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Home My WebLink About2773 lt' Lender required mortgage insurance as a condition of making the loan secured by this Security lnstrument, Born~w•er shall pay~ the premiums required to maintain the insurance in efi'ect untii such time as the requirement for the in~urance terminates in accardance with Borrower's and Leader's wntten agreement or applicable {aw. 8. Inspection. Lender or its agent may make reasonable entries upon and inspec~ions of the Property. Lender shail give Borrow~er notice at the time of or prior to an inspection specifying reasonable cause for the inspect:on. 9. Condemnation. The proceeds ot 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 com~eyance in lieu af candemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Yroperty, the proceeds shall be applied to the sums secured by this Security instrument, w~hether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Sorrower and Lender 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 beiore the taking, divided by (b) the fair market value oCthe Property immediately before the taking. Any balance shaN be paid to Borrower. lt the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower 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 Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender 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 releast 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 wair•er of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Sererai Lisb'slity; Casigners. The covenants and agreements of ihis Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, sub}ect to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not eaecute the Note: (a) is co-signing this Security Instrument 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 Instcument; and (c) agrees that Lender and any other Bonower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security lnstrument 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 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 (oan exceed the permitted limits, then: (a) any such {oan charge shail be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Barrow~r which exceeded permitted limits will be refunded to Borrower. L.ender may choose to make this refund by reducing the principal owed i under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a i pariial prepayment without any prepayment charge under the Note. ' 13. Legislation Attecting I.ender's Rights. If enactment or expiration of applicabte laws has the effect of ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, L.ender. at its option, P may require 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 shall take the steps specified in the second paragraph of ~ pa~agraph 17. ~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shaii be given by deiivenng it or by ' mailing 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 Borrower designates by notice to Lender. Any notice to Lender shall be given by E first class mai) to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice ~ provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender w~hen given as provided in this Qaragraph. I5. Governing Law; Severability. This Security Instrument shall be governed by t'ederal 1aw 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 conflicts with applicable law, such conflict shall not afTect other provisions of this Security Instrument or the Note ~ w~hich can be given efl'ect without the conflicting provision. To this end the provisions of this Security Instrument and the tiote are declared to be severable. 16. Borrower's Copy. Borrower shall 6e given one conformed copy of the Note and of this Security Instrument. 17. 1'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 if a beneficial 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 I~stsument. However, this option shaU nor be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. ' If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shalt provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay a!1 sums secured by this Security Instrument. It' Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any : remedies permitted by this Security Instroment without further notice or demand on Borrower. ; 18. Borro~er's Right to Reinstate. If Barrower meets certain conditinns, Sorrower shall have the right to have ; enforcement o( this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as ` ap~licable iaw may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borr~wer: ~ (a) pay~s Lender al{ sums which then woufd be due under this Security Instrument and the Note had no acceleration ~ occurred; (b) cures an}~ default of any other co~enants or agreements; (c) pays afl expenses incurred in eni'orcing this ~ Securit}• Instrument, including, but n~i limited to, reasonable attorneys' fees; and (d) takes such action as Lender ma}~ rea+onabl~ require t~ assure that the lien of this Security Instrument, Lender's right~ in the Property and Borrower's ~ obligation tc~ pay the sums secured by this Security Instrument shall continue unchanged. Urx~n reinstatement by r Borr~~W er, this Securi~~~ Instrument and the obiigations secured hereby shall remain fuU}• efTecti~c as if no acceleration had ~ occurred. H~~e~•er. th+s right to reinstase shal{ not apply in the case of acceleration under paragraphti 13 or i 7. 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