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I.endtr's written agreement or applicabk taw. 8orrowcr shaN pay the :mount of al! mortgage insurancx prtmiuma i~ the
manntr provided under paragraph 2 hernof.
Any amounts dishursed by I.crnicr pursuant to this parag~aph 7, with ~e~st thercon, shal) become additiona)
indebtcdr~ess of Borrowcr secur~d hy ~his Mongagc. Unlec~ Borrowcr a~d LenJer agroe to othe~ tern?s of payment, such
amounts shall be payabk upan ~tice from i_ender ta Borrowcr requesling pa'yment thereaf, and shall bear intercst from thc
date of disbursemcni at thc rate payabk frnm lime to Iime a? outstanding principal under the Note unless payment of
int~rcst at such rate would be contrarv lo applicable law, in which event xuch amounts shall t~ear interest at the highest rste
permissibk u~de~ applicabk law. Nothing contained in thix pa~agraph 7 shall rcquire l.ende~ to ineur any expense or tak~
any action hercunder.
8. lespection. I.ender may make nr ca~~se ta he made reasonable e~lries upon and inspectio~s at the Property. provided
that l.ender shall give Bor~ower notice prior to any s~~ch inspection specifying reasonable cause therofor rcfated to [.e~der's
interest in thc Property.
9. Coademsatioe, The proceed~ of any award or claim for damages, direct or rnnsequential, in cannoction with any
condemnaiion or other taking af Ihe Propeny, or pan tl~errnf, ~r for conveyance in lieu af condemnation, are het~eby assigoed
and shall bc paid to l.ender.
ln Ihe event of a tatal taking af the Pmperly. the prcxeeds ~hall be applied to the ~t~ms securtd by this Martgage,
with tht exccss, if any, paid ta 8ormwer. ln thc cvent of a partia! taking of the Property, unlcKS Borrower and L.ender
o~herwise agree in writing, there shall be applied to the wms secured h} this Mangage such proportion of the proceeds
as is equal to that proportion w•hich thc am~un~ ~~t ~hc sumc ticrurcd by this Martgage immediately priar ro the date of
taking bears to the fair ma~ket value of the Pmperty immediately prior to the date a( taking, with the balanct of the proceeds
paid to Borrower.
If the Property is abaodo~ed by Borrower. or if. after notice hv l_ender to Borrower that the ca~demnor offen to make
an award or xttle a claim for dam:~geti, B~~rrower fa~l. to recpn~d to l.ender within 30 days after the date such notice is
mailed, I.ender ic authorized to collect and apply ~he procceds, at I_e~der's option, either to rcstoration or repaiT of the
Property ar t~ thc sums sccurccl hy this MortRagc.
Unless Lender and Borrawer otherwi~ agrec in w•ritine. any tiuch applicatic,n of prexeeds to printipal shall not extend
or poslpone tt~e due daie of thc monthly installmcnls refcr~cd to in paragcaph~ 1 and 2 hereof or change the amount of
such installments.
16. 8otrowtr Not Released. Extencion of Ihe lime for payment or modification of amortization of the sumc secured
by this Mortgage granted by l.ender t~• any ~uccecu~r in intere~t of Borrower ~hal) not operate to release. in any man~?e~.
the IiabiGry of the original Borrower and Borr~wer'a succescors in interest. I.ender shall not !~e mquired to commence
pmceedings against such successor or rcft~ce ro e<tenJ time for payment ar otherwice modify amnrtizahan of thr •ums
secured by this Mottgage by rea.son of any dcmand made b~• the ori¢inal Borrower and Bormwer s succestorc in interect.
11. Fotbeuance by I.ender 1Vot a Wai.•er. An~• forhearanre b}• Lender in erercising any right or remedy hereunder. o~
otherwise afforded by applicable law, shall not be a waiver of or preclude Ihe exercise of any such right or remody_
The procurement of insurance or the payment of taxes or athe~ liens or charges by I_ender shall not he a waiver of l.ender s
right to accelerate the maturity of the indchtcdness ~ccared hy this Mortgage.
12. Remedies Cnmulati~e. All remedies provided in this 111ortgage are distinct and cumulative to any o~her right or
remedy uoder this Mortgage or afforded hy law qr equily, and may be exercised concunenNy, independently or successively.
~ 13. Snccessorx and Assi~ns 8ound; ,Joint and Se~•eral I.iabillty; Captions. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shall imire to. the recpective succetu~rs and assigns of I-ender ac~d Borrower_
subject to the provisiooc of paragraph 1~ hercof. All covenants and agreements of Borrower shall t~e join~ and severai_
Tl?e captions and headingc of the paragraph~ ~f thi~ Mortgage are for convenience only and am not !o be uud to
interpret or define the provisionc hereof.
14. Notice. Except for any no~ice rcyuired under applicable law to be given in anather manner, (a) any notice to
Borrower pmvided for in thi~ Mortgaee thall be givcn hy mailin~ such notice by certified mait addressed to BorroK~er at
the Propeny AJdrecs or at such other addrc~, as B~rr~K~er mav designate by notice to i.ender as provided herein, and
(b) an~• notice tu Lender shall he given ht~ certified mail. return receipt requested. to I.enders address stated herein or to
such ~~her address as i.ender may de~ignate by nc.tice t., Bormwer as provided herein_ Any notice provided for in this
Vtortgage shall be deemed to ha~~c hecn gi~~en to Ei~rmwcr or l_ender when given in the manner designated herein.
15. Uniform Mot1~a~;e; Go~ernin~ i.aw•: Se~era!?ility. Thi~ form of mortgage combines uniform covenants for national
eise and non-uniform rnvenanll with limited variationc hy jurisdiction to constitute a unifornn security instrument rnvering
real propert~~. This 1NortgrgC shall he governed hv thc law~ of the jurisdiction in which the Property is located. :n the
event that any provision or clauce o( thi. Alortgaee +•r the Note conflicts v?•ith applicabte law, such conflict shall nat aRect
other provisions of thic Mortgage ar the N~~tr which c~n Fx~ given efiect without the conflicting provicion. and to this
end the prmisions of thc Mortgage and thc Vote arc dcclared to he severable.
l6. Borrowe~'s Copy. Borrower shall tk furni~hed a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
1'7. Traasfer ot the Propert~•; Acsumption. If aU or an} parl of the Pr~~perly or an interest therein is sold or transferrcd
by Borrower without Lender's prior v?riu.n con~eni. e~cluding (al the creation of a iien or encumbrance subordinate to
this Mortgage. (bl the creat~on of a~urchacc numr~• cecurit~• mterest for househotd apptiances, fc) a trancfer h~• devise,
descent or by operation of law~ upon the death of a j~~~nt tenant or (d~ the grant of any leasehold interest of threc ycars or lea
not containing an option to purchase, I.ender may, a~ I.ender'~ option, declare all the sums xcured hy this Mortgage to t+e
immediately due and payable. I.ender shall ha~c H:~i~~ed such option to accelerate if, prior to the cale or transfer. 1_ender
and the person to v?hom the Pmperty i~ a~ be :ol.l or transfern:d reach ag~eement in writing that the credit ~f ~uch person
ix satisfactory to Lender and that the interc~t payable on the sums secured by this Mortgage shaU be at such rate ac I.ender
shall requesl. If I.ender has waived the ~~ption to accelerate pmvided in this pacagraph 17, and if Borrower: successor in
interut has executed a written aswmption agreemcnt acccpted in writing by i.ender, Lender shall release Borrov?•er fr~m all
obligations under this Mortgage and the Note.
if Lender exercises such optio~ to accelerste. l.ender ~hall mail Borrower notice of accekration in acrnrdancr ~~h
paragraph 14 hertof. Such notice shall provide a pericxf of not Iess than 30 days from the date the notice is mailed within
which Borrower may pay ihe sums declared due. lf Borrower failc to pay such sums prior to the etpiration of ~uch peri~xl,
Lender may, without further notice or dcmand on E~rrower, invoke any'• remedies permitted by paragraph 1R hcrc~f.
NoN-Utv~FORn~t Cove~~tvTS. Borrower and l.ender funher covenant and agree as follows:
18. Accderataa; Remedks. E:cept as pmvided in p~ragrsp6 17 hereof. upoo norrower's Mesch of any covenant or
agreement of Borr~wer ia this Mortga~e. inctuding the corenants to psy whea due any snnis secartd by fhk Mort~sge. i.ender
prior to accekntbn sbdl mai! notice to Borrower as provfded In par~raph 14 hereoi specityiu`: (1) the bresch: (2) the actan
requlred to core sncb ~esch; (3) a date. not kss tban 30 dsys trom the dste t6e notice ts matkd to Eorrower. by which wch
brtach muat be cnred; and (4) Ihst faiture to cure such breach on or before Ihe date speci&ed in Ihe notice may recelt in
acceieratioo oE t6e saays secured 6y tba Mort~s~e. torecfosure by judicitl proceedir~ and sak of tbe Property. 'ibe notice
shaU furtber iaform Borwwrr of the rigbt to reinstate atter sccckration and the right to assert in N~e foreclosure proceMi~
t6e oon-e:istence of a default or any other defense of Borro~?er to uceleration and forecbsure. If the bresch is aot cored on
or before the date speci6ed ia the notice. Lender ~t l.ender's option may declare all of the snms sec~red b~ this Mortga~e to 6e
immediately due and psysbie withow turther demand and m~y foreclose tfiis MortXa~e bY judicisl proceediu~. I.ender chall
be eutitkd to co!lect jn snch proceediug all e:penscs of foreclosurr, iacludia=. but sot limited to, reasonabk att~,rner's fees.
aad costs of docu~eatary eridence, sbstracts snd titk reports.
19. dorrnNer's Ri~fit to Reinstste. Nota~ithstand~ng I.ender's acceleration of the sums ucurcd by th~c M~rtgage.
8orrower shall have the right to have any proceedings tx~un ~y l.ender so enforce this Mortgage discontinued at an}~ time
292 ~,,~E 123
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