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88-106902 If Lender required mortgage insurance Uti n condition of rraking lh~ loan secured by Ihis Security Instrument. Borrower shall pn~' the premiums required 10 maintain the illsumncc in effect until such lime ns lhe rcquircmenl for the insurance lcrnllnutc~ in accordance with Borrower's and Lender's written agreement or applicable lnw. 8. Inspection. Lender or its agenl may make rCllsonnblc entries upon and inspeciions of the Property. Lender shall gi\'c Borrower nolice at the lime of or prior 10 an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnnli'1n or olher tnking of any pall of the Properly, or for con\'eyance in lieu of condemnation. are hereby assigned and shall be paid to lender, In the event of a total taking of the Property, the procecd~ shall be applied to Ihe sums secured by this Security Inslrument. whelher or not then due, with any excess paid 10 Borrower. In the event of a partial taking of the Property, unless Borrower and lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by Ihe amounl of the proceeds multiplied by the following fmction: (n) the lotal amount of the sums secured immediateJy before the taking. divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid 10 Borrower. If the Property is abandoned by Borrower, or if, after notice by lender to Borrower Ihat 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, Lender is authorized (0 coUect 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 nol then due. Unless Lender and Borrower otherwise agree in writing, any application ofproct.-cds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs land 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a WBi"cr. Extension of the time for payment or modification of amortizalion 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 nol 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 e,,-ercising 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 Liability; Co-signers. The covenants 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 covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument bUI does not e"-ecute the Note: (a) is co-signing this Security Instrument only to mortgage. grant and convey that Borrower's interest in the Property under the terms of thi~ Security Instrument; (b) is not personally obligated to pay the sums <:ecured by this Security Inslrument~ and (c) agrees that Lender and any other Borrower may agree to 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 Charges. If the loan secured by this Securily Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest 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 wiIJ be refunded to 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 panial 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 tenos. 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 Instrumenl shall be given by delivering it or by mailing it by first c:lass mail unless applicable law requires use of another method. The notice shall be directed to the Propcny Address or any other address Borrower designates by notice 10 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 this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Goyerning Law; Severability. This Security Instrument shall be governed by federal law and the law afthe jurisdiction in which the Property is located. In the event thaI any provision or clause of this Securily Instrument or Ihe Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and Ihe Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of Ihe Note and of this Securily Instrument. 17. Transfer of the Property or a Bene6cial Interest in Borrower. If all or any part of the Propeny or any interest in il 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 nol be e,,-ercised by Lender if e"-ercise is prohibited by federal law as of the date of this Security Instrument. If Lender e"-ercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period afnot less than 30 days from the date the notice is delivered or mailed within which Borrower must pay aU sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any remedies permitted by this Security Instrument without fun her notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right 10 have enforcement of this Security Instrument discontinued at any lime prior to the earlier of: (a) 5 days (or such other period a!'t applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Imtrument; or (b) entry of a jUdgment enforcing this Securil~' Jnstrument. Those condilions an' that Borrower: fa} pays Lender all sums which then would be due under thiS Securily Instrumenl and the Note had 110 accelerutiun occurred; (h) curo. any default of any olher covenants or agreements; (c) pays nil expense~ incurred in enforcing Ihi!> Seeuril)' InMrumcnt. mcluding. but not limited to, re-dsonnble attorneys' fees; and Cd) tuke~ !ouch aclion !l!t Lender may reu!ounahly require tn Il~'ure that the lien of this Security Instrument. Lender's ngln.. in the Property and Borrower'" obhgnlum 10 pay Ihe 'urn!> ...eeured by this Security Instrurnenl shall contmue unchllngcd llpt11l relll..latemcnl hy Borrn'o\cT. lhl\ St'cunl) In\lrument and the obhgations o;,ecured herehy ..hall remam fully etfel,.'ll\ e .1\ Ifllll :il,.'l,.'l'!t-ra III III had oCl.:uncd I-In",('\('r. 1hl" fight In reinMate "hall not apply III Ihe c:a..c nfal,.'c:defiltltlll under paraJ!l;tph' ] l (If 1-