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1 <br />89-104403 <br />i If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument. <br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requitement for the <br />insurance terminates in a6cordance with Borrower's and Lender's written agreement or applicable Inrw.. <br />t. it pedim Lender or its agwtt may make reasonable entries upon and inspections of the Property, Lender <br />shall give Borrower notice at the tittle ofor prior to an inspection specifying reasonable cause for the inspection. <br />!. daiatataatlsa. The proceeds of any award or clam for damagm direct aremsequential. 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 stems secured by this Security <br />instrument, whether or not there 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 ratal amount of the sums secured immediately <br />before the taking, divided by (b) the fair market value of the Property immWiately before the taking,. Any balance shall be <br />paid to Borrower. <br />if the Property is abandoned by Borrower, or if, after nrHrix:Inf .laemfi t to Borrower that the condemnor offers to <br />make an award or settle a claim for damages. Borrower fails to rr7vcn4 W, [:.fader within M hays after the date the notice is <br />Oven. Lender is authorized to collect and apply the proceeds. Af [tic' p'tm& a er.t to r �,fion or repair of the Property or <br />to the sums secured by this Security Instrument, whether or not then duel , <br />Unless Lender ad Borrower otherwise agree in writing, any appli"Aiv-i of proceeds to principal shall not extend nr <br />postpone the due date ruff the monthly payments referred to in paragraolm 1 l- 2 or change the amount of such payments. <br />10. Sorrowes.MA Rekaatei; Farbeamisce By I.esdirc NQt.rr:l Va ter, Extension of the time for payment or <br />modifieauctz e£ aaraazidn of the sums secured by this 5ecitrifryttstrument granted by Lender to any successor in <br />interest Of lit nwa s2':af hot operate to release the liability ul'tlte original,Borrower or Borrower's successors in interest. <br />Leander sites; -'Wt: be n quiircd to commence proceedings agaiaat. awj surcessor in interest or refm.`.t:b extend time for <br />pro; nevi cr alri vvr a moafy amortization of the sums secured h;l this Security instrument by remand any demand made <br />:,: 'tile o Sbrrovkior Borrower's successors in interest' Ain. !1f'orbearance by Lender. in exercising any right cxs remedy <br />shall not bee a waiver of or preclude the exercise of any righ!k ar, i ei,=Wy. <br />11. Sawa rs gad Assigns Round- Joint rind Sertrilk l"li lity; Co-signers. nr covenants and agreements of <br />0xis Security instrument shall bind and benefit the sug4aviri and assigns cf,.Loender and Borrower. witgect to the provisions <br />i-Cparagraph 17. Borrower's covenants and agramealvt its.1: hejoint and se- &eml. Any Borrower winoi o -signs this Security <br />Instrument but does not execute the Note: (a) is co- signing tbiyW Security instrument only to mortgage. grant and convey <br />that Borrowers interest in the Property under the terms of tlt).s Swurity Instrument; (b) is not personally obligated to pay <br />the sums secured by this Security Instrument; and (c) agrees chat Lender 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 Mote without <br />that Borrower's consent. <br />IL Lea Charges if the loan secured by this Securi?. Instrument is subject to a law which sets maximum loan <br />charges, arid; d fat law is finally interpreted so that the inu -mm. , or other loan charges collected or to be collected in <br />connection vin:b the loan exceed the permitted limits. then: (a) any such loan charge shall be reduced by the amount <br />necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded <br />p nnitted limits will be refunded to Borrower. Ur4tr may choose to ffns;m, this refund by reduct.rg the principal owed <br />ender the Note or by mak'�stg a direct payment to iiir. fewer. If a refund rodiam primipal, the reduct na will be treated as a <br />partial prepayment without any prepayment charge under the Taft c,.r. <br />13. 1;eglalation Affecting Leader's Ri&t& If et%a;riarrht err eipiratian of applicable laws has the effect of <br />rendering any provision of the Note or this Security Instrument:uMnforceable according to its terrst, Lender. at its option, <br />may require immediate lAyment in full of all sugar secured by this See4a ;,i:y Instrument and may, rr,.-�oke any remedies <br />;emitted b-, paragraph 19. If Lender exercises this option, I=Jer shall tiAr the steps specified in the second paragraph of <br />peragrspx 117. <br />14, N'otkes. Any notice ca, Borrower provided for in this Security Instrurr e-vi �1- h,-:Jl be given by delivering it or by <br />mailing it b) first class mail unless applicable law requires use of another mneth(Y6 > t -;e notice shall be directed to the <br />Property Address or any ether address Borrower designates by notice to U , °er Air; • !! gtice to Lender shall be given by <br />fsrwt class mail to Lenders address stated herein or uny other address Lender d °;;race`. (IN notice to grower Any notice <br />reovided for in this Security Instrument shall be permed to have been given ;�. i :rrc urn r,r Lender ,,.din given as J mvided <br />its this paraq�t aph. <br />15: GeSersieg Law; Severability. Thn,tr :;. ity Insrri :ment shall ne governed by federal la.% and the Uw, of the <br />luzrsdiction in which the Property is located. in thcovent that any provis um,..)r clause of this Securn .r Instrument or the <br />Dote conflicts with applicable law, such conflict Nail not affect other pry is�ons of this. Security irn',rument or the Note <br />which can be given effect without the conflicting provision. 'To this end the provisions of this Security Instrument and the <br />Note are declared to be severable. <br />li Borrower's Copy. Borrower shall be given one conformed v*y of the Note and of this Security Instrument. <br />17. Traaattr of tare Property or a Beneficial Interest in Borrowty. , if all or any part of the Property or any <br />interest in it is sold or transferred (or if a beneficial interest to Borrower is :old or transferred and Borrower is not a natural <br />person) without Lender's prior written consent. Lender may, at its option, require immediate payment in full of all sums <br />secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by <br />federal law as of the date of this Security Instrument. <br />If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a period <br />of riot less than 30days from the date the notice is delivered or mailed within which borrower must pay all sums secured by <br />this Security instrument. If Borrower fails to pay these sums prior to the expiration of this penod, Lender may invoke any <br />remrl'x prrrr;ittZd by this Sou: rat} Ir stf-un refit Without further notice car demand on borrower <br />1t. Borrower's lgidt to Retashte. If Borrower meets certain conditions, Borrower shall have the right to have <br />enforcement of this Security Instrument discontinued at any time prior to the earlier of. (a) 5 days (or such other peruid as <br />applicable law may specify for reinstatement) Mote sale of the Property pursuant to any power of sale contained in this <br />Security Instrument, or (b) entry of a judgment enforcing this Security Instrument Those conditions are that tkitr,wer <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 o7 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 !_ender may <br />reasonably require, to assure that the lien of this Security Instrument. Lender's nghts in the Property and hor tower `s <br />Obligation to pay the sums secured by this Security Instrument shall continue unchanged liprin reinstatement h} <br />Bofrowrt, that Security Instrument and the obligations secured hereby shall reniam fully rffe,.tii r ns if ran acceleration ha�1 <br />me urrrd However. this right to reinstate shall not apply in the case of 's; � eleration 6 rider ixuagiaph4 I; or 1 <br />k , <br />s <br />