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88- 106576 If Lender required mortgage insurnnce as u condition of making the loan secured by this Security ImlTument, Burrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's wriueD agreement or applicable Jaw. 8. Inspection. Lender or its agent may make reasonal:.le entries upon and inspections of the Preperty. Lender shall give Borrower notice allhe 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 Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid 10 Lender. In the e\'ent of a total taking of the Property, (he proceeds shall be applied [0 the sums secured by this Security Instrument, whether or not then due. with any excess paid to Borrower. In the evenl of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by (he amount of the proceeds multiplied by the follOWing [raction: (a) the total amount of the sums secured immediatdy before the taking. divided by (b) the fair market value of the Property immediately be[ore the taking. 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 a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender i aUlhorized 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 monthly payments referred to in paragraphs I and 1 or change the amount of such payments. 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 nol operale to release lhe liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any succesl'ior in interest or refuse to extend time for payment or otherwise modify amortization of Ihe sums secured by Ihis Securit). Instrument by reason of any demand made by Ihe 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. II, Successors and Assigns Bound; Joint and Several Liability; Co.signers. The covenants and agreements of this Security Instrument shall 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 Securit)o' Inslrumenl but does not execute the NOle: (a) is co.signing this Security Instrument only to mortgage. grant and convey thut Borrower's interesl in the Propeny under the terms of this Security Instrument; (b) is not personally obligated to pay Ihe sums secured by this Security Instrument; and (c) agrees lhat Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations wilh regard to lhe terms of this Security Instrument or the Nme without lhal Borrower's consent. 12, Loan Charges. If the loan secured by this Security Inslrument is subjecl to a law which sels maximum loan charges. and that law is finally interpreted so that lhe interest or olher loan charges collecled or 10 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 lhe charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing Ihe principal oam under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be Irented a5 a partial prepaymenl without any prepayment charge under the NOle. 13, Legislation Affecling Lender's Ri~ts. If enaclmenl or expiration of applicable laws has the effect of rendering any provision of the NOle or this Security Instrumenl unenforceable according 10 its tenns, Lender, at its option, may require immediate paymenl in full of all sums secured by thi\ Securily Instrument and may in\'oke an}' remedies permiucd by paragraph 19. If lender exercises this option, lender \hall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to BorrowCf provided for in thi~ Securit), Instrument shall be gi\len by deli\lcring il or by mailing it by firsl class mail unless applicable law require.1i use of another method. The nolice shalJ be directed to the Propeny Address or any other addrc"s Borrower designates by nOlice to Lender. Any notice to Lender shall be given by first class mail 10 Lender's address stated herein or any OTher addrC:!i!l Lender dC!lignates b~' notice to Borrower. Any nolice provided for in this Security Instrument shall be deemed 10 have been given 10 Borrower or Lender when given as provided in lhis paragraph. 15. Governing Law; SenrabilIty. This Security Instrument shall be gm'emed by federal law and lhe law of the jurisdiclion in which the Property is localed. In 1he event that any proviSion or clause of this St.'Curil)' Instrument or Ihe Note conflicts with applicable law, such confiiel shall n01 affecl other provisions of lhis Sccurily Instrument or the Note which can be given effect WilhoUl the conflicting provision. To this end the provisions of thi!. Security Inslrument and the Nole are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of lhe Note and of this Secunly Instrument. 17, Transfer or the Property or a Beneficial Interest in Borrower. If all or an)' pari of lhe Prop~rty or any intercsl in il is sold or transferred (or if a beneficial inlerest in Borrower is sold or tmnsferred and Borrower IS nol a mlluml person) wilhoul Lender's prior written consenl, Lender ma)'. al its option, require immediate payment in full of all sum!! secured by this Security Instrument. However, this option shall nor be exercised hy lender if exercis~ IS prohihiled by federal law 8S ofrhe date of this Security Instrument. If Lender exercises Ihis option. Lender shall give Borrower notice ofacce'eralion. The notice shall provide a period of not less than 30 days from the daH:: the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails 10 pay Ihese sums prior 10 the C'xpiralion of this penod. Lender may im'oke any remedies permilled by this Seeurily Inst,l.Imenl withoUl fun her notice nr demand on Burrower. 18. Borrower's Right to Reinstate. If Borrower meels cenain cnndillon!., Borruwer shall have Ihe right 10 have enforcemenr Oflhis Security Instrument discontinued at an)' time prior to the earlier nf (.a) 5 days (or such other perind as applicable law ma~' speclf)' for reinstolemcnl) before sale of the Prupen)' pursuanllo III1Y power nf sale contained in this Security Inslrumenl; or (b) entry of a judgmem enforcing lhis Secufll)' '""'rumenl. Thme conditiun!. arc Ihat Borro\\'l:r: (a) pays Lender nil c;ums which then would be due under this Securit)' Instrurnenl and the Nole had no Ilcceh:ration occurred; (b) cures an)' defau!l of an)' other cO\lenants or agreemenh; (c) pa)'s all ellpen!lt:'\ II1curred in ellfUrL"lIIg tlu!. Securil~l Instrument. Including, hUI not limited In, reasonable allumey..' fe~; and (d) lake't ..uch aclion ~!'I LC:llder nUl} reasonabl)' require to 3!i!\.ure thai the lien of this Security Instrumenl, Lender'!\ nghl" 111 Ihe I)roperty and nllrrO\\'l'r'.. obligation 10 pay Ihe ~urn~ ..ecured by thl'" Sccunty Instrurnc:nt ..hull L"tmt1l1Ue undlatlged tJPUIl rt'lIl..t:Ul'lI1t'lIl h~ Borro.....er. tlth So,.'unt)' In..trumc:nl and the nhllgallol1!. secured herehy ..hall r~mallJ full~ dTt'I.:tl\l' a.. If nIl a~'l't.It'I.III\111 Iwd occurred Uowl:\'er. thl!\. nghlto re1l1,tole ..hall nol apply III the ca..r tlf Oll'cdcTattnn urukr para,i:r:tph.. It \'1 I"