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l.ender's w•ritten agrcrmtnt or applicable law. Borrower shall pay the amount of all mortgafs i~urance pret~aiu~ in the
manner provided under paragraph 2 hereof. ' • • ;
Any amounts disburxd by I.ender pursuant ta this paragraph 7, with interest thercon, sh~ll become additional }
inJebtedness of 9orrower securcd by this Mortgage. Unless Borruwer and 1_enJer agree to other terms of payment, such ~
amounts shall be payablc upon notice from l.ende~ to Bonower rcquesting paymeot thereof, and shall bear intercst from the ~
date ot disburseme~t at the rate payable from time to time on outstanding principal under the Note unless psyment of ~
intercst at such rate would be coMrary to applicable law, in which event such amounts shall bear interat at the highest rate ~
permiuible under applicable law. Nothing co~tained in this paragraph 7 shall require Lender to incu~ a~y expense or talce ~
any action hereunder.
8. lnapecHoe. I.ender may make or cauu to be made reasonat!e entries upon and inspcctions of the Property, provided 2
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's ?
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interest in the Property. t
9. Coademaafba. The proce~ds of any award or claim for damsaa, dircet or consequential, in connection with any i
condemnation or other taking of the Property, or part thereof, or for conveyance i~ lieu of condemnation, are hercby assigned ~
and shall be paid to Lender. ~
In the event of a total taking of the Propeny, the procada shall b~ applied to the sums secured by this Mortgage,
with the excess, if any, paid tu Borrower. in the event of a partial taking of the Propeny, u~less Borcowcr and I.ender ~
otherwise agree in writing. therc shall be applied to the sums securcd by this Mortgage such pmportion of the procetds
as is equal to that proponion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Peopeny immediately prior to the date of taking, with the balance of the procoeds
paid to Borrower. ~ `
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offen to malce ~
an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is
mailed, I.ender is authorized to collcct snd apply the proceeds, at Lender's option. either to restoration or repair of the
Propertyor to the sums securcd by this Mortgage. '
Unless C.ender and Borrower otherwise agrce in writing, any such applicati~n of proceeds to principal shal) not extend ~
or }~ostpone the due date of the monthly installments referred to in paragraphs 1 and 2 hercof or change the amou~t of
such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of ~orrower shall not operate to nlease, in any manner,
the liability of the original Borrower and Borrow•er s successorc in interest_ Lender shall not be required to commence
proceedings against such successor or refuse to eYtend time for payment or othenvise modify amortization of ihe sums 4
secured by this Mortgage by reason of any~ demand made by the original Borrower and Borrower's successors in interest. ~
l l. Forbearance by Lender Not a Waiver. Any~ forbearance by I_ender in exercising any right or remcdy hercunder, or ~
otherwise aftorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. ~
The procurcment of insurance or the payment of taxes or other liens or chargcs by Lender shall not b~ a M~aiver of Lender
s
right to accelerate the maturity of the indebtedncss secured 6y this Mortgage. ~
12. Remedies Cnmuisti~e. All rcmedies provided in this Mortgage ar+e distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, ind~pendently or successively. _
13. Snccessors and Assiges Bound; Joint and Several I3abiltty; Captbns. 'il~e covenants and agreements herein
contained shall bind, and the rights hereunder shall inurc to, the respective successors and assigns of Lender and Bornower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several_
The captions and headings of thc paragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Propeny Address or at such other address as Borrower may designale by notice to T.ender as provided herein. and
(b) any notice to Lender shall be given by certified mail, retum receipt requested. to l.ender s address stated herein or to
such other address as Lender may designate by notice to Borrower u provided herein. Any notice provided for in this
Mortgage shall be dcemed to have been ~iven to Borrower or Lender when given in the manner designated herein.
IS. Uniform Mo~tgage; Governin~ Law: SeveraMlity. This form of mortgage combina uniform covenants for national
i use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument rnvering
y real propeny_ This Mongage shall be governed by the law of the jurisdiction in which the Property is located. In the
f event that any p~ovision or clause of this Mortgage or the Nott conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note are declared to be severable.
r 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this ~Iortgage at the time
; of execution or aftcr recordation hereof.
? 17. Transfer of the Property; Assumption. If all or any part of the Ptoperty or an interest therein is sold or transferred
~ by Borrower without L.ender s prior written consent, excluding (a) the creation of a lien or encumbrance subotdinate to
$ this Mortgage, (b) the creation of a purchase money xcurity interest for household appliances. (c) a transfer b} devise,
~ descent or by operation of law upon the death of a toint tenant or (d) the grant of any leasehold intercst of three years or less
: not containing an option to purchase, [.ender may, at Lender's option, declare ail the sums secured by this Mortgage to be
~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to th~ sale or transfer, Lender
~ and the person to whom the Properly is to be sold or transterred reach agreement in writing that the credit of such person
~ is satisfactory to L.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
~ shall request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
~ interest has executed a written assumpsion agreement accepted in writing by Lender. Lender shall release Borrower from all
~ obligations under this Moctgage and the Note.
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If Lender exercises such option to accelerate. [_ender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hercof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
k which Borrow~r may pay the sums dectarcd due. If Borrower fails ro pay such sums prior to the expiration of such period,
~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
NoH-UHtFOR~t CovErte~vrs. Borrower and Lender further covenant and agree as follows:
18. Accekration; Remedks. Fscept as pmvided la para~nPb 1? bereof, upoo EoROwer's brrsc~ of any co~eoant or
agreemeat of Borrower in this Mortga=e. inclndin~ t6e coveoaMs to pay when d»e aay su~ secnred by t6is Mortsa~q Leoder
Prbr fo sccekntioa shall m~ ootice to Borrower as provided la para`raph 14 hereof specifyio~: (1) tbe bresch; (2) t6e adion
reqnired to cnre soch breac6; (3) a date, rat less than 30 days from tbe dNe tbe notice b euiled to aorrowu, by whkh ~ac~
breach mnd be cured: and (4) tbst hilnre to cnre ~cM breach on or before the date spee~e~ ia We ~otke mq resait ia
acedendon ot l6e sams secued by thb Mort~a~e, toncbwre by judkial proceedin` sad sale ot tbe Property. 'I1ie notice
s6all forther inform Bon~ower of the ri6ht to relasfate sfte~ accekradoa aad tbe ri:ht to ~sert i~ t6e forscloare pruceed6~
t6e noo-existence af a dtfaek or any other defease of Borrower to accekrstloe and fortcloart. If tbe brescb is ~ot c~red oa
or be~ore tbe date spec[8ed ~ t6e ootke. Lender at Leadcr's option ~aay dectare aU of t6e soms aecored by t6k Mort~a`e b 6e
y immedhtely doe and payabk ~rifboat tnrt6er demsnd and may foreciose thfa Morfaa~e by jodicW'r~oceedio~. Leader sYaU
be eotltkd to colleet ie sec~ pruceedl~ aB expeoses of foreclosore, inclndioa, bnt aot Wnited to, reasowbk attorne~'s tees,
and cods of doco~oeetary eridcnce, a6stracts ~d tkk reporb.
~ 19. Sorrower'~ Ri`6t to Reioaatt. Notwithstanding Lender s acceleration of the sums secured by this Mortgage.
Borrower shall 6ave the right to have any proccedings begun by Lender to enforce this Mortgage discontinued at any time
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