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Home My WebLink About0976 a . . ~ If Lender required mortgage insurance as a co~dition of making the loan secured by this Se~:urity Instrument, Borrower shall pay the premiums required to maintain the insurance in effect untii such time as the requirement for the insurance terminates in accordance with Borrower's and I,cnder's written agreement or applicable law. ; 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender ; sh~ll give Borrower notice at the time of or prior to an inspection specifying reas~nable cause tor the inspection. f 9. Coademnation. The proceeds of any award or claim for damages, direct or consequential, in connection with ' any condemnaiion or other taking of any pan of the Property, or for conveyance in lieu of condemnation, are hereby ~ as~ignecl and shail be paid to Lender. ~ In the event of a total taking of the Property, the proc;eeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any ezcess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced b}• ~ the amount of the proceeds multiplied by the foilowing 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 j paid to Borrower. + If the Property is abandaned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor ofTers to i make an award or settle a claim for damages, l3orrower 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 eatend or postpone the due date of the monthiy payments referred to in paragraphs 1 and 2 or change the amount of such payments. j 10. Borrower 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 Bonower shall not operate to release the liability of the originai Borrower or Borrower's successors in interest. Lender shall not be required to commence proceodings 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 J by the original Bonower or Borcower's successors in interest. Any forbearance by Lender in eaercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Succes,sors aad Assi~s Bound; Joint and Several Liability; Casigners. The covenants and agreements of ~ this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Secucity ~ Instrument but dces not execute the I~Iote: (a) is co-signing this Security lnstrument only to mortgage, grant and convey f that Borrower's interest in the Property under the tern~s of this Security Instrument; (b) is not personally obligated to pay the sums secureci by !his Security Instrumeni; and (c) agrees that Lender and any other Borrawer may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without i that Bonower'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 !aw is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan eaceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount ' necessary to reduce the charge to the rmitted limit; and (b an sums alread collected from Borrower which exceeded P~ ) Y 9 I permitted limits will be refunded to Borrower. Lender 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 ~ partial prepayment without any prepayment charge under the Note. ~ 13. Legisiation AffeMing Lender's Rig6ts. If enactment or expiration of applicable laws has the efiect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Ixnder, 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 Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. ; 14. Notices. Any notice to Borrower provided for in this Security Instrume~t shall be given by delivering it or by mailing it by first c(ass mail unless applicable law requires use of another method. The notice shall be directed to the E Property Address or any other address Borrower designates by notice to Lender. Any notice to I.ender shall be given by ~ first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any noti~e ~ provided for in this Security Instrument shalt be deemed to have been given to Borrower or [,ender when given as provided ' in this paragraph. ~ 15. Goveraing Law; Severabitity. This Securit}• 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 clause of this Security Instrument or the ~ Note conflicts wiih applicable law, such conflict shall not affect other provisions of this Security lnstrvment or the Note ° which ean be given effect without the conflicting provision. "To this end the provisions of this S~curity 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. Transfer of the Property or a Beneficia! Interest in Borrower. If all or any part of the Property or any ~nterest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transl'erred and Borrower is not a natural ~ person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fu11 of a!I sums ~ secured by this Security Instrument. However, this option sha11 not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrumtnt. If L,ender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 3Q days from the date the notice is del~vered or mailed within which I3orrower must pay all sums secureci by this Security Instrument. If Borrower fails to pay thtse sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Securiiy Instrument without further notice or demand on Borrower. 18. Borrower's Right 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 periad as appiicable law 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 Borrower: ` (a) pays L.ender 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 ezpenses incurred in enforcing this ~ Security Instrument, including, but not limited to, reasonable attomeys' fees; and (d) takes such action as L.ender may ; reasonably require to assure that the lien of this Stcurity Instrument, L.ender's rights in the Property and Borrower's = obligation to pay the sums secured by this Securiry Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. aooxs~ Pac~ 9~6 F.. - - - _ - - _ _ ~ _ -