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Home My WebLink About1677 If Lender reyuired mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pa}~ the premiums required to maintain the insuranct in effect until such time as the requirement for the insurance terminates in accordance v~•ith Borrower's and Lender's written agreement ar applicable law. 8. Inspection. Lender or its agcnt may make reasonable entries upon and inspections of the Property. Lender shall gi~e Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnetion. The Proceeds of any award or claim for danages, direct or consequzntial, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrumcnt, a~hether or not then due, with any excess paid to Borrower. ln the event of a partial taking of the Property, unless Borrower and Lender othera~ise agree in writing, the sums secured by this Security Instrument shall be reduced by ~ the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, di~~ided by (b) the fair market value of the Property immediatety before the :aking. Any balance shall be ~ paid to Borro~ver. ~ If the Property is abandoned by Borrow•er, or if, after n~tice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is gi~~en, 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 extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 ar change the amount of such payments. 10. Borrower Not Released; Forbearance By I.ender Not ~ Waiver. Extension of the time for payment or modification of amortization of the s~ms secured by this Security Instrument granted by Lender to any successor in interest of Borrow~er shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to eatend time for payment or otherwise modify amortization of the sums secured by this Security [nstrument by reason of any demand made b}~ the original ~3orrower or Borrower's successors in interest. Any forbearance by Lend~r in exercising any right or remedy ~ shaU not be a waiver of or preclude the exercise of any right or remedy. ? Ii. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of i this Secunty 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 Sorrower who co-signs this Security Instrument but does not e~ecute the Note: (a) is co-signing this Security Instrument only to mongage, 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 Instrurnent; and (c) agrees that Lender and any other Borrower may agree to extend. modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without ~ that Sorrower's consent. ~ ' 12. Loan Charges. If the loan secured by this Security Instrumznt is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interect or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount I necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded j 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 payment to Borrower. If a refund reduces principal, the reduction wtll be treated as a j partia) prepayment v,~ithout any prepa}~ment charge under the Note. ~ 13. Legislateon Affecting Lender's Rights. If enactment or expiration of applicable laws has the efiect of t rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, i ma~ require immediate payment in foll 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. \otiees. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ~ mailing it b} first class mail unless applicable law requires use of another method. Th~ notice shall be directed to the ~ Propert}~ Addre4s or any 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 for in th~s Security Instrument shall be deemed to have been given ro Borrower or Lender when given as provided ~ in this paragraph. ~ 15. Governing I.aw; 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 ~ T~`ote conflicts with applicable law, such conflict shall not aPfect other provisions of this Security Instrument or the Note w hich can be given eflect without the conflicting provision. To this end the provisions of this Security tnstrument and the ~ tiote are declared to be severable. s 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Securiry (nstrument. ~ 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Barrower is sold or transferred and Borrower is not a natural z ~rson) «ithout Lender's prior u~ritten consent, Lender may, at its option, require immediate payment in full of a11 sums secured b}~ this Security Instrument. However, this op,inn shall nor be exercised by Lender if exercise is prohibited by federal laa as of the date of this Security Instrument. ' If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period I of not less than 30 days from the date the notice is delivered or mailed within whi~h Borrower must pay alf sums secured by i this Security~ [nstrument. If Borrower fails to pay these sums prior to the expiration of this E?eriod, Lender may im~oke any ~ remedies permitted by this Security 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 period as _ ap~licable law map specify (or reinstatement) before sale of the Property pursuant to any power of sale contained in this Securitp Instrument: or (b) entry~ of a judgment enforcing this Security Instrument. Those conditions are that Borrower. ~ (a) pa}s Lender all sums w•hich then w~ould be due under this Security Instrument and the Note had no acceleration ~ occurred; (b) cures an}~ default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this ~ Security Instrument, including, b~t n~t lim~ted to, reasonable attorneys' fees; and (d) takes such action as Lender may s reasonabiy reyuire to assure that the lien of this Security Instrument, Lender's rights in the Property and B~rrower's obligatic~n tc~ pay~ the sums secured by this Securit} Instrument ~hall ~ontinue unchanged_ Upon reinstatement by F3orroaer, thit Securit~ [nstrument and the obligations secured ~ereby shall remain fully effective as i( no aceeleration had ~~ccurred. H~ue~er, thi~ right to reinstate shall not apply~ in the case of accelerati~n under paragrap r 17. 60QK~~ PAGE167~ ~ ry . ~ ~