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Lrn.t~r's s~rittrn agrr~utcnt or applicahle I:css. ti.,rmNer shall pay the amount of all ttibtt~+~eiin.urant~a~~ums in the
manner pi.,vid~.l under paragraph 2 hereof. • ; + R ~ t ,
:\nv amounts dishursrd by 1 cn.ter pursuant to this pata~raph 7. v?ith u+terest thcrrun, shall lxcuntc additional
inslrhtedness .~f Borrower secured by this \lurtgage. l'r?Ics Burrus~rr anJ 1 rn~lrr agree to other terms of payment. such
anx~unts shall he payahlc ul>,~n n.~ti~e fr.~m 1 ender tr &~rruwer reyue.ting pa}•ment thereof. and ch:?II tzar intcrect from the
da[' of dishursement at the rate payahle fn,m time to time un outstanding principal under the Note unless payment of
interest at sttch rate would t+e contran• tx, applicable law. in which event each amounts shall hear interest at the highest rate
pe~missihk under applicahle law. Nothing rnntained in this paragraph 7 shall require lender to incur any expense or take
any action hcrcunder.
8. Inspection. Lender may make or cause to he made reasonable rntriec upon and inspectiunc of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property. '
9. Coademtwt~a~rytyedc of any award or claim for damages, direct or nutsegttential, in connection with any
condemnation or oth t`t ~Cing of tote Property. or part thereof, or for conveyance in lieu of condemnation. are hereto assigned
and shall he paid to [_ender.
in the event of a total taking of the Property. the proceeds shall he• applied to the creme secured by this Mortgage.
with the excess, if any. paid to Borrower: In the event of a partial taking of eels 1'mperty, unless Borrower and i.cnder s
otherwise agree in writing. there shall• Ix applied to the sums secured. by this Mortgage such proportion of the proceeds i
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market vahte of the Property immediately prior to the date of taking, with rtes ha{ancc of the proceeds
paid to Borrower.
Tf the Property is abandoned by Borrower, or if. after notice by lender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Borrower [ails to.rcspond to lender within i0 days after the date such notice is 1
mailed. 1_ender is authorized to collect and apply the proceeds. at I.ende~ ~ option. either to restoration or repair of the
Properly sir to the sums securest by this Mortgage.
Unless lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend
or postpone the due Jate of the monthly installments referred to in paragraph; t aiid 2 hereof or change the amount of j
such installments. 1
10. Borrower Nut Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to am• successor in interest of. Borrower shall not operate to release. in any manner. a
the liahilit)• of the original Borrower and Borrower's successors in interest. lender shall not ht: required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured ty this Mortgage by reausn of any demand made by the orieina) Borrower and Borrowers successors in interest.
11. Forbearance by i.ender loot a Wainer. Anv fortx:arancc by lender in exercising am• right or remedy hcrcunder. or .
otherwise afforded by applicable law. shall not t+e a waiver of or preclude the exercise of any such right or .remedy. ,i
The procurement of insurance or the payment of taxes or other liens or charges by tender shall not he a waiver of Lender's
right to accelerate the maturity of the indeMednes crcured M' this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and mayhe exercised concurrently. independently ur successively.
13. Successors and Assi{;ns Bound: Joint and Several i.iahility; Captions. The covenants and agreements herein
contained shall hind. and the rights hereunder shall inure to. the respective successors and assigns. of l.cnder and Borrower.
subject to the provision of paragraph 17 hereof. All covenants anJ agreements of Borrower shall he joint and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to he used to
interpret or define the pmvicionc hereof.
14. ~iotice. Except for any notice required under applicahle law• to he given in another manner. (al any notice to
Burrower provided for in this Mortgage shall he given by mailing such notice M• certified mail addressed to Borrower at
the Property Address or at such other addrcc. as Burrower rosy designate h.• m+ticc to I.cnder as provided herein. and
th) am~ notis:e to Lender shall t,c given by certified mail. return receipt reyurcted. tx, 1 rnder'c address stated herein or to
wch ,ether address .ts Lender may designate by notice to Bormss•er as pn.vided herein. :1ny notice pros•idrd fur in this
Mortgage sh:dl he deemed to has•r been given to Bcxrowcr ur Lender when gis~en in the manner designated herein.
I5. Cnifurnt MortRace: Gi?vernint• i.aw: Severability. This farm ui mortgage connives uniform rnvenants for national
use and nun-uniform ruvenanh with limited variations by juriuiictiun te• constitute a uniform security instrument covenng
real property. This Mortgage shall be governed by the law of tln: iuri;diction in which the Property is located. In the
event that am• provision or clause of this Mortgage ur the Noce conflicts with applicahle law_ such conflict shall not affect
other pn,sicic.ns of this Mortgage or the Note which .an t,e gis•rn eliect without the conflicting provision. and to this
I'i end the prus•i;iunc of the Mortgage and the \otr arr .Ieclared to Fx: srverahlr.
16. Borrower's Cope. BOrrOwl'r shall t,e furnished a cunic~rmed cups of the Note and of this Mortgage at the time
al. execution ur after recordation hereof.
17. Transfer of the Property: Assumption. if all .,r ins part of the Property or an interest therein is sold or transferred
~ by Borrower without Lender's prior ss•ritten consent, excluding (a1 the creation of a lien or encumbrance subordinate to
.this Mortgage. (hl the creation of purchase none} security interest f?~r hou>ehuld appliances. (cl a transfer M• devise.
dexent ur by operation of law upon the death of joint tenant ?~r (.t? the grant of am leasehold interest of three years or less
` not containing an option to purchase. Lender may. at 1_ender'c uptinn. declare all the sums secured by this Mottgage-to be
immediately due and payahlc. 1-coder chill hire waicrd such option t?• accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to t)e sold ~r trtnsfrrrcd reach agreement in writing that the credit of such person
is satisfacton• to Lender and that the interest pa}able un the cams secured M• this Mortgage shall be at such rate as Lender
shall request. if Lender has waived the option m accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Note.
if Lender exercises such option to accelerate. I.endrr .hall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice snarl provide a perickl of nut less than ?0 days fmm the date the notice is mailed within
~ which Borrower may pay the sums declared due. If Barn,wer fails to pay such sums prior to the expiration of such period.
Lender may. without further notice or demand on Burrower. invoke any remedies permitted h)• paragraph 18 hereof.
Noy-Utvtt=oRM Cove~M•rs.. Borrower and 1_ender further crnenant and agree as follows:
~ 18. Accelerstion; Remedies. Except ac provided in paragraph 17 hereof, upon Borrowers breach of any covetsartt or
agreement of Borrower in this Mortgage. including the covenants to pay when due any sntns secured by this Mortgage, Leader
r prior to accekratioa shall mail notice to Borrower as provided in pat•a8raph 14 hereof specifying: (1) the breach; (2) the action
K. required to cure soc6 breach; (3) a daft, not less Than 30 days from the date the notice is msikd to Botrrower, by whk6 sne6
breach most be cored: sod (4) that failure to cure snch breach on or before the date specifted ie the notice may resale in
acceleration of the sums secured by this Mortgage, forcclowre by judicial proceeding and sale of the Property. 'ibe notkt
F shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proeeedirtg
the non-existence of a defauk or any other defense of Borrower to acceleration and forecbsure. If the bnseb b teat cured oe
3 or before the date specified is the notice, Leader at Leader's option may declare sU of the sntns secured by this ~GlotrtgaRe to be
j immediately due sad payable without tnrther demand rend may foreclose this Mortgage by judicial proceedia8. Leader shill
be estitkd to collect is such proceeding all expenses of foreclosure, including, but not limited to, retttsonabk attorney's fees,
j
sod costs of documentary evidence, abstracts and title reports.
19. Bortwer's Rlibt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time
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