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<br />88- 105195
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<br />9. Condemnation. The proceeds of Dny award or claim for dnmngC!i. direct or consequential. in connection with
<br />any cnndcmmuion or other Inking of uny purl of che Property, or for conveynnce in lieu of r:ondemnntion. arc hereby
<br />n~sisncd and shull be paid to Lender.
<br />In Ihe c\'cnt of a total Inking of lhe Property, the proceeds shall be npplied to the sums secured by this Security
<br />Instrument, whether or not then due. with nny excess paid 10 Borrower. In the event of 11 partial Inking 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: (11) the total amount of the sums secured immediately
<br />before the laking, divided hy (b) the fair morket value of the Property immediately before lhe taking, Any balanee .hall be
<br />paid 10 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 n claim for damages. Borrower fails to respond to Lender within 30 days after the date the notice is
<br />given, Lender is Duthorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or
<br />to the sums secured by this Security Instrument. whether or nol then due.
<br />Unless Lender and Borrower otherwise agree in writing, any application ofprocecds 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 of such payments.
<br />10. Borrower Not Releasedj Forbearance By Lender Not a Waiver. Extension of the time for 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 shal.1 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 time 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'~ successors in interest. Any forbearance by Lender in exercising any right or remedy
<br />shall not be a waiver of or preclude the exercise of any right or remedy.
<br />U. 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, s.ubject to the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall bejoint 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
<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 />12. Loan Cbarges. .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 shall 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 limit. will be refunded 10 Borrower, Lender may choose to make this refund by reducing the principal owed
<br />under the Note 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 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 to 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 />permitted 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 delivering it or by
<br />- mailing it by first class nlail unless applicable law requires use of another method. The notice shall be directed to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by
<br />first class maiJ to lender's address stated herein or any other address Lender designates by notice to Borrower. Any nottee
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />IS. Gnvernlng Law; Severahlllty. This Security InSlrument shall be governed by federal law and lhelaw of Ihe
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument 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 />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of Ihe Note and of this Security Instrument.
<br />17. Transfer or the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
<br />interest in it is sold or lransferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is nol a natural
<br />person) 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 exercised by Lender if exercise is prohibited by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. The nOlice shall provide a period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower must 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 />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (ur such other period as
<br />applicable law may specify for reinMatement) before'sale of the Propeny pursuant to any power of sale contained in Ihi5
<br />Security Instrument: or (b) entry ofajudgment enforcing this Security Instrument. Those conditions are that Borrower:
<br />(a) pays Lender all S'J.D1S which then would be due under this Security Instrument and the Note had no acceleration
<br />occurred; (b) cures any default of any other covenants or agreements; (c) pays aJ! expenses incurred in enforcing this
<br />Security Instrumenl, including, but nol limited to, reasonable attorneys' fee...; and (d) takes such Ilclion as Lender may
<br />reasonably require tll assure that the lien of this Security Instrument. Lender.s rights in the Property and Borrower's
<br />obligation to i,.I~ the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by
<br />Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective aft if no accelcnnion had
<br />occurred. However. this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
<br />NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />19. Acceleration; Remedies. Lender sball gin notice to Borrower prior to Dcceleration following Borrower's
<br />breach of any cotenant or agreement in this Security Instrument (but not prior to acceleration under paragraphs 13 and 17
<br />UDI... applicable II" provides otherwlael. The nutice shall specify: (althe default; (bl the action required 10 cure the
<br />~r.ult; (c). date, Dot leu than 30 days from the date the Dotice is given to Borrower, by which tbe default must be cured;
<br />and (d) that fallure to cure the default on or before the date specified in the notice may result In acceleration of the sums
<br />IeCUred by dill Security lutrument and sale of tbe Property. The notice shall further Inform Borrower of tbe right to
<br />relnltate .ner acceleration IUld tbe rlabt to bring a court action to assert tbe non.~J;istence of B default or Dny other
<br />defeDll! of Borrower to accelerAtion and sale.lftbe default hi nol cured on or before the d:Jte specified in the notice, Lender
<br />at Ita option l1li)' require Immediate payment in full of all sums suured by this Security Instrument without further
<br />demaad and ml~ Inoketbe po..er of ale and any other remedies permitted hy applicablc law, Lender .hall be entitled In
<br />collect an npeB.,. Incurred in punulnR the remedies provided in this paragraph 19, includinR, but nllt limited tn,
<br />rusonahle IUOr")'I' fen and coati or title e'fldence.
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