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88_ 10689B Jr Lender required mongase insurance as B candillon of making the Joan secured by this Securit)' Instrument, Borrower shall pay the premiums required to mainrain the insurance in cff'eet uDdlsuch time as the requirl:menl fpr the insurance 'ierminates in accordance will. Borrower's and Lender's written agreement or applicabJe law. 8. Intpee:tlon. Lender or ils Blenl may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice al the time of or prior to an inspection specifying reasonable cause for the inspec:tion. 9. Condemnation. The proceeds of any award or claim tor damages, direct or consequential. in connection with any condemnation or other taking of auy part of the Property, or for conveyance in lieu of condemnation, Bre hereby assisned and shall be paid to Lender. In the eYent of a total taking of the Property. the proceeds shall be applied to the sums secured hy this Security Instrument, whether or nol then due. with any excess paid to Borrower. In the event of a partial taking of the Propeny, unless Borrower and Lender otherwie agree in writing, tbe sums secured by this Security Instrument shall be reduced by Ihe IIDlOunt of the proceeds multiplied by the following f...ction: Ca) thc tOlal amount of the sums secured immediately before the taking. divided hy (b) the fair market ylllue ofth. Property immediately before the taking, Any balance shllll 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 award or settle a claim for damages. Borrower rails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to resloralion or repair oflbc Property or 10 the sums secured by this Scc:urity Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in wriling, any application of proceeds to principalshall not extend or postpone ,he due da'e of the monthly paym.nlS referred to in paragraphs I and 2 or change the amount of such paymenlS, 10. Borro..er Not Released; ForbeBTtmce By Lender Not a Waiver. Extension of ,he 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 shalJ 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 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 B waiver of or preclude the exercise of any right or remedy. 11. Su.......... and Assigns Bound; Joint and S..eraI LiablUty; C...sisn..... The COyenanlS 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 COYenanlS and agreemenlS shllll be joint and several. Any Borrower who co-signs Ihis Security Instrument but does not e.ecute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and conyey that Borrower's interest in the Property under the'errns of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree (0 extend. modify. forbear or make any accommodations with regard to (he terms of this Security Instrument or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject '0 a law which SOlS maximum loan charges, and that law is finBlly interpreted so that the inter..t or other loan charges collected or 10 be collected in conneclion with the loan exceed the permitted IimilS. then: Ca) any such loan charge shllll be redueed by the lIDlount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted IimilS will be refunded '0 Borrower. Lender may choose to make this 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 NOlc. 13. leaIslatlOll Alfec:ting Lender" Rights. If enactmen' or expiration of applicable laws has the elfect 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 permilled by parag...ph 19. If Lender e.ercises 'his op'ion. Lender shall,akethe Sleps specified in the second paragraph of pa...g...ph ) 7. .4. Nodes. Any nGtice 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 notice shan be directed 10 the 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 address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in tbis Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this p....graph. 15. Go.eraing Lar, Senrabllil)'. This Security Instrument shan be goyerned hy fede...llaw and the law of ,he jurisdiction in which tbe Property is located. In the event that any provision or clause of this Security Instrument or (he Note conftic15 with Bpplicable law. such conftict shall not affect othcr provisions of this Security Instrument or the Note which can be given eJfect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severablc. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transf.. or the Property or a Benellelallnterest in Borrower. If all or any part of the Property or any interest in it is sold or (ransferred (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 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 orthis Security Instrument. If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a period of not Jess than 30 days from the date the notice is delivered or mailed wilhin which Borrower 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 permiued by this Security Instrument wilhout further notice or demand on Borrower. 18. Borrower'. JUght to RelJlltlte. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Securi(y Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable law may specify for reinSlalement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; Dr (b) entry of a judgment enforcing this Securily Instrumenl. Those condilions arc thai Borrower: Ca) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurredj (b) cures any default of any other covenants or agreemen(s: (c) pays all CJtpen5eS incurred in cnforcing this Security Instrument. including, but not limited to. reasonable attorneys' fees; and Cd) takes such aclion as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by 8ofT'OWCf.this Security lnstrument and the obligations secured hereby shall remam fully effective as ifno aCfieleration had occurred. However. this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or J 7