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Lender's written agreement or applicablc law. Bo~rower shall pay the amount of all mortgage insurance prcmiums in the
manner provided under para ~a~~b z hereof.
Any amounts di~tbu~ by L~nder pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Bc~rovwt:;t~'b~'Mis.MKeigage. Unless Borrow•er and l.ender agrce to othe~ tertns of payment, such
amaunts shall be payabl4~~~pw:~~,Epm l.ender to Borrowe~ requesting payment thereof, and shall bear interest from the
date of disbursement at the. rate a able from time to time on outstanding pri~cipal under the Note unlcss payment of
intercst at such rate would`b~cdM~~t~applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Le~der to incur any expense or take
any actio~ hercunder.
8. Iospectba. Lender may make or cause to be made rcasonable eo~rics upoo and inspections of the Property, provided
that I.ender shal) give Borrower notice prior to any such inspection specifying rcasonable cauu therefor related to Lender's
interest in the Property.
9. Coademaadon. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condem~ation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation~ are hercby assigned
and shall be paid to Lender. . ~ `
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage.
with the excess, if any, paid to Borrower. ln the event of a partial t3king of the Property, unless Borrower and I.ender
othervvise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount at the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immcdiately prior to the date of taking, with the balance of the proceeds
paid to Boroower.
If 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 fails to respood to I.ender within 30 days after the date such notice is
mailed. Lender is authorited to collect and apply ~he proceeds. at I_ender's option, either to restoration or repair of the
Prope~ty or to the sums secured by this MortRage.
Unless Lender and Borrower otherwise agree in writing, any such lication of proceeds to principal shall not extend
or postpone t~?c due date of the monthly installments referred to in p~~}iS"~' ~?id 2>hereof or ctiapge ;the amount of
such installmonts. •
10. Bom~r?er Not Rekased. Extension of the time for payment or ~hdditication of amortization of the sums secured
sy this Mort~tege granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
thc liablity of the original Borrower and Borrower ~ successors in interest. Lender shall not be required to commence
proreediags against such successar or refuse to extend time for payment or otherwise modify amonizati~n of the sums
secured b} this Mortgage by reason ot any demand made by the original Borro~~er and Borrower s successors in interest.
il. Forbearance by [.ender Not a R'ai~er. Any forbearance by~ t.ender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not bt a waiver of or preclude the exercise of any~ such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured hy this Mortgage.
12. Remedies Cnmulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or aftorded by law or equitp, and may be exercised concurrendy, independendy or successively.
l3. Saccessors and Assigns Bound: Joint and Sereral I.iabitity; Captions. The covenants and agreements henin
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof. ,
14. Notice. 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 b}~ mailing such notice by certified mail addressed to Borrower at
the Property Addre~.s or at such other addrecs as Bormwer may designate by notice to i_ender as provided herein, and
! (b) an}• notice to Lender shall be given by certified mail, return receipt requested, to i.ender s address stated herein or to
; such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this
~ Mortgage shall be deemed to have been given to Borrower or I_ender when given in the manner designated herein.
4 15. Uniform Mort~age; CorerninR Iaw; Severability. This form of mortgage combines uniform covenants for national
' use and non-uniform covenants with IimiteJ variations hy jurisdiction to constitute a uniform security instroment covering
~ real property. This Mortgage shall be governed hp the lavv of the jurisdiction in which the Property is iocated. In the
s event that any provision or clause of this Mortgage .~r the Note conflicts with applicable law. such conflict shall not effect
~ other provisions of this Mortgage or the Note w•hich can t+e given effect without the conflicting provision, and to this
~ end the provisions of the Mortgage and the Note are declared to be severable.
~ 16. Borrower's Copy. Borrower shall be furnisheJ a conformed copy of the Note and of this Mortgage at the time
r of execution or after recordation hereof.
r 17. Transfer of f6e Property: Assumption. If all or an}• part of the Property or an interest therein is sold or transferred
~ by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to
~ this Mortgage. (bl the creation of a purchase money securil~• interest for household appliances, (c) a transfer by devise.
~ descent or by operation of law upon the death of a joint tenant or id? the grant of any leasehold interest of three years or less
~ not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be
~ immediately due and payabte. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender
" and the person to whom tht Property is to be solJ or transferred reach agreement in writing that the credit of such person
~ is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
° shall request. If Lender has waived the option to 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 Nate.
Tf Lender exercises such option to accelerate, l.ender shall mail Borrow•er notice of acceleration in accordance with
~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date thz notice is mailed within
x which Borrower may pay the sums declared due. If Borrower (ails to pay such sums prior to the expiration of such period.
{ Lender.may, w•ithout further notice or demand on Borrower, invoke any rcmedies permitted by paragraph 1R hereof.
Nox-UxtFORnt CovEtv~tvTS. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. E:cept as provided in paragmph 17 hereof, upon Borrowets bresch of any covenant or
agreement of Borrower in t6ts Mortgage, including the covenants to pay when dne aay sums secured by this Mortgs~e, Leoder
prbr to acceleration s6a11 mail notke to Borrower as provided in para6raph 14 hereof specifyin~: (1) t6e bresch; (2) t6e action
- required to care soch breac6; (3) a date, not less t6an 30 dpys Ernm the date the uotice b maUed to Borrower, by w6ich snc6
{ breach mm! be cnred; and (4) that faflore to cure snch breach on or beforc the date speci[ied in the notke may resdt ia i
sccekrat~on of the sn~ aecund by Wis Mortgage, foreclosure by judlcial proceedia~ and sak of the Properfy. 'lbe notice ~
sball furt6er inform Borrower of tbe right to reinstate after acceieration aad tt~e rig6t to as~ert ia t6e foreclosnre proceediu~. i
t6e oon-ezistence of s detank or any other defe~ne of Borro~?er to accekratbn and foreclosure. It tbe brcacb is oot cared on ~
or befon tde date specified in the aotice, Leader at Leoder's option may declare all of the soms secared by this Mort=a`e to be ~
; intmtdistdy dne aad payabk witlwut furt6er demaod and may forcclose t6b Mort=a~e by judkW proceedbg. Lender ahall
be eotitled to coilect io wch proceeding all e:peoses of foreclosure, including, but not limited to, retsonabk attorney's fees, ,I~
~ and cosb oE docamentary eridence. abstracts and title reports. '
~ 19. Borrower's Rig6t to Reinstate. Notwiths~anding Lender s acceleration of the sums secured by this Mortgage,
~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgaga diuontinued at any time
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