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Home My WebLink About2031 If Lender required mortgage insurance as a condition of making the loan secured by ihis Security lnstrument, Borrawer shall pay the premiums rtquired to maintain the insurance in effect until sucfi time as the requirement for the ir,surance terminata in accordance with Borrower's and Lender's written agreemcat or applscable law. 8. Inspectton. L.ender or its agent may make reasonable entries upan and inspections of the Property. Lende~ shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for t:~e inspection. 9. Condemnatlon. The procoeds of any sward or claim for damaga. direct or conuquential, in connection with any condemnation or other taking of any part of the Proptrty~ or for conveyance in lieu of condcmnation. are hereby assigncd and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums ucured by this Security Instrument. whether or not then due. with any excess paid to Borrower. In the event of a partiat taking of the Property, unless Borcower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proczeds multiplied by the fotlowing i'raction: (a) the total amount of the s~ms secured immediately before the taking, divided by (b) the fair market value of the Propcrty immcdiately bef~re the ta'cing. Any balance shall be paid to Bonower. If the Property is abandoned by Bonower, or if, after notice by Lender to Borrower that the condemnor oRers to make an award or settle a claim for damages. Borrower fails to respond to L,ender within 30 days aRcr the date the notice is given~ I.tnder is authocized to collect and apply th~ proceeds. at its option. either to restaration o- repair of the Property or to the sums secured by th'ss Security Instrument, whether or not then due. Unlas Lender and Borrowtr otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referr~d to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearana By Ixnder Not a Waiver. Extension of the time for payment or modification of amortization of the sums securai by this Security Instrument granted by Le~der to any successor in interest of Borrower shall not operate to reiease the tiability of the original Borrower or Borrow~r's successors in interest. Lender shall not be required to commence proceedings against any succasor in interest or refuse to extend time for payment or otherwise modify amottization of the sums secured by this Security Instrument by reason af any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lendcr in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 1l. Sueeessors and AsslQns Bound; Jolat and Sereral Liability; Casigners. The covenants and agreements of this Security Instrument shall bind and bene6t the successors and assigns o! Lender and Borrower. subject to the provisions of paragraph 17. Borrower's covenants and agrcements shall be joint and several. Any Borrower ~:vho co-signs this Security Instrument but does not eaecute thc Note: (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 Instcument; and (c) agrees that Ixnder and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instru?:~ent or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets mazimum loan charges, and that law is finally interpreted so that the interest or other loan charges collec:ed or to be collected in connection with the loan eaceed the permitted limits, then: (a) any such loan charge shall br reduced by the amount necessary to reduee the charge to tht permitted limit; and (b) any sums already collected from Bonower which exceeded permitted limits ~vill be refundod to Bonower. Lender may choosc to make this refund by re~~~cing the principal owed under the Note or by making a direct payment to Bor~ower. If a refund reduces principat, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Afiectiag Lender's Rights. If enactment or expiration of applicahl~ laws has the eflect of rendering any provision oPthe Note or this Security Instrument unenforceable according to its te?ms. l.ender, at its option, ; may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If L,ender exercises this optian, I.ender shall take the steps specified +n the second paragraph oi' paragraph 17. ` 14. Notices. Any notice to Bonower provided for in this Security Instrument shall be given by delivering it o~ by mailing it by first class mail unless applicable law roquires use of another method. The notice shall be directed to the ; Property Address or any other address Borrower designates by notice fo L.ender. Any notice te Lender shall be given by ; first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice g provided for in this Security Instrument shall be deemed to have been g+ven ta Borrawer or Lender when given as provided ~ in this paragraph. 15. Goreming Lavv; Sererability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or ciause of this Security Instrument or the ~ Note conf~icts with applicabfe law~ such conflict shall noi affect other provisions of this Security Instrument or the Note ~ which can be given effect without the cos?8icting provision. To this end the provisions of this Security Instrument and thc Note are declared to be severable. ; 16. Borrower's Copy. Borrower shall be given one confotmed copy of the Note and of this Security lnstrument. ~ 17. Transfer o[ the Property or a Beneficial Interest in Borrower. If all or any pa•t of the Property or eny ~ interest in it is sold or transferrtd (or if a beneficial interest in Borrower is sold or transferred andBorrower is not a natural person) without I.endei s prior written consent, Lender may. at its opiion, require immediatc payment in full ot all sums ~ secured by this Security Instrument. However, this option shall not be exercised by I.ender i~ exercise is prohihited by - federal law as of thc date of this Security Instrument. ' ' If I,ender exercises this option, I.ender shall give Borrower notice of acceleration. The notice shall provide a~xriod ' of not less ihan 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 pericxi, Lender may invokc any I remedies pecmitted by this Security Instrument without further notice or demand on Borrower. ~ 1$. Borrower's Right to Reiastate. If Borrower mats certain conditions, Borrawer shall have the r+ght to have enforcement ot this Security Instrument discontinued at any time prior to the tarlier of: (a) S days (or such other ~riod as 4 applicable law may specify for reinstatement) before sale of the Proper~y pursuant to any powe- of sale contained in this ~ Security Instrument; or (b) entry of a judgment enForcing this Security Instrument. Those conditions are that IIorrower: € (a) pays L,ender a11 sums which then would be due under this Security Instrument and the '~'ote had no acceleration ~ oecurred; (b) cures any default of any other covenants or agtcements; (c) pays a{{ expenses incurrcd in enforcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fces; and (d) tak~ such action as Lender may ~ rtasonably require to assure that the lien of this Security Instrument, Lender's rights in ~hc oroperty and Eorrower's ~ obligation to pay the sums secured by this Security Instrument shall continue unchanged, Upon reinstatement by : Bonowtr, thi5 Security Instrument and the obligations secured hereby shall remain fully eRective as if no accelcration had occurred. Howevsr, this right to reinstate shall not apply in the case of acceteration under paragrunhs 13 or 17. Bo~K674 ~,,~E203~, ~ .~-_~.n, ~-.=G.~~~..~~-~: ~ _ ~~u ~