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<br />88-102048
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<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
<br />shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />- 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
<br />any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned 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 eX~ess 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
<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 Lender to Borrower that the condemnor offers to
<br />make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is
<br />given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair orthe Property 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 monthly payments referred to in paragraphs I and 2 or change the amount ofsllch payments.
<br />10, Borrower Not Released; Forbearance By Lender Not a Waiver, Extension of the time lar payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by lender to any successor in
<br />interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
<br />Lender shall not be required to commence proceedings against any successor in interest or refuse to extend lime for
<br />payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
<br />shall not be a waiver ofar preclude the exercise of any right or remedy.
<br />II. Successors and Assigns Bound. Joint and Several Liability; Co-signers. The covenants and agreements of
<br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to Ihe provisions
<br />of 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: (3) is co-signing this Security Instrument only to mortgage, grant and convey
<br />that Borrower's interest in the Property under the terms of this Security Instrument: (b) is not personally obligated to pay
<br />the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
<br />modify. forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
<br />that Borrower's consent. .
<br />U. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
<br />. charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
<br />connection with the loan exceed the permitted limits, then: (a) any such loan charge shan be reduced by the amount
<br />necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. lender may choose to make this refund by reducing the principal owed
<br />under the Notc or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
<br />parlial prepayment without any prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according 10 its terms, Lender, at its option.
<br />may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies
<br />pennitted by paragraph 19. If Lender exercises this option. Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by deliverillg it 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 any olher address Borrower designates by notice to Lender. Any notice to Lender shall be given by
<br />first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any nOlice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or tender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the
<br />junsdiclioninwhich the Property is located. In the event that any provision or clause of this Security Instrument or the
<br />Noteconfticts with applicable law, such conflict shall not affect other provisions of Ihis Security Instmment or the Note
<br />which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
<br />Noie are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Inst rument.
<br />11. Traasferof the Propert)' or a Beneficial Interest in Borrower. If all or any part of the Property or any
<br />inter~tin ~t is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is nOI a natural
<br />. persofl) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However, this option shall not be exen:ised by Lender if exercise is prohibiled by
<br />federal law as of the dateorthis Security Instrument.
<br />.. . (fleTlder ex.ercises this option, Lender shall give Borrower notice of accelerat ion. The notice shall provide a period
<br />of not lesstban 30 days from the date the notice is delivered or mailed within which Borrower mllst pay all sums secured by
<br />thisSecu,r,ity Instrument. If Borrower fails to pay these !;ums prior to the expiration of this period, Lender may invoke any
<br />remedies permitted by this Security (nstrumentwithout further notice or demand 011 narrower.
<br />II, ~"er'sRightto Reinstate. If Borrower meets certain conditions, UOI'TOwcr shall havc the right to have
<br />cnforccmeniofthis Security Instrument discontinued at any time prior to the carlier of: (a) 5 days (or such olher period as
<br />applicable la1Nmayspccify for reinstatement) before sale of the Property pursuant 10 any power of sale contai ned in Ihis
<br />Sec~rity ,Instrument; or (b) cntn' of n judgment enforcing this Sccuril}' Inst rumcnl. Thv:>c conditions arc I hat Borrower;
<br />(.a) pays lender all sums wh.ich then wOllllibe due \I~lderthH. Security Instrument and Ihe Nole had no accl'leralion
<br />occurred; (b) cures any defllultof any. other covenants or agreemenls; (c) pa}'s all expenses incurred ill enforcing this
<br />SecuritylnMrument, including, butllot limited to, reasonable alloflleys' fees; and (d) IlIkes such action HS Lender Illay
<br />rea\Onably require I.) assure that thcHen of this Security.'nstrumcnt, Lender's righis in the Property Hnd Borrower's
<br />obligat.iol\ io pay the sums. secured by this Security Instrument shall continue ullclmllged. Upon reinstall:mclIl hy
<br />Rorrower. Ihb Sccuril)' Instrument and the obligalions secured hereby shall remain fully cl1i.,t'livc as if 110 acceknllioll had
<br />(~X'ur n:d. lIuwc\'cr, this right to reill">tate ,,>hallnot apply in I he case of accelcration undcr paragraphs I J or 17.
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