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Home My WebLink About0987 . ' • ~ . • , If Lender require~d mortgagc insurance as a condition of making the loan secured by this Security lnstrument~ Borrower shal) pay the premiums required to maintain the insurance in efTect until such time as t~he requirement for the insurance terminates in accordance with Borrower's and Lencler's written agreement or applicable law. 8, Inspection. Lender or its agent may make reusonable entries upon and inspections of the Property. Lender shali give Bonower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemn~tion. The proceeds of any award or claim for damages, direci or consequential, in connection with any condemnation or other taking of any part of the Pr~perty, or for conveyance in 1'[eu of cond~mnation, are hereby assig,ned and shall be }said to Lender. ~ In the event of a total taking of the Property, the proceeds shaU be applied to the sums secured by this Security . Instrument, whether or not then due, with any excess paid to Banower. In the event of a partial taking of the Property, unless Bonower and Lender otherwise agree in writing, the sums secured by this Security Instrament shal! be reduced b~ the amount of the groceeds multiplied by the following fraction: (a) the total amount of the sums secueed immediately 'beforc the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. - _ ~f the Property is abandoned by Borrow~er, or if~ after notice by Lender to Horrower that the candemnor o~'ers to make an award or settte a clai~n for damages, Barrower fails to respand to Lender within 30 days after the date the notice is given~ I.ender 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 I.ender and Borrower othenvise agree in writing, any application of proceeds to principal shal! not extend or pctstpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Bonower Not Released; Forbesrance By Lender Not a Wairer. Extension of the time for payment or modification of arrtoriization of the sums seeured by this Security Instrument granted by Ler~der to any successor in interest of Boxrower shall not operate ta release the liability of the original Borrower ar 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 originat Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy f shall not be a waiver of or preclude the exercise of any right or remedy. 11. 5uccessors and Asstgns Bound; Joint and Several LiabilIt~+; Co•signers. The covenants and agreements of - this S~curity Instr~ment shall bind and benefit th~ successors and assigns of Lender and Borrower, subject to the provisions ~ of paragraph 17. Borrower's covenants and ugreements shall be joint and several. Any Borrower who co-signs this Security ~ Instrument but dces not eaecute the Note: (a) is co-signing this Security Instrument ~nly to mortgage, grant and convey t that Borrower's interest in the Property under the terms of this Security Instrument; {b) is not personallp 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 Bonower's consent. ~ 12. Lo~n Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan ~ charges, and that !aw is finally interpreted so that the interest or other loan charges collected or to be coilected in coi~nection with the loan exceeci the permitted limits, then: (a) any such loan charge shall be reduced by the amount ~necessary to r~duce th~ charge to the pern~itted limit; and (b) 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 owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reductian ~vill be treated as a partial prepayrr?ent without any prepayment charge under the Note. 13. Legislation Affeeting I.ender's Rig6ts. If enactment or expiration of appiicable laws has the eftect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, I.ender, at its option, may requiee immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies ` permitted by paragraph 19. If Lender exercises this option, Lender shati take the steps specified in the second paragraph of paragraph t7. 14. Nofices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another methocl. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shali 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 sha!! be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~ 15. Governtng Law; Severability. This Security Instrument shail be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any pruvision or clause of this Security Instrument or the Note conflicis with applicabie law, such conflict shal! not affect other provisions of this Security Instrument or the Noie 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. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Ttansfer of the Property or a IIeneftcial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficiat interest in Borrower is sotd or transferred and Borrower is not a natural person) without Lender's prior written consertt, 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 date of this Security Instrument. If Lender exercises this option, I,ender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 3Q days from the date the notice is delivered or mailed within which Borrower must pay a11 sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, LQnder may invoke any remedies permitted by this Security Instrument without furiher notice or demand on Borrower. 1~. Borrower's Rl~ht to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for eeinstatement) before sale of the Property pursuant tQ any power of sale contained in this • t' ^ • ~1sio Con ~ 4v T etrmm~nt T ncp rnneiitinnc are that Borrower: JeCUTIIy lll~l[UI/lClit~ Vl ~VJ Gilll~i Vl q)L'lCiffiIitc111 t.iuva~,t~b ~uw v~.vZ.CT~~ T:....... . (a) pays Lender al! sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Sxurity Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may r~nably require to assure that the lien of th~s S~curity Instrument, I.ender's rights in the Property and Borrower's abligation to pay the sums secured by this Security Instrument shall continae unchanged. Upon reinstatement by - Bonower, this Security Instrument and the obligations secured hereby shall remain fully e~'ective as if no acceleration had occurred. Nowever, this right to reinstate shall not apply in the case o~'acceleration under paragraphs 13 or 17. ~ooK 515 PA~E . 985 ~