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89100334
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Last modified
10/19/2011 4:21:40 PM
Creation date
10/20/2005 9:12:28 PM
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DEEDS
Inst Number
89100334
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r <br />rM <br />89-- 100334E <br />If Lender required mortgage insurance as a condition of making the loan secured by this Security Insttrument. <br />Borrower shall pay the premiums required to maintain the insurance in elect until such time as the requirement for the <br />insurance terminates in accordom with Borrower's and Lender's written agreement or applicable law. <br />8. Iaspectlon. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender <br />shall give Borrower notice at the time ofor prior to an inspection specifying reasonable cause for the inspection. <br />9. Cor*mnation. 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 <br />assigned 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 <br />Instrument, whether or not then due. with any excess paid to Borrower. In the event of a partial taking of the Property, <br />unless Borrower and Lender otherwise agree in writing. the sums secured by this Security Instrument shall be reduced by <br />the amount of the Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately <br />before the taking. divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be <br />paid to Borrower. <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 is <br />given,. Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or <br />to the sums secured by this Security Instrument, whether or not then due. <br />Unless Lender and Borrower othax*L4e agree in writing, any application of proceeds to principal shall not extend or <br />postpone the due date of the monthly payuicup referred to in paragraphs 1 and 2 or change the amount of such payments. <br />14. Borrower Not Released: For�ce By Lender Not a Waiver. Extension of the time for payment or <br />modiflmtion of amortization of the sums secured by this Security Instrument granted by Lender to any successor in <br />interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. <br />Lender "shall not be. required • to commence proceedings against any successor in interest or refuse to extend time for <br />payment or others modify amortization of the sums secured by this Security Instrument by reason of any demand made <br />by theca iginal Borrw*tr or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy <br />shalt rtat be a waiver of or preclude the exercise of any right or remedy. <br />Sl. Sommors seed Amt w So=* Joint and Several Liability; C "Jgaers. 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: (&) is co-signing this Security Instrument only to mortgage, grant and convey,:" <br />that Barrowee- s interest in the Property Land —_ the ter nws of this .Smtrit rnstntment- (hl ig not nersnnallV obligated to Qf�i <br />the sums secured by this Security Instrument; and (c) agrees that Leader and any other Borrower may agree to extend, <br />modify" forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without <br />that Barroweesconsent. <br />IL Lout Charges. If the loan secured by this Security Instrument is subject to a law which sets mkAmum loan <br />charges.. and that law is finally interpreted" so that the interest or other loan charges collected or to be c elle.ded its <br />connection with the loan exceed; the permitted limits, then: (a) any such loan charge shall be reduced by the amount <br />necessary to reduce the charge tm the permitted limit; and (b) any sums already cclleected from Borrower which exceeded <br />permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed. <br />under the Note or by making a direct payrnemt to Borrower. If a refund reduces principal. the reduction will be treated as a" <br />partial prepayment without any prepayment: charge under the Note. <br />. 13. Legislation Affecting Lender's Rights. . V :enactment or expiration of applicable laws has the effect; of <br />rendering any provision of the Note or this Security instra.iment unenforceable according to its terms, Lender, at its option, <br />may require immediate payment in full of all sums secured by this Security Instrument and may invoke.any remedies <br />permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in. the seco&Lparagraph.of <br />paragraph 17. <br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by <br />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; .Arty 'notice to Lender shallibe 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 gov=a ed by federal:law and the law of the <br />jurisdiction in which the Property is located. In the evemCthat any provision or clause of this Security Instrument or the <br />Nate conflicts wit& applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note <br />which can be givend%ct without the conflicting provision.-To this end the provisions of this Security Instrument and the <br />Note are declared to be severable. <br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. <br />17. Transfer of the. Property or a Beneficial Interest in Borrower. If all-or any (iarC of the Property or any <br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and, Borrower is not a natural <br />person) without Larder's priRi+c written consent, Lender may, at its option, require immediate payment in full of all sums <br />secured by this Security instr cent. However, this option shall not be exercised. by Lender if exercise is prohibited by <br />fede*W taw as of the date of tit Occurity Instrument. <br />1'fi.ender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period <br />of not•tess than 30 days from the date the notice is delivered or mailed within which Borrower mast pay all sums secured by <br />this Security Instk mstnt. If Borrower fails to pay these sums prior to the expiration of this periard,, Lender may invoke any <br />remedies permitted by this Security Instrument without further notice or demand. on Borrower.. <br />18. Borrower's Right co Relnstate. If Borrower meets certain conditiays, Borrower shall have the right to have <br />enforcement of this Security Insumment discontinued at any time prior to the eartiw of: (ay S days (or such other period as <br />applicable taw may specify for reinstatement) before sale of the Property pursuant to any pcpwer of sale contained in this <br />Security instrument; or (b) entry of a judgment enforcing this Security instrument_ Those conditions are that Borrower: <br />(a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration <br />occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this <br />Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may <br />reasonably require to assure that the lien of this Security Instrument. Lender's rights in the Property and Borrower's <br />obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by <br />Borrower, this Security instrument and the obligations secured hereby sliall remain fully effective as if no acceleration had <br />incurred However, this right to reinstate shall not apply in the case of axaerattnn under paragraphs 13 or 17 <br />7 <br />;yi1= <br />tN <br />W <br />
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