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88- 106649 If Lender required mor1glge insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance lenninales in accordance with ~n:.o~1! and Lender's written agreement or applicable law. 8, IlIIJIOClInn. Lende~'Onl'~.nt' 1lUlY. "",ke reasonable enlries upon and inspectiona of Ihe Propeny. Lender shan give Borrower notice allht .H1\j~ J!'ofpriclr to an inspection .pecifying reasonable cause for Ihe inapection. 9. CoadellUll.tioD. The p~s \;r any award or claim for damages, direct or consequential, in connection with any condemnation or other laking of any part of the Property, or for conveyance in lieu of condemnation, 8rc hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, Ihe proceed. shall be applied to the suma secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the evc:ot of a partial tal:inB of the Property, unless Borrower and Lendtr nth,rwise agree in writing, the sums secured by this Security Inslrument shall be reduced by the amount of the proceeds multiplied by the following fraclion: (a) Ihe total amount of Ihe sums secured immedialely hoforetbe taking, divided by (b) the fair market value ofthe propeny immediately before the taking. Any balance shall be paid to Borrower. Ir the Propeny 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 d:J.Ys after the date the Dotice 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 Ihis Security Instrument, whether or not Ihen due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not eltcnd or poslponethe due date oflhe monlhly p"yments referred to in paragraphs I and 2 or change the amount ofsuch payments. 10. Borrower Not Releued; Forbeuance By Lender Not a Waiver. Extension of Ihe lime for payment Dr modification of amortization of the sums secured by this Security Instrument granted by Lender 10 any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shaD 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 Bny right or remedy shall not be a waiver of or preclude the uerciscofany right or remedy. 11. Su_n and Aulgna BoUBd; Joint and S..eraI Uahility; Co-olpera. 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 be joint and several. Any Borrower who CD-signsthis Security Instrument bu. does not execute the Note: (a) is co-signing this Security Instrument only to mongage, gran. and convey that Borrower's interest in the Propcny under the tenns of this Security Instrument; (b) is not personally obligated to pay tbe 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 with regard to the terms of this Security Instrument or the Note without that Borrower's consenL 1:Z. Loan CIarIes. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges. and thlt law is finally interpreted so that the interest or other loan charges collected or to 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 the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permilled limits will be refunded to Borrower. Lender may choose 10 make Ihis refund by reducing Ihe principal owed under Ihe Note Dr by making a direct paymenlto Borrower. If a refund reduces principal, Ihe reduclion will be treated as a partial prepayment without any prepayment charge under the Note. 13. Leglalation Meeting Lender'. RIghts. If enactment or expiration of applicable laws has Ihe 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 fuD of all sums secured by this Security Instrument and may invoke any remedies pennitted by paragraph 19. If Lender exercises this option, Lender shall take the sleps specified in Ihe second paragraph of paragraph 17. 14. Noti.... Any notice to Borrower provided for in this Securily Inslrument shall be given by delivering il or by mailing it by first class mail unless applicable Jaw requires use of another method. 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 first class mail to Lender's w:ldress stated herein or any other address Lender designates by notice to Borrow~r. Any notice provided for in this Securily Inslrumenl shall be deemed to have been given \0 Borrower or lender when given as provided in this paragraph. . 15. Gourning LaW; S...rabillty. This Security Instrumenl shall be governed by federal law and Ih. Jaw of Ihe jurisdiction in which the Propcny is located. In the event that any provision or clause of this Security Instrument or the Note confticts with applicable 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 this Security Instrument and the Note are declared to be severable. 16. Borrower'. Copy. Borrower shall be given one confonned copy of the Note and of this Security Instrument. 17. Tnmsfer nf the Property or a Benefie'" Interest In Borrower. If all Dr any pan of Ihe Propeny or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is nota natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fuJl of aU sums secured by this Security Instrument. However, this option shall nol be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises 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 this Security Instrument. If Borrower fails to pay these sums prior to the expiration orthis period, Lender may invoke any remedies permitted by this Security Instrument without further notice OT demand on BorroweT. 18. Borrower'1 Ript to Reinstate. If Borrower meets certain conditions. Borrower shall have the right to have enforcement orthis Security Instrument discontinued at any time prior to the earlier or: (8) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant fa any power of sale con18inecl ill this Sealrity Instrument; or (b) entry of a judgment enroTcinB this Security Instrument. Those conditions are lhat Borrower: (a) pII)'1 Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all upenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys" fccs; and (d) takes such action as Lender may rcuonab1y require 10 assure that the lien of this SecurilY Instrument, Lender"s rights in I.he Property and Borrower's obliplion 10 pay the sums secured by this Security Instnlment shall continue unchanled. UfKJ:" reinshtemenl by Borl'owcr. thu. Sec:urity Instrument and the obliptions secured hueby shall remain rully effective as If no acceleration had occurred. However. thil right to reinstate shall not a;'JJJly in the case or acceleration under paragraphs I] or 17,