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93110898
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Last modified
6/15/2006 10:35:31 AM
Creation date
10/21/2005 1:54:23 AM
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DEEDS
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93110898
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<br /> <br />Pogo 4 of 6 <br /> <br /> <br />,33... 110~9~ . <br />payments may no longer be required. at the option of Lender. if mortgage insuran<;:e coverage (in the.' amount Biid10r me penod <br />that Lender requires) provided Ly an insurer approved by Lender again becomes available and is obt.ained. Borrower shall pay <br />the premiums required to rr:aintam mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage <br />insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. <br />9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property, Lender shall give <br />Borrower notice at the time of or prior to an inspection specifying reasonai.)le cause for the inspection. <br />10. Condemnation, The proceeds of any award or claim for damages, direct or consequential. in connection with any <br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and <br />shall be paid to Lender. <br />In the event of a total taking of the Property, the proceeds shaIl 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 immediately before the taking is equal to or greater than the amount of the sums secured by this <br />Security Instrument immediately before the tnking. 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 taking. 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 i...::nder otherwise agree in writing or unle-ss applicable law otherwise provid':s, the proceeds shall <br />be applied to the sums secured by this Security Instrument whether or not the sums are then due. <br />If the Prop'~rty is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make ar. <br />award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, <br />Lender -is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums <br />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 or <br />postpone the due date cf the monthly payments referred to in paragraphs I and 2 or change the amount of such payments. <br />n. norrower Not Released; Forbearance By Lender Not a Wah'er. 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. Lemler shall ont be required to <br />commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify al11orti7.ution <br />of the sums secured by l:1is 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 prt'c1ude the <br />exercise of any right or remedy. <br />12. Successors and Assigns Hound; .Joint and Several Liability; Co-signers. The covenants and agreements 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 shalt be joint and several. Any Borrower who co-signs this Security <br />Imtrument but docs not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grnnt and convey that <br />Borrower's interest in the Prop~rty under the terms of this Security Instrument; (b) is not personally obligated to pay the sums <br />secured hy this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear (If <br />make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. <br />13. Loan Charges. If the loan secured by tllisSccurity Instrument is subject to a Jaw which sets maximum loan charges, <br />and that law is finally interpret~d so that the interest or other loan charges collected or t'J be collecte(~ in connection with the <br />I(ll\n exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge <br />to the permitted limit: and (b) any Slims already c(,Hected from Borrower which exceedeC: permitted limits will he refunded to <br />Borrower. Lender muy choose to make this refund by reducing the principal owed under the Note or by making a direct <br />puyment to Bcrrov,;er. If a refund reduces principal. the reduction will be treated as a partial prepayment without any <br />prepayment charge under the Note. <br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall he given by delivering it or by mailing <br />it by first class Illail unless applicable law requires use of another method. The notice shall be directed to the Property Address <br />or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first e1ass mail to <br />Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this <br />Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. <br />IS, 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 wilh applicable law, such connict shall not affect other provisions of this Security Instrument or the Note which can be <br />given effect without '.he cont1icting provision. To this end the provisions of this Sccurity Instrument nnd the Note are declared <br />to be severable. <br />16. Borrower's CoP.y. Borrower shall he given :ll1C conformed copy of the Note and of this Security In.itrument. <br /> <br />Form 3028 9/90 <br />
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