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fi~ Lender reyuired mortg~ge in~uran~e as a condition ~f making !he loan secured b~~ this Srrurity lnstrument,
Burru~?rr .hall pa} the premiums reyuired to maintain thr insurance in eti'ec;t until such time as the reyuirement for the i
in,uranre termin:~tc~ in accordance w~ith Borrawer's and Lender's written agreement or applicable law. ~
8, lnspection. Lender or its agent rnay make reasonable entries upon and inspections of the Property. Lender ~
~hall gi~ e 13urrow~er noti~e at the hme of or prior to an inspection specifying reasonable cause for the inspection. ~
9. Condemnation. The pra:eeds of an}~ award or claim for damages, direct or consequential, in connection a•ith ~
:iny rondemnation or other taking of any~ part of the Property, or for conveyance in lieu of condemnatiun, are hereb~~ j
atiti~gned and ~haU be paid to l.ender. ~
In the event of a total taking of the Pro~rty, the prcxeeds shall be applied to the sums secured by this Securit}~ ;
Instrument, whether or aot then due, with any excess paid to Borrower. In the event of a partial taking of the Pr~perty, ~
unless Borroaer and Lender other~~ise agree in w•riting, the sums secured by this Secueity Instrument shali be reduced by €
the amount of the pra-eeds multiplied by the following fraction: (a) the total amount of the sums secured immediately `
t~efore the taking, divided by~ (b) the fair market value of the Property immediately before the taking. Any balance shall be ~
paid to Borrow~er.
If the Property is aha~doned by Borrower, or if, after notice by Lender to Borrower that the condemnor oflers to
make an aw~ard 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 apply the proceeds, at its option, either to restoration or repair of the Property or s
to the sums secured by this Securitv Instrument, whether or not then due. t
L nless Lender and Borrower otherwise agree in writing, any appli~ation of proceeds to principal shall not extend or ~
~ostpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. i
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 Borrower shall not operate to release the liability of the originat Borrower or Borrower's successors in interest. ,
Lender shall not be required to commence proceedings against any successor in interest or refuse to eztend 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
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shall not be a waiver of or preclude the exercise of any right or remedy.
11. Successors and Assigns Bouad; 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 Borrower, subject to the provisions ~
of paragraph 1~. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security ~
[nstrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey 3
that Borrower's interest in the Property under the terms of this Se~curity Instrument; (b) is not personally obligated to pay
the sums secured b}• this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
modif}~, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without ~
that Borrower'sconsent.
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 finally interpreted so that the interest or other ioan charges collected or to be collected in ;
connection with the loan exceed the permitted Iimits, 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 collected from Borrower which exceeded ~
permitted limits will be refunded to Borrow~er. Lender may choose to make this refund by reducing the principal owed ~
under tt?e 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. ;
13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the eflec:t of ?
rendering any provision uf 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 sec;ond paragraph of
paragraph 17. ~
14. lotices. Any netice to Borrower provided for in this Security Instrument shall be given by delivering it or by 1
mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the ;
Yroperty Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given b}~ :
first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice ~
p~o~•ided for in this Security Instrument shall be deemed to have been given to Borrower or Lender w~hen given as provided ;
in this paragraph. ~
15. Governing Law; Severability. This Security Instrurnent shall be governed by federal law and the law of the
juris.~iiction in which the Property is lacated. In the event that any provision or clause ot'this Security Instrument or the ;
tiote confliets with avnlicable law. SuC}~ conflict chall nnt afFect nthrr nmvicinnc nf thic Cvruritv Incfn~mant .,r rl,~ N~.ro
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whieh can be given efi'ect without the conflicting provision. Ta this end~the provisions of this Security Instrument and the +
'vote are declared to be severable. j
16. Borrower's Copy. Borcower shall be given one conformed copy~ of the Note and of this Sec~urity Instrument ~
17. 'Transfer of the Property or a Beneficial Interest in Borrower. I( all or any pan ~f the Property .~r any~
interest in it is sold or transferred (or if a beneficial interest in Borrow~er is sald or transferred and Borrower is not a natural J
person) without Lender's prior written consent, L.ender may, at its option, require immediate payrnem in full of all sumti !
~ecured by this Security Instrument. Nowever, this option shall nor be exercised by Lender if exerrise is prohibited b} ~
federal law~ as of the date of this Security Instrument. ~
If Lender exercises this option, Lender shall give Bc~rrower notice o('acceleration. The notice shal! provide a period
~f not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay alJ sums secured b}~
~hiti Security Instrument. If Borrower fails to pay these sums prior ro the expiration of this period, Lender may invoke an}~
remedies permitted by this Security Instrument without further notice or demand on Borrower.
18. Fiorrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall ha~~e the right t~~ have
enforcement of this Security Instrument discontinued at any time prior to the e~rlier of: (a) 5 days (or such other peric~d ati
~pplicable law~ ma}~ s~cif~ for reinstatement) before sale of the Property pursuant to any ~w•er of sale contained in thit
5ecurit~ Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are thal B~rroaer~
fa) pays Lender all sums which then would be due under this Security Instrument and the Note had no accrleration ~
c~ccurred; (b) cures an~• default of an~~ other covenants or agreements; (c) pays all expenses incurred in enforring thi~
Securit} Instrument, inrluding, but nnt limited to, reasonable attorneys' fees; and (d) takes tiuch acti~n as I,ender ma}
reati~nably require t~~ assure that the lien of this Security Instrument, Lender's nght~ in the Proprrty and &~rrower'~
~bGgation to pa} the wms secured b}~ this Security Instrument shal{ continue uhrhanged. Urcm reinstatement b~ ~
Bnrre~wer, thiti Serurit} Intitrument and the obligations secured 'hereby~ shall remain full~ eH'ecti~e a~ ~f ~c~ arceler~ti~~n had ~
~xcurred. H~He~er, this right to reinstate shall not appl}~ in the ca5e ~f acceleran~~n under raragrarhti 13 c~r 17
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