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•rgreemcnt or applicable law. Borroher shall ~~ay tht amount of ail mortgage insurance premiums in the manner provided
under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this panRraph 7. wich interac the~eon, shaU become additional in-
debtedneu o[ Borrower secured by this \tortRaga Unless Borrower and Ixnde~ a~te to other terms o[ pa~~ment, such
amounts shall be pa7able upon uotice trom l.ender to Borrower requesting payment thercof, and shall brar interest (rom
the date ot disbursement at the ratr payable [rom time to timc on outstanding principal under the \ote unlcu pa~mcnt
oF interest at such rate would be contrary to applicable laM, in which e~•ent such amounts shall bear interest at the highest
r.~tc prrmissible under applicable law. Nothing containcd in this paraqraph 7 shall tequire Lender to incu~ any expense or
take any action hereunder. _
S. Inspettion. Lender may makt or cause to tx made reasnnable entries upon and inspections of the Property. pro-
videcl that Lender shall give Borrower notice prior to any such inspection specityinR reasonable cause there(or related to
l.ender's interest in the Property.
9. Condemnation. The proceeds of any award or claim (or damages, direct or con,equential, in connection with any
~ondemnation or other taking o( the Property, or part ~hereof, oi [or com•e~•ance iq lieu o( condemnation. are hereby as-
signeci and shall tx paid to Lend~r.
ln the event ot a total taking ot the Propetty, the proceeds shall be applied to the sums secured by this riortgaqe.
Nith the excess, ii any, paid to Borrower. In the e~•ent o[ a partial taking ot the Propertv, unless BorroNer and Lender
otherwise agree in writing, there shall be applied to the sums secured by this ~lortgage such proportion of the proceeds
a: is equal to that proportion which the amount of the sums secureci by this ~tortgage immediatel~• prior to the datt of
taking bean to the (air market ~•alue of the Property immediately prior to the date of taking. ~ith the balance of the pro-
ceeds paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borroher thae the condemnor otfers to
makt an award or settle a claim [or damages, Borrower fails to respond to I.ender withi~ 30 days a(ter the date such notice
is mailed. Lender is authorized~ to collect and apply the proceccis, at Lender's option, eithet to restoration or repair ot the
Property or to the sums secured by this ~tortgage.
Unless Lender and Borrower othenvise agree in writing, any such application of proceecis to principal shall not extend
or postpone the due date of the monthly installments reterred to in parap,Taphs 1 and 2 hereof or chanqe the amount oi
such installments. ~
10. Borrowet Not Releaxd. Extension of the time [or pa~znent or modification ot amortiaation of the sums secured
by this ~Iortgagt granted by Lender to any successor in interest of Borrower s1~a11 not opctate to release, in anv manner,
the liabiliey ot the original Borrower and Borrower's successor~ in interest. Lender shall not be required to commence
pmceedings aRainst such successor or refuse to extend time [or pa~~ment or otherwise modif~ amortization o( the sums se-
cured by this ~tortqaRe by reason o[ ang demand made bv the oripinal Borrower and BorroNer's successors in interest.
11. Forbeannce bp Lendn Not a Waiver, Any torbearance by Lender in e~ercising an~• right or mmedy hereunder,
or otherwise afforded by applicable law. shall not be a wai~•er c,( or preclude the exercise of any such riqht or mmedy. The
procurement of insurance or the paJ~ment oi taxes or other liens or charRes b}' Lender shall n~t be a wai~•er o( l.ender's
riRht to accelerate ehe maturity o[ the indebtedness secured b~• this ltortgaRe.
12. Remedies Cumulati~e. :111 remedies provided in this ~(ortl{aRe are distinct and cumuiatia•e to am• other riRht or
remeci~~ under this \tortRage or afforded b}' laM or equit}~, and mav be exercised concurrenth•, independe~~th• or successively.
13. Suctessors and Assigns Bound; Joint and Sevrnl Liability; (:aptions. "fhe co~•enauts and a~reements herein
I coutained shall bind, and the riqhts hereunder shall inure to, thr respecti~•e luccrssors rnd assiRns oF I.ender and Borrower. -
i subject to the prm•isions o[ paragraph 17 hereof. All to~•enants rud aRreements o[ Borrower shall be joint and se~~eral. 7'he
E captions and headings of the paragraphs of this \fortgaqe are for concenience only and are not to be used to interpret or
~ define the provisions hereof.
~ 14. Notice. Except tor any notice required under applicable law to be Ri~•en in another manner. (a) an}~ notice to
~ B~rrorrer pro~•ided (or in this ~(ortqage shall be gi~•en b} mailinR ~such notice b}• certi(ied mail addressed to Borro~+er at
~ d?e Propert~ Address or at such other address ai Bonower ma}• designate by notice to L.ender as pro~•ideei herein, and (b)
~ any notice to Lender shall be gicen by certitied mail, return receipt requestecl, to Lender's address stated herein or to suth
~ other addreu as Lender may designate by notice to Borrower as pro~•ided herein. Any notice provided for in this ~tortp;age
shall be deemed to ha~•e been qi~•en to Borrower or Lender ~.hen qiven in the manncr designated herein.
~ 15. Uniform Mortgage; Governing Iaw; Seserabilit?. This torm ot mortgaqe combines uniform co~•enants for na-
~ tional use and non-unifortn m~•enants with limited ~•ariations by jurisdiction to constiuue a ~nitorm securitv instrument
~ cocering real propert}'. This \tortg,age shall be go~•erned by the law ot the jurisdiction in M•hich the Propern~ is located.
3 In the e~•ent that any proeision or dause of this \tortgage or the \ote conflicts with applicable la~, such con(lict shall not
ti affect other pro~•isions of this ~tortRaRe or the \~te which cau be gi~•en e[fect without the conilictinq pro~ision, and to
~ this end the pro~•isions o[ the \tortRaqe and the Note are declared to be se~erable.
fi
~ 16. Borrower's Copr. Borrower shall be (urnished a c~nformed copr• of the \ote and of this ~IortRaRe at the time
of execution or atter recordation hereof.
~ 17. Transier of the Property; Assumption. If all or an}' part of the Property or an interest therein is sold or trans-
~ ferred by BnrroMer hithout Lender's priar written consent, escludinq (a) the creation ot a lien or encumbrance subordinate
h to this ~(ortRaqe. (b) the creation ot a purchase mone} securitc inrerest (or household appliances. (c) a trans[er by de~•ise,
~ descent or by operation of law upon thc death o( a joint tenant or (d) the Rrant of am• leauhold intercu of three years or
less not containinR an option to purchase. Lender may, at Lenders option, declare all the sums securect b~' thiti ~tortqage to
~ be immediatel~ due and payable. Lender shall hare waived such option to accelerate iI, prior to the sale or transfer. I.ender
and the person to whom the Property~ ix to be sold or transferred reach aRreement in Mriting that the credie ol such person
- is satisfactory eo Lender and that the interest pa}able on the sums secureci by this ~iortRaRe shall be at such rate as Lender
shall request. If Lender has wai~•ed the option to accelerate pro~~ided in this paraqraph 17, and i( BorroNer's successor in
interest has executed a written assumption aRreemene accepteci in writing by I.ender. Lender shall release Borrower from
=w~ all obliqations under this ~tortqaqe and the \ote.
" If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
= paragraph 14 hereoL Such notice shall pro~•ide a period of not less than 30 days from the date the notice is mailed within
- which Borrower ma~ pa~ the sums declared due. If Borrower faits to pa~• such sumc prior to the expiration o[ such period.
' Lender may. without further notice or demand on Borro~cer, invoke any remedies permittecl by paraqraph 18 hereoL
AON-U1IFORAi Covexw~-rs. Borrower and Lender (urther covenant and agree as tolloMS:
18. Accelrration; Remediea. F~ccept as pto~•ided in pangraph 17 hereof, upon Borrower's breach of any corenant or
agreement ot Bornower in this Mortgage, induding the covemnts to pay whrn due any sums xcured by this ~fortgage.
Leader prior to accdention shall mail notice to Borrower as provided in paragraph 14 hereot specit~•ing: (1) the bmach;
the ~ction rcquired to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrowe~,
~ by ~+6ich such breach must be ctired; and (4) that failure to cure such breach on or before the date specitied in the notice mav
" result in acceleration ot the sums secured br this ~tortgage, toreclowre by judicial proceeding and aale of the Propert7. The
notice shall (urther ia[orm Borrower of the right to reinstate after accelention and the right to aasert in the foreclosure
~ proceeding the non-existence of a de[ault or any other de[ense of Borrower to acceleraiion and foreclosure. If the breac6 is
w~ not cured on or be[ore the date speci[ied in the notice, Lendtr at I.ender's option may declare all of the sums secured by this
111ortqage to be immediately due and pa~able without further demand and may (oreclose this 1ltortgaRe by judicial proceed-
ing. Lender sh~ll be entided to collect in such proceeding all ac~xnses of (oreclosure, including, but not limited to, rea~on-
abk attornry's (ees, and costs of documentary• e~•idence, abstracts and tide reports.
E~~~ 286 .a~r 497