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Any amounts disbursed by Lender under this paragraph 7 shail become additional debt of 8or1'b~•rr 3~Q~d by this S~iai~
Instrument. Unless Borrower and Len~ier agree to othcr terms of payment, these amounts shall bear interest from the da[e of
disbursement at the Note rate and shall be payable, with interesl, upon notice from Lender to Borrower requesting pa>•ment.
If Lcnder required mortgage insurance as a condition of making the loan secured by this Stcurity lnstrument, Borrower shall
pay [he premiums required to maintain the insurance in efCect until such time as the requirement for the insurance terminates
in accordance with Borrower's and Lender's wri!ten agreement or applicabte law.
8. Inspectioa. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall gi~~e Bor-
row•er notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9. Condemnatloo. The pra;eeds of any award or efaim for damages, direct or consequentiai, i~ connection with any condem-
natio~ or other taking of any part of the Property, or for conveyance in iieu of condemnation, are hereby assigned and shall be
paid to Lender.
tn the event of a total taking of the Property, the proceeds shal! be applied to the sums secured by this Security Instrument,
w•hether 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 Security Instrument shall be reduced by the amount of the proceeds
multiplied by the following fraction; (a) the total amount of the sums secured immediately before the taking, divided by (b) the
fair market value of the Property immediately beCore the taking. Any balance shall be paid ro Borrower.
If the Property is abandoned by Borrovver. or if. after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower faiis to respond to Lender within 30 days aRer the date the notice is given,
Lender is authorized to collect and apply the proceeds, at its option, either to rtstoration or repair of the Property or to the sums
secured by this Security Instrument* whether or not then due.
Untess Lender and Borrawer 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. Borrower No! Rekased; Forbearxnce by Lender Not a Walver. Extension of the time for payment or modification of
amortization of the sums secured by this Security Instrument granted by Lender to any succtssor in interest of Borrower shall
not operat~ to release the liability of the original Borrower or Borrower's successors in interest. l.ender 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 lnstrument by reason of any demand made by the original Borrower or Borrower's successors
in interest. Any forbearance by L.ender in exercising any right or remedy shalt not be a waiver of or prectude the exercise of any
right or remedy.
11. Successors aad Assigns Bouad; Joint aad Several Liability; Co-sigaers. The covenants and agreements of this Security
Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17.
Borrower's coeenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does
not execute the Notz: (a) is co-signing this Security Instrument only to mortgage, 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 secured by this Security
(nstrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommoda-
tions with regard to the terms of this Security lnstrument or the Note without that Borrower's consent.
12. Loan C6Arges. If the loan secured by this Security lnstrument is subject to a(aw which sets maximum toan charges,
and that law is finally interpreted so that the interest or other loan charges collected or to be coUetted in connection with the
loan exceed the permitted limits, t6en: (a) any such loan charge shalt be reduced by the amount necessary to reduce the charge
to the permitted timit; and (b) any sums afready collected from Bnrrower which exceeded permitted limits will be refunded to
Borrower. Lender may choose to make thes rePund by reducing ihe 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 panial prepayment without any prepayment charge
under the Note.
13. Legislxtion Affeeting I.eoder's Wghts. If enactment or expiration of applicable laws has the effect of rendering any provi-
sion 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 puagraph of paragraph 17.
ld. Notices. Any notice to Borrower provided for in this Security tnstrument shatt be given by delivering it or by mailing
it by first class mail untess applicable (aw requires use of another method. The rtotice 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 Borrowet. Any notice provided for in this Security Instru-
rnent shal! be detmed to have been given to Borrower or Lender when given as provided in this paragraph.
15. Governing Law; Sevenbility. 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 provisian 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 effect
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.
17. Transter ot the Property or a Beneficial [nterest in Borrower. lf aIl or any part of the Property or any interest in it is
sold or transferrcd (or if a beneficiat interest in Borrower is sold or transferred and Borrower is not a natural person) ~ithout
Lender's prior written consent, Lender may, at its option, require immediate payment in fu!! of all sums secured by this Security
Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal faw as of the date of this
Security Instrament. '
if Lender exercises this option, Lender shaU 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 secured by this Security
Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted
by this Security [nstrument without further notice or demand on Borrower.
18. Borrower's Right to Reinstale. !f Borrower meets certain conditions, Borrower shalt have the right to have enforcement
of this Security Instrument discontinued at any time prior to the ear(ier 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 lnstrument. Those conditions are that Borrower: (a) pays Lender all sums which then
would be due under this Security Instr~ement and the Note had no acceleration occurred; (b) cures any default of any other covenants
or agreements; (c) pays all expensts incurred in enforcing this Security Instrument, including, but not limited to, reasonable at-
torneys' fees; and (d) takes such action as Lender may reasonably rcquire to assure that the Gen of this Security Instrument, Lender's
rights in the Property and Borrower's obligation to pay the sums secured by this Stcurity Instrument shall continue unchanged.
Upon reinstatement by Borrower, this Security Instrument and the obligations securcd 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.
soo~ 674 ~ i81~
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