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Home My WebLink About0949 ' , ~ • ~ , . • ~ . . : } ~ r 1P Leader required mortgagc insurance as a condition of making thc loan secuced by this Security Instrument, Borrowe~ shall pay the premiums requircd to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Ltnder's written agreement or applicable law. 8. Inspection. I.ender or its agent may make reasonable entries upon and inspcctions of the Propcrty. Lender shall give Bonnwer nt~tice at the time of or prior to an inspection cpecifying reasonabte cause for the inspection. 9, Condemnation. 'I'he prceeeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property. or for conveyance in lieu of condemnation~ are hereby assigned and shall be paid to Lender. - In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Security Instrument, whether vr nQt then due. with any excess paid to Borrower. In the event of a partial taking of' thc Property, unless Borrower and I.ender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of 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 Bonower. , ~ - ' ' - * ~.a~~ n,••••••••.•~ ~tist thp ~n~cfemnnr offers to If the Yroperty ~s ~~aaan~ ~y ~r~ ru~cr, uj ii~ ai?c.i jluttit; iij . make an award or settle a claim for damages, Bonower fails to respond to Lender within 30 days 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 Bonower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of such payments. 10. Honower Not Released; Forbearance By I.ender Not a 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 Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liabitlty; Co-signers. ?he covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Horrower, subject to the provisians ~ of paragraph 17. Borrower's covenants and agreemenis shall be joint and several. Any Bonower who co-signs this Security _ instrumeni bui ucxa i~v< <A~,~t~ (a) is r.a-s':gning +th±s ~c»rity Inctrument only to mortgage, grant and convey that Bonower'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 L.ender and any other Borrower may agree to extend, ~ modify, forbear or make any accommodations with regard to the terms of this Sec~~rity Instrument or the Note without • that Borrower's consent. ~ ~ 12. Loan C6arges. 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 f necessacy to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded # permitted limits will be refunded to Bonawer. Lender may choose to make ihis refund by reducing the principal owed under the Note or by matiing ?~~r~t gayment to Borrower.lf a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation AffecHng I.ender's Riqhts. If enactment or expiration of applicable laws has the effect of - rendering any provision of the Note or this Security Instrument unenforceabte according to its terms, Lender, ai its option, may r~quire immediate payment in fuli af all sums secured by this Secarity Instrument 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 Bottower provided for in this Security Instrument shall be given by delivering it or by ~ rnailing 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 Bonower designates by notice to Lender. Any notice to L.ender shall be given by ~ first class mail to Lender's address stated herein or any other address Lender designates by notice to Borcower. Any notice s provided for in this Security Instrument shall be deemed to have been given to Bonower or Lender when given as provided ~ } in this paragraph. 15. Covetning Law; Sererability. This Security Instrument shalt be governed by federal law and the law of the ~ jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the - Note confticts with applicabfe law, such con8ict shall not affect other provisions of this Security Instrument or the Note ~ which can be given etfect without the conflicting provision. To this end the provisions of this Security Instrument and the - Notc are declared to be severable. ; 16. Bonorver's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of the Property or a Beneficiat Interest in Borrarser. If all or any part of the Propeny or any ~ interest in it is sold or transferred (or if a beneficia) interest in Borrower 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 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 shafl give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed 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 permitted by this Security Instrument without further notice ar demand on Borrower. ~ 18. Borrower's Rig6t to Reinstste. If Borrower meets certain conditions, Borrower shalt have the right to have ~ enforcement of this Security Instrument discontinued at any time prior to the eartier of: (a) S days (or such other period as ~ a licable law ma s if for reinstatement before sale of the Pro ri ursuant to an wer of sale contained in this ~ PP Y P~ Y ) Pe Y P Y po Security Instrument; or (b) entry of a judgroent enforcing this Security Instrument. Those conditions are that Borrower: ~ (a) pays Lender all 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 ~ Security Instrument, including, but not limited to~ reasonable attorneys' fees; and (d) takes such action as I.ender may ~ reasonably require to assure that the lien of this Security l~nstrument, Lender's rights in ihe Property and Borrower's ` obligation to pay the sums secured by this Security Instrument sha11 continue unchanged. Upon reinstatement by ; Horrower, this ~curity Instrument and the obligatio:ts s~ured her~by shall remain fully effective as if no acceleration had ~ occurred. However, this right to reinstate shaU not apply in the case of acceferation under paragraphs 13 or 17. ~ ~ofl~ 539 9~45