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<br />substantially equivalint mqr.Ig~::~;;';;;""rag~ is not available. Borrower shall pay to Lender each month a sum equal toCl.)
<br />onc~twclfth of the yearly mortg;wdnsurance,prtmium being paid by Borrower v.:hen.the insurance cov~rage lapsed or ceased t~ .
<br />be in effect. Lender will a~'UtIe and retain these payments as a loss reserve 111 heu of mortgage 1I1surance. Loss rese!"'q--
<br />payments may no longer be required, at the option of Lender. if mortgage insurance coverage (in the amount and for the pen~
<br />that Lender requires) provided by an insurer approved by Lender again becomes available and is obtaim.-d. BOrrower shall paC
<br />the premiums required to maintain mortgage insurance in effect. or to provide a lollS reserve. until the requirement for mortgagfl)
<br />insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. en
<br />9. Inspection. Lender or its agent may make rea<;onable entries upon and inspections of the Property, Lender shall giv,""
<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 con!\Cquential. in connection with any
<br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby a<;signed 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
<br />market value of the Property imm~dia!e1y before the taking is equal to or greater than the amount of the sums secured by thi~
<br />Security Instrumwt immediately before the taking, unless Borrower and Lender otherwise agree in writing. the sums secured by
<br />this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total
<br />amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately
<br />before the !3king. Any balance shall be paid to BOrrower. In the event of a partial taking of the Property in which the fair
<br />market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the
<br />taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proC'':.x1s shall
<br />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 make an
<br />award or settle a claim for damages. Borrower tails to respond to Lender within 30 days aQer the date th~ notice is given.
<br />Lender is authorized to collect a~d apply the proceeds, at its option, either to restoration or rep:tir of the Property or to the sums
<br />secured by this Security Instrument, whether or not then due.
<br />Unkss Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not ex lend or
<br />postpone the due date of the monthly payments referred to in paragraphs I 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 Borrower's successors in interest. Lender shall not be required to
<br />commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortitation
<br />of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's
<br />successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preelude the
<br />exercise of any right or remedy.
<br />12. Successors and Assigns Bound; Joint and Several Liability; Co-signers, The covenants and agreemenls 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. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
<br />Instrument but does nO! 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 Instrument: 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 eonsent.
<br />13. Loan Charge<;. 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 charges collectedorto be collected in cnnnection with the
<br />loan exceed the permitted limits. then: (a) any such loan charge shall he reduccd hy the amount necessary to reduce the charge
<br />to the permitted limit: amI (h) 'wy SUIllS already collected frolll Borrower which exceeded pcrmillcd limits will he reful1llctllo
<br />Borrower. Lender may choose to make this refund hy reducing lhe principal nwed undcr the Note or hy making a dirl'cl
<br />p<lymenl to Borrower. It" a n:t"und reduces principal, the reduction will be treated as a partial prepayment without any
<br />prcpayment charge under the Note,
<br />14. Notices, Any notice to Borrower provided for in this Security Instrument shall be givcn hy delivering it or hy mailing
<br />it by first class mail unless applicable law requires use of another method. The notice shall be directed to Ihe Property Address
<br />or any other address Borrower designates by notice to Lcnder. Any notice to Lender shall be given by first c:lass mail to
<br />Lender's address stated herein or lIny other address Lender designates by notice to Borrower. Any notice provided for in this
<br />Security Instrulllent shall be deemed to have been given to B(l~rowcr or Lender when given as provided in this pllnlgraph.
<br />15. Governing Law; Severability, This Security Instrument shall he governed hy federal I;IW and Ihe law of Ihe
<br />jurisdiction in which the Property is located. In Ihe event that any provision or clause of this Security Instrument or the Note
<br />connic!s with applicable law, such conflict shall not ~lffect other provisions of this Security Instru.llent or the Nole which can be
<br />given effed without the conflicting provision. To Ihis end the provisions of Ihis Security Instrument und the Note lire declared
<br />to be severable.
<br />I (j. Borrower's Copy. Borrower shall he given one conformed copy of the Note and of this Security Instrument.
<br />17. Transfer of the Property or u Beneflcillllnterest In BOi'rclWer. If all or any part or the Property or any interest in it
<br />is sold or transferred (or if a hencficial interest in Borrower is sold or transferred und Borrower is not u nutuml person) without
<br />Lender's prior written consent, Lender may. ut its option, require immediate payment in full of all sums secured by this
<br />Security Instrument. However, this option shall not be exercised by L"nder if exercise is prohibited by federal law liS of the date
<br />of this Security Instrument.
<br />If Lender exercises this option. Lender shull give Borrower notice of acceleration. The notice shall provide II period of not
<br />less than 30 days from the date the notice is delivered or mailed within which Borrower must pay nil sums secured by this
<br />Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke IIny remedies
<br />permitted by this Security Instrumer.t without further notice or demand on Borrower.
<br />IR. Borrowrr's Right tu ndllstHte. If Oorrower 'meets ccrtllin condilions, Borrower shull huve the right to have
<br />enforcement or this Sccurity Instrument discontinued at any time prior to the earlier of: (II) 5 days (or such other period us
<br />applicahle law may specify for reinstatement) hefore sale of the Property pursuant to any power of sale cOlltllined in Ihis
<br />Security Ins;rull1ent: or (b) cntry of ajudgment enforcing this Security Instrument. Those conditions ure thllt Borrower: (u) pup
<br />Lcmh al! sums which thcn would hc due under this :kcurity Instrume'll llnd the Note liS if no nccelerution hud occurred: (h)
<br />cures any dcfault or any other eovcnants or agrecments: (c) pays all expenses incurred in enforcing this Security Instrument,
<br />incllldin~, hut not limited to. rea~,onable atturlleys' rees: und (d) takes such action us Lender IIl11Y rcasonllhly require to llssure
<br />that tl~e lien of this Security Instnlm~nt. Lender's .ri~hls in the ~rorerly llnd Borrower's ohligl!lion to ~llY the sums sC'cured by
<br />thiS SCL'llrlty Instrumcnt shall cOlIl/nue unchanged, Upon relnstaterm~nt hy Borrower, tillS SC'CUrlly Instrument und the
<br />ohligatiolls secured hen:hy shall n:main fully C,T,:ctive as ir no acceleration had occurred, However, this right 10 reinstall" shall
<br />not apply ill the <,:,ISC or :iL'Cclerationuudcf' paragraph 17,
<br />19. SUll' of Notl'; ChUIIJ.:l' of l:oull S,l'rvll'er. .The Note or. II punial interest in the Nnte (together with this Sel'urilY
<br />Inslnllllclll) 1l1;IY he s"ld one or IIhlre tlllleS without prior IlOtlCe 10 Borrower, A sale may l'l'sult in a dlllnge in the l'ntity (known
<br />as tilt: "1 ,""n Servin:r") thllt L'"lkL'ts Jllonthly payments due under the NrAe and lhis Sn'urity Instrument. There also m.1\ hl' onl'
<br />or IllorL' Ch;IIII'CS or rhL' I ,O<lll Scrvicer unrelatcd to a sale or the Note. Irthere is a change of the Loan Scrvkn, Borrowej, will he
<br />)! i veil w riltell n"t ic<.: "t" the challge ill :leL'"rd:,llL'e wi Ih paragraph 14 ahove and appl icahle law. The llOI ke wi II SUite Ihe llallle null
<br />addrcss "llIle llC11 1."0111 SnviL'n :t1lL1 the address In which paymcnts should be made. The notice will al~:o conlnin allY other
<br />IliI"rtllatlllll reqUired hy applwahlc 1;lw,
<br />ZO. lIazardolls Suhstalll'('s. 1l0rrow('I' sh;i11 llot cause or perlllit IllI! prl'S('lll':e. USl', disposal. storagL', Ill' rekase of all\'
<br />11;lz,mJ(\us SUh',I;IIlL"CS Oil or in tlic Property, Ilo!'l,)wer shall llot do, nor allow anyone else to do, alllthing alTeL'tillg th~
<br />Pr(\perty lli;l! is ill li(\I;ltiofl (\1 afly 1'.llvir(\IlIll<:IIt;!! LIW, The prL'el~dill!-, :wo Sl:lltenL"eS shall not apply In lill: prCSCllL'l', use'. or
<br />S!(\!;l,c'e (\11 Ih,' 1't"llL'I!\ (\1 SIII;!!1 qualltiries (\1' Hazardous Suhstances that all' gel1nally reeoglli;o:ed to h~ appropriatc to norlllal
<br />residellli;.! u'cs ;lI\d !" 1I1;linlcII;IIlCC "I the PropL'ny,
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<br />FOri" 3D;,>/! 9/90
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