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Home My WebLink About2426 . ~ If Lender. req~~ir~d mortgage insurance as a condition ot mafcing the loan secured by this Security Instrument, Borrower shaN pay the premiums required !o maintain the insurance in ettect untii such time as the requirement tor the insurance terminates in accordance wiih Borrower's and Lender's written agreement w appticable law. 8. I~spection. Lender or its age~t may make reasonable enUies upon and inspections of the Property. lender shall give Borrower ~otice at the time of or priw to an Inspection specifying reasonable cause lor the inspecdon. 9. Cotld6mnatiOn. The proceeds of any award or daim for dameges, direct w consequentlal, in connection with any condermation or other taking ol any part oi the Property, w for convayance fn Neu of condertu~aUon, are hereby assfgned and ahap be paid to Lender. In the event ot a total taking o( the Property, the proceeds shaN be app6ed to the sums secured by this Security Instrument, whether ot not then due, with any excess paid to Borrower. In the event of a partial taking ot the Properry, unless Borrower and Lender atherwise egree in writing, the sums secured by thls Securiry Instrument shaq be reduced by the amount of the proceeds multipGed by the 1oQowing fracGon: (a) the total amount oi the sums secured immediatey befwe the taking, divided by (b) the isi~ market value of the Property irtunediately before the taking. My balance shall be paid to BoROwer. It the Property ts abandoned by BoROwer, or N, after notice by Lender to Bwrower that the condermor oHers to make en award or settle a claim tor damages, Borrower tails to respond to Lender within 30 days after the date the notice is aiven, Lender is euthorized to coqect and apply proceeds, at its option, either to restoration or repair of the Property or to the sums secured by ihis Securiry Instrument, whelher w not ihen due. Unless Lender and BoROwer otherwise agree in writing, any applicaGon ot proceeds to principa! shaN not extend or postpone the due date ot the monthly payments reterred to in paragraphs 1 and 2 w change the amount ot such payments. 10. Borrower Not Released; Forbearance By i.ender Not A Waiver. Extension oi the time tor payment or modi5ca6on ot amortization of the sums secureo by this Security ~nsirument granted by Lender to any successw in interest oi Borrower shall not operate to release the liability oi the original BoROwer or Borrower's successors in interest. Lender shaY not be required to commence proceedings against eny successor in interest or refuse to extend time tor payment or otherwise modity amortization of the sums secured by this Secxiriy Inswment by reason of any demand made by the original 8orrower or Borrower's successors in interest. My forbearance by lender in exercising any right or remedy shall not be a waiver of or predude the exerdse ot any right or remedy. i 1. Succassors and Assigns Bound; Joint and Several Uability; Co-signers. The covenants and egreements of this Securiry Instrument shaN bind and benefit ihe successors and assigns o( Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and aqreements sha~ be jant and several. My Borrower who co-signs this Security InsUument but does not execute the Note: (a) is casigni~g this Security Instrument ony to mortgage, grant and convey that Borrower's interest in the Property u~der the terms of this Securiy Instrument; (b) is not personaly obligated to pay the sums secured by this Security InsUument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms oi this Security InsUument or the Note without that Borrower's consent. 12. ~oan Charges. If the loan secured by !his Sec~rity Instrument is subject to a law which sets maximum loan charges, and that law is finalty interpreted so that the interest or other loan charges copected or to be collected in connection with the loan exceed the pemxtted limits, then: (a) any such loan charge shaA be reduced by the amount necessary to reduce the charge to the permitted limit; end (b) any sums already collected from Borrower which exceeded pertnitted Gmits w~ be refunded to Borrower. Lender may choose to make this retund by reducing the prinapal owed under the Note or by making a direc~t payment to Borrower. It a refund reduces principal, the reduction w~ be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. K enactment or expiratlon oi appGcable laws has the eHect of rendeting any provision of the Note or this Sec:urity Instrument uneniorc~ble according to fts terms, Lender, at its option, may require immediate payment in full of aA sums secured by this Sec;urity Instrument and may invoke any remedies permitted by paragraph 19. I( Lender exerases this option, Lender shaN take the steps specified in the second paragraph oi Qaragraph 17. 14. NOtiCAS. My notice to Borrower provided tor in this Security Instrument shall be given by delivering it or by mailing it by fust dass mail unless appficable law requires use of anotlier method. The notice shaU be direc:ad to the Property Address or any oiher address Borrwn~er designates by notice to Lender. My notice to Lender shall be given by first :lass r.iail to Lender's address stated herein or any other address Lender designales by notice to Borrower. My notice provided tor in this Security InsVument shall be deemed to have been given to Borrower t or Lender when gnren as provided in this paragraph. ~ 15. Governing law; S@verability. This Security Instrument shafl, be govemed by federal law and the law of the jurisdiction in G which the Property is located. In the event that any provision or clause oi this Sec:uriry Instrument or the Note conflicts with the appGcable law, i such conflict shall not af(ect other provisions oi this Securiy Instrument or the Note which can be given eftect without the conflicting provision. To this end the provisions of this Sec:urity Instrument and the Note are dedared to be severable. ~ 16. Bort'ower'S COpy. Borrower shaN be given one conformed copy ot the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Inte~est in Borrower. Ii a8 or any part of the Property or any interest in it ~ is sold or transierred (or i( a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) wilhout lender's prior ~ writte~ consent, Lender may, at Rs option, requke in?mediate payment in tuq of a9 sums sewred by this Securiry Instrument. However, this option shall not be exercised by Lender H exerase is prohibited by tederal law as ot the date oi this Security Instrument. F ~ H Lender exerases this option, Lender shall give Borrower notice ot acceleration. The notice shall provide a period of not less than 30 days ~ from the date the notice is del'nered or mailed within which BoROwer must pay aA sums secured by this Security Instrument. If Borrower fa~s to pay these sums prior to the expiration of this period, Lender may invoke any remedies permiried by this Security Instrument without fuRher ~ notice or demand on Borrower. ~ 18. Borrower's Right to Reinstate. If BoROwer meets certain conditions, Borrower shall have the right to have entorcement of ~ this Security InsVument discontinued at any time prior to the earlier ot: (a) 5 days (or such other period as appticable law may specity tor reinstatement) be(ore sale of the Property pursuant to any power ot sale contained in this Security Instrument: or (b) entry oi a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which ihen woutd be due under this Security g InsWment and the Note had no acceleration occurred: (b) cures any defaul! of any other covenants or agreements; (c) pays afl expenses incurred in en(orcing this Securiry Instrument, including, but not limited to, reasonable attomeys' fees; and (cn takes such action as Lender may reasonably require to assure that the lien of this Security Instrume~t, Le~der's rights in the Property ar.d Borrower's obligation to pay the sums secured by this Security Instrument shali continue unchanged. Upon reinstatement by Borrower, this Securiry Instrument and the obligations secured hereby shall remain tully eNective as 'rf no acceieration had occurred. However, this right to reinstate shall not appy in the case oi acceleration under paragraphs 13 or 17. ~ ~ ~ r ~ ~ ~ ~ ~ ~ Y ~ ~ "='=T1 (a4l99) 578 Page 3 of 4 ~ F i ~ 6~~ P;,~E~79~ . eoUr, - ~o~K6.74 ~A~E2426 ~ ~ = ~ ~