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Home My WebLink About1318 ~ ~ :1n~ am~wnu.ii,hursed b~ Lender under this paragraph 7 shall become additional debt of Burro~er securrd b~ thi. 5erurit~ ~ In,trument. Unless BorroHer and l.ender agrer to other terms of payment, these amounu shall brar interest fram the date of di,bunement at the ;~ote rate and shafl be payabie, with interest, upon notice from Lender to Borrower reyuesting payment. lf t_ender required mortgage incurance as a condition of making the loan ~e~ured b>~ this Security Instrument, Borrower shall ; pa>• the premiums required to maintain the i~hsa~ance in effect until such time as the requirement for the insurance terminates i in accordance with Borrower's and Lender's a~itten agreement or applicable law. i i 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Propert~•. Lender shall gi~ e Bor- ; roHer notice at the time of or prior to an inspection spe~:ifying reasonablr cause for the inspc~tion. ~ 9. Condemnation. The proceeds of any~ award or claim for damages, direct or consequential, in connee:tion w ith any condem- ; nation or other taking of any part of the Property, or for con~~eyance in lieu of condemnation, are hereby assigned and shall be ~ paid to Lender. ~ In the event of a total taking ot the Property, the proceeds shall be appfied to the sums secured by this Security Instrument, Hhether or not then due, Kith any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and ~ Lender otherwise agree in w•riting, the sums secured by this Security Instrument shall be reduced hy the amount of the proceeds multiplied by the follow•ireg fraction: (a) the total amount of the sums secured immediately before the taking. divided by (b) the i fair market ~~aiue of the Propertp immediately before the taking. Any balance shall be paid to Borrower. ~ If the Property is abandoneci by Borrower, or if, after notice by Lender ta Borrower that the condemnor offers to make ~ an aw~ard or settle a claim for damages, BorroN~er fails to respond to Lender w•ithin 30 days after the date the notice is gi~~en, Lender is authorized to collect and apply the proceeds, at its option, either ro restoration or repair of the Property or to the sums secured by this Security Instrument, w•hether or not then due. i Unless Lender and BorroW~er otherw~ise agree in writing, any application of proceeds to principal shall not extend or postpone i the due date of the monthly payments referred to in paragraphs 1 and 2 or change ~he amount of such payments. 10. Borrow~er Not Released; Forbearance b~• Leoder Nol a Waiver. Extension of the time for payment or modifica[ion of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Sorrower shall not operate to release the liability of the original Borrow•er 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. An}• forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedp. 11. Suceessors and Assigas Bound; Joint Aod Several Lipbility; Co-signers. 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. Borrow~er's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does i not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in f the Property under the terms of this Security Instrument; (b) is not personally obtigated to pay the sums secured by this Security ~ ,.:he: : ~ !(i~ L'^:~7., 3.... 2$: f;.^,7i.,::.: 771~)' ~a:..:. C~XiCif~, modif~, .^vit3Y8i or rr,akr any a~eorr.mc.,a- tions with regard to the terms of this Security lnstrument or the Note without that Borrower's consent. 12. Loao CdArges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, f and that law~ is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the i loan exceed the permitted limits, then: (a) am• such loan charge shall be reduced by the amount necessary to reduce the charge i to the permitted limir, and (b) any sums already collected from Borrow•er which exceeded permitted limits will be refunded to 7 Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction wifl be treated as a partial prepag~rnent without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. lf enactment or expiration of applicable laws has the effect of rendering any pro~ i- ~ sion of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate pa~ment in full of all sums secured by this Security Instrument and rnay in~~oke any remedies permitted by paragraph 19. If Lender ~ e~ercises this option, Lender shall take the steps specified in the second paragraph of paragraph ;7. s ~ 14. Notices. Any notice to Borrower provided for in this Security Instrument sha(1 be given by delivering it or by mailing i i~ by first class mail unless applicable law requires use of another method. The notice shall be airected to the Property Address or any other address Borro~~er designates by notice ta Lender. Am• notice ro Lender shall be given by first class mail to Lender's f address stated herein or any other address Lender designates by notice to Borrou~er. Any notice provided for in this Security Instru- ~ ~ ment sha11 be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~ 15. Gorerning Law; Severability. 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 clause of this Security Instrument or the Note contlicts with applicable law~, such conflict shall not affect ocher provisions of this Security Instrument or the Note which can be given effect ~ without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. ~ 16. Borrower's Copy. Borrower shaU be givers one conformed copy of the Note and of this Security Instrument. 17. Trsnsfer of the Property or a Bene~cial Intercst in Borrower. lf 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 Borraw~er is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in ful! of all sums secured by this Security s E Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federa! law as of the date of this ~ Security Instrument. ~ ~ If Lender exercises this option, Lender shall give Borrower notice of acceie:ation. The notice shall provide a periai of not less than 30 days from the date the notice is delivered or mailed w•ithin which Borrower must pay all sums secured by this Security Instrument. If Borrow•er fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument w•ithout further notice or demand on Borrower. 18. Borrower's Right ro Reiastate. If Borrower meets certain cond'etions, Borrow~er shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such oiher petiod as applicable 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 [nstrument. 7hose conditions are that Borrower: (a) pays [.ender all sums which then ~ W ould be due ~nder this Security Instrument and the Note had no ac~eleration occurred; (b) cures any default of any other covenants ~ o~ agreements; (c) pays all expenses incurred in enforcing this Serurity Instrument, including, but not limited to, reasonable at- e ~ torneys' fees; and (d) takes such action as Lender may reasonably require to assure that the tien of this Security Instrument, Lender's ~ rights in the Property and Borrawer's abligation to pay the sums secured by this Serurity Instrument shall continue unchanged. g Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if ~ no acceleration had ~ccurred. However, this right to reinstate shall not a~pfy in the case of acceleration under paragraphs 13 or l7. ooQK fi75 PACE1318 }i ~ . . . d:'..t sil~.~rs'-~5~-eL e. .rL ~ .a_.t~~~ xa+ti^Y~.YT+~~°+~" _