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88- 106761 If Lender required monpge i""urance as a condition of making the loan lICCured by this Security In.trument, Borrower shall p"y the premium. required to maintain the in.urance In etrecl until such dme as Ihe requirement for Ihe in.urance tel1tlinat.,. '~I!CCOrdance wilh Borrower'. and Lender's wrlnen agreement or sppllcablelaw. 8. IBopecllOD. . l;.cnder. or ib agent may mske reasonable entries upon and in.pecdon. of the ProJlC'ny. Lender .hall give Borrower notice at the time of or prlnr to an in.pectlon .pecifying reasonable cause for Ihe in.pection. 9. Coademaatlou. The proceeds of any award or claim for damagcs, direct or consequential, in connection with any condemnation or other taking of any pan of the Property. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the evenl of a lObi taking of the Propeny, the proceed. .hail be applied to Ihe .um. lICCured by this Security lostnlment, whether or not then due, with any ex.... paid to Borrower. In Ihe event of a paniallBking of the Propeny, unless Borrower and Lender otherwise agree iu writing, the sums secured by this Security Inslrument shall be reduced by the amount of th~ proceeds multiplied by tbe following fra(:tion: (8) me total amount of the sums secured immediately before the taking. divided by (b) Ihe fair markel value oflhe Property immediately beforelhelaking. Any balance shail be paid 10 Borrower. If the Property is abandoned by Borrower. Dr if, after notice by Lender 10 Borrower that the eondemnor offers to make an awud or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is autllorized to collect and apply the proceeds, at its option, either to restoration or repair of the Propeny or to the sums secured by this Security Instrumenl, whether or not Ihen due. Unless Lender and Borrower olherwise agree in writing, any applicatiou of proceeds to prlncipalshaU not extend or poslpone the due date of the monlhly payments rererred to in paragraph. I and 2 or changelhe amounl of such payments. 10, Borro..er Not Released; Forbaran.. By Lender Not a Wai.er, Extension of the lime 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 shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amonization 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 shaD not be a waiver of or preclude thc exercise: of any right or remedy. 11. S.......n aud AaaIIlIII Bound; JolntlUld Se.en! UabWIy; eo..lgners. The covenants and agreements of this Security Instrument shall bind and benefit tbe successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shaU bejoint and several Any Borrower who co-signs this Security Instrument but docs not execute the Note: Ca) is eo-signiug this Security Instrument only 10 mortpge, grant and convey that Borrower'. interest in the Property under thetenns of this Securlly Instrument; (b) is nOI persnuaIly Obligated to pay the sums secured by this Security Instrumenl; and Cc) agrees that Lender and any other Borrower may agree 10 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 Chaqcs. If tbe loan secured by this Securlly Instrumenl is subject 10 a law which sets III8llimum loau charges. and that law is fina1ly interpreted so that the interest or olher loan charges collected or 10 be collected in connection with Ihe loan exceed the penuilled limits, then: Ca) any such loan charge shall be reduced by the amount neccssaJy to reduce the charge to the penuitted limit; and (b) any sums already collected from Borrower which exceeded pel1tlilled limits will be rerunded to Borrower. Lender may choose to make this rerund by reducing the principal owed under the NOle or by making a direct paymenl to Borrower. If a rerund reduces principal, the reduclion will be trealed as a paJ1iaI p......ymenl without any prepayment charge under Ihe Note. 13, LcgIaJaUoD AJrec:tiDg Lender'. RIghts. If enaclment or expiralion of applicable laws has Ihe elfecl of rendering any provision of the Note or this Security Instrument unenforceable according to its tenns, Lender. at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies pennitted by paragraph 19. If Lender exercises this optlou, Lender shall take Ihe 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 fi"'t class mail unless applicable law requires use of another method. The nOlice shall be direcled to Ihe Propeny Address or any olher address Borrower designates by nolice 10 Lender. Any noti"" 10 Lender shall be given by first class mail to Lender's address slated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shan be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15, Go.CI'IIiDB UW; Senrablllty. This Security Inslrument shall be governed by federal law and the law of the jurildiction in which the Property is located. In the event that any provision or clausc of this Security Instrument or the Note confticts with applicable law, such conOiet shall not aft'ecl otber provisions of this Security Instrument or Ihe NOle which can be given eWect 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 conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a IIcJJcfiolallntereat in Borro..er, If all or any pan of 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 penon) without 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 option.shaU not be exercised by Lender if exercise is prohibited by federal law as oflhe date oflhis Security Instrumenl. If Lender exercises this option. Lender shall give Borrower notice of acceleration. The nolice shall provide a period of not less than 30days from the date Ihe notice is delivered or mailed within whicb Bnrrower must pay all sum. secured by this Security Instnlment. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permiued by this Security Instrument without funher notice or demand on Borrower. 18. lIomnrer'. RIabtlo Rc1Data1c. If Borrower m.... certain conditions, Borrower sball have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other pericxl as applicable law may specify for reinstatement) before sale of the Propeny pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are Ihat Borrower: (a) pays 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; ee) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and Cd) takes such action as Lender may reuonably require to assure that the lien or this Security Instrument, Lender's rights in the Propeny and Borrower's obliplion to pay the sums secured by this Security Instrument shall conlinue unchanged. Upon rcinstalemenl by Borrower, this Security Instrument and the obligations secured hereby shall remain fully clrectivc as if no acceleration had occurred. However. this ri&ht to reinstate shan not apply in the case of acceleration under paragraphs 13 or 17, J. :: ~