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If Lender required mortgage insuranct as a condition of making the loan sccured by this Security Instrument,
Borrower shall pay the premiums required tu maintain the insurance in eRxt until such time as the roquirement for the
insurance terminates in accordance with Bonower's and L,ender's written agreement or applicable law.
8. Iespectioo. Lender o~ its agrnt may make reasonable entries upon and inspoctions of the Property. Lender
shall give Borrower notice at the time of or prior to an inspoction specifying reasonable cause for the inspoction.
9. Coademaattoa. The proceeds of any award ar claim for damages, direct or consoquential, 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 I.ender.
In the event of a total taking of the Property..the procoods shall b~ applitd to t6e sums secured by this Sccurity
Instrument, whether or not then due. with any excess paid to Borrower. in the event of a partial taking of the Property.
unless Borrower and Lender othenvise agree in writing, the sums secured by this Socurity Instrument shall be rcduced by
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before thc taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
paid to Borcower.
If the Property is abandoned by Borrower, or if. aRer notice by I.ender to Bonower that the condemrtor offers to
make an award or settle a claim for damages, Borrower fails to respond to Lenderwithin 30 days after the date the notice is
given, Lender is suthorized to collxt and apply the procoods, 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 Ixnder and Borrower otherwise agree in writing, any application of procads to principal shall not eatend or
postpone the due date of the monthly payments referrod to in paragraphs 1 si?d 2 or change the amount of such payments.
10. Horrower Not Released; Forbearmce Hy Lender Not a Walrer. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument grantod by Lender to any suoassor in
interest of Borrower shall not operate to release the liability o1'the original Borrower or Borrower's successors in interest.
Lender shall nat be required to commence proceedings against any succe.csor in interest or nfuse to extend time for
payment or otherR-ise modify amortization of the sums secured by this Security Instrument by reason of any demand made
by tho original Borrower or Bonower's successors in interest. Any forbearanct by Lender in exercising any right or remedy
shall not be a waiver of or preclude the eaercise of any right or remedy.
1 i, Successors and Assi~s Bonnd; Joint and Se~enl Lisbility; Co-signers. Thc oovenants and agroements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
of paragraph 17. Bonower's covenants and agroements shall be joint and several. Any Borrower who co-signs this Security
Instrument but does not exxute the Note: (a) is co-signing this Sccurity Instrument only to mortgage, grant and convey
that Borrower's interest in the ProEserty under the terms of this Socurity Instrument; (b) is not personally obligated to pay
the sums secured by this Security Instrument; and (c) agrees that I.ender 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 Borrower's consent.
12. Loan Charges. If the loan secured by this Socurity Instrument is subject to a law which sets maximum loan
charges, and that law is finally interpretal so that the interest or other ioan charges collected or to be collected in i
connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted limit; and (b) any sums already collectod from Bonower which exceeded
permitted limits wil! be refundod to Bonower. 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 will be treated as a
partial prepayment without any prepayment charge under the Note. -
i 13. I.e~slation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
i rendering any 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 by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
f paragraph 17.
~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
~ mailing it by first class mait unless applicable law requires use of another .nethod. The notice shall be directed to the
~ Property Address or any other 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 designates by notice to Borrower. Any notice
provided for in this Security Instrument shall be deemed to have 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 which the Property is located. In the event that any provision or clause of this Security Instrument or the
Note conHicts w+ith applicable law~ such conflict shall not affect other provisions of this Security Instrument or the Note
which can be given effect without the con8icting provision. To this end the provisions of this Security Instrument and the
~ Note are declared to be severable.
~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of lhis Security Instrument_
17. Transfer of ffie 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 Borrower is sold or transferred and Borrower is not a natural
person) without Lender's prior written consent, Ixnder may, at its option, require immediate paymeni in full of all sums
secured by this Security Instrument. However, this option shall not be exercised by L.ender if exercise is prohibited by
federal law as of the date of this Security Instrument.
If L.ender ezercises this option~ Lender shall give Borrower notice of acceleration. The noti~;e shall provide a period
r of not less than 30 days from the date the notice is deGverod or mailed within wh:ch Borrower must pay all sums secured by
this Socurity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, L.ender may invoke any
~ remedies permitted by this Security Instrument without further noace or demand on Borrower.
18. Borrower's Right to Reins~te. If Bonower mceis ccrtain 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 persod as
appticable law may spacify for reinstatement) befon sale of the Property pursuant to any power of sale contained in this
~ Security Instrument; or (b) rntry of a judgment enforcing this Security Instrument. Those conditions are that Bonower:
(a) pays Lender all sums ahich then would be due under this Socurity Instrument and the Note had no acceleration
occurre~; (b) cures any default of any oiher oovenants or agreements; (c) p~ays all expenses incurred in enforcing this
Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) tatces such action as Lender may
reasonably require to assure that the tien of this Security Instrument, Lender's rig6ts in the Property and Borrower's
obligation to pay the sums secured by this Security Instrumait shall continue unchanged. Upon reinstatement by
Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had
occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
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