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88- 106517 If Lender required mortgage insurance 115 a condition of making the loan secured by Ihis Security Instrument. Borrower shall pay the premiums required to mainlnin the insunmce in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable Jaw. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at 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 part of the Froperty, 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 shell be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event ofa partial tnk.ing orthe 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 secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if. after nolice by Lender to Borrower that the condemnor offer:s to malee 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 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 ofthc: monthly payments referred to in paragraphs I and 2 or change the amount of such payments. 10. Borrower Nol Released; Forbearance By Lender Nol a ""siver. 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 ariginal Borrower or Borrower's succc:sso~ in interest. Lender shall nol be required to commence proceedings against any successor in interest or refmc 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 aDd Assigns Bound; Joint and Several Liability; Co-signers. The co\,enants and agreements of this Security Instrument shall bind and benefit the successo~ and assigns of Lender and Borrower, subject to the prmisions of paragraph 17. Borrower's covenants and agreements shall be joint and' several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is CD-signing this Security Instrument only to mongage. grant and convey that Borrower's interesl in the Property under the terms of this Security Instrument; (b) is not persona])y obligated to pay the sums secured by Ihis Security Instrument; and (c) agrees thai Lender and any other Borro,,'er may agree to extcod, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note 1iIoithout that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets max.imum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be coJ]ectc:d in connection with the Joan exceed the pennitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pennitted Iimil; and (b) any sums already collected from Borrower which C'xceeded permitted limits will be refunded to Borrower. Lender may choose to make Ihis refund b!o' reducing the principal owed under the Note or by making a direct payment to Borrower, If II refund reduces principal, the reduclion \10;11 be: tTC:3ted ~ a panial prepayment without any prepayment charge under the Note. 13. Legislation Affccring Lender's Rights.. If enaclment or expIration of applicable la1ilo"S has the effect of rendering any provision of the Note or this Security Instrument unenforceable according 10 it5 term~ Lender. at its option, may require immediate payment in full of all sums secured by Ihi~ Sccunt)' Instrument and may in\loke aD!o' remedies permitted by paragraph 19. [fLender exercises this option, Lender shan take the steps specified in the !>econd paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in this Securily Instrumenl !thall be given by deh,,'r-nng It or by mailing it by first class mail unless applicable law requiro use of another method. The notic~ !than be dHl:cted to the Property Address or any other address Borrower designates by notice: to Lender. An)' notice to Lender ~haI1 be given by first class mail to Lender's address stated herein or any other address Lender dcsignato by notice to Borrower. Any notice provided for in this Security Instrument shall be: deemed to have been given to Borrower or lender when gi"'co a!I. prm;ded in this paragraph. IS. Go,ernIng Law; Senrability, This Seeunt)' Instrument shall be governed by federal law and the law of Ihe jurisdiction in which the Propeny is located. In the e\'ent that any provision or c1au!.e of thi!> Security Instrument or (he Note conflicts with applicable law, such conflict shall not llffecl other provi!<ttons of thl!. Seeurily Instrument Dr the Note which can be given effect without the conflicting provision. To thiS end the provI!tlom of lhi!t Secunl)' Instrument and the NoLe are declared to be: severable. 16. Borrower's Copy.. Borrower shall be given one conformed copy of the Note and of thl!oo Sc:c:unl)' Inslrument. 17. Transfer of the Property or B Beneficlallnleresl In Borrower. If all or anl part of the Property or an)' interesl in it is sold or transferred (or if a beneficial interest in Borrower is !.old or transferred und Borrower 1'" nol a nalural person) withoU1 Lender's prior wrillen consent, Lender may. at ils option, require immed18te payment In full of all sum!. secured by this Security Inslrument. However. thi!t opllo" !!.hall nol be exerci!<oed b)' Lender If C'xcrcl!te is prohihned by federal Jaw as orthe date of this Securi1y Instrument. If Lender exercises this option, Lender shall give Borrower notice of accelerutlOn. The nut Ice !<ohall prm'ide a penud of no I less than 30 days from the date the notice IS delivered or mailed within which Borrower must puy all...um!. !<ot:Cured h~' this Security Instrument. If Borrower fnils to pay these sum!!. pnor to the expIratIOn of Ihl!oo penod. Lender may in1Juke any remedies pennitted by Ihis Secunty Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meeb certam condition!!., Borrower !oolmll huve Ihe nght to havc enforcement of this Security Instrument discontinued al any' time prior to the carher of: (a) 5 day!. for such other penod Ll!t applicable law may !t.p:cify for reinstalementJ before saIl: of thl: Property pursuam to un)' power of ule L:llnlamcd in thi", SecurilY Instrument; or (b) entry of a Judgment enforcing thi", Security In!otrumenl Th{l",e condltiom. are lhat Borrower' (0) pays L-..nder aU sum" which then would be due under Ihl5 Security Instrument and Ihe Note had no acceleration occurred; (b) curo any default of any other covenant!oo or agreement!.; (c) pay~ all e:\pc""e!oo IIIcurred In enforCing thl!oo Secunt)' Instrumenl. mcluding. but nOl hmited 10, rensonuble attorneys' feo; and ld) tllh... ..uch acllon a!<. Lender ma) rew.onably requITe to Il!t!ture thai the hen of Ihl!!. Security In!otrument, Lender'.. nghl~ m the Prilpert~ and Horro\l.c:r'.. obhgollOn 10 pa)' the !tum!o !occured by thl~ Secunty In!olrUmenl ..hall l:Oll1lDut: unchl1n!tcd L'pilll rCIIl..talcmelll h) Borrower. lhl!. Sec:unl)' In!olrumenl and Ihe IlbhgatliJfI:o I.oe.ured hereb) ..hall remain full) cIT["L'lr~'l" a.. If 1111 lIl'o.:clnatlllll had nccurred Hm\i('l'er.lhl!o nghtto remslBI[,,!o.hall nOll1pply 1JJ the (u..ellfiH:cdcratlllTl undcl pltritl!Taph.. I' 'II 1"7