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88- 10661'5 It under required mortgage insurnnce'DS D condition of makillg the loon secured by this Security Imnrumcnl, norrower shall pay the premiums required 10 maintain the insurance in effect until such time 85 the requirement for the insurance terminntr.s in accordance with Borrow":r's and Lender's wrilten agreement or applicable law. 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 or any award or claim for damages, direct or consequential, in connection with any condemnation or olher Inking of Dny pari of the ProperlY, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender, In the event of n Iota) laking of Ill: Property. the: proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any execs'i paid [0 Borrower. In the event ofa partiol,tnking of the Property. unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument sholl be reduced by the amount of the proceeds multiplied by thl: following fraction: (0) the total amount of the sums secured immediately before the taking. divided by (b) the fair market value of the Property immediately before Ihe taking. Any balance shall be paid to Borrower. Ir the Pro~rty is abandoned by Borrower, or if. after notice by Lender 10 Borrower that the condemnor offers to make an awurd or scUle a claim for damages. Borrower fails to respond [0 Lender within 30 days after the date the notice is given, Lender is authorized to collect Bnd 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 ofprocecds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount or such payments. 10. Borrower Not Released; Forbearance By Lender Not 8 Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by tender 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 inlerest 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 succes..ors 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 Boundi Joint and Sevel'8l 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 Security Instrument but does not execute the Nole: (a) is co-signing this Security Instrument only to mongage. grant and convey that Borrower's interest in the Property under the terms of this Security Instrument: (b) is not personally obligated to pay [he sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations wirh regard to the tenns of Ihis Security Instrumcnt 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 10 be calJecled in connection with the Joan exceed the permitted limits, then: (a) any such 10lln charge shall be reduced by the amount necessary 10 reduce the charge to the permitted Jimit; 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 owed under the Note or by making a direct payment to Borrower. Ifa refund reduces principal, lhe reduction will be treated. as a partial prepaymenl without any prepayment charge under the Nole. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable Jaws has the effect of rendering any provision orthe Note or this Security Instrumenl unenforceable according to its terms. Lender, at its oplion, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permillc:d by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice 10 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 melhod. The notice shall be directed to Ihe Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by firsl c1i!ss mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Securily Instrument shall be deemed to have been given 10 Borrower or Lender when given as provided in this paragraph. 15. Governing La,,'; Severability. This Security Inslrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In [he event that any provision or clause of this Security Instrument or the Note conRicls wilh appJicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of [hi~ Seeurit)' Inslrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Inslrument. 17. Transrer of the Property or B Beneficial Interest in Borrower. If all or an)' part or the Propeny or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior wriUen consent, Lender may, at its option, require immediate paymenl in full of all sums secured by this Security Instrument. However, this option shall nol be exercised by Lender if ellicrcise is prohihited by federal law as of the dateofthi.. Security Inslrument. If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a period of nOlless l~lan 30 days from the date the nolice is delivered or mailed within which Borrower must pay all sums secured by this Security InstrumenL If Borrower fails to pay these sums prior 10 Ihe expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right 10 Reinstate. If Borrower meets certain conditions, Borrower shall ha\'c lhe righl 10 have enforcement ofthis Security Instrument discontinued at any time prior 10 the earlier of: (a) 5 days (or !>uch other peril1d as applicable law may specify for reinstatement) before sale of the Property pursuant to any pov.er of sale contained in this Security Inslrummt; or {b) cntI). of a judgment enforcing Ihis Security InMrument. Those condition~ I1fc Ihat Borruwer: (a) pays Lender all sums which then would be due under this Security Instrument and the Note hud nu acceleration occurred; (b) cures any default of any other covenants or agreements; (e) pays aU expenses incurred in enforcing Ihis Security Instrument. including. but nol limited to, reasonable uttorneys' f~; and fd) luk~ !>uch action as Lender muy reasonably require: to a"sure that the lien of this Security Instrument, Lender's nghls in the Propcrty and Borro\l,'er'~ obligation to pa). [he sum!lo ~ured by lhi~ Security Instrument shaH continue unchangL-d. Upon rClIlstlltcrnenl t'I) Borrower. thl~ SecUnl)' Instrument and the obligations ~ured hereby shall remalD fully effccu\'t' a\ If nu a~('dcrlltilln had lM:Curred Ho"'C".er, lhis nght 10 fl:in~tate!lohall not apply in Ihecl1!1.c nfaccclcmtulTI under paragraph.. 1 ~ Ilr 17