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Lcnd~r's w•ritt~n agrccment or applirable law•. Borrowcr shali pa~~ the amount of all mortgage insutance prcmiums in the
manner pr~~videJ undrr paragraph 2 hereof. '
Any amounts dishursed by LcnJcr pur~uant tc~ this paragraph 7, with interest thereon, shall bccome additional
in~icbtedness uf Borrowcr secured by Ihis Mortgag~. Unle~c BorroNer and I.ender agree to other terms of payment, such
am~•untc ~hall bc pa~~able u~+c~n noti~c frum l.endcr to Borrov?cr reyuccting payment thereof, and shall t~ear interest from the
datc ot dicburcement at the ~atr payahle fn,m time to time on outstanding principal under the Note unlESS payme~t of
interect at such rate would be contrary to applicable law•, in Hfiich event cuch amounts shall bear interest at the highest rate
permissihle w~:;er applirable law. Nothing contained in thic paraqraph 7 shall require l.ender to incur any expense or take
:?ny action hc~eundcr.
8. lospection. l.ender, may make o~ ~ause to he made reaconable emriec up~~n and inspections of the Property, provided
that Lender shall givc Borrawer notire prior to an~~ such ins~xctian ~pecifying reasonable cause theretor related to I.ender's
in~creu in thc Propcrly.
9. Condemnation. The pro~eed< <~f am• awa:d or claim for damaces. direct or con~equential, in connection with any
condemnation or other taking of !he Property, ur part thereof, or for conveyance in lieu of condemnation. are hereby assigned
an.i chall t+~ paid t~ l.endcr.
In the eve~t of a total taking of th~ Pm~nrty. the pr~xeeds ~hall be applied to the sums secured by thic Mortgage.
~~•ith the r~cecs, if an~•, paid to Borrowrr. In ~he evem ~~f a partial taking of the Pmpert~~, unless Borrower and I_tnder
uiherwix agree in w~riting. therc shall he applieJ ~o the .ums securcd h~~ this Mortgage ~uch proportion of the proceeds
as i~ cyual to that pr~~x~rtion ~vhich thc ami~unt of the sum. ~e.ured b}• this Mortga~e immediately prior to the date of .
~aking hcarc to thc fair market valur of ~hc Pro~xr~r immc~iatel}' prior ta the Jate.of taking. ••i~i~ ii~c u~1~~~.:. i~c ~..-o:c~~s
paid t~ Borrow•cr.
Tf the Property ic ahandoned b~• Borrow~cr. or if. atter notice hy Lender to Bormwer that the condemnor otiers to make
an :?w•ard c?r setNe a claim for damageti, Bormwer fail, t~• res~x~nd t~• Lender within 30 days after the date such notice is
m:~iled. 1_enJer .ic authorized to collect and applp the proceeds. at l.ender's option, either to restoration or repair of the
Pn?~xn~~ or tc? the sums ~~curcd h~~ this 1liortgagc.
t'nlesc Lender and Borrower othen+•i~ agree in ritine. am• such application of prc~ceedc to principal shal) not extend
~~r ~•~tpone the duc ~ate of the monthh installmrnts rcferrcd ta in paragraphs 1 and 2 hereof or change the amou~t of
~uch inctallmcnts.
10. Borrow•er Not Released. Ertension of the timc for payment ar modification of amortization of the cums secured
by th~~ 11~(orteage granted by Lender t~• am• wccessor in interest of Borrower tihall not operatz to release, in any manner.
thr liahilit)~ of the origina) Borrower and Rrrrov?~cr'~ succcscort in interest. I.ender shall not be required to commence ,
~n~ecdings against s~~ch ~ucressor or refusc to c~tenJ time for pavmcnt or otherw•ice mc~dify amortization of the sums
~c~urcd M• thic Mongagc b~• reason of am• demand madc b~• thc orieinal Borrow•er and Borrawers succetaors in interest.
11. Forbearance by i.ender'.VM a Wai~•er. Am• f~rtx:aranre bv (-ender in ererci~ing an~• right or remedy here?mder, or
~~~h~rwise afforded h~• applicahle law~. shall not he a wai~•er of or preclude the exercise of any sucfi right or remedy.
Thr procurement of i~surance or the pat~ment of tare~ or c~ther liens or charges by l.ender shall not be a W~aiver of [.ender's
right t~. acrelerate Ihe maturity of the indebtedne~s ~cured hp.thec Mortgage_
12. Remedies Cumulative. All remedies~pm~ided in this l~tc~rtgage arc distinct and cumulative to any other right or
reme~l~° under this Mortgagr or affordcd hy law or equit~~. and ma~~ be e~ercised concurrendy. independeml}• or successively.
13. Successors and Assi~ns Bound; ]oint ~nd Se~e~al i.iability: Captions. The covenants and agrcements herein
contained shall bind, and the riQhts hereunder shall inure to. the respective succecsors and assigns of I.ender and Borrower.
tiubject to the prmision~ of paragraph 17 hcrcof. All rovcnants and agrecments of Borm~ver ~hall be joint and several.
The raptiuns anJ headingc of the paraeraphc ~f thic Mortgage are for convenicnce only and are not to be used to
intrrpret or define the pmvicions hereof.
14. \otice. Except for an~~ notice reyuirrd under applicahle law~ to be given in another manner. (al any notice to
Borrower prm•ided for in thic \Torteaee shall he gi.~cn h~• mailing tuch notice by certified mail addressed to Borrower at
~ thr Pr~•perty AJdrecc or at ,uch other addre~, as Barr~~w~er ma~• designate by nrnice to I.ender as provided herein, and
; (M an~ n.~tice to Lender shall he gi~•en h~~ certified m:~il. retum receipt requested. to I.ender s address stated herein or to
! .uch uther address as I.cnder ma~• dcsignate M nc.tirc tn Bormwcr as pro~•idcd hcrein. An~~ neticc provided for in this
; M~~rtg~gc sh:ill hc deemed ~o ha~~c becn givcn to Borrcz;~er or Lcnder w~hen given in the manner designated herein.
; 15. Uniform ?ltort~aRe; Governin~ I.aw•: Se.•erabilit~~. Thi~ fc•rm of mortgage combines uniform covenants for national
s usr and non-i:^:fnrm cpeenant~ ~ith limiled ~•ariationt h~• juricdiction to constitute a uniform security instrument rnvering
~ real propert}•. Thiti ?11ort¢age sha11 be governcd h~• the la~ of the juricdiction in w~hich the Propert~~ ic located. In the
~ e~•ent that an~~ provision or clau~e~of thi~ Alortga~c ~~r the \ote conflicts ~ith applicable law, such conflict shal) not affect
~ ~~ther pro~~icionc of this Mortgage or the Note ~~•hinc ~an be gi~~en ePlect w•ithout the conflicting provicion, and to this
cnd the pmvitions of thc Mortgage and the `~~te arr ~Ircl3red tc. he severable.
~ 16. Borrovrer's Cop}'. Borrowe~ shatl be furni~hed a conf~~~med copy of the Note and of this I~tortgage at the time
~ .?f execution or after rcrordation hereof.
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~ 17. Transfer of the Propert~~; Assumption. If all or am~ part of the Pmperty or an interest therein is sold or transferred
~ b}• Born~wer w•ithout I.ender's prior written concent. excluding Ia1 the creation of a lien or encumbrance sul~ordinate to
th~~ Mortgage_ Ib) the creation of a purcha~e money securit}• interest for household appliances. (cl a transfer by devise.
~ descem or hy operation of law° upon the death ~f a joint tenant c?r (d1 the grant of am~ leasehold interest of ihree years or less
~ not containing an option to purchase. I.ender m•ry. at Lender'c i.pti~~n, declare all the sums secured by this Mortgage to be
~ immeJiately~ due and payable. I.ender shall ha~•e waiced ~uch option to accelerate if. prior to the sale or -transfer. Lender
~ anJ the per~n to whom the Pmpert~• ic to be sold or transferrcd rcach agreement in writing that the credit of such person
~ ic satisfacrory to I_enJcr and that the intere.t payable on Ihe sums cecured by this Mortgage shall be at such rate as Lender
~ shall request. If 1_enJer has waived the optian to accelerate provided in this paragraph 17, and if Borrower's successor in
~ interest hac executed a written assumption agreement accepted in N~riting by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If I.ender exercises such option to accelera~e. LenJer chall mail Borrow~er notice of acceleration in accordance with ~
j paragraph 14 hereof. Siich notice shall provide a pericxl nf not Iess than ~0 days from the date the notice is mailed within
;i which Bormw~er may pa}• the sums declared due. If Borrov?er failc to pay such sums prior ta the~expiration of such period.
4 I.endcr may:'G•ithout further notice or ciemand on Horrow•er. invoke an~~ remedies permitted by paragraph 18 hereof.
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Norv-UtvtFORnt CovEx~tvTS. Borrower and l.ender further covenant and agree as follows:
; 18. Acceleration: Remedies. Except as providcd in para~raph 17 hereof, upon Borrower's breach of any rnvenaat or
agreemeat of Borrower in this Mortga~e. includinR the covenants to psy when due any sums secnred by this Mo~age, Leeder
prior lo accderatan shall mail notice to Borrower as provided in paragraph 14 bereof specify~ng: (1) tbe breacb: (2) t6e action
required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by whic6 snc6
~ brcach must be cured: and (4) that failurr to cure such breach oa or before the date specMied ia the aotke may resalt ie
acccleration of tbe sums securcd by this Mortgsge. foreclowre by judicial proccedin~ and sale of tbe Prope~. 'Ibe aotice
shall further inform Borrower of the ri~bt to reinstate after acceleration and the reght to assert in t6e foreclosnre p~oceedit~
the nontxistence of a defpuk or any other defense of Borro~+er to acceleratio~ and foreclosurr. If the breach b not cnred oa
_ or before the date specified in the notice. Lender at Lender's optan may declue ap of the sums secnred by t6is Mortasae to be
immediatcly due and payable without furiher demand and msy foreclose t6ts Mo~age by judicial proceedios. Leader shap
be entitkd to collect in such proceedi~ all expenses of foreclosurr. includir~g. but not I~mited to, reasonabk sttoraey's fea.
and costs of documeatary evidence, abstr~ctc and titk reportc.
19. Borrower's RiRht to Reinstate. Tvotwithstanding Lender s acceleration o( the sums securcd by this Mortgage,
t;.
Borrower shall have the right to have an}• proceedings be~tun by I_ender to enforce this Mongage discontinued at any time
,:i • .
4~ ~o~ 286 ~ ~29
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