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Home My WebLink About2550 1 oooa~ao~~~s If l.ender requued mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shaq pay the premiums required to maintain the insurance in elfect until such time as the requirement for the insurance terrainates in accordance with Borrower's and l.ender's written agreemeat or applicable law. 8. lnspection. L.ender or its agent may make reasonable entries upon and insQections of the Property. Lc:nder shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnatlon. The proceeds of any award or claim for damages, direct or coasequential, in connection with any condemnation or olher takiag of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and ;hall be paid to l.ender. In the event of a total taking of the Property, t6e proceeds shall ue appiied to t6e sums secured by this Security Instrument, ~.~hether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrow~er and Lender otherwise agree in writing, the susns secured hy this Security Instrument shall be reduced by the amount of ine procee~is multiplied 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 before the taking. Any balance shali be paid to Borrower. If the Property is abandoned by Bonower, or if, after notice by L.ender to Bonower that the condemnor o[fers to make an award or settle a claun for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender ~ auihnri~e~ tn enlle.cl and annlv the nrc,cEedc at itc ontion_ either to restoration or renair of the Prooertv 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 or change the amount of such payments. ' 10. Borrower Not Relea.ged; Forbearance By L.ender Not a Waiver. Extension of the time for payment or modification of ~ amortization of the sums secured by this Security Instrument granted by l.ender to any successor in interest of Borrower shall >>ot operate to release the liability of the original Bonower or Borrower's successors in interest. Lender shall not be required to commence proceedings agaiast any successor in interest or refuse to extend time for payment or othenvise modify amoriization ~f the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Sorrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Sucressors aad Assigns Bound;loint and Several Idability; 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. [iorrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but dces not execute the Note: (a) is co-signing this Securi[y Iastrument onty to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security lnstrument; (b) is not personally obligated to pay the sums secured by this Securi[y [nstrument; and (c) agrees that Lender and any other Borrower rnay agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Bonower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finalty interpreted so that t6e interest or other loan charges callected or to be coUected in connection wi[h the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the c6arge to the permitted limit; and (b) any sums already collected from Borrower which ezceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing [he principal owed under the Note or by making a direct payment to Borrower. tf a refund reduces principal, [he reduction will be treated as a partial prepayment without any prepaymen[ charge under the No[e. 13. Legislation ARecting Lender's Rights. If enactment or expiration of applica5le taws has the effect of rendering any ~ provision of the Note or this Secwity 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 by paragraph j i9. If Lender exercises this option, l.ender shall take the steps specified in the second paragraph of paragraph 17. i 14. Notices. Any no[ice to Bonower provided for in this Security Instrument shall be given by delivering it or by mailing it by G first class mail unless applicable law requires use of another method. The notice shall be directed to t6e Property Address or any 4 uther address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's ~ address stated herein or any other address Lender designa[es by natice to Borrower. Any notice provided for in this Security Instrument shall be deemed to ha~e been given to Bonower or Lender when given as provided in this paragraph. ~ 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in < <ahich the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts wi[h ~ ~tpplicable law, such conflict shall not affeci other provisions of this Security Instrument or the Note which can be given effect ~ ~~;thout the conflicting provision. To [his end the pro~tisions of this Security Instrument and the Note are declared [o be ~ ~everable. 16. Borrower's Copy. Bonower shall be given one conformed copy of the Note and of this Security Instrument. # 17. Trans[er ot the Property or a Beneficial lnterest in Borrower. If all or any part of the Property or any interest in it is sold ~,r transferred (or if a beneficial interest in Borrower es sotd or transferred and Borrower is not a natural person) without ~ Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secwed by this Securit~ ~ Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federat law as of the date of this Security Instrument. e If Lender exercises this option, Le~der shail give Borrower notice of acceleration. The notice shal! provide a period of not ~ less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this ~ Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies ~ermit[ed by this Secwity Ins[rumen[ withoat further notice or demand on Borrower. IS. Borrower's Wght to Reinstate. If Borrower meets certain conditions, Borrower shali 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 applicable law may specify for reinstatement) before sale of [he Property pursuant to any power of sale con[ained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then w~ould be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other ~ covenants or agreements; (c) pays all expenses incurred in enforcing this Seeurity Instrument, including, but not limited to, ~ reasonable attorneys' fees; and (d) takes such action as Lender may reasanably r$quire to assure that the tien of this Security ~ dnstre~ment, Lender's rights ita the Property and Borrower's obligation to pay the sums secured by this Security Instrument shap ~ continue unchanged. Upon reinstatement by Borrower, this Security Instrument and ihe obligations secured hereby shafl remain fully effec[ive as if no accelera[ion had occurred. However, [his right to reinstate shall not apply in the case of acceleration under ~ paragraphs 13 or 1?. . F1~2tkli Pa~e 3 0: 0 800K~~5 r^,;~f~~~-~ ~ = ' ~ ~ ~ ' w r.~;~-~.~:;: = - ` ~ «~.~,n.~~ . = _