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r 87-- 108874 If Leader required mortgage insurance as a condition of making the loan secured by this Security Instrunsicnl, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. shall ot Ittt"WHos. Lender or its agent may make reasonable entries upon and inspects of the Property. Lender give Borrower nice at the time of or prior to an inspection specifying reasonable cause for the inspection. The proceeds ofany award or claim for damages, direct or consequential, in connection with any condemnation or other taken of any part o f the Property, or for conveyance in lieu o f condemnation, arc hereby assigned and shall be paid In the event of a total taking of the 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 Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the anwunt or the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before 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 damages. Borrower fails to respond to Lender within 30 Clays 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 dire date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Leader Not ■ 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 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 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 tender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. IL Srccetaors and Atel(las Bound'. Joint and Severed Liability; Co-signer. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of tender 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 toots of this Security instrument; (h► is nut 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. Loos Oserges. 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 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 will be refunded to Borrower. Lender may choxise 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. IA$kiatdon AR'eetdstl I.esier's RdptL+ts. if enactment or expiration of applicable laws has the effect of rendering any of the Note or t his Security Instrument unenforceahic according io its terms, Lender, at its option, may require immediate payment in full of all sums secured by this Security lnstrument 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 Secunty Instrument shall be given by delivering it or by retailing it by first class mail unless applicable Law requires use of another method. The notice shall be directed to 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 stated herein or any tither addrtws Lender designates by notice to Borrower. Any notice in provided pa for in this Security Instrument shall he deemed to have been given to Borrower or Lender when given as provided in this paragraph. 13. Y;evarsillig Law; Severabdity, This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Properts is located. In the went that any provision or clause of this Security instrument or the Note conflicts with applicable law, such conflict shall not affect tither 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. Bwreww s Copy. Horrowrr shall he given one conformed copy of the Note and of this Security l list rument. 17. Trasadar of the Property arm Becarfcibl lnterevt in Borrower. If all or any part of the Property or any interest call is wld or transferred (or ifa beneficial interest in Burrower 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 optical shall not be exercised by Lender if esercisc is prohibited by federal law as of I he date oft his Security Instrument. if Letldcr CAMIAes this cipttio n, Lender shall give Borrower nutter of acceleration. The notice shall provide a period of not leis Haan 30 days fromi the date the notice is delivered or mailed within which llrrrower roust pay all sums secured by this Scaurity Irtstrutsent. If Borrower fails to pay these sums prior to the expiration of this pxrioxd. Lender may invoke any fcuwdwhpcfmilt,odby this Security Instrument without further notice or demand on Borrower. 18. Borrower's R*M to liltilimcniate. If Borrower trice is certain conditions. Burrower shall have the right to have "Itumccntcnr oaf this Seramy Instrument discontinued at any time Prior to the earlier of (a) ? days (or such other perioxl as Lapt4.able law may specify for rcipstatcome) before sale cif the Property pursuant to any power sale cuntuintYl in this Smartly lnstrantcnt: or (h) entry of a judsment enforcing this Security Instrument fhtne conditiom arc that Burrower (s) pays Lcodcr all sums which there womid he due under this Security Instrument and the Note had no acceleration o °xtrr , lb) cures any default of any other covenants or agrccmcnls; (c) pays all expenses incurred set enforcing item. %ft'Urxay Inver t, uwludtng. but not limited to, reasonable attorneys' firs. and Id) takes such Iclimi :as I ender may re". ) rNuirc To aavurc that the lien of this Sccurity Instrument. Lender's rights in the Propcity and Rorn..ACC t. sin tea 110) the sines secured by this Security inNtrument shall continaae unchaetgrd L`lxin rrinstatcrneni by Mnffrwcr, aha3 Ssaurtty Instrument And the (!te)igatlouis w,;ured hcreh) shalt remain tulle effr rtvc as it nu atccleeati „it had =�xcurreaj 11e. wrcer, rhea right t .,eemslalcshalloat apply in the ; ass, *taeccleratniiri underraravraphsII -n I' MI