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88-. 1:88'''5 If lender required mongage Insurance as D condition of making the loan secured by this Security Instrument. Borrower shall pay the premiums required to maintain the insurance In effect until such time as the requirement for tbe insurance terminates in accordance with Borrower's and Lender's written agreement or applicable Jaw. 8. Inspection. Lender or its ageDI may make reasonable entries upon and inspections of the Property. Lender shall give Borrower nOlice at the time of or prior to an inspection specifying rensonable cause for the inspeclion. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential. in connection with nn)' condemnation or other taking or any part of the Property. Of for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Le.nder. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by Ihis Security Instrument, whether or not then due, with any ex~css paid to Borrower. In the event of a partial taking of the Property, unless Borrower ond 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 fraction: (a) the totol amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Propeny immediately brfore the laking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that 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 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 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 I and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a 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 release the liability of the original Borrower or Borrower's SUCCe5."iors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or othenvise 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 forhearance 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 Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit tlie successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall bejoint and several. Any Borrower who co-signs this Securily Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, gran{ 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 Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbe-elr 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 Security 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 10 be collected in connection with the loan exceed the permitted limits. then: (a) any such loan charge shall be reduced by the amount necessary (0 reduce the charge to Ihe permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will 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 partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the eOect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms. Lender, 01 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 shall be given by delivering it or by mailing il by first class mail unless applicable law requires use of another melhod. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to lender shan be given by first class maiJ 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 10 Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property 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 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 the Note Ci.re declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note Bnd of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in il is sold or transferred (orifa beneficial interesl in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at it~ option, requirc immediatc payment in full of all sums secured by this Security Instrument. However, this oplion shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. 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. 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 further 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 Ihis Security Instrument discontinued at any lime prior to the earlier of: (0) 5 days (or such other period as applicable law may specify for reinstatement) before sale ofthe Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those condilions are that Borrower: . (a) pays Lender all sums which then wouid be due under this Security Instrument and the Nole had no accderation occurred~ (b) cures any default of any other covenants or agreements; (c) pays nil expenses incurred in enforcing this Security Instrumenl, including, but not limited to, reasonable attorneys' fees; and (d) lakes such action as lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the ProperlY and Borrower's obligation 10 pay Ihe sums secured by this Security Instrumenl shall conlinuc unchanged. Upon rein!ol:l1ement by Borrower. Ihis Security InMrument and the obligations secured hereby shllll remain fully effective as ifnn nccclefUtlun hud occurred. However, this righl to reinstate shall not apply in the case of acceleration under paragraph.. Illlf 17 .iY,..~.~ , . .