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s written ~g : cmcnt cx applicabb law. Borrowcr shal~ pay ~he amuunt uf rnortgage imurar~ce ptemiums in the ~
manner providcJ u::de~ paragaph 2 hereof.
Any amounts disburaed by t.enJe~ purstianl lo this pa~agrsph 7, with intcrost the~eoo, shall become additional
indebledness o[ Borrowcr secured by Ihic Mondage. Unlecc Bo~rawcr and l.enJe~ ag~ce to other ~~rtns .~t payment. such
amamts shal) be payabk upon nMice from I.ender t~ Borrawcr reques~ing payment thereot, and chall F+e..: +nterest from the
date af disbursement at the ratc payahk from time to time un outstanding principal under ~hc Note unless payment of
ioterat at such ntc wauld be contrarv to applicabk law, in which event such amount: shall hcar interett at the hiahest nte
permissible under applicabk law. Nathing contained in thic paragraph 7 shall require i_ender to incur any expe~se o~ take
any action hercunder.
8. lasgeetioa. I.ende~ may make or.cau~e to t+e made reaconahle entriec upon and inspections of the P~operty, provided
that ~l_eoder shall give Borrower no~ice prior to any such inspection cpecifying rcasonabk cause therefar related to [.er~de~'a
interest in ?he Property. ' - ;
9. Condemsstion. The proceedc~of any award o~ claim fur damages, dircet or rnnsequential, in rnnnectan with any
condcmnation or other takin~t of Ihe P~apcrty. or pa~t thercof, or for convcyance in licu of condcmnation, are hereby assigned
and s~all be paid to I.ender.
1~ Ihe event af a tMal takine of the Pmpe~ty. ~he pr~xceds chall he applied to Ihe sums securod by this Morlgage.
with the excess, if any, paid to Bc~rmwer. In thc even~ c.t a partial laking ot the Property, unless Aomower and i.ender
otherwix agree in writing. therc shall be applied to the ~um~ securcd by this Mongage such proporticx~ ot ~he Pt+oceeds
as is equa) to that propc~rtion v?•hich ~hr am~,unt n( the ~ume tecured by this Mortgage immediately priar to the date of
taking bears to the fair market valuc of thc Pmp~rt>• immcdiatcly prior to thc date of taking, wilh the balance of the proceeds
' paid to Borrower. -
lf the Property is ahandoned h~• Bor.ower. or ~f. :~tter notice by I.ende~ to Bormwer that the condemnor ofters to malte
:~p award or ceule a daim tor dam;~R~~. B~~rr~~wer f~:l. to r~~~x~nd to l.ender within 3(1 days after the date such notice is
mailed. L-ender i~ authorized to c~llect ard ap{~1~• ~h~ procreds. at i.ende~s ~ptian, either to rtstoration or repair of the
ProFcrty or t~ the sum. ~ecured h~~ ihic !1lortga~:. ~
Unles~ t_endcr a~d Bo~mwer otherwice agre~ in H ritinL. am• such application of prc~cecds to principa) shall not extend
or pc~stpone the due.Jate cif the manthlv installmenls rcfcrrcd to in paragraphc 1 and 2 hereof or change the amount of
such installmentc •
10. Borrower Not Rekssed. E~tenaion of Ihe timc for payment or modiRcation of amortization of ihe sumc securcd
by this Mortgage ¢ranted by i.ender n• am ci~ccecxx in int.re~t of B~~rrower chall not ope~ate to release. in any manner.
the liabili[y of the oriqina) Borrower :end Rorrower'c succes~~re in interest. I.ender shall not be required to commence
proccediogs against such succecsor o~ re(u.e t~ ertend time for p3~~ment or o~herwi~e mc~dity amortizat~ou of thr ~ums
secured by thic Mortgage by rease~n of :m~ dcm~nd made b~ thr ~~rieinal E3ormw•e~ and Borrower s successors in interect_
11. Forbeannee by I.ender hot a Wai~'er. _1n~ farhearanr~ h~. 1:~^der in e~ercising any right or remedy hereunder, or
othetwise afforded by applicahle law. thall nt?t he a waiver e+( ~r precli~de the exercise of any such right or temedy.
The procurement of insurance or the payment of ta~ec or other liens ur chargr-~ b}• I cnde~ shall not he a v?~aiver of 1_ender's
right to aecelerate the maturity of the indehtednecs secured hy thic Mongage.
12. Remedies Cnmulative. All remedie~ pmrided in thic f~lortg.~ge arc distinct and cumulative to any other right or
remedy under this Mortgage or affordcd hy law or eyuity_ and ma~• be e~erciced concurrently. independently or suc essively.
~ 13. Snccessors and Assi~ns Ba~nd: .Joint and Se~•eral I.iabiliry; Captions. The co~~enants and agreemen s herein
contained shall bind, and the riRhts hen:under shall inure to, the nspective successors a~d assigns of Lender and Borrower_
subject to the provisions of paragraph 17 hercof. All covcnants and agrerments of BormK~er shall be joiN and ceveral.
The captions and headings of the paragraphc of thic Mort~age are f~r conve~ience only and are not to be uced to
interpret or define the provicionc hereof.
14. Notiee. Except for any no~ice reyuircd under applicable law to be given in another manner. (a) any natice m
Borrower provided for in this M~rtgaee tihall he Rivcn h~~ mailine ~uch notice by certified mail addre~s~d to Borrower at
the Property Addres~t or at such u~hcr addret. ac B~•rr.~MCr ma~• deaignate by notice to I.ender as provided herein, and
(b) any notice to Lender shall he gi~-~n h~•_ ccrtificJ maiL rctum receipt requected. ta I_ender ~ address stated hercin or to
such other address as Lender ma~• deaienatc by rn~tice to Borrov?•er as provided herein. Anv noti:e pmvided for in this
Mongage shall be deemed ta havc t+ecn en~cn to Bc?rrow•cr or l.ender when given in the manner designated hercin.
15. Uniform Mor1R~e: GoverninR Law; Se.~erabilit~•. Thic form of mortgage comhines uniform covenants for national
use.and non-uniform co~•enantc u•ith limite~ variationc M• juriuliction to constits~te a uniform security instrument covering
j rea) property_ This Mortgage shall be gi~~•erned M• tt?e law• nf the jurisdiction in which the Property is located. 1n tht
; event that any~ provision or clauce of thi~ 1~1ortg:.ec ~~r thr T~ote conflictc with apPlicable lav~, such conflict shal) not afTeM ~
~ other provisions of this Mortgage or the ?~ote Nhich can he given effect withaat the conflicting pmvision, and to this
~ end the provisions of ~hc Mortgage and the Vote arc .1«larcd to be severable.
F 16. Borrowe~s Copy. BorroW~er shall t?r furni:hcd a c~nformed ro of the ~otc and of this Mortgage at the time
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of execution or after recordation hereof.
17. Traasfer of fhe Prope~ty: Accumption. li al~ ~~r an~ part of the Pr~~peny ~r an interest therein ic sold or transferred
~ by Borrower without I.ender's prio~ w•rincn ~ununt. e~cludin~ (al the creation of a lien or encumbrance subordinate to
this Mortgage. (bl the creaUon ~f a purrh~.r mrnr~ ~ecurit~ -interest fc?r household appliances. (c) a transfer h~ devise.
descent or by operation of law~ opon thc ~ica~h of i~~~n! tcnant ~r (d? the grant of any leasehold interest of thrcc Ycars or lecc
not containing an option to purchase. Lender ma~•. at I.cnder'~ option. declare all the sums xcured hy this Mortgage to be
immediately due and payable_ Lender ~hall h:,.e ~ai~•ed such option to accelerate if. prior to the ~ale or transfer. I.enJer
and the person to whom the Property ic t~~ tx :ol.l ~.r trancfrrrcd reach agreement in writing that the credit c.f such person
is satisfactory to I_ender and that the imerr.t pa~•able on the sums secured by this Mortgage xhall be at such rate aa l_ender
shall request. If I.ender has waived the option to acceler.ite pravided in this paragraph 17, and if Borrower ~ successor in
interest has executed a written assump~ion agreement accep~ed in writing by I_ender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If I_ender exercises such option t~ acceterate. LenJer ~hall mail Borrower notice of acceleration in accordancr ~th
paragraph 14 heraof. Such notice shall provide a pericxi ~f not lesc than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared doe. If Borrower fails to pay soch sums prior to the expiration of a~ch peri.xl.
Lender may, without further notice or demand on Borrower. invoke any remedia permitled hy paragraph IR he~cof.
NoN-UNiFORM.CovEH~NTS. Borrower and Lender further covenant and agrce u follows:
' l8. Acceleration; Remedies. E:cep as prn~~ided ia ps~rap6 19 hereof. apon Eorrow'er's brexh of any co~caant or
g s~reemeat of Borrowv ln t6is Mortga~+e. lncludi~ the eovenants to psy wbes dne any snms seeered bp t6is Mort~age. i.eeder
$ prior to accelenHon shdl mail notice to Eorrower zs provided ia para~raph 14 6ereot specityio~s (1) the brcach: (21 the action
~ ~+equired to cnre sncb breach; (3) a date, not k~ than 30 days from the date tbe wotice Ls oaikd to Eorrower. bY whic6 suc6
~ bnac6 muN be cured; and (4) that failurr to cure snch breach on or before tbe date spcciGed ia the notice msy recult in
sccekratioa of t~e snn~s secund by this Mortgage. toreclowre by judicial proceedi~ aad sak of tbe Prope~. 'il~e notice
shall further inform Borrower of the ~ht to reinstste after sccekratbn and tbe rig6t to a~eN ia the foreclosuro proceedias
We noa-esetence of a defauk or any other defen.se of Borrower to xcekntion and tonclosure. it the brexh k not cnred oa
or befon the date specj6cd in tbe notice, l.ender at t.rnder's option may deehre s~ ot tbe waa secured by this Mo~t~s?,e to be
immediately due and payablt ~*~thaol fartber dem:,nd ~nd may foreclose t1~Ls Mo~ate by jodicial p?oceedjuR• i.endrr chall
be entitkd to edket in sucb proceediu~ all e:pences ~~f foreclocure. includi_~. bnt sot limiled to. reasonabk an•,rnr:'s fees.
~d costs of .;uc~~aeshry evidence. abstracls and titk rcports.
19. dorrowe~'s Ri`6t to Re~ustste. Notw~ith~tandin~e Lender s accekration of the sums xcurcd by ~h~~ M.~rtgage.
u
Borrower shall have the right to have any procecd~n~a heg~~n ~y l.ender to enforce this Mortgage discentinued at any time
a~R~302 832
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