The URL can be used to link to this page

Home My WebLink About1405 1 If Lender required mortgage insurance as a condition of making the loan se~ured by this S~~runty Instrument, BurruNer shall pa}~ ihe premiums required to maintain the insurance in efi'ect until surh time as the requirement for the ~nsurance terminatrs in accordance with BorraN•et's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent ma~• make reasonable entries upon and inspections of the Property~. Lender shall gi~ e Borrov?~er notice at the time of or prior to an inspection speciPying reasonable cause fiir the inspetition. 9. Condemnation. The prcxeeds of any award or claim for damages, dirert or conseyuential, in ronne~tion with ~ an~~ rondrmnatiun or other taking of an}~ part ~~f the Pro~rty, or tor conveyance in I~eu of condemnation, are hereby assigned and shall be paia to Lender. In the e~ent of a total taking of the Pro~rt}~, the prckeecis shall be :~ppl:ed to the sums secured by this Sec:urity lnstrument, whether or not then due, w~ith any excess paid to Borrower. In the e~ent of a part~al taking of the Property, unless Borrow~er and Lender otherwise agree in w~riting, the sums secured bp this Security Instrument shal) be reduced by the amaunt of the proceeds multipiied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately~ txfore the taking. An~~ balance shall be paid to Borrower. If the Property is abandoned b}• Borrower, or if, aRer notice Lender to Borrower ihat the rondemnor offers to make an aa•ard or settle a claim for damagc~, Borrow•er fails to respond to Lender ~~ithin 30 day~s aRer the date the notice is gi~~en, Lender is authorized to collect and appl}• the proceeds, at its option, either to restoratiun or repair of the Property or to the sums secured by this Security lnstrument, u hether or not then due. Unless Lender and Borrower ocherwise agree in writing, any application of pr~xecds to principal shall not extend or ~stpone the due date ~f the monthly payments referred to in paragraphs t and 2 or change the amount of surh payments. 10. Borrower 1ot Refeased; Forbearance By Lender Not a Waiver. Extension of the time for pa}•ment or modification of amortization of the sums secured by this Security lnstrument granted b}~ Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or B~~rrower's successors in interest. Lender shall not be required to commence proceedings against any succc~sor in interest or refuse to extend time for payment or otherw~ise mcxiif~~ amortization of the sums secured by this Serurit~~ Instrument by reason of any demand made by the original Borrower or BorroWer's successors in interest. An}~ forbearance h~~ Lender in exercising any right or remedy ~hall not be a w•aiver of or preclude the exercise of any right or remed}•. I1. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security lnstrument shal! bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrow~er's co~ enants and agreements shall be joint and several. An}~ Borrow•er who co-signs this Security Instrument but dc~s not e!cecute the Note: (a) i~ co-signine this Securit~~ Instrument onl}~ to mortgage. grant and conve~• that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personafly obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower rr~ap agree to extend, modify, forbear or mal:e an}• acrommodations w~ith regard to the terms of'this Securit~• Instrument or the Note w~ithout ; that Borrower'sconsent. 12. Loan Charges. If the loa~ secured by this Securit}~ instrument is subjert to a iaw w~hich seis maximum ~oan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be colle~ted in ~ connection w~ith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount E necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded f permitted limits will be refunded to Borrower. Lender may choose ro make this refund by reducing the principal owed ~ under the Note or by making a direct payment to Borrower. If a ret'und reduces principal, the reduction will be treated as a partial prepayment w~ithout any prepayment charge under the Note. € 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the efTect of ~ rendering an~~ provision of the Note or this Security Instrument unenforceable arcording to its terms, Lender, at its option, ~ may r~quire immediate pa}~ment in full of all tiums sec~red by this Securit} Instrument and may imoke any remedies j permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps s~ecified in the second paragraph of ' paragraph 17. ~ 14. tiotices. Any~ notice to Borrow~er provided for in this Se~urity Instrument shall be given b~~ delivering it or by ~ mailing it b}~ first class mail unless appiicable 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. An}~ notice to Lender shall be given by i first class mail to Lender's address stated herein or any other address Lender designates b}• nc~tice to Borrow•er. Any notice ~ pso~~ided for in this Security Instrument shall be deemed to ha~e been gi~en t~~ Borrow~er or Lender when given as pro~~ided ; in this paragraph. ~ 15. Governing Iaw; Severability~. This Securit}~ Instrument shall be gu~~erned b}~ federal !aw and the law of the t jurisdietion in which the Property is locatec3. In the event that ar.}~ pru~•isicm or clause of ihis Security Instrument or the i tiote conflicts w•ith applicable law~, such conflict shall not affi'ect other pro~isions c~f this Security Instrument ar the Note which ran be given effect v?•ithout the conflicting provision. To this end the provisions of this Security Instrument and the ~ Note are declared to be severable. q 16. Borrower's Copy. Borrower shall be given one confo~ med cop}~ of the Note and of this Security Instrument. ~ 17. Transfer of the Property or a Beneficial Interest in Borrower. If ail or any part of the Property or any ~ interest in it is sold or transferred (or if a beneficial interest in Borrow~er is sold or transferred and Borrower is not a natural ~ person) without Lender's prior written ~onsent, Lender may, at its option, require immediate payment in full of al) sums secured by this Se~urity 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 Borrow~er notice of acceleration. The notice shall provide a periad ~f not less than 30 days from the dat~ the notice is delivered or mailed within which Borrower must pa}~ all sums secured by tnis S~curity~ [nstrument. If Borrower (ails to pay these sums prior to the expiration of this period. Lender may invoke any remedies permitted b}• this Security Instrument without further notice or demand en Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditi~rts, Borrower shall ha~~e the right to have enforcement of ~his Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law ma~~ sper~fy for reinstatement) before sale ~f the Yroperty pursuant to any pawer of sale contained in this ~ Securit}~ Instrument; or (b) entr}~ of a judgment enforcing this Security Instrument. Those condiiions are that Borrow~er. (a) pay~s Lender all sums «•hich then would be due under this Security Instrument and the Note had no acceleration c occur~ed; (b) cures an}' default of any other covena~ts or agreements; (c) pays all expenses incurred in enforcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such aciion as Lender may reasonably reyuire to assure that the lien of this Security lnstrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by~ this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument ar.d the ebligations secured hereby shall remain fully effective as if no acceleration had occurred. How~ever, this riaht to reinsta:e shall not apply in the case of acceleration under paragraphs 13 or 17. B00!( U7~ PAGE1`tO5 _ ~W,..~,.~._~,~.LL~r_~~ _v~ _.~.~.r,~~~