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99- 1(;8331 200004830 <br />the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes available <br />and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss <br />reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower <br />and Lender or applicable law. <br />9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall <br />give 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 <br />any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned <br />and 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 <br />fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured <br />by this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums <br />secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: <br />(a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property <br />immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in <br />which the fair market value of the Property immediately before the taking is less than the amount of the sums secured im- <br />mediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise pro- <br />vides, the proceeds shall be applied to the 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 <br />make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice <br />is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property <br />or to the sums secured 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 <br />or postpone 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 <br />modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest <br />of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender <br />shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or <br />otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original <br />Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be <br />a waiver of or preclude the exercise of any right or remedy. <br />12. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of <br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions <br />of paragraph 17. Borrower'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 <br />sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, <br />forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's <br />consent. <br />13. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan <br />charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection <br />with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce <br />the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will <br />be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making <br />a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without <br />any prepayment charge under the Note. <br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or <br />by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the <br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by <br />first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice <br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided <br />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 <br />can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note <br />are declared to be severable. <br />ST &L# NE64.NEW Form 3028 9 / 90 (page 4 of 7 pages) <br />