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l.ender's written agreement or appGcabk law. Borrower shall pay the amount o[ all mortgage insurance premiums in the
man~er provided unde~ pa~agraph 2 heroof.
Any ema~nts disbuned by I.ender pnrwant to 1ha paragraph 7, with interest thereon, shall bocome additional
indebtedness of Borrowcr secured by this Mongage. Unlass Borrower and Lenckr agroe to other tcnns of payment~ such
amounts shall be payabk upon nMice f~om I.cnde~ to,Borrower requesting payment thereof, a~d shall bear intercst trom the
date of disbursement at the ntc payebk from timc to time on ountanding principal unttef ~the Note unless paymeat of
interest at such rate would be contrary to applicabk law, in which event such amounis shall bear interat at the hishest nte
permiss~'bk under applicable law. Nothing co~tainod in this paragnph 7 shall rcquire i.ender to incur any expe~aa or talce
any action hereu~der. .
S. Isspectbs. t_e~der may make or cause to be made rcasonabk entries upon and inspections of the Propetty. provided
that i.cnder shall give BaROwer notice prior to any such inspection specifying rcasonable cause therefor rclated to Ltnder's
interest in the Property.
9. Coodemaatba. The praceedc af any award ar claim fo~ damages, dirccl or consequential, in connoction with ar?y
condemnation or oiher taking of the Property, or pa~t tAereof, or for conveyance in lieu of co~demnation. arc hereby assignod
and shall be paid to I.ender.
i~ the event of a total taking of the Propeny, the procceds chall be applied to the sums secured by this Mortgage,
with the excas, if any, paid to Borrower. In the event of a pariial taking of the Property. unless Borrower and Lender
othervvise agree in writinR, there shall be applied to the sums secured by ihis Mortgage such proportion of the pmceods ~
as is equal to that pro{w~tion v?hich the amounl ot the sum~ xcnred by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of tho pr+oceeds
paid to Borrower.
If the Properry is al~andoned by Borrower, or if. after notice by I.ender to Bomower that ihe condemnor offers to mal
an award or settle a claim for damages. Borrowe~ failc to respond to i_ender within 30 days after the date such notia, ~
mailed, Lender is autharized ta callect and apply the proceeds, at i.ender's option, either to restoration or repai~ of
Properry or to the ~ums sccured hy this Mortgage.
Unless ~ender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not exte~d
or postpone the due date of the monthly installmcnts rcferred to in paragraphc 1 and 2 hereof or change the amount of ~
such installments. ~
10. Bprrower Not Releised. Extension of ~he time for payment or modification of amortization of the sums secured
by this Murtgage granted by T_ender to any cuccecsor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Bc~rrower'~ successors in interest. 1_ender shall not be required to eommence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortizat~on of th< <ums
secured by this Mortgage by reason of ~ny demand made by the oriqinal Borrower and Bormwer
s succescors in interesl.
11. Forbearance by I.ender Not a Waiver. Any forhearance by I.ender in exercising any right or remedy hereunder, or
othenvise afforded by applicable law, shall ~ot he a waiver of or preclude the eaercise of any such right or remedy_
The procurement of insurance or the payment af taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indehtedness cec~~red hy this Mortgage.
12. Remedies Cnmulafi~e. All remedics provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mongage or afiordecl hy law or equity, and may be exercised concurrently, independently or successively.
' 13. Sarcessors and As~es Bound; Joint and Several i.isM'lity; CapBons. 'Il~e covenants and agreements herein
contained shall bind, and the ~ights hercundtr shall inure to. the respective successors and assigns of Lender apd Borrower.
subject to the provisions of paragraph 17 hereof_ All covenants snd agreements of Borrower shall be joiry 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. Eacept for any notice requi~ed under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortga¢e shall be given hy mailing such notice by certified mail addressed to Borrnwer at
the Property Address or at such othcr addres.~ as Borrower may designate by notice to I.ender as provided herein, and
(b) any notice to Lender shall be givcn by certificd mail. rctum receipt requested. to I.ender s address stated herein or to
wch other address as Lender may decignate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have l~een given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mort~s~e; Governi~ Iaw; Severability. This form of mongage combines uniform covenants for national
use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument covering
i real properry. This Mortgage shall be governed hy the law of the jurisdiction in whic~h the Property is located. in the
event ~hat any provision ar clause of thic Mortgage or the Note conflicts with applicable law, s~ch conflict shall not affect
~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and .ta this
! end the provisions of the Mortgage and the Note are declared to he severable.
~ 16. Bomowe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of thic Mortgage at the time
of execution or after recordation hereof.
i 17. Tnnsfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred
; by Borrower without Lenders prior writ~rR ronsent_ excluding (al the creation of a lien or encumbrance suborJinate to
[ this Mortgage. (b) the creation of a purrhace mc.ne~• cecority interest for household appliances, (c) a Iransfer hy devise,
f descent or by operation of law• upon the Jeath of a joint tenant or (d) the grant of any leasehold interest of threc ~•cars or lecs
; not containing an option to purchase, Lender may: at 1_ender'~ option, declare all the sums secured by this Mortgage to be
~ immediately due and payable. Lender shall ha~~e W~aived such option to accelerate if, prior to the sale or transfer. I.ender
i and the person to whom the Property ic to be ,oIJ or transferrcd reach agreement in writing that the credit of such person
r is satisfactory to Lender and that the in~crr.t payable on the sums secured by this Mortgage shall be at s~~ch rate ac l.ender
~ shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Bonower i successor in
interest has executed a written assumption agreement accepted in writing by I_ender, Lender shall release Borrower from all
? obligations under this Mortgage and the Note.
~ Tf Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdanc~ i~h
x paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed with~n
~ which Borrower may pay the sums declared due. lf Borrower fails to pay such sums prior to the expiration of cuch peric.d.
~ Lender may, without further notice or demand on Borrower, inv~ke any remedies permitted by paragraph 1 R hercof.
~
NoN-UxtFORtrt CovEN~rvTS. Borrower and Lender funher covenant and agree as follows:
s 18. Aceele~tioa; Remedies. E:cep as provided in pa~raph 17 hereof, upoa dorrower~s breach of any co~ensnt or
" agreemeat of Borrower in t6is Mort~a~e. facluding the covenants to pay wlien due sny soms securcd by this MortRage. I.ender
~ prior to acceleration shail mail ootice to norrower ~s prorWed in parsbraph 14 hereof specKyins: (1) the Mrsch; (21 the adion
required fo enre snch brrsch; (3) a dah, not kss Ihan 30 days from the date the nMice ts mailed to Borrower. by which such
breach must be cored; aod (4) lhat failurc to care snch breach on or before tl~e date specified ia the notice msy recult in
~ accekntion of tbe soaas secared by Ihis Mortaa~e. torcclowrc by jadicial proceedi~ and sak of the Property. 'Il~e notice
' shall furt6er inform Borrower of the ri~ht to relsstate dler accdcration and tbe right to assert in t6e forecbsnre proceedi~
t6e eon-existence of a defauk or aay olher defense of Borrowe~ to accderation and foreclowrr. If the breacb is aot cnred on
- or before the date speciGed in tbe nolice. Lender ~t [.end~r's option msy declart sU of the s0ms secnred by this Mort~aRe to be
~ immediately due and psyabk ~rittant further demand ~nd may forcclose thts Mo~a6e by judicW proceediu~. I.ender chall
~ be eotitled to collect in sucL proceediog sll e:penses of forecbsure. includiog, but eM itmited to, rcawnabk attnroev's fees,
3 aod cosfs of docameatary evidence, sbstrscts and title nporLs.
~ 19. Bomower's Ri`ht to Reiastste. Notwithstanding Lender s acceleration of the sums securcd by th~s Mortgage,
' Borrower shal) have the right to have any proccedings begun ~y I.ender to e~forct this Mortgage discontinued at any time
~okK 3U8 :~.,~F 196
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