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<br />R~.RECORDED
<br />87- 107268
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<br />If Lendcr required mortgage insurance as a condition of making the loan secured by this Sccurity Instrument,
<br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance terminatcs in accordance with Borrower's and Lender's written agreement or applicable law,
<br />8. Inspection, Lendcr or its agcnt may make reasonablc cntries upon and inspections of the Property. Lender
<br />shall give Borrowcr notie:e at the time of or prior to an inspection spccifying reasonable cause for the inspection.
<br />9. Condemnation. The procecds of any award or claim for damages, direct or consequential, in connection with
<br />any condemnation or olher taking of any pari of the Property, or for convcyance in lieu of condemnation, are hereby
<br />assigncd and shall be: paid to Lcnder.
<br />In the e:vent of a total taking of the Propcrty, the proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property,
<br />unless Borrower and Lender otherwise agrce 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 total amount of the sums secured 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 Lendcr to Borrower that the condemnor offers to
<br />make an award or seltle a claim for damages. Borrowe:r fails to respond to Lender within 30 days after the date the notice is
<br />givcn. Lender is authorized to collcct and apply thc procceds, at its option, either to restoration or repair of the Property or
<br />to the sums sce:ure:d by this Security !nstrument, whether or not thcn due.
<br />Unless Lendcr and Borrower otherwise agrce in writing, any application of proceeds to principal shall not extend or
<br />postpone the duc date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modifie:ation of amortizalion of the sums see:ured by this Security Instrument granted by Lender to any successor in
<br />intcrest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
<br />Lender shall nOI be require:d 10 commene:c proccedings against any successor in interest or refuse to extend time for
<br />paymt'nt or othe:rwbe modify amorlizalion of the sums secured by this Security Instrumenl by reason of any demand made
<br />by thc Original Borrowa or Borrower's succcssors in interest. Any forbearance by Lender in excrcising any right or remedy
<br />shallnol be a waiver of or prccludc the excn:lse: of any right or remcdy.
<br />t l. Successors and Assigns Bound; Joint and Several Liabilit).; Co-signers. The covenants and agreemcnts of
<br />this SCl'llrity Instrume:nl ~hall hind and hencfit thc sue:ce:ssors and assIgns of Lender and Borrower, subjce:t to the provisions
<br />of paragraph 17. Borrowe:r's covenants and agreements shall bejoint and several. Any Borrower who co-signs this Security
<br />Instrumcnt but docs nOI exccute thc Note:: (a) is co-signing this See:urity Instrument only to mortgage, grant and convey
<br />that Borrowcr\ Inlcrt'sl Inthc Property under the lerms of Ihb Security Instrument; (b) is not personally obligated to pay
<br />the sums SCt'urcd hy thIS Sccurity Inslrument: and (c) agrecs that Lendcr and any other Borrower may agree to cxtend,
<br />modify. forbcar or make: any accommodatillns with regard 10 the terms of this Security Instrument or the Note without
<br />that Borrowcr's consent.
<br />12. Loan Charges. If the loan sccured by this Se:curity Inslrument is subject to a Jaw which sets maximum loan
<br />chargcs, and I hal law is tinally interprClcd so that thc interest or other loan charges collected or to be collected in
<br />conneCllon with thc loan exceed Ihe permiltcd limits. Ihcn: (a) any such loan charge shall be reduced by the amount
<br />nee:essary to rcduce the dmrge to the permilled limit: and (b) any sums already collected from Borrower which exceeded
<br />permilled limits will be refunded to Borrower. Lender may l'hoose to make this refund by reducing the principal owed
<br />under the: NOIc 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 Notc.
<br />t3. Legislation Affecting Lender's Rights. If enactmcnt or expiration of applicable laws has the effect of
<br />rendering any pro\'lsion ofthc Notc or this Sccurity Instrumcnt une:nforceahle according to its lerms, Lender, at its oplion,
<br />may require immcdmle: pay ment in full of all sums secured by thIS Sccurity Instrumcnt and may invoke any remedies
<br />permillcd by paragraph 19. If Lender exe:rciscs this oplion. Lcnder shall takc the steps spccificd in the second paragraph of
<br />paragraph 17.
<br />14. !'\ioticrs. Any notice to Borrowcr provided for in this Sccurity Instrument shall bc given by delivering it or by
<br />mailing it by lirst class mail unless applicable law requires usc or another method. Thc notie:c shall be directed to the
<br />Property Addrcss llr any other address Borrower designate:s by notice to Lcndcr. Any notice to Lender shall be given by
<br />first class mail to le:nder's address stated hcrein or any othe:r addrcss Lcnder designates by notice to Borrower. Any notice
<br />provided for inlhis Security Instrumelll shall be de:cmcd to have bcen givcnto Borrower or Lcnder whcn given as provided
<br />in this paragraph.
<br />15. GOVl'rning Law; Severability. This Sce:urlty Instrumcnt ,hall be: gll\'crned by fe:derallaw and the law of the
<br />jurisdictilln in whiclJ Ihe: Property is located. In Ihe Cle:1II that any pro\lSlon or dolUse of this Se:cunty Instrument or the
<br />Note contlicts with applicablc law. such e:ontliet ,hall not atl'cct olhe:r proviSions of this Security Instrumcnt or the Note
<br />whle:h e:an be give:n cffcct without thc contlicting provision To tIllS e:nclthe prmislOns of this Security Instrument and the
<br />Nlltc are: declared h' hc 'CI crable.
<br />16. Borrower's Copy. Borrow,'r shall he: gIven one: ClHlforrned copy of Ihc Note and of this Security Instrument.
<br />17. Transfer of the Property or a Benclicial Inll'rest in Horrnwer. If all or any part of thc Properly or any
<br />inlcre:st in it IS ,old llr Iransfcrrcd lor if a benctlctalllltercstln Borrllwer IS sold or trallSfcrred and Borrower is not a natural
<br />pe:rslln) withoul Lendcr', prior written consent. Lcnder may. allls opllon. rcqulre: immcdlatc paymcnt in full of all sums
<br />secnred by this Sccurity Instrul11cnt. Howcle:r. this option shall not he: l'xcrt'I,e:d hy Le:nde:r if exe:rclse is prohibitcd by
<br />fede:ralla\\' as orthe: dale llfthis Security Instrument.
<br />If Le:nde:r C\e:rClse' tillS option. Lendl't shall glvc B,'rrl'we:r notICe: ofae:l'e:Ie:ratIOlI. The: nolil'l' ,hall prmide a perilld
<br />of nllt Ie:" I han -'0 d.IY' from the date: the nolll.e: i, delive:red or maded wllhin which Borr'l\\ e:r mn'l pay all SlllllS sccured t>y
<br />Ihis Sccurity In'trume:nt. If Borrowcr fails 10 pay thc"e: sums prIor to Ihe: e:xpirallon oflhlS perrod. Le:ndcr may invokc any
<br />remcdlcs pcrmitted by this SecurIty Instrul11ent without funher notKc or demand on Borrowe:r.
<br />18. Hnrrowcr's Right to Rcinstate. If Borrower mcets e:crtain condilions. Borrower shall ha' e: the: right 10 haw
<br />e:nfon'e:nlcllI offhl' Se:cunly Instrulllcnt dise:onlinue:d at any timc prior 10 the e:arlier of: (a) 5 days (or such olhe:r pt'rl<ld as
<br />applicabk law may 'pccll') fill rcin,lale:menl) hefore 'ale of Ihe: !'!"pe:rt) pUr'llJlI1l 10 any powe:r of sale conlamed m Ih"
<br />Se:t'urily Instrumcnt: or (b) enlry of a judgmcnl ,'nli)rt'lng tlilS Sccunt) InstrumeTlt. Thosc dlllllilions arc Ihal Il"rnme:r:
<br />(a) pay, /.cm"'r all .,lIm, \\hll'h IhclI would he dllc IIndcr Ih" Sccllnty Instrllme:nl and the '\Iote: had no al'ce:k!.lll"n
<br />occurred. (b) l.IJres all~ default of any ,'Ihl'I ,Olcllanls "r aglce:mcnls. (c) paIS all c.\I'e:n'e' lIJt'urred III t'lIf"r,'mg Ihl'
<br />Se:cllnt~ InslrllmclIl. mdudmg. hUI 11<11 Ilnllled 10. rl'as"lIahlc attorIlq" fee,: and (d) take, 'lIch aC!lon ,I' I.l'n,kr lIIay
<br />rea'oTlably n''1ulrl' ,,, .1"lIrl' Ihat Ihe Iil'lI .,f Iln, Sl'l'llllll In,trullle:nl. Lellck,., rIglII' In the Properly and BOlfowcr's
<br />uhlig.IIIOII 10 pa~ Ihl' '11111' SlTllICd III Ih" Sl"IIIfI~ III'IllInll'nl ,h;11I COlllllllle unchangnl ll','n rl'lnsl;lIt'1T1l'nl '"
<br />lIor roll l'I, I hIs Sl't'l1I11\ 111'1 rlllll"1I1 and I hl' ohllgalloll' 'l't'lIrcd hne:lly shall rl'llIalll fully e:ncl'lll l' .IS If n" .ll,dl'l al II 'II had
<br />"llllrrl'd 11011 l'l l'I Ilns nghlto leln'tale ,hall 1101 apI''' In 1 he ca'e: of a,.,dl'f all"TI IIl1dl'l parap ''I'li, 1101 I'
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<br />87- 106068
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