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Home My WebLink About1626 . , ,:\~iy am.~unt. di~bursed b> Lendcr un~rr this paragraph 7,hall bc~.~me a~i~iitiun:~l debt af Horrower c~~cured b~ this S~curit~ ln.~rumrat. Unle„ Borru~~er and Lrn~fer agree to ather terms of pa~mrnt, these amounts shall t~ar interest from the date of .ii+hur.em~nt at thr Note rate and shall be pa~able, with interest, up~n notice from Lender to Bbrrower reyuesting paymrnt. li l rnder reyuired murtgage insuran~~ a+ a condition of making the tosn secured by this Se~uriti~~~nstru~rir nt; Bcvrb~{er's}i~1! E~ay thz prrmiums required [o maintain the ir~suranre in tifect until such time as the reyuirement fnc ttie tnsurance [erttiina~e~ in arrordan~e with BorroHer's and Lender's written agreement or applicable IaN•. 8. In+pection. Lender or its agent ma>• make reasonable entries upon and inspections of the Property. Lender shall gi~e Bor- ruµer natice at the time of or prior to an inspection specifying reasonable cause for the ins~pe~tion. 9. CondemnAtion. The proceeds of any award or claim for damages, direct or consequential, ir~ connection ~ith any condem- na~ion or other taking vf an~~ part ot the Property, or for conveyance in lieu of c~~ndemnation, arc hereby assigned and shall be paid to Lender. In the e~ent ot a total taking of the Prope[t~~, the proceeds shall be applieci to the sums s~ured by thi~ Security In~trument, ~ hettier or not then du~, ~ti•ith any excess paid to Borrower. ln the event o! a partial taking of the Property, unless Borrow~er and Lender otherwise agrer in writing, the sums secured by this Security Instrument shall be reduced by the amoun[ of the proceeds multiplied b~• [hc following fraction: (a) the t~tal amount of the sums secured immediately before the taking, di~ided b~~ (b} the fair market ~•alue of the Property~ immediately before the taking. Any balance shali be paid to Borrower. If thr Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an a~~ard or ~ettle a claim for damages, Borrow~er (ails to respond to Lender H~ithin 30 days after the date the notice is gi~•en, l.ender is authorized to collect and appfy the proceeds, at its option, either to restoration or repair of the Property or to the sums secured b} this Security Inst~ument, whether or not then due. Unless Lender and Borrow~er otherwise agree in writing, any applicacion of proceeds t4 principa! shall not extend or postpone ~he dur date of the monthly papments referred to in paragraphs 1 and 2 or change the amuunt of such payments. 10. BorroNer Not Released: Forbenrance by Lender Not a W~i~•er. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granred by Lender to any successor in interest of Borrow•er shall not operate to release the liabilit~• of the origina! Borrow•er or Borrower's successors in interest. Lender shall not be required to commence proceedings against any succrssor in in[erest or refuse to extend time for payment or otherK•ise modify amortization of the sums secured by this Security Instrument by~ reason of an~~ demand made by the original Borrower or Qorrower's successors in interest. Any forbearance by l~ender in exercising any right or remedy shall not be a waiver of or preclude the exe:cise of any right or remedy. 11. Successors and Assigns 8ound; Joiat and Severr+l Liability; Ca-signers. The covenants and agreements flf tfiis Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, ~ubject to the provisions of paragraph 17. Borrow•er's covenants and agreements shall be joint and several. Any Borrow~er who co-signs this Security Inserument but dces not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrow~er's interest in the Property under the terms af this Security lnstrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make anp accommoda- tions w~ith regard te the terms of this Security fnstrument or the Note without that Borro~~er's consent. 12. Loa~ Charges. If the loan secured by this Security Instrument is subject to a Iaw H~hich sets maximum loan charges, and ~hat law is Cnall}~ interpreted so that the interest or other loan charges co{lected ar to be colfected in connection w~ith the loan exceed the permitted limits, then: (a) anp such loan charge shall be reduced by the amount necessary to reduce the charge ; to the permitted limit; and (b) any sums already collected from Borrow~er u•hich exceeded permitted limits will be refunded to ~ Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct pa}~ment to BorroKer. If a refund reduces principal, the reduction will be treared as a partial prepayment w~ithout any prepa}•ment charge under the Note. 13. Legis{ation Affecting Lender's Rights. If enactment or expiration of applicable law•s has th~ effect of rendering any pro~~i- sion of the Note or ihis Security [nstrument unenforceabie according to its terms, Lender, at its optio~, map require immediate pa}ment in full of all sums secured by this Security Instrument and may im~oke any remedies permitted by paragraph 19. lf Lender e~ercises this option, Lender shall take the steps specifed in the second paragraph of paragraph l7. 14. tiotiees. Any notice ro Borrower provided for in this Security Instrument shall be geven by delivering it or by mailing ~ it by firs[ class mail unless applicable !aw requires use of another method. The notice shall be directed to the ProQerty Address or an>~ other address Borro~~er designates by notice to Lender. Any notice to Lender shalt be given by first class mail to Lender's adsiress stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in thi; Se~urity~ Inscru- ~ ment shall be deemed to ha~•e been gi~~en to Borrow•er or Lendet when giti•en as pro~•ided in this paragraph. ~ 15. Governing L~w~; Se~~erability. Shis Security instrument shali be governed by federal law~ and the laa of the jurisdiction in ~hich the Propert}~ is located. In the e~•ent that any provision or clause of this Securit}• Instrument or the Note conflicts with applicable law, such conftict shall r?ot affect other provisions of ihis Security Instrument or the Note which can be gi~'en effect without the conflicting provision. To this end the provisions of this Securiry tnstrument and the Note are dedared to be severable. 16. Borrower's Cop~~. Borrow•er shall be given one conformed copy of the [~Iote and of this Secusity Instrument. 17. Trnnsfer ot the Property or a Beneficial Interest ia Borrower. If all or an}~ part of the Property or any incerest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person~ µ•ithou~ ~ Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Securitp ~ ~ Instrument. However, this option shal! not be exercised by Lender if exercise is prohibited by federal law• as of the date ot this ~ Secutity Instrumeat. f (f Lender exercises this option, Lender shaU gi~•e Borrow~er notice of acceieration. The notice shall pro~~ide a period of not ~ • less than 30 days from the date the notice is delivered or mailed w•ithin whicfi Borrow~er must pay all sums secured b}• this Security Instr~ment. If Borroaer fails to pay these sums prior to the expiration of this periosl, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on E3orroH•er. 18. Borrow~er's Right to Reinstate. If Borrow•er meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior te the earlier of: (a) 5 days (~r such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any poµ•er of sale contained in this Security Instrumenr, or (b) entry oF a judgment enforcing this Security Instrument. Those conditions are that Borrower. (a) pays Lender all ~ums which then w•ould be due under lhis Security Instrument and the Note had na acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays alf expenses incurred in enSorcing this Security Instrument, including, but nat limited io, reasonable at- torne~~s' fees; and (d) takes such action as Lender may reasonably require to assurc that the lien of this Security Instrument, Lender's righes in the Property and Borrower's obligation to pay the suins secured by this Security {nsirument sha11 continue unchanged. Upon reinscatem~nt by Borrow~er, this Security Instrument and the abligations secured hereby shaU remain fully effecti~~e as if no acceieration had occurred. However, this right ta reinstate shall not apply in the case of accele~ation under paragraphs l3 or 17. B~OK V~~ PAGE~V~V ~ - _ : ~,n- ~ ~ r.r~ ~ ~ a ~-'°"""s uG',.~,r-~....~,~ , r ~;s.-~~c~R~~"~