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88- 106572 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in elT.::ct until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable Inw. 8. Inspection. Lender or its agent may nUlke. reasonable entries upon and inspections of the Prcperty. Lender shall give Borrower nOlice III the time of or prior to an in~p~ction 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 pa.n 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 tnking of the Propeny. 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 Propeny, unless Borrower and lender otherwise agree in writing, the sums secured by this Security Instrument shan be reduced by the amount of the proceeds multiplied by the fonawing fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the PropenJ.' immediately before the taking. Any balance: shall be paid to Borrower. If the Propeny is abandoned by Borrower, or if, after notice by lender to Borrower that the condemnor offers to make an award or st:ltle 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 secur\. d by this Security J~strumen1. whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shan 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 Released; Forbearance By Lender Not a Wahrer. Extension of the time for payment or modification of amonization of the sums secured by tbis Security Ins1rument 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 interesL Lender shall nOl be required to commence proceedings agains1 any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums securro by thlS Security Instrument by reason orany 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 eO\/enants and agreements of this Security Instrument shall bind and benefit the successors and aMiigns QfLender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agrecmems shall be joint and several. Any Borrower who CD-signs this Securit)o. Instrument but does not execute the Nole: (a) is co-signing this Security Instrument only to mortgage. grant and COT1\'ey that Borrower's interest in the Property under the terms of this Security Instrument: (b) is not personally obligated to pay the sums secured by this Security Instrument: and (c) agre!!S that lender and any olher 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. If the loan secured by Ihis Security Instrument is subject to a law which sets maximum loan charges. and that law is finally interpreted so that the interest or other loan charges collected or 10 be collected in connection with the loan exceed the pc:nnitted limits. then: (a) any such Joan charge shaH be reduced by rhe amount necessary to reduce the charge ro the permil1ed limit: and (b) anJ.' sums already collcc(ed from Borrower which exceeded permitted limits will be refunded (0 Borrower. lender may choose to make this refund bJ.' reducing the principal 0\\'00 under the Note or by making a direct payment to Borrower, If a refund reduces principal. the reduction will be treated as n partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of app1icable la\\"'S has the effect of rendering any provision of the: Note or this Secur-t)' Instrument unenforceable according 10 it~ terms. Lender. at il!. option. may require immediate payment in full of all sums secured by this Securily Instrument and may invoke any remedies permil1ed by paragraph 19. If Lender oercise5 this option, Lender shall take Ihe steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in this SecunlY Instrument !.hall be: p:i\'en by delivering il or by mailin~ it by first class mail unless applicable In\\' requires use of another method. The notice ~hall be: directed to (he Property Addres!. or Ilny other address Borrower designates by notice to lender. An)' notice 10 lender shall be: gi\'en by fint class mail to Lender"s address Maled herein or any other address lender designateprovided for in this Security Instrument shall be deemed to ha\'e been gi\'cn 10 Borrower or lender when given as provided in this paragraph. 15. Gonrning Law; Severability. This Security Ins1rumenl shall be governed by federal law and the laow of the jurisdiction in which the Property is located. In the e\'ent that any prO\'ision or clause of Ihi!. Security Instrumenl or the Note conflicts with applicable lawl such contliel !ahal1 n01 affect other provis.ions of this Security Instrument or the NOle which can be given effecl withoUl the conflicting provision, To this end the prm'ision\ of this Securit)' Instrument and the Note Ilr!: declared 10 be severable:. 16. Borrower's Copy. Borrower shall be gi\'c:n one confonned copy of the Nole and oflhis Securily Instrument. 17. Transrer of the Property or a Beneficial Interest in Borrower. If nil or any rIm of the Ilropen)' or an)' interest in it is sold or transferred (or if a beneficial interest in Borrower is !.old or Iran!.ferrcd nnd Borrower is not a natural person) without Lender's prior written consent. Lender may. at its oplion. require: Immcdiate payment in full of all sums secured by this Securit)' Instrument. However, this option shall nol be exercised hy lender if ekcrcise i!'o prohibited by fc:dcrallllw as of the date orthis Securit)' Instrument. lflender eJlercises this option. lender shall give Borrower norice of accclerntinn. The norice shall provide a period of not less than 30 days from the date the nolice is delivered or mailed withm which Borrower must pay 1111 sums secured by this Security Instrument. If Borrower fails 10 pay these sums prior to the: expiration oftlm period. lender ma)' invoke Ilny remedies permitted by this Security Instrument without further notice or demand on Horrower. 18. Borrower's Right to Reinstate. If Borrower meet.s cenain condition!., Borrower shnll have Ihe right to have enforcement of this SecurilY Instrument discontinued Ilt any 1ime prior to Ihe carlier nf: (a) 5 dB)'!. Cor !'ouch other period as applicable: law may specify for reinstlllemenl) before sale of the Propen)' pursullnl to nny power of sale con tamed in this Security Inslrument: or (b) entry of a judgmc:nt enforcing this Securit)' Instrument, Tho..e conditions ure thai Bnrrower: (a) pa~ lender all sums which then would be due under this SecurilY Instrument and Ihe Note hud no acceleral10n occurred; (b) cure~ any default of any other co\,enants or Ilgreemenls: (c) pU)'!oI all CkpeO!ole.. Incurred 10 enforcing this Sc:curily Instrument, lOc1uding. bUI not limited to. reasonable Illlornc~'!<t' fees; and (dltuke!<t ...uch act inn as Lender may reasonably requITe tn assure thlll the lien of this Securit)' Inslrumen!. Lender.... n~ht!. 10 the Property and Borrnwer', obllptlon 10 puy Ihe !oIums secured by this Security Inslrument ...hull conllOue unchan~ed Uplln rClmlutl'mcnl by Uorrower, Ihl!ol Secunt) Instrument nnd the obligatIOns ..ecured hereby ..h:lll remain fully dTeclIH"II" .fnll :Icce!eralhltl had occurred. Howe\'!'r, rhl" ng.hl to reim.lote ..hall nol apply m the ell..e ofaccelentlllltl under puru!!TIIph.. I ~ III 1'1