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!i Lrn,f~, rr,~~ur.•;1 mortb.?ge insurance as a conditian of making the loan secured by this Sccurit~~ 1•i,trument, I'
l~orr~~~~~r .ir~il ~~a~ ~hc ~~remiums reyuired to maintain the insurance in ef~ect until surh time as the requirc.,~r~;! ior the I
~n.?,r.~n; <<<rn,~n:,c~, i~i acrordanr~ with [3c~rrow~er's and Lender's written agreement ar applicnble law,
A. Inspection. I_ender ex its ugent may make reasonabie entries upon And ~nspect~ons oi [ne E~ri~~~iy`. I.Cir3cf
~h,tll r t3nrru« ~ r n~~i~~ r.~t the time of or prior ta an inspection specifying reasonable cause for the ins~;tion.
9. ('ondemnntion. "I~he pn?e;eed~ ~~f any award or claim fur iiamages, direct or amsequential, in connech~m ~~•ith
,~n~ c~m~irmnat~e~n ~~r ,~thrr taking of any rart oP the Property, or for comeyance in lieu ~~f rondemnation, are herehy
astiigilyd :~tt~i ~h;~ll br ~:~~d to Lender.
In thr ~~rnc ~,t' a total taking of th~ Property, the proceeds shatl be applied to the sums secured by this Secunty '
Inatrumen:, ~~h:thrr c~r n~t then due, a~itt~ any excess paid to Borrower. In the event of a partial taking of the Aroperty,
ur~Jcss Csorru~rer .~nd Lender otherwise agree in writing, the sums secured by this Securit}~ Instrument shall be reduced by ~
the amount ~~f thr ~ro;,e~ds multiplied by thc following fraction: (a) the total amount oP the sums secureci immediatelv
before thr takin~, divicled by (b} the fair market value of the Property immediately before the taking. Any balance shall be j
pai~ to I3c,rrun~~r
if tL~ Prorer[y is abandoned by E3orrower, or if, afler notice by Lender to Borrower that the condemnor oflers to i
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make 211! :»~•ard or settle a claim for dam~ges, ~3orrower taiis to respona tu Le~~uei ~:°j~~r;ri ~v "vwy~ a~«~ au~ vu
Si~ en, Lendcr i~ ~tuthorized to callect and apply the proceeds, at its option, either to restoration or repair of the Property or
to the sums secured h~• this Security Instrument, whether or not then due.
L' nletis I.cndcr and Borrower otherwise agree in writing, any appiication of proceeds to principai shai) not extead or
puscpon~• thr dur date of the r?ionthly payrnents referred to in paragraphs 1 and 2 or change the amount of such payments.
l0. I3orrower ~ut Released; Forbearance By Lender Not a Wairer. Extension of the time for payment or
muditicali<~n c~f amortization of the sums secured by this Securiry Instrument granted by Lender to any successor in
int~rest ut' E~:~rro~~•cr shall not operate to release the liability of the original Borrower or Sarrower's successors in inrerest.
l.endcr ~hall rn,t h~ required to commence proceedings against any successor in interest or refuse to ex~end tirr~e for
payment ~~r c~ther~~•~~e mcxlif}• amortization of the sums secured by this Security lnstre~ment by reason of any demand made
by~ thr ongin~~l t3orrou•er or Borrow•er's successors in interest. Any forbearance by l.ender in exercising any right ~?r remed~
tihall not be a~~ ~?i~ er ot~c~r prerlude the exercise of any right or remedy. '
11. 5uccessors and Assigns Bound; Joint and Several Liability; Co-signers. The cove~~ants and a; rermrnt. ~~f
this Securit}• In.trument shall bind and benefit the successors and assigns of Lender and Borrower, subjcct to thr prc?visi~}r~
of paragraph I~ Borro~~•er's covenants and agreements shall be joint and several. Any Borrower u he~ co-sign~ thi. Se:•t~n~~•
Instr~~mrr,t hiit d~~cs not exe~;ute the Notc: (a) is co-signing this Security Instrument only to mort~;age, gran! and r~~nv~~
that B~>rm~.r~'~,ntere~t in the Pro}xrty under the terms of this Security Instrument; (b) it not pc:r. ~~~il~• ohl~~.~;~_.+.
the suiuti s~rur,_d b~ thi~ Sccurity 3nstrument; and (c) agrees that Lender and any other l3orrow~rr n?ay agr~c tu r,ttao.
m~x1i3~~, ~~~;txs~r .~r n~:ike any~ accommodations with regard to the terms of this Security Instrumcnt ur the ~~te ~~~ithnt:;
that E3c>rrc~wrr'~r;~nsent.
12. Luan Ct~arges. lf the loan serured by ihis Securily Instrument is subject to a la~° w•hich sets maxirnurr~ loan
cherges, anei that la~~~ is finally interpreted so that the interest or other loan rharges collected or to be colirrted in
cc~nneclion «~~th the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by tl~e amount
necrssan- to reduce the charge to the permitted limit; and (b) any sums already co!leeted from Borrower wi~irh exceeded
Ex:rmittcd linuts ~vi;l be refunded to Borrower. Lender may choose to make this refund by reduc+ng the princiral u~~~eei
under thr `ocr ~r by~ rnaking a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
partiai ~~reP:~~ ment ~~~ithout any prepaymen! charge under the Note.
13. i.eKislation AfTecting Lender's Rights. If enactment or expiration of applirable I~ws has the riTccr ~,f
rendenng anr {~rovi;ion ot'the Note or this Security Instrument unenforceable according to its terms, Lender, at its uption,
ma~~ reguire immediate payment in fnll of all sums secured by this Security Instrument and may in~~~ke any ren~edies
permitted by paragraph 19. If Lender exercises this option, Lender shall take ihe steps spe:cified in the sesond nara~ra~fi of
paragraph I7.
l4. tiotices. Any notice to Borrower provided for in this Security Instrument shall tse gi~~en by del~vering it ~>r hy
maiiing ~t by first class maii unless applicable law requires use of another method. The no:ice shaU be direcied to the
Propert}• Addr«s or any other address Borrower designates by notice to Lender. Any notice to Lender shall be ~i~en by~
first ciass ma~l tc~ Lender's address stated herein or any other address L~nder c3esignates b}• notice to Borrower. Aiz~~ nnt;ce
~ providec! tor ii~ tn~ti Sccurity lnstrument shall be deemed to have been given to Borrower or Lender when given as pro. ~cied
' in this ~aragr.la~h.
15. Go~erning Law; Severability. ?his Security Instrument shal) be aoverned by federal law and the law of the
' ~uri~diction in ~~-hich the Property is located. In the event that any provision or clause of this Seeurity Instrument or the
~ ~iote conflicts :~~itF~ appiicable taw, such conflict shatl not affect other provisions of this Security Instrument or the Note
~ «~hic;~ :an be giren efl~ect ~~~ithout the eonflieting provision. To this end the pro~isions of this Security [nstrument and the
I \otc arr dcclared t~ be se~~erable.
~ 16. Iinrrow~er's Copy. Borrower shall be given ane cont'ormed copy of the Note and of this Security Instrument.
17. Transfe~ of the Yroperty or a BeneRcial Interest in Borrower. If all or any part oi' the Property or an~•
j :ntcre,t in it is sotd or transferred (or if a beneficial interest in Borrower is sold or transferreci and Horrow~er is not a natural
~ per,on) without I.rnder's prior written consent, Lender may, at its option, require immediate payment in full of all sums
~ uc~ir~d b} thii Securit} Instrument. However, this option shall not be exercised by Lender if exercise is prohibitcd by -
federaf la~~~ a, of the date of tfiis Se~urity Instrument.
If 1_eneirr ~xercises tf~is option, Lender shall give Borrower notice of acceleration. The notice shall provide a period
,~t no: iess than 30 d~~y~s from the date the notice is detivered or maited within which Borrower must pa}• al) sums secured by
tht; Secilrity InStrun~~nt. if [3orroa•er fails to pay these sums prior to the expiration of ihis period, Lender may invoke any
ren~zdie; ~knnittrd by th~s Security Instrument without further noticc or demand on Borrower.
18, f3orruwer's Right to Reinstate. If Borrower meets certain conditions, Borrower shal) have the right to have
e?iforccinrnt this Sccurity Instrument disrontinued at any time prior to the earlier of: (a) S days (or such other period as
applicable la« may~ specify for reinstatement) before sale of the Praperty pursuant to any pow•er of sale cantained in this
Se~urit~ In~trumenr, cir (b) entry ~f a judgment enforcing this Security Instrument. Those conditions are that Borrower:
I (a) Lendrr a!1 sums which then would be due under this Security Instrument and the Note had no acceleration
~ occurrecl; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing th~s
Securit} Instnimcnt, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
reasonahl}~ rryw;c t~ assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's
obligauan tu ~,a} the sums secured b~• this Security Instrument shafl continue unchanged. Upon re~nstatement by
Borr~arr, ch~5 Jcc~irity Instrument and the obligations secured hereby sha11 remain tully effective as if n~ acceleration had
ne:currr~7. Ht~w c~ er, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
BODK ~7~ PACE ~~2
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