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If Lender required mongage insurance as a condition of making tht loan secured by this Security lnstrument,
Borrower shall pay the premiums required to maintain the insurance in eff'ect until such time as the requirement for the
insurance terminatrs in accordance with Borrowef's and [.ender's written agreemtnt or applicable law. ;
S. Inspectioa. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender i
shaU give Borrower notice at the time ~f or prior to an inspeetion specifying reasonable cause fur the inspection. #
9, Condemnation. The proceeds of any award or claim for damages, direct or conseqUential, in connection with ~
any condemnation or other taking ot any part ot the Property, or tor conveyance in fieu ot condemnation, are hereby
assigned and shall be paid to Lender.
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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 otherwise agree in writing. the sums secured by this Sec~rity Instrument shall be reduced by ~
the amount of the proceeds multiplied by the following fraction: (a) the total amount af the sums secured immediately ~
before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Sonower 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
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 Security lnstrument, whether or not then due.
Unless Ixnder 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. Borroxer hot 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 Borrower shall not operate to release the liability of the original Borrower or Borrower's successon in interest.
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for ~
payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made {
by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy ;
shall not be a waiver of or preclude the e!cercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Casigners. The covenants and agreements of -
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions a
of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security ~
Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey i
that Borrower's interest in the Property under the terms of this Security [nstrument; (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 any accommodations with regard to the terms of this Security~ Instrument or the Note without "
ihat Borrower'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 finally interpreted so that the interest or other loan charges collected or to be collected in ~
connection with the loan ezceed 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 collected from Bonower 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 by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a 3
partial prepayment without any prepayment charge under the Note. ~
13. Legisl~tion ANectina L.ender's Rights. If enactment or expiration of applicable laws has the effect of ~
rendering any provision of the Note or this Security lnstrument unenforceable according to its terms, Lender, at its option,
may require immediate payment in full of all sums secured by this Security lnstrument and may invoke any remedies =
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permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~
` 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 mail unless applicable law requires use of another method. The notice shall be directed to the
Property Address or any other address Borrower designates by notice to Lender. Any notice to L.ender shall be given by
1 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 Borrower or Lender when given as provided ;
; in this paragraph. ~ '
' I5. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the ~
~ jurisdiction in which the Propeny is located. In the event that any pro~~ision or clause of this Security Instrument or the ~
~ Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note ~
~ which can be given efi'ect without the conflicting 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 this Security Instrument.
G~. 17. Transfer of the Property or x Bene6cial 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
~ j~~ ` person) without L.ender's prior written consent, I.ender may, at its option, require immediate payment in full of all sums ~
~ ~ secured by this Security Instrument. However, this option shall not be exercised by Lender if eaercise is prohibited by _
federal law as of tf:e date of this Security lnstrument.
r, If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall 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 secuced by
' ~ this Security Instrument. If Borrower fails to pay these sums pnor to the expiration of this period, I.ender may invoke any
remedies permitted by this Security Instrument without further notice or demand on Borrower.
` 18. Borrower's Rig6t to Reiastatte. 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) S days (or such other period as
~ applicable law~ may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
; Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Thost conditions are that Borrower:
~ (a) pays Lender all sums which then would 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 incuned in enforcing this
~ Security Instrumcnt, including; but not limited to, reasonable attorneys' fees; and (d) taka such action as I.ender may
' reasonably require to assure that the lien of this Security Instrument, I.cnder's rights in the Property and ~orrower's ~
~ obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatcment by ~
f Borrower, this Security Instrument and the obligations ~ecured hereby shaU remain fully effxtive as if no acceleration had ~
~ occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 1?.
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~ BOOK 48S PACE c~ .
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