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caca- 106984 If Lender required mortgage insurance as a condition of making the loan secured by thio'Securiry.'lnstrument, Borrower shall pay the premiums required to maintain the insurance in effect until SI!C~1 time as the requite.ment for the insurance terminates in accordance with Borrower's and Lender"s written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential. in coooection with any condemnation or other taking of any part of the Property, or for convt:yance in lieu of condemnati8n. afe hereby assigned and shall be paid to Lender. In the event of a total taking of rhe Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and 1.ender 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 total amount of the sums secured immediately beforc 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 to Borrower that the condemnor offers to make an award or settle a claim for d<:.mages. Borrower fails to respond to Lender within 30 days after the date the notice is given. Lender is authorized to coHect and apply the proceeds, at its option, either to restoration or repair of the Propeny 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 posrpone rhe due date ofrhe monthly payments referred to in paragraphs I and 2 or change the amount of such payments. 10. Borro,""r l~ot Released; Forbcal'llDce By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted b~' Lender to any successor in interest of Borrower shall not opemte to release the liability of the original Borrower or Borrower's successors in interest- Lender shall not be requir~ to commence proceedings against any successor in interest or refuse to extend thne 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 shan 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 benefir the succes!.ors 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 but does not execute 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 this Security Instrument: (b) is not personally obligated to pay the sums secured "y this Security Instrument: and (cl 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 No!e 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 rhat 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 redueed by rhe 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 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 reducrion will be treated as a partial prepayment without any prepayment charge under the Note. 13. I.egislation Affecting Lender's RiRhts. If enactment or expiration of applicable laws has the effecr of rendering any provision of the Note or this Security Instrument unenforceable according to It!. tenns, Lender, a1 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 it by first class mail unless applicable law requires use of another method. The norice shall be directed ro 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 Slated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed 10 have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and rhe law of the jurisdiction in which the Property is localed. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conDlct 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 Nule are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Properly 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 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. Howeyer, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. . If Lender eAcrcises this option, Lender shalJ give Borrower notice of acceleration. The notice shall provide a period of nDtless than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Sc:curity Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke nny remedies permitted by this Security Instrument without further nOlice or demand on Borrower. 18. Borrower's Ri..... to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time: prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for rcinstatemenl) before sale of the Property pursuanl to any power of sale contained in lhb Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: .(a) pays Lender all sums which lhen would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other cov,::nants or agreements; (e) pays all cxpens~., Incurred in enforcing this Secunty Instrument. including. but not limited to, reasonable attorneys' fees; and (d) lakes sUl.:h ul.:lion as Lender may reasonably require (0 assure that the lien of this Security Instrument. Lender's r1ght~ In the Property and Borrower's obhgallon to pay the !.ums !teeured by this St:curity Instrument ~hl1l1 conlmue unchanged. Upnn reinstalement by Borro\\o'c=r. I hi!!. S~Uf1ty Instrument and the obligauom, secured hereby shall rc::mam rully dfccllVC 11~ If n\) ilccclcfIltlOn had occurred Hllwever. Itll!. nghl 10 rein~talc shall not apply In the cn5e of acceleratIOn under parag.raph, 1.1 nr 17