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<br /> tiubstimtiully equivalcnt mortgagc insuruncc covcragc is not uvailable.Borrowcr shall pay ta Lendcr cuc i month a sum cquul to -
<br /> onc-twelRh of the yeurly mortgage insurunce prcmium being paid by dor�ower when the intiurance coverage lapsed nr ce��sed ta
<br /> hc in ct'fcct. I.cndcr will ucccpt,usc and retuin thcsc p�ymcnts as u loss �•c`crvc in licu of mor[gugc insurnncc. Li�sti rescrvc _
<br /> p.rynicnt,muy nn Inngcr bc requircJ, ut thr.uptiun uf L�:ndcr, if'mortg+i};c in,ur�mcc coverage (in the amount and tiir thc p�riod �'
<br /> tlint l.�ndcr rcquires)prcwidcd by an insurer npprrned by Lcnder ngain bccomcs avnilablc'und is ubtuined. Borrowcr shnll puy
<br /> � -- ----�- tlte pr�mlwn:required to mnintnim m�rrg:��rG insurnnce in effect,nr t�pr�vide ai Iocc re�erve, until thc requir�ment fnr m��rtgeoe `:
<br /> insurnnce ends in uccordimce with uny written ngreement between Borrower nnd Lcnder or upplicuble luw. _
<br /> 9. Inspectlon, l.cndcr or its agent muy makc rcasonublc cntrics upon und inspections of thc Prc�perty. Lcndcr shall givc -
<br /> � Bc�rruwer notice nt the time of or priar to iui inspectian specifying reusonuble euuse for the inspecticm. _
<br /> ' 10. Condemnntion. 'fhe proceedti of uny uwurei or cluim for damuges, direc� ar conseyuential, in connection with any =
<br /> , condemnution or other tulcing of uny pur[ nf[he Properry, or t'or conveyance in lieu of condemnution, are hereby assigned and c
<br /> ' shull be paid to[.endcr. _
<br /> - •` �� In the event of a totul taking of the Property, the praceccis shall be applicd to the sums secured by this Security Instrument, -
<br /> , "� whether c�r not then due, with nny excess paid to Borrower. In the event of a partial tuking of the Property in which the fuir -.
<br /> mnrket valuc of the Property immediutcly b;�are thc taking ic equal to ur greatcr than the amount of thc sums sccured by this
<br />. ��'"�` Sccurity Instrumcnt immediutely before the taking, unlnss Horrower and L.ender otherwisc agrec in writing,the sums secured by
<br /> � this Security Instrument shall bc reduced by the urnount of the proceeds multiplied by thc fullowing fraction: (n; thc total
<br /> � � � • amount of the sums sccurcd immediatcly befarc the taking, divided by (b)the fair market value of the Property immediately
<br /> before the taking. Any balance shall be paid to Bonower. In the tvent of a partial taking of the Property in which the fAir
<br /> , ? market value of t6c Property immediatcly beforc thc tnking is less than the amount of the sums securcd immediately before the -
<br /> �:. taking, unless Horrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall
<br /> be applied to the sums secured by this Security Instrument whether or not the sums are then due.
<br /> If the Pruperty is abundoned by Borrower,or If, after notice by Lender to Borrower that the wndemnor affers ta make an =
<br /> ' award or settle a claim for damages, Borrower fails to respond to Lendcr within 30 duys After thc date the noticc is given, _
<br />-. ,,, Lender is authorized to collect and apply the proceedx, ut its option, either to resloration or repair of the Properiy or to the sums -
<br /> . secured by this Securiry Instrument,whether or not then duc. �
<br /> • •"•� Unless Lender and Borrower otherwise agree in writing, uny application of proceeds to principal shall not extend or
<br /> ' ��� postpone the due date of the monthly payments referred to in parugraphs 1 and 2 or chxnge the umount of such payments.
<br /> 11.Borrower Not Released;Forbearance By Lender Not a Walver.Extension of the timc for payment or modification
<br /> °^'•' ''?�' ' of wnortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shull
<br /> � . " not operate to release the liability of the ori�inul Borrower or Borrower's successors in interest. Lender shall not be requirecl to
<br /> • ��•��, commence proceedings against uny successor in interest or refuse to extend time for payment or otherwise modify umortization
<br /> � of the sums secured by this Security Instrument by reason of any dernand made by the original Borrower or BorFower's
<br /> • ��!k`' successors in interest. Any forbearnnce by Lender in exercising any right or remedy shall not be a waiver of or preclude the
<br /> �• • �` exercise of any right or rcmedy.
<br /> •r'�"' 12. Successors and Assl ns Bound; Jolnt end Several Llabilit Cu-si ners. The covenants and a reements of this
<br />;<,'<ia� .�,•: S YC � S
<br /> �"� Security Instrument shaU bind and benefit the successors and assigns of l,ender and Borrower, subject to the pmvisions of
<br /> :x��.�..:z�..
<br /> "';.';' "+ parngraph 17. Borrower's covenants and agreements shull be joint nnd several. Any Borrower who co-si�ns this Security
<br /> _�-:;� Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that
<br /> �,,�. '' "�;;'� ' Bo�Tawer's intei�est in the Property under the terms of this Securiry instrument;(b)is not personally obligated to pay the suins
<br /> -�;r;;.<�� secured by rhis Security Instrumenr and(c)agrees that Lender and any other Borrower may agree to extend, modify,forbear or
<br /> -'�'':�;�xx°; make any accommodations with regurd to the terms of this Securiry Instrument or the Note without that Barrower's consent.
<br /> ___= 13.Loan Charges. If the loan secured by this Security Instrument is subject to a Iaw which sets meximum loan charges,
<br /> --=��;:,,,�� and thut law is finally interpreted so that.the interest or other loan charges collected or to be collected in connection with the
<br /> ��, loan exeeed the pernutted limits,then: (a)any such loan chnrge shall be reduced by the amount necessary to reduce the charge
<br /> --=- to the permitted limit;and(b) any sums already collected from 8orrower which exceeded permitted limits will be refunded to
<br />� -�`"''=•'•� 13orcower. Lender may chaose to make this refund by reducing the principal owed under the Note or by making a direct
<br /> _'���� ' payment to Bonower. If n refund reduces principal, the reciuction will be treated as a partial prepayment without any
<br /> ;"� prepayment churge under the Note.
<br /> - 14.N�t[ces. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing
<br /> it by first class m�il unless applicable law requires use of another method.The notice shall be directed to the Property Address
<br /> --------• or any other address Borrower designates by no¢6ce to Lender. Any notice to Lender shall be given by ficst class mail to
<br /> l.ender's ad�ress stated herein or any otlier address Lender designates by notice to Borrower. Any notice provided for in this __
<br /> -�"�° - 5ecunty lnstrument shall be deemed to have been given to Borrower or L.ender when given as provided in this paragraph.
<br /> --- ---- 15.Governing Law; Severability. This Security Instrument shall be governed by federd law and the law of the
<br /> jurisdiction in which the Property is located. In the event that any provision or dause of this Security Instrument or the Notc
<br /> � �:'� conflicts with applicable law, such conflicr shall not uffect other provisions of this Securety Instrument or the Nate which can be
<br /> -_----_ -_ given effect without the r.�nflicdng provision.To this end the provisions of this Security Instrument and the Note are declared
<br /> --= to be severable.
<br /> 16.Borrnwer's Copy.Borrower shall be given one conformed copy af the Note and of this Security Instrument.
<br /> - - - . U.Transfer of tlie Property or a Beneficlal Interest in Borrower.If all or nny part of the Property or any intemst in it
<br /> - . is sold or tr:u�sferred(or if a benefi¢ial interest in Borrower is sold or trunsfcrred and Borrower is not a natucal person)without
<br /> ».-,F;,� L.ender's prior writte�i consent, Lender may, at its option, require immediate payment in full of all sums secured by this
<br /> _-�_��°� ' Security Instrument.However, this option shull not be exercised by l.ender if exetcise is prohibited by faleral law as oF the date
<br /> ---- — of this Security Instrument.
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