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It Leneler rryt~ired mc~rtgagr insurance as a condition of making the loan securcd b}~ this Securit~~ Instrwnrn~.
t3urru~~ct' shall lhe premiums required to maintain the insurance i~ eRect until such time as the r~quirement for the
in~uranre terminatc~ in a~curdanre ith Borrower's and Lender's written agreement or applirable law~.
8. Inspection, l.ender or its agent may make seasonable entries u~n a~d inspections of the Pra~rty. Len~irr
~h:ill gi~ e BurruH~er notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9. Condemnation. The pnxeeds ot~any aw~ard or claim for damages, direct or consCquential, in cunnection H•ith
an~ r.~ndemnation or other taking of any~ part of the Pro~rty, or for conveyance in lieu of condemnation, are hereb}~
~~signed and shall be paid to Lender. ;
In the e~ent of a totsl taking of the Property, the pra:eeds shall be applied to the sums secured by this Security ;
In,trument, whethzr or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, i
unlesc Borrower and Lender otherwise agree in writing, the sums secured b}• this Security Instrument shall be reduced b~, i
the :~mount of the pra:eeds mulUplied b}~ the following fraction: (a) the total amount of the sums secured immediat.°ly '
before the takyng, divided by (b) the fair market value of the Property immediately before the taking. Any baiance shall be ~
paid ta Borrow~er. ~
If the Property is abandoned by Borrower, or if, aRer 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 after the date the notice is
gi~ en, Lender is authorized to collect and appiy the proceeds, at its option, either to restoration or repair of the Property or ~
to the sums secured bti• this Securitv lnstrument, whether o~ not then d~e.
Unless Lender and Borco~er othe~wise agree in writing, any application of proceeds to principal shail not extend or
post~ne the due date of the monthly payments referred to in paragraphs 1 and 2 or change !he amount of such payments.
10. Borrower 1ot Released; Forbearance By Lender Not a Waiver. Eatension of the time for payment or
modification ot amortization of the sums secured by this Security Instrument granted by Lender to any successor in
interest of Borrower 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 suecessor in interest or refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made
b}• the original Borrower or Borrower'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.
ll. Successors and Assigns Bound; Joint and Several Liability; Casigners. The covenants and agreements of
this Security Instrument shall bind and benefit the successon and assigns of Lender and Borrower, subject to the provisions
of paragraph 17. Borrower's covenants and agreements shalt be joint and sevecal. Any Borrower who co-signs this Security
Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
that Borrow~er's interest in the Property under the terms of ihis Security Instrument; (b) is not p~.rsonally obligated to pay ~
the sums secured b}~ this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, ~
modify, forbear oc make any accommodations vsith regard to the terms of this Security Instrument or the Note ~ithout
that BorroH•er's consent. ;
12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan ~
charges, and that law is finaily interpreted so that the interest or other loan charges collected or to be collected in ~
connection with the loan exceed 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 coliected from Borrower which exceeded ~
permitted limits wilt 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 Borrower. If a refund reduces principal, the reduction wil~ be treated as a ~
partial prepayment without any prepayment charge under the Note. f
13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the eflect of ~
rendering any provision of the Note or this Security Instrument unenfor~eable according to its terms, Lender, at its option,
ma}~ require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies ~
permitted by paragraph 19. [f Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~
paragraph 17.
14. :\otiees. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
mailing it by first class mail untess applicable law requires use of another method. The notice shall be directed to the
pro~ert}~ 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 Borrower. Any notice
provided for in this 5ecurity Instrument shall be deemed to have been given to Borrower or Lender when given as provided
in this paragraph.
l5. Governing Law; 5everability. This Security Instrument shal! be governed by federal law and the law of the
}urisdictian in which the Yroperty is located. In the event that any provision or ciause of this Security Instrument or the
tiote conflicts w~ith applicable law, such ~~~A~ct G}1~~~ T1nt ?f~Pt_t ~I~?r Y~~vic:n:;g ~f :I;:g C~~~;:;~~ ;;~i: u~i~f;i~i GT iiic ~tvic
w hich can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
tiote are declared to be se~~erable.
16. Borrower's Copy. Borrower shall be given one conformed cop}~ of the Note and of this Security Instrument.
17. Transf~r of the Property or a Beneficial Interest in Borrower. lf all or any part of the Property or an~~
interest in it is soid or transferred (or if a beneficial interest in Borr~w~er is sold or transferred and Borrower is not a natural
person) ~~~ithout Lender`s prior written consent, Lender may, at ~ts option, require immediate payment in ful! of all ~.ums
~ecured b~~ this Security Instrument. However, this option shall nor be exescised by Lender i~ exercise is prohibited t~y
F~deral law• as of the date of this Security instrument.
If Lender exercises this option, Lender shall give Borrow~er not~ce of acceleratian. The notice shall provide a period
nf nc~t le.s than 30 day~s from the date the notice is deli.~ered or mailed within which Borrow•er must pa~• all sums secured b~~
tniti Securit}~ Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender ma}~ invoke an}•
remedies permitted b}• this Secunt}• Instrument without further notice or demand on Borrower.
18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right t~ ha.e
enfc~rcement ~f this Securit~~ Instrument discontinued at any time prior ro the earlier of: (a) 5 da}s (or such c~ther Peric~d ati
appticahle lau may~ s~cif} for reinstatement) before saie of the Properiy pursuant t~ any ~w~er of sale rcmtained in this
Securit~ In.trument: or (b) entry of a judgment enforcing this Sec~rity Instrvment. Thc~~e conditiom are that B~rre~wer
Ia) ~a}~ti Lender ali tiums which then w•ould be due under this Security (nstrument and the Note F~ad no arcelerati<~n
occurred; (b) cureti an~ default of am~ other covenants or agreements: (c) pays all expenses incurred in enforcing thi~
Securit~~ Ins;rumcnt, in~ludtng, but nnt limited to, reasonable att~rneys' feeti: and (d? take~ tiu~h action as Lender ma~
rcau~nab{) reyuirr tn a~wre that ihe iien of this Security Instrument, Lender't neht~ in the Pr~pert} and B«rrnuer'~
obligatum t~~ ~a~ thr ~umti tie~ured b~ thit Secucity {nstrumeni tihall ccmtmue !inchan~ed. l'~~n rein~tatement h~
B~rrc,~~er. thi~ Secunt~ in~trument and the obligations ~ecured herehc ~hall rrn?ain full~ etTrcti~r ati n~~ acceleratis~n had
„r~urrrd. N~~~~r~er. thi~ right to reinstate shall nc~t a~rl}~ in the catie ~f a~releratu~n under ~:~ragr;~~h. I i~~r 1'
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