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88101773
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88101773
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Last modified
3/9/2007 5:41:12 PM
Creation date
3/9/2007 4:32:53 AM
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DEEDS
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88101773
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<br />88- <br /> <br />101773 <br /> <br />If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, <br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the <br />insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. <br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall <br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inopection. <br />9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in con:Jection with any <br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned <br />and 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 <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 agree in writing, the sums secured by this Security Instrument shall be reduced by the <br />amount of the proceeds multiplied by the follOwing fraction: (n) the total amount of the sums secured immediately before the <br />taking, divided by (b) the fair market value of the Property immediately before the taking, Any balance shall be paid to <br />Borrower. <br />If the Property is adandoned by Borrower. or if. after notice by Leuder to Borrower that the condemnor offers to <br />make an award or settle a claim for damages, Borrow('f fails 10 respond to Lender within 30 days after the date the notice is <br />given. Lender is authorized to collect and appl)' the proceeds, at its option, either to restoration or repair of the Propert)' Or <br />to the sums 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 of the monthl)' payments referred to in paragraphs I and 2: or change the amount of such payments, <br />to. Borrower Not Releued; Forbrarllnrr B)' l.tndtr Not II Wah'rr, Extension of the time for payment or modification <br />of amortization of the sums semrcd by thi~ Securit)' Instrument granted by Lender to any successor in interest of Borrower <br />shall not operate to release the liability of the original Borrower or Borrower's successors in interest. lender shall not be <br />required to commence proceedings against any ~uccessor in interest or refuse to extend time for payment or otherwise modify <br />amortization of the sums secured b)' this Security Instrument by reason of any demand made by the original Borrower or <br />Borrower's successors in interest. An)' forbearance by lender in exercising any right or remedy shall not be a waiver of or <br />preclude Ihe exercise of any right or remedy. <br />11. Suecessors aDd AssIgns Bound; JoInt and Srl'ual LIablllty; Co.slgners. The covenants and agreements of this <br />Security Inslrument 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 not 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 <br />sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify. <br />forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that <br />Borrower's consent. <br />12. Loan Charges. If thl: loan secured by this Security Instrument is subject 10 a law which sets ma"timum loan <br />charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection <br />with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amounl necessary to reduce <br />the charge to the permitted limil; and (b) any sums already collected from Borrower which exceeded permitted limits will be <br />refunded te Borrower. Lender may choose to make Ihis refund by reducing the principal owed under the Note or by making <br />a direct payment to borrower. If a refund reduces principal. the reduction will be treated as a partial prepayment wihout any <br />prepayment charge under the Note. <br />13. Legislation AffectIng undu's RII!hlS, If enact.nent or expiration of applicable laws has the effect of rendering any <br />pro\'ision of the Note or this Security Instrument unenforceable according to its terms, lender, at its option, may require <br />immediate paymenl in full of all sums secured by this Security Instrument and may invoke any remedies permitted by <br />paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. <br />14. Notices. Any DOlice to Borrower provided for in this Security Instrument shall be given by delivering il Or by <br />mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the <br />Property Address or MY olher address Borrower designates by notice to lender. Any notice to Lender shall be given by first <br />class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice <br />provided for in this Security Instrument ~hall be deemed to have been given to Borrower or Lender when given as provided in <br />this paragraph. <br />15. Govemltll 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 provisions or clause of this Security Instrument or the <br />Note conflicts wilh applicable law, such conflict shall not affect other provisions of this Security Instrument or Ihe Note <br />which can be given effect without the conl1icting provision. To this end the provisions of this Security Instrument and the <br />Note are declared to be severable. <br />16. Borrow,,'s Copy. Borrower shall be given one conformed Copy of the Note and of this SecurilY Instrument. <br />11. Yramfrr of tbe Property or a ReDdltlal Internt In Borrower. If all or any part of the Property or any interest in it <br />is sold or transferred (or if a beneficial inlerest in Borrower is sold or transferred and Borrower is not a natural person) <br />without Lender's prior written consent, Lender may. at its option, require immediate payment in full of all sums secured by <br />this Security Instrument. However, this option shall not be exercised by lender if exercise is prohibited by federal law as of <br />the date of this Security Inslrument. <br />If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a periOd of <br />not less than 30 days from the date the notice is delivered or mailed within which the Borrower musl 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 or demand on Borrower. <br />.1. IIorroWH'S Rlttat to Reinstate. If Borrower meets certain conditions, Dorrower shall have Ihe right to have <br />enfon~ement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as <br />applicable law may sprcify for reinstatement) before sale of the Property pursuant 10 any pOWer of sale contained in this <br />Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are Ihat Borrower: (a) <br />pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) <br />cures any default of any olher covenants or agreements; (c) pays all expenses Incurred in enforcing Ihis Security Instrument, <br />inc1udin.. but not limited to, reasonable attorney's fees: and (d) takes such action as Lender may reasonably require to assure <br />that the lien of this Security Instrument, lender's rights in the Property and Borrower's obligation to pay the sums secured <br />by this Security Instrument shall continue unchansed. Upon reinstatement by Borrower, this Security Instrument and the <br />obIl,.lions Jecured hereby shall r..main fully effective as If no acceleration had occurred. However, this right to reinstate shall <br />not apply in the case of acceleration under paragraphs \3 or 17. <br /> <br />. \. .1 <br />
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