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88- 106461 If .Lender required mortpac: insurance as a condition of maleing the Joan secured by this Security Instrumen4 Borrower shall pay the premiums required to maintain the insurance in ctl'cct until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8,; lupedfon. Lender or its agent may make rea50llDblc eDuies upon and inspections of the Property. Lender shoJI give Borrower notice al the time of or prior to 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 pan of the Property, or for conveyance in lieu of condemnation, are hereby ossigned and shaIJ 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 Instnunent. whether or f.ot then due. with any excess paid to Borrower. ]n the event of B partial taking of the 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 amount of the sums !lfCured immediately before the talcing. divided by (b) the fair market value oftbe Property immediately before the taking. Any balanee shall be paid to Borrower. If the Property is abandoned by Borrower, or if, &fter notice by Lender to Iiorrower that the condemnor offers to make an award or settle 8 claim for damages. Borrower fails to respond to Lender with.n 30 days after the date the notice is giver, Lender is ::!utboriz.ed to collect and apply the proceeds. at its option. either to restomtion or repair of the Propeny 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 shaD 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 Releued; Forbearance By Leader Not. Waiver. Extension of the time for payment or modification of amonization 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 oflhe sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrowers 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. SucaIIOrI ODd Aulgna Bouad; Joint and s...ra1 Liability; Co-slgn.n. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns.ofLender and Borrower, subject to the provisions of paragrapb 17. Borrower's covenants and agreements shall be joint and ,",vera!. Any Borrower who co-signs this Security Instrument but does not execute the Note: (8) is co--signing this Securiry Instrument only to mongagc, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personaDyobligated 10 pay the sums secured by this Security Instrument; and (e) agrees that Lender and any other Borrower may agree to 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. I.IIu CIwlleL If the loan secured by tbis Security Instrument is subject to a law whieh 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 permitted limit; and (b) any sums already collected from Borrower wbieh exeeeded permitted limits will be refunded to Borrow.er. Lender may choose to make this r.o:fund by reducing the principal awed under the Not!: or by making a direct payment to Borrower. If a refund reduces principal. the reduction will be treated as a partial prepayment withnut any prepayment charge under the Note. 13. .LqIaI&lIoa Alfectlnl ....nder.. RJPII. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its tenos, Lender, at its option. may require immediate payment in full of all sums secured by this Security Instrumenl 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. Notit:t:l. 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 of flnother method. The notice sball be directed to the Property Address or ony other address Borrower designates by noliee 10 Lender. Any notiee to Lender sh.1l be given by first class mail to Lender's addreu stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shan be deemed to have been given to Borrower or Lender when given as provided in this paragraph. . 15. Go..mInl LaW; S...rablllty. This Security Instrument shall be governed hy federal law and the law of the jurisdiction in which the Propcny is located. In the event that any pro\'ision or clause of this Security Instrument or the Note confticts with applicable law. such conflict shall not affect other provisions of this Security Instrument or the Note which can be given cft'ect without the conflicting provision. To this end the provisions of this Security Instrument and the No.e are d<elared to be severable. lfii. Borrower'. Cop". Borrower shall be gillen one conformed copy of the Note Bnd of this Security Instrument. 17. Tranof.r or the Properly or . Bea.lidalloterat In Borrower. If all or any part of tbe Property or .ny interest in it is sold or transferred (or if a beneficia) 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 fun of all sums secured by tbis Security Instrument. However. this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. tr Lender exercises this option, Lender shall give Borrower notice of acceleration. The nolice shaH provide a period of klot less than 30 days from the date the notice is delivered or mailed within which Borrower must pay aU :'iiums 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 funher notice or demand on Borrower. 11. Borrower', Rlpt to Rel.utate. If Borrower meets certain conditions. Borrower shall have the right to have enforcement oftbis Security Instrument discontinued at Iny time prior to the earlier of: (a) S days (or such other period as appJicable law may specify for reim.tatement) before sale of the Propeny pursuant 10 any power of Slle contained in this Sc:curity Imtrumenl; or (b) entry of a judlmenl enforcing this Security Instrument. Thme conditions arc thai Borrower: (I) pIIys Lender all luml which then would be due under this SeeurilY Instrument and the NOle had no &cccleration occurred; (b) cures Ilny default of any other covenants or agreements: Cc) pays .11 expenses incurred in enforcing thi5 Security Instrument, including. but not limited to. reasonable anorneys' fee: and Cd) takes such aclion as Lender may reasonably require to assure that the lien of this Security Instrument. Lender's nRhts in Ihe Propeny and Borrower's obliption to pay the sums secured by this Security Instrument shan continue unchanged. Upon remstalemenl by Borrower. this Securily Instrument and the obligations secured hereby shalJ remam fully effective as If no acceleral10n had occurred. However. this n&hlto reinstate shan not apply in the caLC! of accelera1ion under paragraphs 1 J or 17