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200609362 paymCIlts may no lODger be rcquii'ed, at tIlC option of Lender, if Illort~0ge insurance c,~vc:rage (i~1. the a:noullt and fo;: the perioo. mat Lel1.;itr requin~s) provided by an iIDurGr approved by Lender llgilln becomes avaIlable and 15 obIa.tned. Borrower shall pay ilie preu1iuUlS reqUired to l:naintaill mortgage insurance in effect, or [Q provide a loss res~rve, u~til the requiremBut for mortgage insvrance e)1ds in accor-dance with any wr),ueu agreement between Borrower and Lender or applicable law. ' 9. Inspection. Lemler or ils agenI may [Ilake reasonable entries upon and inspecti0l1s of rue Property. Lender shall give Borrower notice at Ule time oj' or prior to an insp~ction spC(:ifying reasonable cause for the inspectiou. 10. CondeIIIIlation. The proceeds of any award or claim for dwnagcs, direct or conscquenrial, in cOI1Dection with any cOlldenmarion or other mkiAlg of any part of the Property, or for convey<mce in lieu of condemn.ation, are hercby assigw;;d and shall be paid to Lender. In tile event of a IOtal taking of me property, the proceeds shall be applied IO the sums secured by this SecuritY Instrument, whether or not then due, with <illY excess paid (Q BorrOwer. In tbe event of a partial taking of the Property in which the falr market value of the Properly immediately before the tiJcing is equal w or greater than the amount of the sums secured by Ihis Security Instrument irrunedia[ely before the takirlg, unless Borrower aIld Lender otherwise agree in writing" the sumB secured by this Security Instrumel1t shall. be reduced by me amount of the proceeds multiplkd by the followiIlg f.raction: (a) the toeal amo\l11t of the sums secured immediately before the taking, divided by (b) the fair market value of the Property imn1ediate1y before the taking. Any b;llapce shall be paid IO Borrower. hl the event of a panial raking of lhe Property ill which the fair market value of the }lropeny immediately bl~fore the raking is less than the amount of the sums secured immediately before the taking, \wless Borrowt'lr and Lender otherwise agree in writIng or unless applicable law otherwise provides. the proceeds shall be applied to the sums secured by thjs Sec:urhy ImnulTIent wherbCr or nOllhe SUIIlS are then due. If the Property is ab;mdoned by Borrower, or if, ;l1:1er notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fail~ to respond to L(;Ilder within 30 days after the date the notice is given, Lender is authorized 10 collea and apply the proceeds, "t its option, either to resroratiO~l or :repair OfIne propeny or to the surns secured by this Security lostnlInent, whether or not then due. UnJes~ Lender and Bon.ower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payweuts referred to in paragraphs 1 and 2 or change the amount of such paymenI:S. 11. :Borrower Not Released; Forbei'ln1nce By Lender Not a Waiver. Extension of rhe rime 1'Or payment or wodit1cation of amortization of the sums s~ured by this Secl.lTity Instrument graIlted by Lender to lillY successor in iIlte:reSt of Borrower shall not operate to release the liability of the original BorrOwer or Borrower's successors in interest. Lender sh;'ln not be required to commence proceedings agaiIlst any successor in interest or refuse to extend time for payment or otherwise modify amortization of the suxm secured by t):lis SeGurity Instrument by reason of any demand made by the origiual .Borrower or Bon-ower's successors in interest. Any forbearance by Lepder in exercising any righr or remedy shall not be a wajver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several .Liability; Co"signers, Thc covenants aDd agreements of this Security Instrumenr shall bind fUld benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreementS shall be joint <illd several. Any Bor:rower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security InSlJ'U:lTI.Cut only to mortgage, gram WId convey that Borrower's interest in the Property under the teD!1S of this security lustrurnent; (b) is not personally obligated to pay the sums secured by this Security In,stI111Il.em; and (c) agrees that Lender artd any other Borrower' may agree to extend, modify, forbear or make any accommodations with regard to the terms of Ibis Security Instrument or the Note without that ;Borrower's consent 13. Loan Charges. If the loan secUred by this Security Instrument is s\.lbject to a law which sets maximum loan charges, and that law is t1nally interpreted so that the inwrest or other low charges collected or to be collected in connection with the 10M exceed the pcrnriued limits, then: (a) any such lOaIl charge shall be reduced by the aIlI01lI1t necessary to reduce (he charge to the permitted limit; artd (b) any sunl!l already colleCted from Borrower which exceeded pexmitted limit/> will be refunded to Borrower. Lender :may choose to :rn?ke this refund by reducine the principal owed under the Note or by making a direct payment to BorroweL If a refund reduces principal, the reduction will be treaTed as a partial prepayment withOut any pn"'Paym(';nt cl1arge under the Note. 14. Notices. Any notice to Bon'ower provided for in ruis Security J::oscroment shall be given by delivering it or by mailing it by Iirst class mail unless applicable law requires USG of another method. TIle notice shall be directed to me Property Address or lillY other ;J.ddn;ss Borrower o.esignAteS by notice to Leader. Any notice to Lender shall be given by first class rnail to Lender'S addres~ stan;d hereiIl or any other address Lender designates by notice to Borrower. Ao.y notice' provided for in mis Security Instrum~nt shall be deemed to have been given to Borrower or Lender when given 'as provided in this paragraph. 15_ Governing Law; Severability- This Security h.1sttumem shall be governed by federal law and the law Of the jurisdiction in which rheProperty is located. In me event that any provision or (:!a\.lse of ruis Secmiry Instrument or the Note confliCts with applicabIe: law, such conflict shall not affect other provisions of this Security lnsl:rument or the Note which can be given effect without the conflicting provision. To tltis end, the provisions of this Security Instrument and rhe NOte are declared [Q be severable. 16, J3orrower's COPy. Borrower shall be given one confOillled copy of me Note aDd of illis Security InstrvDlcnt. Farm 302S 9~Q" " W,,'~I~;, uJ' c..,...- Loan No. 6412046-7879 C~ M,.(. Pogo 4 of 8 ~ .6~I{NE) 1~4CJ3),CJl <Si TONf4 (Q4,c2l04) PC