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87101114
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87101114
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Last modified
10/19/2011 2:55:41 AM
Creation date
3/27/2008 2:00:12 PM
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DEEDS
Inst Number
87101114
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87- 101114 <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 />its reasonable entries upon and inspections of the Property. Lender <br />9. Inspection. Lender or agent may make <br />shall give Borrower notice at the.timeofdr prior to an inspection specifying reasonable cause for the inspection. <br />9. Condemnation. The proceeds of any award or claim for damages. director 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 excess paid to Borrower. In tht 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 b% 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 opii:ln, either to restoration or repair of the 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 of such payments. <br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or <br />modification of amortization of the sums secured by this Secunty 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 time for <br />payment or otherwise modify amortization of the sums secured by this Secunty 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 of or preclude the exercise of any right or remedy <br />11. Successors and Assigns Bound; Joint and Several Liablit}: Co- sighs. The covenants and agreements of <br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Bolt rower. subject to the provisions <br />of paragraph 1 ?. Borrower's covenants and agreements shalt 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 <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 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 to <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 limits will be refunded to 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 />j <br />partial prepayment without any prepayment charge under the Vote- <br />&' <br />l3. Legislation Affecting Lender's Rights. if enactment or expiration of applicable laws has the effect of <br />F <br />rendering any provision of the Note or this Security Instrument unenforceable according to Its terms, Lender, at its option, <br />— <br />may require immediate payment In lull 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 not to Borrower pros ided for In this Security Instrument shall be given by delivering 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 other 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 notice <br />provided form this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided <br />in this paragraph. <br />15. Governing Law; Severability. This Secunty 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 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 he given one conformed copy of the Vote and of this Security Instrument. <br />17. Transfer of 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 transferred for if a beneficial Interest In Borrower is sold or transferred and Borrower is not 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 exeiclsed by Lender if exercise is prohibited by <br />fedcr�lia�asi�i`iietratec-.it r'-Instru=�;:. <br />1f Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall pros Ide a period <br />of not less than 30 days from the date the notice n delivered or mai" within which Borrower must pay all sums secured by <br />chic Securit% I ost rument A (Borrow er fails to pay these sums prior to the expiration of this period, Lender may Invoke any <br />rcntedies permuted by this Security instrument without further notice or demand on Borrower. <br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, W)rrt)%cr shall have the right to have <br />enforcement A this Security Instrument discontinued at any time prior ill the earlier of (a) 5 days (or such other period as <br />applicable law may specify for rculstaicnient) Wore sale of the Property pursuant to any power of sale contained in this <br />Sccuril) Instrument, or (b) entry nt a judgmcm enforcing this SecurtIN Instrument Those conditions are that Borrower <br />(a) pays I ender all wnn %filch then would he due under this Security Insirunicnt iuld the Note had no acceleration <br />oeeurrecl thi cure, sang % default of any other covenants or agreements: (c) pays all expenses Incurred In enforcing this <br />S+. Ul l) instrument. iocludinp. but not hunted to, reasonable attorney%' fetes: and td) takes such action :u Lender may <br />r' <br />resiconabdy Iequu'- 1 = a%sute that ill.: bell of this Security In%trunitil1. I.r.nder % tights 111 Iflc Pltlpcl'l1 and Borrower s <br />� <br />ohlipiiln+n it, t14v 111e %ilms \C.Lnred hl Iltl% tier rarity 1n %trtllnetll shall :Ilnt1IoIC till,h:intlCii V11011 ICnistdlt.'mVill by <br />lhrtii•N,'I- thiwsv Ulilllimillill 111 andtilt-, lt) liga ll" lli seLnredlit' rchy% halltcm. imtri ll\ efle ,1110ds11nodc,:Oclatltlllh.id <br />; urt:-.1 H—1 _ 1 _ illy, light i3, leuwt.ite sh.il) nl,t ,Ipply In O L its.• -d tnder timapr..phs l 1 i,1 I' <br />l <br />
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