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r <br />86 -, 1102486 <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 fur the <br />insurance ternunates in accordance with Borrower's and Lender's written agreement or applicable law. <br />g. laapeetion. Lender or its agent may nuke reasonable entries upon and inspections of the Property. Lender <br />shall give Borrower notice at the time of or prior loan inspection specifying reasonable cause for the inspe>ciion. <br />1. Con /enumlion. The proceeds orally award or claim'for damages, direct or consequential, in connection with <br />any condemnation or other iskurg of any pan of the Property, or for conveyance in lieu of condemnation, are hereby <br />as►Igned and shall be paid to Lender. <br />Its 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 <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 he <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 of the Propcn y or <br />to the sums secured by this Security Instrument, whether or not then due. <br />Unless Lender and Borrower other*ise 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 Leader 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 to <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 amonization 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 of or preclude the exercise of any right or remedy. <br />11. Successors and Aaripi Bound; Joint mW Several Liability; Co-signers. The covenants and agreements of <br />this Security Instrument shall bind and benefit the successors and assigns of Lender Borrower, <br />and subject to the 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 dots 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 terns of this Security Instrument or the Note without <br />that Borrower's consent. <br />12• Loam Chargn. 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 Borrowcr 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 to Borrower. If <br />payment 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 t)ie efieect 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 exerciscs 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 he 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 Lenderdesignanes by notice to Borrower. Anv noucc <br />provided for in this Security Instrument shall be deemed to have been given to Burrower or Lender when given as provided <br />in this paragraph. <br />15. Governing Law; Severability. This Security Instrument shall he governed by federal law and the law of the <br />jurisdiction in which the Properly 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 [tic 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 the Note and of this Security Instrument, <br />17. Tr'ander of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or say <br />interest in it is sold or transferred (or if a beneicial interest in Borrower is suld 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 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 notice 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 trivokc 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 />tit <br />+ <br />enforcement of this Security Instrument discontinued at any time prior to the earlier of (a) 5 days (or such other penrxt as <br />applicable law may specify for reinstatement) before sale of the Property pursuant to any power ul wle contautcd in this <br />Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those condrtuuis are than linrrower <br />r <br />(a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration <br />liceurred, (b) cures any default of any other covcnrms or agreements; (c) pays all exp.emcs incurred in enbrrnng stns <br />in <br />Security Instrument, Including, but not horded to, reasonable attorneys' fees; and (d) takes such action as l.rndcr niay <br />reasonably require to assure that the lien of this Security Instrument, lender's rights in the Properly and H- nn,we,'s <br />obligation to pay the sums secured by this Security lnstrurnem shall continue unchanged Ulwn rrnuia +, nirni by <br />Borrower, this Security Instrument and the ubligauons secured hereby shall remain fully enlr, sir .n if mr acrricrcur m hart <br />1111,rrr,l It,�wrscr, this r%hr In reertslair sit all ot„i tit the case „I a,u-Irraunu unJc, ;,.I, ".T.:; h. I , ,'r I ' <br />