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I /VV/'7-Y � <br /> payments may no longer be required, at the opLion of�.A�ider, if mortgage insurance coverage (in the amount and for the period <br /> that Lender requires)provided by an insurer approved by Lender again becomes available and is obtained. Bonower shall pay the <br /> premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage <br /> insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. <br /> 9.Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give <br /> Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. <br /> 10.Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any <br /> condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and <br /> shall be paid to Lender. <br /> � In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, <br /> � whether or not then due,with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair market <br /> � value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this Security <br /> � Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums secured by this <br /> � Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of <br /> O <br /> 0 the sums secured immediately before the taking, divided by (b) the fair mazket value of the Property immediately before the <br /> 0 taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the <br /> � Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless <br /> Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall be applied to the <br /> sums secured by this Security Instrument whether or not the sums are then due. <br /> If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an <br /> awazd or settle a claim for damages,Borrower fails to respond to Lender within 30 days after the date the notice is given,Lender <br /> is authorized to collect and apply the proceeds, at its option,either to restoration or repair of the Property or to the sums secured <br /> by this Security Instrument,whether or not then due. <br /> Unless Lender and Borrower otherwise agree in writing,any application of proceeds to principal shall not extend or postpone <br /> the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. <br /> 11.Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification <br /> of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall <br /> not operate to release the liability of the original Borrower or Bonower's successors in interest. Lender shall not be required to <br /> commence proceeciings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of <br /> the sums secured by this Security Instrument by reason of any demand made by the original Bonower or Borrower's successors <br /> in interest. Any forbearance by L.ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any <br /> right or remedy. <br /> 12.Successors and Assigns Bound;Joint and Several LiabiGty; Co-signers. The covenants and agreements of this <br /> Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of <br /> paragraph 17. Bonower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security <br /> Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that <br /> Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums <br /> secured by this Security Instr�ment; and (c) agrees that Lender and any other Borrower may agree to extend, modify,forbear or <br /> make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. <br /> 13.Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, <br /> and that law is finally interpreted so that the interest or other loan chazges collected or to be collected in connection with the loan <br /> exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the chazge to the <br /> permitted limit;and(b)any sums already collected from Bonower which exceeded permitted limits will be refunded to Borrower. <br /> Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to <br /> Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge <br /> under the Note. <br /> 14.Notices. Any notice to Bonower provided for in this Security Instrument shall be given by delivering it or by mailing it <br /> by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or <br /> any other address Bonower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's <br /> address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security <br /> Instrument shall be deemed to have been given to Bonower or Lender when given as provided in this paragraph. <br /> 15.Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the <br /> jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note <br /> conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be <br /> given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to <br /> be severable. <br /> Form 3028 9/90 <br /> � -6R(NE)�ezi2>.oi Pageaots Initials:C�L�F i <br /> �9os�a—s c� <br />