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85- 003661 <br />If Lender required mortgage insurance ac 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 Borrow=er's and Lender's x III Zen agreement or applicable law. <br />8. Inspection. Lender or its agent may male reasonable entries upon and inspections Of the Property. Lender <br />shall give Borrower notice ai the Time of or prior to an inspection specifying reasonable cause for the inspection. <br />9• . The proceeds of any award or claim for damages. direct or tial, in connection with <br />any condemnation mother taking of any part of the Property, or for conveyance in lieu of condenation, are hereby <br />assigned and shall be paid to Lender. m <br />In the event of a total taking of the Property, the proceeds Shall be applied to the sums secures by this Security <br />Instrument, whether or not then due, will 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 he 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 Lender to Borrower that the condem <br />sn nor off ers to <br />make an award or Settle a claim for damages. Borrow er fai IS io respond to Lender within 30 days after the date the notice is <br />given. Lender is authorized to collect and appiv 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 not then due. <br />Unless Lender and Borrower otherwise agree in writing, any application ofproceeds io 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 Security 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 b% this Security Instrument by reason of any demand made <br />by the original Borrower or Borrower's successors in interest - Any forhearance by lender in exercising an} right nr <br />shall not be a waiver of or prelude the exercise of arty right or re remedy <br />medy. <br />11. Succession and Assigns Bound, Joint and Several Liabilih, Co-signers, The covenants and agreements of <br />this Security Instrument shall bind and hentfit the successors and assigns of Lender and Borrower, subject to the provisions <br />ofparagraph 17. Borrowers covenants and agreements shall 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 />moldy, forbear or snake any accommodations with regard to the terms of this Security Instrument or the Note without <br />that Borrower's consent. <br />12. Lets Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan <br />cftargss and that law is finally interpreted so that the interest or other Loan charges collected or to he ca €lected in <br />connection with the loan exceed the permitted limits, Then: (a) any such loan charge shall be reduced to be the amount <br />necessary to mutt t}ee charge to the permitted Limit_ and (h) any sums already collected from Borrower which exceeded <br />permitted !units will be refunded to Borrower. Lender may choose to make this refuted 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 he treated as a <br />partial Prepayment without any prepayment charge under the Note. <br />13. Legidation Aftecting Leader's Rights. If enactment or expiration of applicable laws has the effect of <br />rendering any provision ofthe Note or this Security Instrument unenforceable according to its terms. Lender• at its option, <br />may require Ammediate payment to fu31 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. Nstwes. An} notice to Borrexer proeeded for in this Security Instrument shall be given by delivering it or by <br />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 />feast snail to Lender's address stag herein or any other address Lender designates by notice to Borrower ..Any notice <br />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 />jurisdiction 15• Governing Law, Seseralbility. This Security instrument shall he governed by federal law and the law of the <br />in which the Property is located. In the event that any provision or clause of this Security Instrument or the <br />Mote cordlicis with applicable law, such conflict shall not affect other provisions of this Security Instrument or the :Vote <br />can be given effect without the conflicting provision. To this end the provisiotas of this Security Instrument and the <br />Note are declared to be severable. <br />'s Cs1ry. Borrower shall he given one conformed copy of the Note and of this Security Instrument. <br />initertesit 17. Trams of the Property or a Btetficial Interest in Borrower. If all or any part of the Property or env <br />in it is said or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural <br />per) without Lender's prior written consent. Lender may, at its option, require immediate payment in full ofall sums <br />timed by this Security Instrument. lJowever, this option shall not tx' exercised by Lender if exercise is prohibited by <br />federal law as of the date of this Security Instrument. <br />If Lender exercises this op km. Lender shall give Borrox cr notice of acceleration The notice shall provide a period <br />Of" than 30 days from the date the notice is delivered or mailed within which Borrower must pay' all sums secured by <br />this y Instrument. if Borrower fails to pay these sums prior To the expiration v *f this period, Lender may invoke any <br />remedies permitted by this Security Instrument without further notice or demand on Borrower. <br />iR 's Right to If Borrower Meets certain conditions. Borrower shall have the right to have <br />enforcement applicable of this Security Instrument discontinued at any time prior to the earlier of. (a) 5 days (or such other period as <br />L Law may specify for reinstatement) before sale of The Property pursuant to any power of sale contained in ibis <br />SteurillY lnstrumettl; or (b) entry of a judgment enforcing this Security Instrument. Those conditions arc that Borrower: <br />(a) pays all sums which then would be due under This Security Instrument and the Note had no acceleration <br />occurred; (b) cures Aire default of any oihcr covcnants i,i agrcentcnts. Ic) pays all expenses incurred in enforcing this <br />r y IiA3?rumenA, including, but not limited to, reas( nablc attorneys' fees. and (d) takes such action as Lender may <br />r bly require tai Assutc that the hen of this Security Instrument. Lender's rights in the Property and Borrower's <br />obligation to pay the sums !ecutcd by Tlris Security Instrument shall continue unchanged i'pon reinstatement by <br />Borrower. this SccurHy lm,ttunient and the V,Lac•d h,trh%'hail remain <br />ccurred <br />fuly eflecivc as if no accc;etauon lead Idowe.c ^r, III!' i;pht tr.rcinstarc shall rwl ,'tr t!rr am -n under <br />ha *agraph� 11 i.r i <br />