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88-106681 If Lend.r required mnrtgage insuranc. as a cnndilion of makins Ihe loan secured by Ihis Securily Instrument, Borrow.r shal..pay the premium. required to maintain Ihe insurance in .trect un III such 11m. as Ih. requlremenl for th. Insurance terminates In ICO)rdancc with Borrower'. and Lender's written agreement or applicable law. 8. laape<tIon. Lend.r nr lIS 3(lCUt rnay make reasonsbl. .nlries upon snd Inspections of the Property. Lender shall giv. Borrower nDlice at the time of or prior to an inspection specifying reasonable cause for th. inspection. 9, Condemnation. The proceeds of any award or claim for damages, direct or consequ.ntial, In connection wilh any condemnation or other takinS of any part of the Property, or for conveyance in lieu of condemnation, afC hereby assigned and shall be paid to Lender. In the evenl of a lotaltaking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, wheth.r or not th.n due, v.ilh any...... paid to Borrower. In Ih. event of a partial takins of Ih. Property, unless Borrower and Lender otherwise Dgree in wr!ting, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (.> the total amount of the sums secured immediately before the takinS, divided by (b) the fair mark.. value ofthe Property immedialely before the taking. Any balance shall be paid 10 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 settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, La1deru authorized to collect and apply the proceeds, at its option, either to restoration or repair oflhe Property or to the sums secured by this Security Instrument, whether or nol then due. Unless Lender and Borrower otherwise agree in writins, any application of proceeds 10 principal shall not extend or postpone Ih. due date ofth. monthly payments referred to in paragraphs I and 2 or change the amounl of such payments. 10. Borrower Not Releued; Forbearante By Leuder 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 not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender sball 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 Borroweror Borrower~s successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiv.r of or preclude Ihe exercise of any riSht or remedy. 11. Snt:eellOrI and AsaiBJII Bound; Joint and Se,era1 LiabIlity; Co-signera. The covenants and asrccments of lhis Security Instrument shall bind and benefitlh. successors and assigns of Lender and Borrow.r, subject 10 the provisions of paragraph 17. Borrower's covenants and asrccmenla shaD be joint and several. Any Borrower who co-signs this Security Instrument but does nDl execute the NOle: (a) is co-signins this Security Instrument only to mort sage, sranl and convey Ihat Borrower', inlerest in the Property under the terms of this Security Inslrument; (b) is not personally obligated to pay Ihe sums secured by this Security Instrument; and (c) asrccs thaI Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the tenns of this Security Instrument or the Note without that Borrower's consent. U. Loon (]wpa. If the loan secured by this Security Instrument is subjecl to a law which sets maximum loan charges, and that law is linaIly interpreted so that the interesl or other loan charges collected or to be collected In connection with the loan exceed the pcnnilted limits, Ihen: (a) any such loan charge shall be reduced by Ihe amounl necessary to reduce the charse to the permitted limit; and (b) any sums already collecled from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make Ihis refund by reducing Ihe principal owed under the Note or by makinS a direct payment to Borrower. If a refund reduces principal, the reduclion will be treated as a partial prepayment without any prepaymenl charse under the NOI'" 13. LejpaIaIloa Affecting Lender's 1lIPts. If enactment or e.piration of applicable laws has Ihe etrec' of rendering any provision oftbe Note or this Security Instrument unenforceable according to its lenns, Lender. at its option, may require immediate payment In full of all sums secured by this SecurilY Instrument and may invoke any remedies permitted by parasraph 19. If Lender e..rcises this option, Lender shall tak. Ih. steps specified in the second paragraph of paragraph 17. 14. Nodca. Any norice to Borrower provided ror in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of anoth.r method. The notice shall be directed 10 Ihe Property Address or any oth" address Borrower designates by notice to Lender. Any notice 10 Lender shall be given by first class mail to Lender's address stated herein or any oth.r address Lender designalcS by nOlic. 10 Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given 10 Borrower or Lend.r wh.n giv.n as provided in this paragraph. 15. Go,ernIng LaW; Se,erabUity. This Securily Instrument shall be gov.rned by federal law and the law of Ihe jurisdiction in which the Property is located. In the event that any provision or clause of Ihis Security Instrumenl or Ih. Note conflicts with applicable law, such contliet shall not affect other provisions of this Security Instrument or the Note which can be given dl"ect without the conflicting provision. To this end the provisions of this Security Instrument and the Nole are declared to be severable. 16. Bomnrer'. Copy. Borrower shall be given one conformed copy of the Note Bnd of this Security Instrument. 17. Tronafer or the Property or a Bene6cW 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 is sold or transferred and Borrower is not a natural persoo) without Lender~s prior written consent. Lender may, at its option. require immediate payment in fun of all sums secured by'tbis. Security Instrument. However. this option shall not be exercised by Lender if exercise is prohibited by federa1law 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 nDlless than 30 days from the date the notice is delivered or mailed wilhin which Borrnwer must pay all.urns secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any remedies penn.ined by this Security Instrument without fumer notice or demand on Borrower. 18. IIorrowt:r'a R/Pt tn ReInatate. If Borrow.r meets certain conditions, Borrower shall have the righl 10 have enforcement oftbis Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender aU sumS which then would be due under thas Security Instrument and the Note had no acceleration occurred; (b) cures any der.ull of any other covenants or agreements; Cc) pays all eJlpenses incurred in enforcing this Security Instrument, including. but not limited to, reasonable attorneys' fees; and Cd) takes such aclion as Lender may reasonably require to usure that the lien of this Security Instrument. Lender's righl.5 in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrowtr. tbis Securily Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occtltJ'Cd. However. this rip! to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. . "\r,~