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88- 106989 If Lender required mortgage insurance as a condition of making the loan secured by this Security Inslrumenl, Borrower shall pay the premiums required to maintain the insurance in tWeet until such time as the requirement for the insurance terminates in accordance whh Borrower's and Lender's wriUen agreement or applicable !d.W. 8. Inspection. Lender or iiS agent may make reasonable enlries upon and ins~.ions of Ihe Property. Lender shall give Borrower notice atlbeliine ofor:"ri"r to an inspection specifying reasonable cause for the inspeclion. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in conneclion with any condemnation or olher laking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid 10 Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Inslrument, whether or nolthen due, wilh any CJlCCSS paid to Borrower. In the event of a partial laking of the Property, unless Borrower and Lender olherwise agree in writing, the sums secured by this Security Instrument shall be reduced by Ihe amount of the proceeds multiplied by the following fraclion: (a) Ihe lotal amount of the sums secured immedialely before Ihetaking, divided by (b) the fair market value of Ihe Property immedialely before the taking. Any balance shall be paid 10 Borrower. If the Property is abandoned by Borrower, or if. after nOlice by Lender to Borrower thatlhe condemnor olreIS to make an award or seule a claim for damages, Borrower fails to respond to Lender wilhin 30 days after the date Ibe notice is given, Lender is authorizea to collect and apply the proceeds, at its option, either 10 restoration or repair of the Property or to Ihe 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 CJltcnd or postpone Ihe due date of Ihe monthly payments referred to in paragraphs I and 2 or change Ihe amounl of such payments. 10. Borrower Not Releaaed; ForbcaraDce By Lender Nol a Waiver, Extension of the time for paymenl or modification of amortizalion of the sums secured by this Security Instrumenl granted by Lender to any successor in inlerest of Borrower shall not operate 10 release the liability of the original Borrower or Borrower's successor.; in interesl. Lender shall not be required to commence proceedings against any successor in interest or refuse to CJltcnd time for payment or otherwise modify amortization of the sums secured by Ihis Security Instrumenl by reason of any demand made by the original Borrower or Borrower's successoIS in interest. Any forbearance by Lender in exercising any rigbl or remedy shall not be a waiver of or preclude tbe CJlerclsc ohny righl orremedy. II. SU_IS and AsliJlOS Bound; Joint and SeYeralliabilily; Co-sipen. The covenants and agreements of Ihis Securily Instrument shall bind and bcncflllhe successor.; and assigns ofLcnder and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall bejoint and several. Any Borrower who co-signs this Security Instrument but does not execute Ibe Note: <a) is co-signing Ihis Security Instrument only 10 mortgage, grant and convey that Borrower's interest in Ihe Property under the tenus of Ihis Security Instrument; (b) is not persona1ly obligaled to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any olher Borrower may agree to extend, modify, forbear or make any accommodations wilh regard to the terms of this Security Instrument or the Note without that Borrower's consenl 12. Loan Charges. If Ihe loan secured by this Securily Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so thai the interest or olher loan charges collected or to be collected in connection wilh the loan exceed the permilled Iimits~ then: (a) any such loan charge shall be reduced by the amount neeessary to reduce the charge to the permiUed limit; and (b) any sums already collected from Borrower which excccdcd permilled limits will be refunded to Borrower. Lender may choose 10 make this refund by reducing the principal owed under the Nole or by making a direcl payment to Borrower. If a refund reduces principal, the reduclion will be trealed as a partial prepayment without any prepayment charge under the NOle. 13. Legislation Alfectinll Lender's Riah". If enactment or expiration of applicable laws has the e1fecl of rendering any provision of the NOle or this Securily Instrumenl unenforceable according to its lerms. Lender, at its option, may require immediate paymenl in full of all sums secured by this Security Inslrument and may invoke any remedies permiued by paragraph 19. If Lender exercises Ihis oplion, Lender shall lake Ihe steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in this Securily Instrument shall be given by delivering it or by mailing it by first class !nail unless applicable law requires use of another method. The nOlice shall be direcled to the Property Address or any other address Borrower designales by notice 10 Lender. Any notice to Lender shall be given by first class mail II' Lender's address stated herein or any other address Lender designates by nOlice 10 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. IS. Go,ernlng Law; Senrablllty. This Security Instrument shall be governed by federal law and Ihe law ofthe jurisdiction in which the Property is located. In the evenl that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not aITect olher provisions of this Security Instrument or the Note which can be given elrecl wilhoullhe conflicting provision. To Ihis end Ihe provisions of this Security Inslrument and the Note arc declared 10 be severable. 16. iIorrower's Copy. Borrower shall be given one conformed copy of Ihe NOle and of this Security Instrumenl. 17. Transfer of tbe Property or a Beneftelallnterest 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 peISon) without Lender's prior wriUen consent, Lender may, al its oplion, 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 dale ohhis Security Instrument. If Lender CJlercises this option, Lender shall give Borrower nolice of aeeeleration. The notice shall provide a period of not less than 30days from the dale the notice is delivered or mailed wilhin which Borrower must pay all sums secured by this Securily Instrument. If Borrower fails to pay Ihcsc sums prior 10 the expiralion ofthis period, Lender may invoke any remedies pcrmilled by Ihis Security Instrumenl withoul further notice or demand on Borrower. Ill. Borrower's Riaht 10 Reinstate. If Borrower meets cenain conditions, Borrower shan have the righl to have enforcement oflhis Security Instrumenl distontinued at any time prior to the earlier of: (a) S days (or such olher period as applicable law msy specify for reinstatement) before sale of the Propeny pUISuantlo any power of sale contained in Ihis Securily Instrumenl; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are Ihal Borrower: (a) pays I.cnder all sums which then would be due under Ihis Securily Instrumenl nnd the Note had no acceleration occurred; (b) cures any defaull of any other covenants or allrecmenls; (c) pays all expenses incurred in enforcing this Security Instrument, including, bUI not limiled 10. reasonable attorneys' fees; and (d) lalces such action as I.cnder may reasonably require to assure that the lien of Ihis Security Instrumenl, Lender's rights in the Property and Dorrower'. obligalion to pay the sums sc<:ured lly Ihis Security Instrumenl shall continue unchanged. Upon reinslalement by Borrow~r. Ihi,. Secufit)' Instrument and the oblilllions ieCural hereby shall remain fully effective as If no accclcralion had occurred However, thi~ right to reins.ate shall nOl8pply 1n the case ofaccelc:ration under paragraph~ 13 or 17 \.. .~