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88-106330 If Lender required mortgage insurance as a condition of making the loan secured by Ihis Security Instrument, Borrower shaH 'pay the premiums required to maintain the insurance in effect until such time os 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 nOlice atlhelime of or prior 10 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 iaking of the Property. the proceeds shall be applied to the 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 the Property, unless Borrower and Lender mherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraclion: (a) the total amount of the sums secured immedialely before the taking, divided by (b) the fair market value of the Property immedialely before the taking: Any balance shall be paid to Borrow~r. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor olfers 10 make an award or seule a claim for damages, Borrower fails 10 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 writing, any application of proceeds to principal shall not extend or postponelhe due date of the monthly payments referred to in paragraphs I and 2 or change the amounl of such payments. to. Borrower Not Released; Forbearance By Lender Not a Wai.er. 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 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 righl or remedy. 11. Successors and Assigns Bound; Joint and Se.eral Liability; C"..signers. The covenants and agreements of this SecurilY InstrumenLshall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall bejoint and several. Any Borrower who co-signs this Security Instrument but does not execule Ihe Note: (a) is co-signing this Security Instrument only 10 mortgage, granl and convey thaI Borrower's interest in the Property under lhelerms oflhis Security Instrument; (b) is not personally obligated to pay the sums secured by this Securily Instrument; and (c) agrees thaI Lender and any other Borrower may agree 10 extend, modify, forbear or make any accommodations with regard to the tenns of this Security Instrument or the Note 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 thaI law is finally interpreled so thaI the interesl or other loan charges collecled 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 permitted limit; and (b) any sums already collecled from Borrower which exceeded permilled Iimils will be refunded 10 Borrower. Lender may choose to make this refund by reducing the principal owed under Ihe Note or by making a direct payment to Borrower. If a refund reduces principal, the reduclion will be treated as a panial prepayment without any prepayment charge under the Noie. 13. Legislatlon AlfectlnR Lender'. RiRhts. If enactment or expiration of applicable laws has the elfect 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 this Security Instrument and may invoke any remedies permitted 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 Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The nOlice shall be directed to the Property Address or any other address Borrower designates by nOlice to Lender. Any notice to Lender ~hall 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 shalJ be deemed to have been given to Borrower or Lender when given as provided in this paragraph. t5. GooeminR Law; Se.erability. This Security Instrument shall be governed by federal law and the law of Ihe 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 not affect 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 Note are declared to be sevc:rable. 16. Borrower's Copy. Borrower shall be given one conformed copy oflhe Note: and of this Security Instrumenl. 17. Transfer of the Property or a Benellemllnterest in Borro"er. 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 consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shaH not be exercised by Lender if exercise is prohibited by federal law as oflhe date of this Securily InstrumenL 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 date the notice is delivered or mailed within which Borrower must pay all5ums secured by this Security Instrument. JfBorrower 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. 1!J. Borrower's Righi to Reinstate. If Borrower meets certain conditions. Borrower shall have the right to have enforcement orlhis Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Prooc:r1y pursuant to any power ofsolc contained in this Security Instrument; or (b) entry of 8 judgment enforcing this Security Instrument. Those conditions are that Borrower: .(a) pays Lmder all sums which then would be due under this Security Instrument and [he Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this SccurilY Ins1rument, inclUding. but nol limited to, reasonable anorneys' fees: and (d) lake!!. !tuch action as Lender may rcuonably require to assure tbat the lien of Ibis Security Instrument, Lender'~ rights In the l)roper1}' and Borrower's obligation to pay Ihe 5ums secured by this. Sccurity Instrumenl !Ihall continue unchanged Upon rCIJ1Malcmcnt hy BorrOYt'er. thi\ Security Instrumcnl and the obligations srcured hereby ~hall n:mnln fully dfCCll\'c u'\ If IIn IKI.'dcnlllOI1 had occurred. liowc\'cr. Ihis righlto rcin!olatc shull nol apply in the case Oracl:e1cratlon undeT pltfll~raph, t \ elT I"