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Home My WebLink About1553 : ~ - lf Lrn~rr rryuired mortgage intiurance as a rondition of making the loan secured by~ this Serurit~~ Intitrument, Burre~~~cr,hcill pa} the premiums reyuired tu maintain the insurance in eftect until such time as the requirement for the ~muranrr terminatc~ in arrurdan~e N ith Borrower's and Lender's w•ritten agreement or applicable law~. 8. Inspection. Ixnder or its agent ma} make reasoizable rntries upon and inspertions of the Property~. 1_endc, ~h~ill gi~r Burro~er notire at the time of or prior to an inspection specifying reasonable rause for the inspection. 9. Condemnation. Thr pnkeeds M~ any aw~ard or claim for damages, direct or consequential, in conner~ion H~ith an} cundemnauon or ather t:~king of an}~ part of the Prupert~~, or for con~~e}•ance in lieu of rnndemnation, are hereb}~ ~i,~igncd .ind shali be~ paid co Lender. li~ the e~ent uf a tatal taking of the Pro~~rty, the prcxeeds shall be applied to the sums secured b~~ this Security~ l~z~trument, whethrr or not then due, w~ith any exress paid to Borrow~er. In the e~~ent af a partial taking of the Ym~rty, w~le~s Borrower and Lender otherw~ise agree in w~riting, the sums secured by this Security lnstrument shall be reciuced by the amount of'the prckeeds multiplied by the following fraction: (a) the total amount of the sums secured immediatel}' before the t~king, di~ided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid ro Borrow~er. If the Property is abandoned b~• Borrower, or if, after notice by Lender to BorroH~er that ihe condemnor ofTers to make an aw~ard or settle a claim for damages, Borrower faifs to respond to Lender a•ithin 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 Securit~• lnstrument, whether or not then due. li nless Lender and Borrower otherwise agree in writing, any application of proceeds to principa! 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 Vot 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 BorroK~er shall not operate to release the liability of the original Borrower or Rorrower's successors in interest. Lender shall not be required ro commence proceedings against any~ successor in interest or refuse to extend time for pa}~ment or otherwise modif~• amortization of the sums secured by this Security Instrument by reason of any demand made b~~ the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remed~• shali not be a w~aiver af or preclude the exercise of any right or remedy. 11, Saccessors and Assigns Bound; Joint and ~everal Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns oi' Lender and Borrow•er, subject to the provisions of paragraph 17. Bormwer's covenants and agreements shall be joint and severai. Any Borr~wer who co-signs this Security Instrument but does not execute the ;`'ote: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrow~er'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 Instrument; and (c) agrees thai Lender and any oiher Borrower may agree ro extend. modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Nate without that Borrow~er's consent. 12. Loan Charges. If the loan secured by this Securit~~ Instrument is subject to a law which sets maximum loan charges, and that law~ is finally interpreted so that the interest or other loan ch3rges collected or to be collected in connection w•ith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced b}~ the amount necessary ~o reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed ' under the Note or b~• making a direct payment to Borrower. If a refund reduces prin~ipal, the reduction w~ill be treated as a ; partial prepa}~ment without any prepayment charge under the Note. i~ 13. Legislation Affeeting Lend~r's Rights. If enactment or expiration of applicable laws has the eflect of rendering an~~ provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, ~ may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies ` permitted b}~ paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~ ~aragraph 17. ~ 14. tiotices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the ~ Propert~~ Address or an~~ other address Borrower designates by notice to Lender. Any notice to Lender shall be given b}~ first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice ~ pro~~ided fc~r in this Securit~~ Instrument shall be deemed to have been given to Borrower or Lender when given as provided g in this paragraph. ~ 15. Governing La~; Severabilit}~. 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 ~ tiote conflicts with applicable {aw, such conflict shall nQt afTect othe~ provisions of this Security Instrument or the Note F «}iich can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the ' tiote are declared to be se~~erabie. ~ 16. Boreower's Copy. Borrower shall be given one conformed copy of the Note and of this Securit}~ Instrument. 17. Transfer of the Propert~~ or a Beneficial Interest in Borrower. If all or any part of the Property or any ~ interest i~ it is sold or transferre~ (or if a beneficial interest in Borrower is sold or transferred and Borrow~er is not a nawra! ~ person) without Lender's prior written consent, Lender may, at its option, require immediate pay~ment in fiull of ail sums g secured b}~ lhis Security Instrument. Nowe~er, this option shall not be exercised by Lender if exercise is prohibited b}~ federaf law• as of the date of th~s Security Instrumenc. If Lender exercises this option, Lender shali give Borrower notice of acceleration. The notice shall pro~ide a period of not less than 30 d~S~; from the date the notice is delivered or mailed within which Borrower must pa}~ all sums secured b}~ thiti Security Instrument. If Borrower fails to pay these sums prior to the expiration of this peric~d. Lender may imoke any- remedies permitted by this Security Instrument without further notice or demand on Borro«~er. 18. Borrower's Right to Reinstate. IF Borrower meets certain conditions, Borrow~er 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 period as s applicable laµ~ ma}~ specif}' for reinstatement) before sale of the Property pursuant to any ~wer of sale contained in this g Securit~ Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Barrower: ~ (a) pa~~s Lender all sums which then would be due under this Security Instrument and the Note had no acceleration ~ occurred; (bj cures an~~ default of any~ other co~•enants or agreements; (c) pays all expenses incurred in enforcing this ~ Securit~~ Instrument, including, but n~t limited to, reasonable attorneys' fees; and (d) takes such action as Lender ma}• ~ reasonabl~~ require to assure that the lien of this Security Instrument, Lender's rights in the Property and Bc?rrower's ~ obligation to pay tF~e sums secured by this Security [nstrument shall continue unchanged. Gpcm re~nstatement by ~ Borrow~er, thi, Securit}~ Instrument and the obligations secured hereby shall remain fully efi~ecti~e as if no acceleration had E ~ccurred. Howe~er, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ° R 675 F~GE1553 : BOGK ~ _ ~ -