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L <br />89-r 104708 <br />If Lender required imortgage insurance as a condition of malting the loan secured by this Security Inthminent, <br />Borrower shalt pay the prta Bums required to maintain the insurance in effect untit,sueh time as the requirement1hir the <br />insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law_ <br />& In*sdioa. 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 reuonabk cause for the inspection. <br />!. Coademaatloa. The proceeds orany award or claim for damages, direct or cmacquential, 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 />aw pored and shall be paid to Linder. <br />In the event of a total taking of the Property, the proceeds shall be applied to the sums.sacand by this Security <br />Instrument, whether or not then due, with any excess paid to Borrower. In the event of u.p rO4 taking of the Property. <br />unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Iriitr+i' epf shall be reduced by <br />the amount of the proceeds multiplied by the following fracti6i r (a) the total amount: of the sums steamed 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 Leader ta•ijurruwer that the condemnor offers to <br />make an award or settle a claim fordamages, Borrower fails to respond to Leader within iii Clays after the date the notice is <br />given, Lender is authorized to collect and apply the proceeds► at its option, either to retiturtifign or repair of the Property or <br />to the sums secured by this Security Ittsirnment, whether or riot then due <br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds tit Odur3Ml,shall not extend or <br />postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the atrfb6t: of such payments. <br />10. Borrower Not Beieasst Forbearance By Leader Not a Waiver. Extension of the time for payment or <br />modification of amortization of the sutras secured by this Security Instrument granted by Lender to any succewr 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 suce mor in interest or refuse to extend time for <br />payment or otherwise modify amortization of the sums secured by this Secum fy.-Instrument by reason of any demand made <br />by the original Borrower or Borrower's successors in interest. Any forbearance by Lendrar in exercising any right or remedy <br />shall not be a waiver of or preclude the exercise of any right orremedy. <br />11. Saceeeimrs sad AnWu Boaai; dolat aid Sevirital'. F.T>rbiitty; Co-algaera. The covenants and agreements of <br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subjun to the provisions <br />of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower wm co-signs this Security <br />Instrument but does not execute the Note: (a) is co-signing this Security instrument oltlu to mortgage, grant and convey <br />that Borrower's interest in the Property under the terms of this Security Instrumetit,, (b) iv root personally obligated to pay <br />the sums secured by this Security Instrument; and (c) agrees that Lender and arty nihar Borrower may agree to extencL <br />modify, forbear or make any scommodations with regard to the terms of this Se+ariig (izstrument or the Note without <br />that Borrower's consent. <br />12. Ima Charps. If the loan secured by this Security Instrument is subject iii. a': I t uv which sets maximum loan <br />charges, and that law is finally interpreted so that the interest or other loan charg"�'c ollected or to be collected in <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 to the permitted limit; and (b) any sums already collected from Borrower which exceeded <br />permitted limits will be refunded to Borrower. Lxoder may choose to make this refund by reducing the principal owed <br />under the Note or by making a direct payment to Borrower. If a, refund reduces principal, the reduction will be treated as a <br />partial prepayment without any prepayment charge under the :► oia. <br />13. Leglalatfon Affecting Leader's Rfghh. If enaerment or expiration of applicable laws has the effect of <br />rendering any provision of the Note or this Security Instrument 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 N. If Lender exercises this option. Lender shall tlfar-thr. steps specified in the second paragraph of <br />paragraph 17. <br />i• <br />14.. Notlem Any notice to Borrower provided for in rhis Security Insiniment shall be given by delivering it or by <br />mailing it by first class retail unless applicable law requires sae of another method. The notice shall be directed to the <br />Property Address or any. other address Borrower.- designates by notice to Under. Any notice to lender shall be given by <br />ffcst class mail to Lendos'x address stated herein orany 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. Coseraing Law; SeverAllity. 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 Sec:urily instrument or the <br />Note conflicts with applicable law. such conflict shall not affect other provisions of this Security Instrument or the Note <br />which tali he given effect without the conflicting provision. To this end the provisions of this Security Instrument and the <br />Note are daclired to be severable. <br />Ii. Borrower's Copy. Borrower shall be given one conformed copy of the Note tiled of this Security Instrument. <br />17. Transfer of the Property ore Besefrklsl Interest to Borrower. If allot any part 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 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 taw 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 />nfnot less than 30 days 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 period, Lender may invoke any <br />remedies permitted by this Security Instrument without further notice ordemand on Burrower. <br />14.8errawtes itight to Relsstate. if Borrower meets certain condnlons. Hurrouer shall haze the right to hate <br />enforcement of this Secunty Instrument discontinued at anytime prior to the earlier of (a) 5 days (c+r such other period ati <br />applicable law may specify for reinstatement) before sale of the Property pursuant to any rawer of sale contained in thus <br />Security Instrument, or (h) entry ofa judgment enforcing this Security Instrument 11, ow condiloms are that Narrower <br />fat trays Lender all sunts'.vhwh then would be due under this Security liwrument and the Note had tut acccicratton <br />occurred, (h) cures any default of any other covenants or agreements. (c) pay- etpense% niuirrrd let enfotculg J111% <br />Scitiray Instrument, nicluding. but not limited to, rea- ijable attorneys' fees, and (di take such aoton ati t ender may <br />reasonably require to a!�:are that the lien of this Security Instru.nettt. i oidet ", righ:% m the Pt'Itirlt..uld Rottotvcr's <br />40111g;irinll to tray the sums sCVurcd by this Sczuitty instrutricni s11.111 LI!w1nue urnhatrtcal t'poll rcilisratcrncilt by <br />It+trfrwrr, this 1e�,tlnty 1wetrument and the vbligatlutt5se:.uted hereby shalt rrt:laln full Y efYi .tl:e a� if :,, a. cicratcm Ft,l.f <br />t c urrrd tlawe+cr, this right its reinstate shall not apply in thei a%c of a:.rcicrvwn under rurarraph, l = t•t 17 <br />MI <br />