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88- 106601 If Lender required mortgDge insurance B!t a condition of mllkmg the lonn sccun..-d by this Security Instrument, Borrower sholl pay the premiums rcquirclltu nlUinlnin the imurnncc in clfect unlil such time: as the requirement for the insurance Icnninntcs in Dccordance with Darrower's ond Lender's written I1grccmcnl or applicable law. 8. Inspection. Lender or its Dgcn! Oluy make rcosonoblc cnlnc,> upon tknd inspections or the PrClperlY. Lender sholl give: Borrower notice althe time of Dr prior 10 nn inspection specifying reasonable cause for the inspection. 9. Condemnotinn. The proceeds of nil)' ownrd or c10im for do mages, direct or consequential, in connection with nny condemnation Of other tnking of any pDTt of tlte Property, 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 ProperlY, the procecd~ shall be applied 10 the sums secured by this Security Instrument, whether or not then due, wilh any excess paid 10 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 the amount of the proceeds multiplied by H1C following fraction: (oj the tOlal amounl of the sums secured immediately beror~ 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 notice ily Lender to Borrower th"t the condemnor offers to make an nward or seule 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 10 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 nol extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change Ihe amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Waher. 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 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 right or remedy. It. Successors and Assigns Bound; Joint and Several Liability; Co.signers. The covenants and agreements of this Security Instrument shaH 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 execute the Note: (0) is co~signing this Security Inslrument only to mortgage. grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personaJly obligated to pay the sums secured by this Security Instrumept; and (c) agrees that Lender and any other 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 this 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 to be collected in connection with the loan eJl.ceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the penniued limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose 10 make this refund hy reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enaclment or expiration of applicable laws has the effect 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 pcrmitled by paragraph 19. [fLender 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 this 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 notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any olher address lender designates by nolice to Borrower. Any notice proVided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15, Goveminl!'; LaW; Severability. This Security Instrument shall be governed by redernllaw nnd the law of the jurisdi~ion in which the Propeny is located. In the event tha1 any provislon or clause of this Security Instrument or the NOle conflicts with applicable law, such conflict shall n01 affect other provisions of this Security Instrument or the Note whicb can be given effect without the conflicting provision, To this end the provisions of this Securit)' Instrument and the Note are declared 10 be severable. 16. Borrower's Copy. Borrower shall be gi\'cn one conformed copy oflhc Note and of this Security Instrument, 17. Transfer of tbe Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower lS sold or transferred and Borrower is not 11 natural person) V,;thOU1 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 oplion shall not he exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exerciscs 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 all sums secured by thi~ Security Instrument. If Borrower fails to pay these sums prior to the expiration of Ihis period, Lender may invoke any remedies penniued by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate, If Borrower meets certain conditions. Borrower shall have the righl to ha"c enforcc:mcn1 of this Security Ins1rument discontinued at any time prior to Ihe earlier of: (a) 5 days (or such other period as applicable law may specify for reinstntement) befor~ sale of the Property pursuant to any power of sale comained in Ihi!l Security Instrument: or (b) entry of a judgment enforcing this SI..'Curity Instrument. Those conditions are Ihat Borrower: .ial pays. Lender uU sums which then would be due under this Security Instrument and the Note hud no acceleration occurred: (b) cures. any defllul1 of any other covenants or agreement!'.: reI pay' all expense<. mcurrcd in enforcmg thl!<o Secunt~' In~trumenl. including, but nol hmited to, reasonable nl1orneys' fe~: ilnd (d) takes !<ouch action a... L~Tldcr may reasonably reqUire 1n ac,'ioure that the lien of this Security Instrument, Lender's ng.hts III the Prnpert)' and Bnrnn\'cr.... nbhgalmn 10 pay the ~um~ IoC'cured by this Securily Instrumenl ~hall cl"lnlmul' unchangl-d l'pl11l rt"1I1~tltlemcnt h~ Borrou.er. Ihl" Seeunt)' In\lrument and the ohhgnllom. !i.ccured herchy !thaI! n'mam ful1~ ctTn:llvr a.. jfnl' al~'I.lrralllln h.lll lx-rurr~ UO"'l:'\irr. Ihl\ nghl 10 rein..t8leshall nnl upply In the case nf .u:l'd{'rall~m IIndt., parilp.raph.. I" "I \-