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Home My WebLink About0916 Any ;~muunt~ di~bursed by Lender und~r thi. pa~agraph 7:hall ~ecome aJJit~onal Jeht of 6c?rrower .~cured h~~ thi, Securi~y In.t~unknt. Unless Born~wer and lxnder ~grc.~ tu eKt~r tern~s of payment, these amoants sh~ll bear intcrest f~om the ~at~ ul Ji,bur.unx nt ~t th~ Note rate ancl shall he payable, with interest, upun mNice trum Lcrxier to &~rruwer reque,ting E~yment. If l.ender required mungege in~urnnre a, a curxiition uf making the lu:in securcd by this Security ln~trument. Borruwer tihall ~~y tF~ prcmiunu required to maintain the insuranrc in eif'ect until ~uch time the myuirenknt ior the in~ur3n~.~. tarm~ c~ jn arc~?rJ:irxe with Borrower's and Len~icr's written agreement or applicable law. ; ~ T-'~ 8. Inspection. LenJcr or its agent may make feasonable entries upon arxi inspections uf~lhe Property. L~:ndrr shali give ~?rrower nuti~e at ihe time of or prio: `~C!~~ !no ~~'a~nnahtP r~u~e fnr (+1@ insoection. 4. Condemnalion. The pra.~c~.~1s af any awani or claim for ci:iniages, direct or ru~~eyuential, in runrk~tiun with :tny corxkmnatiun ur uther taking of any pdrt af the Prupeny, or for conveyance in lieu of condemnation, are hereby assigncd and shell be p:~id to Lender. !n the event af a total taking of the Prope:rty, the proceeds shall be applied to the sums secu~ed by thi. S~:curity In~trumen~. whcthcr ur not then due, with any exress paid t~~ Borruwer. In the event of a panial taking uf the Property, unl~ss B~~rrower and i L.erxler cxherwise agrc~e in writing, the sums secureci by this Security Instrument shall be reduced by the amuunt ~~f the pra.-eeds multiplied by the following fraction: (a) the tatal amount of the sums secured immediately before the taking, divided by (b) the fair market ~a~~~ a~ t °~~N..~ty :m::;~~:~.~!y betorc the taking. Any k+~lan~e shalt be paid co Barruwer. If the Prupeny is abandoned by Barrower, or if, aftet notice by Leneier to Borruwer Ihat the condemnur offera tu meke an ' award or settte a claim for damages, &~rrower fails ro respond ta Lender within 30 days after the date the notire is given, L.ender i, :~uthorized to collect arxl apply the prcxeeds, at its option, either to restoration or repair of the Property ur to the sums serured by this Securiry lnstrument, whether or ncx then due. Unless Lender and Borrower otherw~ise agree in writing, any appliration of pr~eeds to principal shall n~~t rxtend or postpune the due date of the monthly payments referreci to in paragraphs I and 2 or change the amount of such payments. 10. Borrow•er Not Released; Forbearance By Lender Not a Waiver. Exten~ion of the time far payment e~r mcxiii7catior~ of smortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower sh~)! rnx uperate to release the liability of ti?e origina! Borrower or Borrower's successors in interest. Lender shall not be required to commence pr~eediags against any succesu~r in interest or refuse to extend time for payment or otherwise mociify amortization ot the sums secured hy this Security tnstrument by reason of any demand rnade by tF?e original Borrower or &xrower's successors in interest. Any forbeara~xe hy Lender in exercisir~g any right or remedy shalt not be a waiver of or preclude the exercise of any right or remedy. l l, Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements otthis Security In~trument shall bind artd benefit the succe~sors and assigns of Lende~ and Borrower, subject to the provisions of paragrapFi 17. Borrower's rovenants and agreements shait be joint and severai. Any Borrower who ecrsigns this Secariry Instrument but dces not execute Ihe Note: (a) is co-signing this Security lnstrument anly to mortgage, grant and convey that Borrower's interest in the Property urxier the terms of this Security lnstrument; (b) i~ not personally obligated tu pay the sums secured by this Security Instrument; and Ic) agrees that Lender and any other Borrower may agree to extend, moclify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower'~ consent. 12. Loan Charges. If the loan secured by this Security Instrument i~ subject ta a law which sets maximum loan charges, anci that law is finally interpreted so that the interest or other loan charges collected or to be caltected in connection with the toan exceed the permitted limits, then: (a) any such loan charge shail be reduced by the amount necessary to reduce the rharge to the permitted limit; and (b} any sums already collected from 8orrower which exceeded permitted limi[s wi!! be refunded to Borrower. Lender may ~hoose to make this refund by reducing the principal owed ~nder the Note ar by making a direct payment to &~rrower. 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: [f ertactment or expiratiun of applicable laws has the effect of rendering any.pravision ui the Note or this Security lnstrument unenforceable according to its terms. Lender, at its option, may requfre immediate payment in fuil of all sums secured by this Security Instrument and may invoke dny remedies permitted by paragraph 19. if Lender exercises this option, Lender shal( take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice [0 8orbwer provided for in this Security Instrumert shall be given by delivering it or by mdiling it by first class mail unless applicable law requires use of another method. The notice shall tie directed to the Propeny Address or any other address Borrower designates by notice to C.ender. Any notice to Lender shall be given by first class mail ro Lender's address ,tated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security [nstrument ~hall t~e deemed to have been given to $orrower or Lender when given as pravided in this paragraph. 15. Governing Law; Severabilit~~. This Security Instrument shall be governed by federal law and the taw ot the jurisdiction in which the Property is located. (n the event that any provision or clause of this Securiry tnstrument ~r the Ncxe conflicts with applicable law, such conflict shall not affect other provisions of this Security (nstrument 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 severabfe_ 16. Borrower's Copy. Borrower shall be given one conformed copy nf the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. [f all or any part of the Property or any interest in it iti sold or tranferred (or if a beneficial interest in Borrower is sold or transferred ancl Borrower is ncx a natural perwn) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums securesi by this Securi~y Instrument. However, this option shall nat be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this optian. Lender shali give Borrower notice of acceteration. The notice shall provide a perioci of not less than 30 days from the date the notice is deiivered or maiied within which Borrower must pay 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 permitred by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Rigi~t to Reinstate. If Borrower meets certain conditions. Borrower shall have the right to have enforcement of this Security lnstrument diseontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security lnstrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays i..ender aii sums which then would be due under this Security [nstrument and the Note had no acceferation occurred: (b) cures any default of any other covenants or agreements; (c) pays atl expenses incurred in enforcing this Security lnstrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to asture that the lien of this Security Instrument. Lender's rights ~n the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shafl remain fully effective a~ if no acceteration had occurred. However, this right ro reinstare shal) not apply in the cxse of acceleration under paragraphs 13 or 17. BOOK ~AGE c~U~7