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If Lender required mortgage insurance as s conditiort of maicin~!the loan secured by this Security Instrument,
Borrower shall pay the premiums required to maintain theinsurance in e~'ect until such time as the requirement for the
insurance terminates in accordance with Borrower's and Lender's written agreemtnt or applicable law.
8. Iaspection. Lender or iis agent may make reasonable entries upon and inspections of the Property. Lender
shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9. Coademnation. The proceeds of any award or claim for damages, direct or consequential, 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 sh~ll be patd fio ?:~ndt't.:
In the evp~nof a total~taking of th~ Property, th~ proceeds shall be applied to the sums secured by this Security
Instrument,'~+q~~~ oc not HxttFi~t'~~ritb. sny excess paid to Borrower. In the event of a partial taking of the Property.
unless Bocro Lender otherwise agree in writing. the sums securod by this Security Instrument shall be roduced by
the amoun~ of the proceeds multipliod by the foUowing fraction: (a) the total amount of the sums secured immediately
before the takina, dividod by (b) the fair market value of the Property immediately before the taking. Any balance shall be
paid to Bonower.
If the Prop~rty is abandonod by Bonower. or if, after notice 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 aR=r the date the notice is
given, Lender is authorizod to collect and apply the procc~ds, at its option. either to restoration or repair of the Property or
to the sums secured by this Socurity Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of procoeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amaunt of such payments. {
10. Borrower Not Rele~ed; Forbearaace By Leeder Not s Wtirer. Extension of the time for payment or s
modification of amortization of the sums secured by this Security Instrument granted by Len~er to any successor in ~
interest of Bonower shall not operate to release the liability of the original Borrower or Horrower's succexsors in interest_
Lender shall not be required to commence proceedings against any sucxessor in interest or refuse to extend time for
payment or otherwise modify amortization of ihe sums secured by this Security Instrument by reason of any demand made
by the original Borrower or &nnower'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. Successors ~nd Assips Boand; Joint ~ad Se~eral Iiabil~ty; Co-sjpers. The covenants and agroements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subjoct to the provisions
of paragraph 17. Bonower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
Instrument but does not eaxute the Note: (a) is co-signing this Security Instrument only to morigage, grant and convey
that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
the sums secur~d by this Security Instrument; and (c) agras that Lender and any other Borrower may agree to eatend,
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 Security Instrument is subject to a law which sets maaicnum loan
charges, and that law is 6naliy interpreted so that the interest or other loan charges collectod or to be collected in
connection with the loan eacced 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 collxted from Borrower which exceeded
permitted limits will be refunded to Borrower. L,ender may choose to make this refund by reducing the principal owed
under the Note or by making a direct payment to Bonower. If a refund reduces principal, the reduction wifl be treated as a
partial prepayment without anv prepayment charge under the Note.
13. I.e~slation Affeeting I.ender's Rights. If enactment or expiration of applicable laws has the effect of
rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option,
may require immediate payment in fu!! of all sums secured by this Security Instrument and may invoke any remedies
! permitted by par3graph 19. If L,ender eaetcises this option, Lender shall take the steps specified in the second paragraph of
K paragraph 17.
14. Notices. Any notice to Borrower pr~vided for in this Security Instrument shall be given by delivering it or by
~ mailing it by first class mail unless applicable law roquires ase of another method. The notice shall be directed to the
~ Property Address or any oth~r address Borrower designates by notice to I.ender. 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 Bonower. Any notice
provided for in this Security Instrument shall be deemed to have been given to Borcower or Lender when given as provided ~
in ihis paragraph.
~ 15. Go~erning Law; Severability. This Security Instrument shall be governed by federal law and the law of the ~
~ jurisdiction in which the Property is tocated. In the event that any provision or clause of this Security Instr~ment 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 effect without the conflicting provision. To this end the provisions of this Security Instrument and the ;
~ Note are declared to be severabl~. 3
~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. '
~ 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 bene6cial interest in Borrower is sold or transfenod and Borrower is not a natural
person) without L.tnder's prior written consent, Lender 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 exercise is prohibited by ~
= federal law as of the date of this Security Instrument.
' If Lender exercises this option, I.ender shall give Borrower notice of acceleration. The notice shall provide a period ~
~ of not less than 30 days from the date tht 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 ezpiration of this period, Lender may invoke any
~ remedies permitted by this Security Instrument without further noiice or demand on Borrower. ~
~ 18 Borrower's Right to Reinstate. If Borrower mcets 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 ~
~ 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 rnforcing this Security Instrument. Those conditions are that Bonower: '
~ (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 rnforcing this
~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ;
reasonably require to assure that the lien of this Security Instrument, Lender's righis in the Property and Borrower's '
~ obligation to pay the sums secured by this Socurity Instrumrnt shall continue unchanged. Upon reinstatement by ?
~ Borrower, this Security Instrument and the obligations secured hereby shall remain fully t6xtive 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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