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87--- 102903 <br />1 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 actordslacce.with Borrower's and Lender's written agreement or applicable law. <br />S. itailieetion. Lerner or its agent may make reasonable entries upon and inspections of the Property. Lender <br />shall give Borrower noticocial'1110time oror prior to an inspection specifying reasonable cause for the inspection. <br />9• Condeflunation. 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, arc hereby <br />assigned and shall be paid to Lender. <br />In the event of a total taking of the Property, the proceeds shall he applied to the sums secured by this Security <br />Instrument, whether or not then dote. with say 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 <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 tender 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 of the Property or <br />to thesumssecured 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 Vat Released, 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 shall mot operate to release the liability of the original Borrower or Borrower's successors in interest. <br />Lender shall not he 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 Borrow'er's su':cessnrs in interest Any forbearance M Lender in exercising any right or remcdv <br />shall not be a waiver of fir preclude the exercise of any right or remedy. <br />31. %ecessurs and Assign Batted; Joint and Several Liability; Co- signers. The covenants and agreements of <br />this Security Instrument shall hind and heriefit the successors and assigns of Lender and Borrower, subject to the provisions <br />of paragraph 17 Borrower's cot enants and agro^etnenis shall he joint and several Anv Borrower who coo -signs this Security <br />Instrument but does not execute the %rile (a) a co- signing this Se<uriiy Instrument only to mortgage, grant and convey <br />that Borrower's Interest in the Pro pony under the terms of this 4crurny Instrument; (hl a not personally obligated to pay <br />tore sums secured by this Security Insarunorut; and (c) agrees that Lender and any other Borrower may agree to extend. <br />modify, forbear or make any accumnxrdati ons with regard to the terms of this Securny Instrument or the Note without <br />that Borrower's consent_ <br />12. i.oae Cbary9es. If the loan sarured by this Security Instrument is suhjeci to a law which sets maximum loan <br />charges, and that law is finally interpreted so that the irnerest or .other loan charges collected or to be collected in <br />connection with the loan exceed the permitted Dmtts . then: 01 any such loan charge shall be reduced by the amount <br />necessary loo reduce the charge to the permitted limit: and (h) any runts already collected from Borrower which exceeded <br />permitted limits will he refunded to Borrower. Lender may choose to make tins refund by reducing the principal owed <br />under the %ote or by malorig a dire-•t payment to Borrower If a refund reduces principal. the reduction will he treated as a <br />partial prepayment without any prepayment charge under the Note <br />13. falillitillatioli Af a tiaR Lender's Rights. If enactment or expiration of applicable laws has the effect of <br />rendering any provision of mite Ntate or this Security Instrument unenforceable according to its terms. (.ender, at its option, <br />may tro(aaire immediate payment to full "f all sums secured by this Secuniy Instrument and niav invoke any remedies <br />permitted by paragraph 19. If Lender exer €ices this ioptnn. Lender shall take the steps specified in the second paragraph of <br />paragraph h7 <br />14, - Notiem Any notice to Borrower provided for in this Srcurny Instrument shall he given by delivering it or by <br />mailing it by first class mail unless applicable law requires use of another mcihod. 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 either address lender designates by notice to Borrower. Any notice <br />Provided for in this Security Instrument shall be deemed to have been given to Borrower or Ixnder when given as provided <br />in this paragraph. <br />i3• Govensing Law; Severability, This Security instrument shall he gotcrned by federal law and the law of the <br />junsdtcticxr in which the Property is located. In the event that any provision or clause of this Security Instrument or the <br />Note coianicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note <br />which car' he given effect without the conflicting provision. To this end the provisions of this Security Instrument and the <br />%rile are declared to be severable. <br />IC Borrower's Copy. Harrower shall be given one conformed copy off he Note and of this Security Instrument. <br />17. TrwAW of oink Property of a Baefcisl Interest in Borrower. If all or any part of the Property or any <br />interest in it is sold or transferred (tor if a benefictal interest in Borrower is uoid or transferred and B,rroucr is not a natural <br />Person) without L.ender'% prior written convert. Lender may, at its option, require unntediate payment in full of all sums <br />secured by this Security Instrument. Nowevrr,'his optuon shall not he exorcised by Lender if exercise is prohibited by <br />f at taw "atiadthedateofilusSefurrty Instrument. <br />If Leader exercises thisognkon, Lender shall give Borrower notice of acccierati<xt. Tlir notice shall provide a Ixri'rd <br />'� rtaw than 30 days from the date the not cc isdchvered or matted wltlun which Borrower must pay all sums secured by <br />deli Security Instrument, I! Bxrower fauns to pay oars- sums prior to the expiration of this lxric d. I ender may invoke an <br />rcmOdm Pervoutted by theta Security lusty t without further notice or demand on Borrower. . <br />y <br />IS to - If Borrower mitts certain condnu+ns, Borrower shall have the right to have <br />cn <br />applicable Of INS Security Instrument discontinued at any time prior to the earlier of fah ? days for such ul leer peniad as <br />law may specify for ramilater vtt) before sale of the Property pursuant to any pow' of sale euntaima'1 in this <br />S urety lox t; (oa (tt) entry uda judgment cnfrrcutg this Security Instrument Those conditions arc that Borrower <br />(a) pay% 1 all s w la then wtvid be dole under this Security Instrument and tine Note had no dcccletataon <br />t urrrd: (to) cum any delault of any ("her covenants der agreements; tc) pays all exivilwN incurred in errfiatt;Ing this <br />� aaity ra'Ment, uici .fast fool laiasted to, less xtaial$' att(ritcys" fears, and (dt take such detxrr) as Lender may <br />r )' r rr fro assure that the Iron 4 this Security Instrument. Lcradcr's rights in the Property and Borrower', <br />[AvIlogalron, to pay Ike saams wvurcd by this Smarmy Irtatrument shall continue uuohangcd l'f an reinssatcraaem ht <br />Isint—er, thus Sfturno, Inmrunwar and' total'gatatwis arcs! hereby %ha €l rernaru lulls eflcetitr t' d,no cinsial inen had <br />,aa- atrreol fl ow"et. this right lr• re'rmale %hall not a ` <br />l*(dy rot root(, ;eu � >9' ,ac6cicrat;on iaSittrr parattrat +h. I i <br />M <br />