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88- 106838 ]f Lend~r reguired morlgoBc Insurance LIS a condilloll nf muklllg the IOlln secured by this Security In!ilrUmcnl, Borrower ShD!rp~~ llic't1remiums required 10 maintain the ins\JroTlL'c in c:ffcct unlil such lime os the requirement for the insurance Icrnilnui"es' in ul:cordnnce with Borrower's nnd Lender's wrillcn Ilgreemcnl or applicable Jaw. . 8. In.pettfon. Lender or its agent may make reasonable enlries upon and inspections of the Prcpcrly. Lender shaH gi\'C' Borrower notice at the lime afar prior 10 on inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of nny award or claim for damages, direct or consequential. in connection with any condemnation or olher tnking of any part of the Property, or for conveyance in lieu of condemnation. are hereby assigned and ~hall be paid to L~nder. In the event of a tolal taking of the Property. the proceeds shall be applied 10 the sums secured by this Security Instrument, whether or nollhen due, with any excess paid to Borrower. [n the event of a partial taking of the PropenYl unless Borrower and lender otherwise agree in writing. the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following frac~ion: (a) the lotal amounl of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by Lender 10 Borrower that the condemnor offers to make an aw.ud orsenle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Ler\~er is authorized to collect and apply the proceeds. al ilS option, eilher to restoration or repair of the Property or to the sums secured by this Security Instrument. whether or notlhen due. Unless Lender and Borrower otherwise agree in writing. any application of proceeds 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 of 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 Lender to any successor in interest of Borrower shall not operate to rdease the liability of lhe 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 not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liabilit}.; Co-signers. The covenants and agreements of this Security Instrumen1 shall bind and benefit the successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17. Borrower's covenants and agreements shaJl bejoint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (n) is co-signing this Security Instrument only to mortgage. grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Inslrument; and (c) agrees that lender and any other Borrower may agree to extend. modif). forbear or make any accommodations with regard 10 the terms of this Security Instrument or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Securily lnslrument is subject to a law which sets maximum loan charges. and that law is finally interpreted so that the interesl 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 permitted limits will be refunded to Borrower. lender may choose 10 make Ihis refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal. the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the 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 full of all sums secured by this Security Instrument and may invoke any remedies permitted 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 to Borrower provided for in this Security Instrument !-thatl be given by delivering it or by mailing it by first cla.'is mail unless applicable law reqUIres use of anolher method. The notice shan be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail 10 Lender's address stated herein or any other address Lender designates by nOlice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given [0 Borrower or Lender when given as provided in this paragraph. IS. Governing Law; Severability. This Security InSlrumenl shall be governed by federal law and lhe law of the jurisdiction in which the Propert}' is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of lhis 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's Copy. Borrower shall be given one conformed copy of the Note and oflhis Security Instrument. 17. Transrer or the Property or a Beneficial 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 nalural person) without Lender"s prior Wr1nen consent. Lender may. al irs option. require immediale: paJo'me:m in fun of all sums secured by this Security Instrument. However. this option shall not be exercised by Lender if e;t;ercise is prohibited by federal law as of the date ofthis Security Instrument. If Lender exercises this option, Lender shall give Borrower nolice of accelerution. The nolice shall provide a period of not less than 30 days from the dale 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 ofthi!t period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions. Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior 10 the earlier of: (a) 5 days (or such other period a!-t applicable law may specify for reinstatement) before sale of the Propcfl}' pursuanl 10 any power of sale contained in lhis Security Instrument; or (b) e011)' of iI judgment enforcing this Security Instrument. Those conditions arc that Borrower: (a) pays Lender all sums which then would be due under this Securily Instrument and Ihe NOIC had no accelerruion occurred; (b) cure!oo any default of any other cO\'cnams or agreements; (c) pay!<o all cxpense!oo incurred in enforcmg lhi!'> Security In5lrumenl, mduding, bU1 not limited 10, reasonable atlorneys' fce!t; and (d) tuke. such action as Lender ma~ rQ$Onahly requirr 10 as!-ture that the lien nf this Security Inslrumenl. Lender's nghts in the Properl~ and Borm.....er... obllgallon 10 pay the "urns ~ecured by IhlS Securi1y Imtrument "hall cnnlmuc unchanged l rpon rem~talcrnl'nl 0)" Rorrov.er. thl~ Srcunly In-.trumem and Ihe obligatIOns ~ecured hereh~ ..hall rl"mam fully effect I' C a.. If nil .u:cclcralhlll had l'lCcurred lIo""~'l"r. ,hIli ngh110 rem"Ullc ..hall nol apply In Iht' l.:a..e nfan..-r!l"ralll'll undl'r para)!r:tph... 1 ,lIlT 17