specify for rcinstatemenl) berore sale of the Property pursuant to any power of sale conlained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditinns arc thai Borrower: .en) pays lender aU sums which then would be due under this Security Inslrument and the Note had no acceleration Ol;C'urrcd; (b) cures any default of any other covenants or agreements; (c) pays all expenses. incurred in enforcing this Security Instrument. including. but not limited to. reasonable attorneys' fees: and (d) lakes such action as I.ender mllY reasonably require to assure that the lien of this Security Instrument, Lender's righls in the Property Ilnd Uorro.....er.... obligation 10 pay Ihe sums ~ured by this Security Instrument shall conlmue unchanged. Upon rci"..llllemeltl hy Borrower. Ihl" Security Instrument and the ohligations secured hereby shall remain fully etlrcll\'C 11~ if IhlllC""t'Il'tlltllln had occurred. lInwever. thiS nght to reinstate shall nol apply In the case nfaccdcralltln under rarn~rlIph.. 11111 I" d'.