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It l.rn~lrr reyuirrd martgagr ~muranrr a~ a rnn~litiun uf m~+king the loan sr~urrd h~~ thi~ Srcunt~ Instrument. ~
li~~rru~<<r ,hall ra~ the ~rrnuun» rryuired to maint~in the ~nsurance in etTect until wrh time as the reyu~rcmrnt tur thr ~
in~uran~e terminatc~ in 3cror~lan~e ith Borro~~er's and Lender's u•ritten agreement or applirable I.iN'.
n. inspeetion. ?.rnuer ur its agent ma~ make reasonahle entnes upcm and ins~tton. ~~f the t'rupert~~. Lendr.
.hall gi~r Burro~+er n~~t~cr at the t~me c~f ur pric~r tu an insEx:etion s~ifying restiunahle rause for the inspe.tian.
9. Condemnation. Thr pnx~reds of any aw.ird or claim for damages, direct or ronsrquential, in r~mn~rtion w ith
an~ rundem~~,ition ~~r ~~ther taking ~~f an} ~3rt ~rf the Pr~~~ert}~, c~r fc~r ron~~e}anre in lieu o(r~~ndemnaUun, are hereb~ ;
:i.,?gned anc~ tihall be paid to Lender.
!n the e~ent ~~f a total taking ~~f thr Yro~rty, the prcx~cds shall he applied to the sums secured b~~ this Securit~~
In~trument, whethrr ~r not then due, ~~~ith an}~ excc~s paid io Borrower. In the e~~rnt of a partial taking ~f the Propert}~,
unieti~ E3~~rre~wer and l.ender otherw~iu agree in writing, the sums serured b}• this Securit~~ Instrument tihali be redured by
the amuunt of the pr~xeeds mulnpGed b~~ the followin¢ fraction: (a) the total amount uf the sums secureci immr~i~celv •
hefc~re thr taking, di~~ided by (b} the (air market ~~al~e of the Property immediately befi~re the taking. Any~ balanre shall be ~
~.iid to Borro~er.
!f the Pmpc;rt~~ is abandaned by Borro~~•er, or if, aRer noticr b~~ Lender to Borrower that the cundemnor ofi'ers to ~
make an aw:~rd or tettle a claim for damages, f3orrower fail~ to rc~pcmd to Lender w•ithin 30 days after the date the notice is
gi~en, Lender is authorized to collect and apply the prc~ceeds, at its optiun, either to restoration or repair of the Property or
te~ the.um~ serured b}~ this Securit~~ Instrument, whether or not then due.
Unless Lender and Borrow•er otherwise agree in writing, any application of proceeds to principal shall not extrnd or
~u~t~une the due date of the monthly payments referced to in paragraphs 1 and 2 er change the amount of such pa}•ments.
10. Borrow~er 1ot Released; Forbearance By Lender Not a Waiver. Extension of the time for pa}~ment or
m«ciifiration of amortization of the sums secured by this Security lnstrument granted b}~ Lender to any successor ~n
intcretit of Borrower shall not operate to release the liability of the original Borrower or Borrow~er's successon in interest.
Lender ~hall not bc: reyuired to commence proceedings against an}~ successor in interest or refuse ta extend time for
~a~ mer~t or otherw~ise modif~~ amortization of the sums secured by this Security Instrament by reason o(any demand made
b~ the uriginal Borrou~er or Borrow~er's successors in interest. Any forbearance by Lender in exerrising any right or remed}~
shall not be a w~ai~ er of or preclude the exercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The co~~enants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
c~1 paragraph 17. Borrow~er's covenants and agreements shall be joint and several. Any Borrow•er who co-signs this Security
' I~ititrument but does not execute the Note: (a) is co-signing this Security Instrument anly to mortgage, grant and rom~ey
that I3orrower's interest in ehe Propert}' under the terms of this Security Instrument; (b) is not personall~• obligated to pa}~
the sums serured b}~ this Serunty [nstrument; and (c) agrees that Lender and any other Borrower ma}~ agree to extend,
m~xiify, forbear or make an~~ acrommodations w~ith regard to the terms of this Security Instrument or the Note without
th;~t Borrow~er's consent.
12. Loan Charges. If the Ic~an secured by this Security Instrument is subjert to a law~ w•hirh sets maximum loan
~harges, and that law• is finally interpreted so that the interest or other lc~an charges collected or t<~ be collected in
~unnection w~ith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
~~eressar} to reduce the .harge to the permitted limit; and (b) any sums already collected frum Borrower which exceeded
i ~.rmitied limits will be refunded to Borrower. Lender may choose ro make this refurd by reducing the principal owed
under the tiote or b~~ making a direct payment to Borrow~er. If a refun~ reduces principal, the reduction will be treated ati a
j partial prepa~~ment without any prepayment charge under the Note.
f 13. I.egislation Affecting Ixnder's Rights. If enactment or expiration of applicable law~s h.~s the effect c~f
~ rendering any pro~•ision of the Note or this Security [nstrument unenforceable acrnrding to its terms, Lender, at its uptic;n,
~
m~~~ reyuire immediate pa~~ment in full of all sums secured by ~his Securit}~ Instrument and may inve~ke any remedies
~ ~ermitted b}~ paragraph 19. if Lender exercises this option, Lender shall take the steps specified in the second paragraph of
~aragraph 17.
` 14. \otices. An~ notice to Borrow~er provided for in this Security Instrument shall tx gi~~en by delivering it or b}~
mailing it b}~ first class mail unle;s applicable law requires use of another method. The notice shall be directed to the
! Properiy Address or an~~ other address Borrow~er designates b}• notice to Lender. An}~ 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 Borrower. Any noticr
~ pru~ ided for in this Securit~~ Instrument shall be deemed to have been given tc~ Borrow•er or Lender when given as pro~-ided
in this paragraph.
; 15. Governing I,aw; Severability~. Th~s Security Instrument shall be governed by federal {aw~ and the law~ of the
j juritidiction in which the Property is located. !n the event that any provisi~r~ or clause of this Security~ Instrument or the
~ tiote conflicts w•ith applicable law, such conflict sh~ll not affect other provisions of this Security Instrument or the Note
r hinc ~an be given effect without the conflicting provisi~n. To this end the provisions of this Sec~rity Instrument and the
tiute are declared to be s~~erable.
q 16. Qorrower's Cup~~. Borrow~er shall be given one conformed cop~~ c~f che Note 3nd of this Securit~~ Imtrument.
~ 17. "Transfer of the Propert3~ ~r a Beneficia! Interest in Borro~~er. If 311 c~r ~n} part ~f the Propert}~ c~r an~
I ;n~eretit in it is soid or transFerred (or if a beneficia) interest in Borrow~er is sold c~r transferred and Borr<~wer is n~c a natural
$ pertion) without Lender's prior written consent, Lender ma}, at its c~piion, reyuire irnmediate payment in full of all tiun~ti
€ ,rcured by~ thit Securit~~ Instrument. Fiow•ever, this opti~n shall nc~r be rxercised b} Lender if exerci1e iti prc~hibited b}
federal iaw ati of the dare of this Securitti~ Instrument.
If Lender exerciseti thi~ opticsn, Lender thall gi~e Borraw•er n~t~ce of accelerancm. "The ne~tice ~hall pro~~ide a~ric~d
~i~nc~t le~ti than 3t) da}s from the date the notice is delivered or mailed w~ithin w•hich f3~rr<~«~~r must pa}~ ~II sums tierured b~
~hi~ Securit}~ Instrument. If Borrower fails to pay these sums prior to the expiration of this ~erioci, Lender ma} im~oke any~
remedies permitted b}~ this Security Instrument with~ut further notice or demand on Borr~wer.
18. Borrow~er's Right to Reinstate. If Borrower meets certain conditi~ns, Bc~rrow~er shall ha~e the right to ha~e
enfc~rcement ~f this Security~ Instrument discontinued at any~ time prior to the earlier of: (a) 5 da}~s (or wch other peric~d ati
.?~plirable la~~ may~ s~:ecif}~ for reinstatement) before sale of the Property purs~ant tci an}• pciw~er of tale cc~ntained in this
Serurit} Intitrument; or fb) entr} of a judgment enforcing this Security Imtrument. Those cemditiont are that Bc~rrower:
(a) pa}~~ I_ender all sums whicfi then would be due under this Securit}~ Instrument and the tiote had n~ accelerati~m
: occurred; (b) cure5 an~~ default of an~ other covenants ~rr agreements; {c) pay~s al) expenses incurred in enforcing thiti
Serurit~ In~trument. including, but n~~t limited to, reasonable attorneys' fees; and (d) takes such acti~n as Lender may
reati~mabl~ reyuire t~~ astiure that the iien of this Security Instrument, Lender'S nghtti in the Property and Borrow~er's
<~bligatiun tc~ p~} the sumti secured by this Security Instrument shall c~ntinue unchanged. IJpon reinstatement b}~
Bnrrc~Her, thiti Securih Intitrument and the obligaticros secured hereb}• shall remain full~ effecti~e as if no arceleratic~n had
c~crurred. H~»ce~er, thit right to reinstate shall n~t apply in the case ~f acceleration under paragra~hs 13 ~r 17.
~OGX ~75 FA~E2~~6
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