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At r -1" <br />V r t <br />003847 <br />11 cite Property is bandonr ; by &: rrowct, oz if, alter notice by' Lender to Borrower that the condemnor offers to <br />make an award or set' a tai r damages, Borrower fails to respond'to Lender within J days after the date the notice is <br />given. Lender is author d r, :oiie ; 3n i apply the Proceeds. at its Option, either to restoration or repair of the Property or <br />to the sums secured by this Sec.t:r iIy 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 J 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 Security Instrument granted by Lender to any successor in <br />interest of Burrower shall not operate to release the Iiability of the original Borrower ar 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 />1I. Successors and Assigns Bound; Joint and Several Liability; Co-signers, The covenants and agreements of <br />this Security Instrument shall bird Ind benefit the successors and asstens of Lender and Borrower, subject 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 Propertv under the terms of this Security Instrument; (b) is not personally obligated to pay <br />the sums secured by tr:. =s Sec ❑tin instrument: and (c) agrees that Lender and any other Borrower may agree to extend. <br />modify, forbear or make an accommodations with regard to the terms Of this Security Instrument or the Note without <br />that Borrower's consent. ` <br />12. Loan Charges It the loan secured by this Security Instrument is subject to a law which sets maximum loan <br />charges, and :hat law I, r :titerpre%d so that the interest or :,tiler loan charges collected or to be collected in <br />connection with the loan ­coed the permitted limits. then: (a) any such loan charge shall he reduced by the amount <br />necessan to reduce the oharge tc: the permitted limit; and (b) any sums already collected from Borrower which exceeded <br />permitted limits will he refunded to Borrower. Lender may choose to make this refund by reducing the principal owed <br />( under the Nate or by making a direct payment to Borrower. If a refund reduces principal, rite reduction will be treated as a <br />partial prepayment without any prepayment charge under the Note. <br />13, Legislation Affecting Lender's Flights. If enactment or expiration ,,f applicable laws has the effect of <br />rendering a % provision of he N ?te ut :ills Security Instrument unenforceabie according to its terms. Lender, at its option, <br />may requ re immediate pavpi t ;n full ,,f all sums secured by this Secunty instrument and may invoke anv remedies <br />permitted by paragraph ', a 1' 1 cr'der exercises this option. Lender shall take the steps specified in the second paragraph of <br />paragraph i' <br />14 Nntices Anv noitce re Bo :rower provided form this Security 1.:>rrirr,eru shall he given by delivering it or by <br />mailing :r rst I s r_d s; , Pi1ccibie law, requires use of. annrt'ci =;cthod. The notice shall be directed to the <br />Property 3 .ess ,r any :;thcr . ;'dress Borrower designates by notice rr, Lender. Any notice to Lender shall be given by <br />first class mail to Lender's address stated herein or any other address L.erder designates by notice to Borrower. Any notice <br />provided for in this Security Instrument shall be deemed to have been Liven to Borrower or Lender when liven as provided <br />In this paragraph. <br />15. Governing Law; Severability. This Security' Instrument ,hail `-e _cnerned hs 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 ar the <br />Noce conflicts with applicable law, such conflict shall not affect other provisions of this Secunty 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 a +e declared to he sevcrahle <br />16. Borrower's Cn v, ? <br />P '_urr ver,haii Ut: g:, on one cahGormeo � : ! •� �., <br />17 Transfer of the Property or a Beneficial Interest in Borrower e an t Ibis St uric 1, sirument. <br />mterest in it is ,Old at ansferrca iii + i t ins il: of rte Property or an% <br />r a hrneficrar interest in Borrower Is sc,ld +,r transiered rid Borrower is not a natural <br />person) without Lenders prior written consent, Lender may• at its option. require immediate payment In full of all sums <br />secured by this Secunty Instrument Ifowever, this option shall not he exercised by Lender If exercise is prohibited by <br />federal law as of t he dare of this Security instrument. <br />If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice snail provide a period <br />of pat Less than 'n days froth the date Zile notice is delivered Or matted within which Borrower must Pay all sums secured by <br />this Secunty instrument. If Borrower falls to pay these sums prior to the expiration of this period, Lender may invoke an <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 hale <br />enforcement of this Sectul(y Lrstrurnent discontinued at an time prior to the earlier of: fa) 5 days (or such other period as <br />applicable laa may speu,fy for Ieins!atcrnent) before sale of the Property pursuant to any power of sale contained in this <br />Se'unr: 1t1 ItJfi ni r hi en r f a;udgment enforcing this S unity Jttstturnrnt. Those conditions are that Borrower: <br />tar pays Lender ail ,urns whim 'inn .vould be due under this Security Instrument and the Note had no acceleration <br />Sccurred: rill ores ing detail ,' anV other covenants or agreements; (c) Pays all expenses incurred in enforcing this <br />Se sonj It st inept. ;r: uduie. bur nn Ilrtu;ed to. reasonahic attorneys' fu-s, and !d) takes such action as Lender rnav <br />reasonably r gwrr n assure h i Ilse en of tills Securay instruinew. J.endcr', nihts rn the Property and Ant7nw'er's <br />chi anon c <br />€ pay to ,rims .e ur 1.1% pis Se ity ]nstr it ie v , tall . nllrrtac unchanged. Upon reinstatement r.y <br />BOrr?w rr. t, , 1r.UfIrV 1 Iruniew ,Ild t bit ,..l :..li, ,c .!'t. �. Zia' -...V hit Cmain oily :'!TeL "Uvr aS if no leCeleratiUrl had <br />cewrt.d FI werer. ii, i�ht , t,,is ;etc ,h i:i nr;! apply +n the c:r.- (uccicr ;ili�in <br />urider paragraphs 1 ur 17. <br />tiriti•L4IioR.:14 (.'OVF': a :;y Borrower and [.ender further covenant and agree as follows: <br />19. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's <br />breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraphs 13 and 17 <br />unless applicable law provides otherwise). The notice shall specify: tat the default; Ili) the action required to cure the <br />default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; <br />and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sms <br />L sured by this Security Instrument and sale of the Property, The notice shall further inform Borrow uer of the right to <br />co <br />reinstate after acceleration and the right to bring a court action to assert the non - existence of a default nr anv other <br />defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Linder <br />at its Option may require immediate Payment in full of all sums secured by this Security Instrument without further <br />demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall he entitled if) <br />collect all expenses incurred in pursuing the remedies provided in this paragraph 19. including, but not limited to, <br />reasonable attorneys` fees and costs of title evidence. <br />If the pourer of u,;Ale is invoked, Truster shall rec+rrd a w mee of defaault ill t•ach cnuntc in dhich a1l9 part of the <br />Property is located an 1'h all nt,eil 4I)pirs of such notice in the manner lan'scr',hvd bl spplir:ahic law Iu li,irrc,ucr and tc+ tile, <br />t >ther porsrena {arr•,rrshed by apillreshlr law. •OfFaar the tirnc rryuirerl by applicably law, 9ru,tre shall w:i�r pnblrc n + +ticv tit <br />I <br />ale to the persons card m the niannvi prrsanhed bt, iappGeahlr !.I- Irh,t re, ulthi+,ut de•nia rd ,,It Itai:�,t.rr. �fla!! ,,,It the <br />MI <br />