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' !f I.ender reyuired morigage insurance as a conditi~n of making the loan secured by this Security Instrument,
t3orro~~•er shall pa~~ the premiums required to maintain the insurance in etfect unti) such time as the requirement for the
insurance lerminates in accordance H~ith Borrower's and Lender's written agreement or applicable law.
~ 8. Inspection, Lender or its agent may make reasonable entries uEwn and inspecti~ns of the Property. Lendcr
sh.?II givN Borrower notice at the time of or prior to an inspection specifj~ing reasonable cause far the inspc:ction.
9, Candemnation. The proc;eeds ol' any award or claim for damages, direct or consequential, in connection with
any condemnat~on or other taking oP any part of the Property, o~ for conveyance in lieu of condemnation, are hereby
assigned and shall he paid to Lender.
ln the event of a total taking oT the Propeny, the proceeds shall be applied to the sums secured by this Securiry ~
lnstrument, ~vhether or nnt 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 Security Instrument shall be reduced by
the amount of the praeeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
before the taking, di~~ided by (b) the fair market value of the Property immeciiateiy before the taking. Any balance shall be
paid to florrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrow~er that the condemnar 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 :epair of the Property or
to the sums secured by this Security lnstrument, whether or not then due.
Unless Leiider and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
~stpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of
such payments.
10. Borrower Not 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 Borrow•er shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
payment or otherw~ise modify amortization of the sums secured by this Security lnstrument by reason of any demand made
by the origina! Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
shall not be a~vaiver of or preclude the exercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrow•er, subject to the provisions
of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borro~ver ~vho co-signs this Security
instrument but dces not execute the Note: fa) is co-signing this Security Instrument only~ to martgage, grant and conve~~
that Borrower's interest in the Praperty under the terms of this Security Instrument; (b) is not personally obligated to pay
the sums secured by this Security Instrument; and (e) 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 ~~ithout
that E3orrower's consent.
12. I.oan Charges. If the loan secured by this Security Instrument is subject to a law ~~hich sets maximum laan
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be coliected in
connection ~~•ith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessar}• to reduce the charge to the permitted limit; and (b) any sums already collected from Borrr~wer K~hich exceeded
permitted limits will be refunded to Borrower. Lender may choose ta 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.
13. Ixgislation Affecting Lender's Rights. If enactment or expiration af applicable ta~~s has the effect of
rendering any pro~-ision of the Note or this Security Insfrument unenforceable according to its terms. Lender. at its option, '
may require immediate payment in futl of all sums secured by this Security ]nstrument 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
paragraph 17.
14. ':~otices. Any notice to Rorrower provided for in this Securit~~ Instrument shail be given b}~ delivering it or by
rnailing it by first class mail unless applicable law requires use oC another methotl. The notice shal! be directed to the
~ Yropert.~ Address or an~• other address Rorrower designates by rtotice to Lender. Any notice to Lender shall be gi~-en by
first class mail to Lender's address stated herein or any other address Lender designates by notice to Borro~~~er. Any notice
pro~~ided for in this Security Instrument shall be deemed to have been given to Borrow~er or Lender ~~~hen given as pmvidcd
in this paragraph.
15. Governing Law; Severability. This Security Instrumenf shalt be go~~erncd by federal la~t~ and the la~v o1' the
jurisdictio? in which the Property is iocated. In the event that any provision or clause of this Security Instrument or the
tiote confticts with applicable law, such conflict shall not atTect other provisions of this Security Instn~ment or the Note
w~hich can be given efi'ect without the conflicting provision. To this end the provisions of this Security Instrument and the
Note are declared ro be severable.
~ 16. Borrower's Copy. Borrower shall be gi~•en one conformed copy of the Note and of this Security Instrument.
17. Transfer of the Property or a Beneficial Interest in 8orrower. If a!1 or any~ part o1' the Yropertp or any
interest in it is sold or transferred (or if a t~enefcial interest in Borrower is sold or transferred and I3orro~~~er is not a natural
person) w;ithout Lender's prior written consent, Lender may, at its option, reyuire 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 Sccurity Instrument.
If Lender exercises this option, Lender shall give Borrower natice of acceleration. The notice shall provide a peri~xl
~ of nc~t less than 30 da}~s from the date the notice is delivered or mailed within which Borro~~~er must pay all sums secured bp
this Securify Instrument. If Borrower fails to pay these sums prior to the expiration of this pericxi, Lender may invokc any
~ remedies permitted by this Security Instrument without further notice or demand on BorroH~er.
18. I3orrow•er's Right to Reinstate. If I3orrower meets certain conditions, Borrow~er shall ha~~e ihc right to ha~~e
, enforcement of this Security lnstrument discontinued at any time prior to the earlier o`: (a) 5 days (~r such other pericxl as
applicable la~~• ma}~ specify for reinstatement) before sale of the Property pursuant to any ~wer of sale contained in this
! Securit~~ tnstrument; or (b) entry of a ju~igment enforcing this Security Instrument. Th~se conditions are that Borro~~~er:
(a) pa}~~ Lender al! sums which then «~ould be due under this Security Instrument and the l~ote had no acceferation
occurred: (b) cures any default of any~ other cnvenants or agreements; (c) pays all expenses incurred in enforcing this
Securit~• [nstrument, including, but n~t limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
re~sonably require t~ assure that the iien of thi~ Security lnstrument, Lender's rights in the Property and Rorrower's
obligation to pa~~ the sums secured by this Security Instrument shall continue unchanged. Upon reirutatement by
f3orro~~er, this Securit~~ In~trument and the obligations secured hereby shal) remain fully etfective as if no acceleration had
c~ccurred. Nc~«~e~~er. this right to reinstate shali not apply in the case of acceleration under paragraphs I 3 or 17.
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