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Home My WebLink About0920 If L~nder ~rq~~ired mortgage insur~nce as a conditian of making the loan secured by this Sccucity Instrument, f3orrower shatl pay the premiums required to maintain the insurance in effect until such time as the requirement for the i~swance terminat~s in accordance with Bc~rrowtr's and Lender's written agreement or appiicnble law. 8. Inspection. Lender or its agent may makG reasonable entries upon and inspections of the Property. Lende~ shall give Borrawer notice at the time of or prior to an inspeetion specifying reasonable esuse for the inspection. 9. Condemnatlon. The proceeds of any award or claim for damages, direct or conscquential, in connociion with any ~ondcmnation or other taking of any part of the Property, or for tonveya~~ce in lieu af zondemnation, ~re hereby assigried and shai! be paid to Lender. [n the event ot a total taking of the Propeny, the pra:eeds shail be appli~ed t~ the sums secured by this Sxurity Instruir,ent, whether or not then due, with any e~cess paid to Borrower. ln the event of a partial takiRg o4'the Property, unless Borrower and Lender otherwise agree in wriiing, the sums secured by this Security instrument shall be rcduad by the amount of the proceeds meltiplied by the follow?ng fractian: (a) ihe total amouni of the sums secured immediately before the taking, ~iivided 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, aRer notice ~y Lender to Borrower that the condemnor oflers to make an award or settle a claim for c~amages, H~rrower fails to respond t~ ~,enJcr within 30 days aRer the date the notir.e i~ given, Lender is authosized to collect and apply the proceeds, at its option, either io iestoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower o!herwise agree in writing, any application of ~roceeds to principal shall not extend or postpone the due date of the monthly ~sayments referted to in paragraphs 1 and 2 or change the amaunt of such payments. 10. Borrower Not Released; Forbearxn~e By Leader lYot a R'siver, Extension of the timc for payment or modification of amortization of the sums secured by this Security Instrumer?t gra~ted by Lender to any successor in interest of Bc,rrower shall ~sot operate to release the Iiability of the o~iginal Borrower or Borrower's successors in ir.terest. I.ender shail not be required ta commence proceedings against any successor in interest or refiise to extend time for payment or othervr~ise modify araortiaation of the sums secured by this Seeurity Instrument by reason of any demand made by the original Borrower or Borrower's successors in interesL Any forbearance by Lender in exercising any right or remedy shall not b~ a wai~•er of or ~reclude the exercise of any right or reme.~iy. 11. Successors and Assigns Boued; Joint and Several Lisbillty; Co-signers. The covenants and agreements of this Security lnstrument shall bind and benefit the sucdessors and assigns of Lender and I3orrower, subject to the provisions of paragraph 17. F3orrower's covenants and agreements shall be joint and severxl. Any Borrow•er who co-siens this Security Instrument but does not execute the Note: (a) is casigning this Security Instrument only ta mongage, grant and com•ey that Borrower's interest in the Property u~:~er the terms of this Security Instrument; {b) is not persvns!!y obligated to pay the sums secured by this Secur.ty 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 th~s Security Instrument or the Note without that Borcower's consent. 12. Loan Ci~arges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan chafges, and that law is finally interpreted so that the interest or other loan charges collected or to~ba aoilocted in connectic~n with the loan exceed the permitted lirrtits, then: (a) any such loan charge sha)1 be reduced by ihe amount ~ necessary to reduze the charge to the perroitted limit; and'~b) any sums already collected from Borrower which exceeded permitted limits will be r~funded to Borrower. Leader ma} choose to make this refund by reducing the principal owed I under the Note or by making a direct payment to Borrower. If a refunsi reduces principal, the reduction will be trested as a i, partial prepayment without any prepay~ment charge under the Note. II 13. ~gislation Afleeting Len~Ar's Rights. tf enactment or ex~iration of applicable laws has the effect of rendering any provision of the Note ar this Securit~~ Instrumenf unenforceable according to its terms, Lender, at its option, ~ may requ~re immediate pa}~ment in full of all cums secured by this Security Instrument and may invoke any remedies permitted by paragraph !9. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 1~. 14. Notiees. An}~ notice t~ Borrow~er pravided for in this Security Instrument shall be given by delivering it or by mailing it by first cla,s mai! unless applicahle law requires use of another method. The notice sf~alf be directed to the Property Address or any other address Borrower designates by notice ro Lender. Any notice to Lender shall be given by first class maii to Lender's address stated herein or any other address I.ender designates by notice to Borrower. Any notice provided for in this Sec;urity Instrument shall be deemed to have bcer. given tn B•~rrower ar Lender when given as provided in this paragraph. 15. Governing I.aw; 5everability. This Security Instrument shal) be governed by federal law~ and the law of the jurisdictioa in w~hich the Property is located. In the event that any provision or clause of this Security Instrument ar the Note conflicts with appiicable law, such conflict shal! not affect other provisions of this Ser.uritv Instrument or the Note which can be gi~~en ef~ect without the conflicting provision. To this end the pro~•isions of this Security Instrument and the Note are declared to 6e severable. . t6. Borrower's Cogy. Borrewer shal) be gi~~en one canformed copy of the Note and of this Security Instrument. l~. '~ransfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or i~a beneficial interest in Borrower is sold or transferred and Borrower is net a natural person) without Lender's prior written consent, Lender may, at its optian, require immc~d:ate payinent in full of atl sums sPcured 5y this Security Instrument. However, this option shall nor be exercised by Lender if exercise is prohibited by f deral taµ~ as of the date of this Security Ynstrument. If Lender exercises,this op~ion, Lender shall give Borrower notic~ of acceieration. Th~ notice shall provi~e a period of not less t~~~~~n the date the notice is cseli~~ered or mailed w•ithin which Borrower must pay all sums secured by this Securit ~t.yf Borrower fails to pay these sums prior to the ezpiration of this period, Lend~r m3y invoke any remedies permitted by this Security Instrument withoui further n~tice or demand on Borrower. . 18. BorroK~er's Right to Reinstate. If Borrower m~ets certain conditions, Borrower shal! have the right to have enforcement of this Security Instrument discuntinued at any time prior to the earlier af: (a) 5 days (or sueh other period as applicable law may specify for.reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instr~2r{~,~r (~).ea~f~ of~~Ldgrpe+~t enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would ~e due under this Security Instrument and the Note h~d no acceleration occurred; (b) cures, any defauir of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but nRt limited to, reasonable attorneys' fees; and (d) takes such action as Lander may reasonably require to assure that the.tien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Sec~rity Instrument shai! continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the c~bligations secured hereby shall rema:n fully etTective as if na acceteration had occurred. Howe~~er, this right to reinstate shall not appty in the ~cc~l,e~~at~t(~p'~eA~$ragraphs 13 or l7. 4s85-3 7B5 .~rN~ Uvy N` aq ~ ga~ ~'9~~ . _ _ . _ _ ~ - _ ~ a. _ - . ~ Y v - _