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88_106790 Ir Lender required mortgagt insuranco:! al a condition of making the loan secured by Ihis Security Instrument, Borrower shall PlY the premiuml required to maintain the insurance in effect until such lime as the requirement for the insurance terminates in accordance with Borrower's and Lender's wrillcn agreement or applicable law. 8. Inspecllon, Lender or its Dgcnt may make reasonable entries upon and l"speelleDs uf the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspeedoD. 9. Condemnation. The proceeds of Bny award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, 8rc hereby assigned and shall bt. paid to Lender, In the event of s lotal taking of the Propeny, the proceeds shall be applied to the sums s<cured by this Security Instrument, whether or not then duc, with any excess paid to Borrower. In the event of a panial taking or the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by Ihis SecurilY Instrumenl shall be reduced by the amount of the proceeds mulliplied by the following fraclion: (a) the lotal smounl of the sums secured immediately before the laking, divided by (b) the fsir markel value of tbe Propeny immediately before the Isking, Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, aner nOlicc by Lender to Borrower that the condemnor oWers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aftcr the d&tc the nolice 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 this Security Instrument, whether or not then due. Unless Lrnder and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due dale of the monthly payments referred to io paragraphs I aod 2 or change Ihe smount of such paymenls, 10. Borrower Not Released; Forbearance By Lender Not. Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any iiucccssor in interest of Borrower shall not operate to release the liability orthe 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 nol be a waiver of or preclude the exercise of any right or remedy. 11. Succeuors and ABllIJlD8 BouDd; Joint and Several Lisbillty; Co-slgoers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns ofLcnder and Borrower, subject to the provisions of paragraph 17. Borrower's covcoants and agreements shall bcjoint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey thai Borrower's interest in the Property under the terms of this Securily Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrumentj and (e) agrees that lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the teons of this Security Instrument or the Note without that Borrower's consent. 11. Loin OIarges. If the loan secured by this Secnrity Instrument is subject to slaw which selS maximum loan chsrges. aod Ihat law is finslly interpreted so that the inlerest or other losn charges collected or to be collected in conneclioo wilb the Josn exceed the pennitted limits, then: (a) any suc.h loan cbsrge shall be reduced by Ihe smoun' necesssry to reduce the charge to lhe permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limitt will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Notc or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a panial prepayment without any prepayment charge uoder the Note. 13. Legislalion Affecting I..euder's Rigbts. If enactment or expiration of applicable laws has the df'cct 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 permitted by paragraph 19. If Lender exercises Ihis option. Lender shalllske 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 nolice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be giveD by first class mail to Lender's address 'itated herein or any other address Lender designates by notice 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. GovemlDg Law; Severability. This Security Instrument shall be governed by federallsw snd Ihe law of the jurisdiction in which the Propeny is located. In the event that any provision or clause of this Security Instrument or the Note confticts with applicable law, 5uch conflict shall nol affect other provisions oitbis Security Instrument or the Note which can be given df'ect without the: confticting provision. To this end the provisions of this Security Instrument and the Nole are declared 10 be severable. 16. Borrower's Copy, Borrower shall be given one conformed copy of Ihe Note snd of tbis Security Instrument, 17. Transrer or the Property or a BeDeflciallDterest iD Borrower. If all or sny pan of the Propeny or sny 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 written consent, Lender may. at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security InstrumenL 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. IfBorrowcr fails to pay these sums prior 10 the expiralion of this period. Lender nlay invokl' any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower'. Right 10 ReiDsbte. If Borrower meets certain conditions. Borrower shall have the right to have enforcement oflhis Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Properly pUriUanl to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this SecurilY Instrument. Those conditions arc that 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 ddault of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including. but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in Ihe Property and Oor"rower's obliption to pay the sums secured by this Security Instrument shall conlinue unchanged. Upon reinstatement by Borrower. thil Security Instrument and the obligations secured hereby shall remain fully effective as If no acceleration had occurred. However, Ihis right to reinstate shall not apply in the case of acceleration under paragraphs I J or 17