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86- 105784 If Lakler ragrina{ wi0rtpw insurance as a condition of making the loan secured by this Security Instrument, ft-owes shall pay tie pre siunas required to maintain the insurance in effect until such time as the requirement for the 1 + . istsarat)oc tartaitpttes in accordance wkh Borrower's and I ernder's written agreement or applicable law. L atgae4an. I ender at its agent may crake reasonable entries upon and inspections of the Property. Lender shall give Bonower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. CaoissrMimL fir proceeds of nay award or claim for damages. direct or consequential, in connection with any cosdamnahos or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and sal be paid to Lender. is the'' - ere- of a foal taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whel6er or am then due, with any excess paid to Borrower. In the event of a partial taking of the Property, adleaa Bottowes and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the I , --eds multiplied by the followrnrg. fraction: (a) the total amount of the sums secured immediately before the takiil, ririded by'(b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is adasdoned 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 gives, 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 Leader and Harrower 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. Ig. Borrower NO ktslrswsL- Forbearance By Lesser No a Wsdver. Extension of the time for payment or modification of amortization of the sums seemed by this Security Instrument granted by Lender to any successor in interest of Borrower SW mot operate to release the liability of ttx original Borrower or Borrower's successors in interest. Lender shalt 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 Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Sweoemaea and Amps Bound; JeW and Several 13rhiWy; Co- signers. The covenants and agreements of this Security Instrument shalt bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragrapi 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does sot execute the Now (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 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 tents of this Security Instrument or the Note without that Borrower's consent. IL Loan Chase. If the loan secured by this Security Instrument is subject to a law which sets maximum loan chargm, and that law is f in g finally tesprexed so Iha! the interests or other loan charges collected or to be collected in connection with the ban sensed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the change to the permitted tint; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Barrown. Under may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to borrown. If a refund reduces principal, the reduction will be treated as a partial prepayment wihout any prepayment charge undo the Note. 13. LegYNse Athdiog Lesier's Ildghts. 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 fall of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. if lender eecacises this option. Lender shall take the steps specified in the second paragraph of paragraph 17. It IMalitta. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by auding it by first class mad 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 Cho mail to Leader'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. 13. Cov rdug Law; Severali ty. This Security Instrument shall be governed by federal law and the law of the jurisdiiclion in which the Property is located. In the event that any provisions or clause of this Security Instrument or the NOW 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 conflic"S provision_ To this end the provisions of this Security Instrument and the Note are declared to be severable. 1i. Des own s Copy. Borrower shalt be given one conformed Copy of the Note and of this Security Instrument. 17.7tasllar of the Property ar • 1enellekal Insereal 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 Leader's prior written consent, Lender may, at its option, 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 elate of this Security Instrument. If Leader exercises this option. Lender sha0 give Borrower notice of acceleration. The notice shall provide a period of sot loss than 90 days from the date the notice is delivered or mailed within which the Borrower must pay all sums secured by this Security Instrument- If Borrower fats to pay these gums prior to the expiration of this period. Lender may invoke any ramedin - , 1 111 by this Se mitt' Instrument without further notice or demand on Borrower. fg. On nwant hilt M ■daslele. If Borrower meets certain conditions, Borrower shalt have the right to have calbro orm of this Security In trunwo discontinued at any time prior to the earlier of: (a) S days (or such other period as spoieaDie law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Smalley Instrument; or (b) entry of a judgraw enforcing this Security Instrument. Those conditions are that Borrower: (a) pays tender all sums wiicL then would be due under this Security Instrument and the Note had no acceleration occurred: (b) L cores an defadt of sty other covenants or agreements; (c) pays elf expenses incurred in enforcing this Security Instrument, isdwftg, but trot limited t0, reasonable attorney's fees; and (d) takes such action as Bender may reasonably require to assure flat tit lice of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured h by Idds Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fogy effective as if no acceleration had occurred. However, this right to reinstate shall rot apply in the ease of acceleration under paragraph& 11 or 17.