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88- 107058 If Lender reqUIred mortgage insurance as a condition of milking the loan sCl:ured by this Security Instrument. Horrower shall pay the oremiums required to maintain Ih, insurance in clfcct unlil such time us the requirement for the insurance term!:";'1 '..r. in uccordum.~ with Borrower's and lender's written agreement or applicable law. 8. In.p,,':,"',. Lender or it. agent may ma"e reasonable entries upon and inspections of the Preperty. Lender shall give Borrow...; ,1otice al the time of or prior 19 anJnspection specifying reasonable cause for the inspection. 9. Cm,demnallon. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnotion or other taking of any port of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the pr"'-ceds shall be applied to the sums secured by this Security Instrument. whether or not then due, with any e}l.-.;css fJoid to Borrower. In the event or 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 the amount of the proceeds multiplied by the following fraClion: (aJ the total amount nf Ihe sums secured immediately before the tnking, divided by (b) the fair market value of the Property immedjately before the taking. Any balance shall be paid to Borrower. Ifthe Property is abandoned by Borrower, or if, after notice by Lendcr 10 Borrower thatlhc condcmnor offers to make an award or seule a claim for damages, Borrower fails to respond to Lender within 30 days aner the date the notice is giv~n. Lender is authorized to collect and apply the proceeds. at it'S option, either 10 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 ofpmceed!'l to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change 1 he amount of such payments. 10. Borrower Not Releasedj Forbearance Hy Lender Not a Waiver. Extension of the limo;: 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 Iiabilily 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 oflhe sums sccured by this SecurilY 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 bea 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 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 term. of this Security Instrument; (bJ 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, 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 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 to be collected in connection with the loan exceed the permilled limits, then: (a) any such loan charge shall be reduced by the amount necessary 10 reduce the charge to the permilled limit; and (bJ 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 owcd 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 effect 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 permitted by paragraph 19. If Lender exercises lhis option. Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notice.. Any notice to Borrower provided for in this Security Instrument shall be given by delivering il or by mailing it by first class mail unless applicable law requires use of another method. The nOlice shall be directed to the Propc;:rty Address or any other address Borrower designates by notice to Lender. An)' notice to Lender shaH 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. Governing La..; Severability. This Security Instrumenl shall be governed by fedcmllaw and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security InSlrument or Ihe Note conflicts with applicable Jaw. 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 are declared to be severable. 16. Horrower's Copy. Borrower shall be g,ven one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borro..er. If all or any part of Ihe 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 Sccurity Instrument. However. this option shall nOl be exercised by Lender if excrcise is prohibiled by federal law as of the date Oflhis 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 pa.y 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 nOlice or demand on Borrower. 18. Borrower'. Right 10 Reinstatc. If Borrower meets certain conditions, Borrower shall havc lhe nghlto havc enforcement of this Security Instrumenl discontinued at any time prior to the earlier of: (a) 5 days (or such other period us applicable law may specify for reinstatemenl) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry ofa judgment enforcing this Security Instrument. Tho~e- conditions arc thut Borrower: (a) pays lender an sums which then would be due under this Security Instrumcnl and the Noll: had nn acceleration occurred; (b) cures any default of any other covenants or agreements: (el pays a1l expenses incurred in enforcing thl!'i Securit)' Instrument. including. hut not hmiled 10. reasonable Ilnorney!-o' fees; and (d) lake!. ...uch :lcllon u!. lender may rea~nably require tll a.\surr thai thC" liC"n of this Security Instrument. Lcnuer', flg:I1l<. in Ihe Properly and n<lrrowc:r\. oblig.ation to pal thc= ..urns ..<<urr:d by thl~ Sc=curity Inslrumc=nl ..hall conllnUC' unchull!;.oo l'pon rCHl"'latement hy Borrower, 1hl' Srcunty In,rrument and the obligation:\ .-,ccurr:d hcrcb~' ,hall remain full~ effecllve a.. If nll ;u:n'!t:rallllll hold nccurretJ HowC'\'cr. thiS flgh1 to relO\latr:: 'IhuJl not apply In Ihcca..e tlfaLTdn'llllln undn rara~raph, ! j llf' '-0