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of 10% per annum and shall be payable, with interest, upon notice from Lender to Borrower <br />requesting payment. <br />Prior to taking any actions under this Section 8, however, Lender shall notify the <br />Senior Lien Holder of such default in the manner provided in Section 23 of this Security <br />Instrument, and shall provide the Senior Lien Holder with the opportunity to cure any such <br />default under this Security Instrument. All amounts advanced by the Senior Lien Holder to <br />cure a default hereunder shall be deemed advanced by the Senior Lien Holder and shall be <br />secured by the First Deed of Trust. In addition, the Lender agrees that it will not commence <br />foreclosure proceedings, or accept a deed in lieu of foreclosure, or exercise any other rights or <br />remedies hereunder until it has given the Senior Lien Holder at least 60 days' prior written <br />notice. Any action by Lender hereunder to foreclose or accept a deed in lieu of foreclosure <br />shall be subject to the "due on sale" provisions of the First Deed of Trust. <br />Lender and Borrower further agree that a default hereunder shall constitute a default <br />under the First Deed of Trust. In the event of a default hereunder, the Senior Lien Holder <br />shall have the right to exercise all rights and remedies under the First Deed of Trust. <br />9. Mortgage Insurance. If Lender require mortgage insurance as a condition of <br />making the loan secured by this Security Instrument, Borrower shall pay the premiums <br />required to maintain the mortgage insurance in effect. If, for any reason, the mortgage <br />insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the <br />premiums required to obtain coverage substantially equivalent to the mortgage insurance <br />previously in effect, at a cost substantially equivalent to the cost to Borrower of the mortgage <br />insurance previously in effect, from an alternative mortgage insurance approved by Lender. If <br />substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to <br />Lender each month a sum equal to one -twelfth of the yearly mortgage insurance premium <br />being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender <br />will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. <br />Loss reserve payments may no longer be required, at the option of Lender, if mortgage <br />insurance coverage (in the amount and for the period that Lender requires) provided by an <br />insurer approved by Lender again becomes available and is obtained. Borrower shall pay the <br />premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, until <br />the requirement for mortgage insurance ends in accordance with any written agreement <br />between Borrower and Lender or applicable law. <br />10. Inspection. Lender or its agent may make reasonable entries upon and <br />inspections of the Property. Lender shall give Borrower notice at the time of or prior to an <br />inspection specifying reasonable cause for the inspection. <br />11. Condemnation. The proceeds of any award or claim for damages, direct or <br />consequential, in connection with any condemnation or other taking of any part of the <br />7 <br />HOW DEM OF,W <br />CD <br />CTI <br />O <br />cn <br />CTI <br />C,J <br />