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Lender's written agreement or applicable low. Borrower shall pay the amount of all mortgage insurance premium: rn the
manner provided under paragraph 2 hereof. ~ ~ , ~
Any amounts disbursed by Lender pursuant to this paragraph' 7, with interest thereon, shall become additional
indebtedness of llornrwer secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
dale of disbt:rsement at the rate payable from time to time on orrtstariding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require l.rnder to incur any expense or take
any action hereunder.
Iwspectiow. Lender may make or cause to be made reasonable entries upon and inspections 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, Cowdemwatioa. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or tar conveyance in lieu of condemnation, are hereby assigrrod
and shall be paid to Lender.
In the event of a total taking of the Property. the proxeeds shall he applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
otherwise 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 of the sumo cecrrred 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 the proceeds
paid to Borrower.
If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor otters to make
an award or settle a claim for damages. Borrower fail. to respond to lender within 30 days after the date such notice is
mailed, I_enJer is authorized to collect and apply the proceeds. at lender's option, either to restoration or repair of the
Property or to the sum. secured M• this Mortgage.
Unless 1.-nder and Borrower otherwise agree in w•ritine. any stfch application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount 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 Borrower shall not operate to release, in any manner,
the liability of the original Borrower and &~rrower's successors in interest. lender shall not bt required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers wecessors in interest.
Il. Forbearance by Lender Not a Waircr. Any forbearance by Lender in exercising any right or remedy hereunder, or -
otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tares or other liens or charges by Lender shall not he a waiver of Lender's
right to accelerate the maturity of the indebtedness secrrrcd by this Mortgage.
12. Remedies Cnmula~e. All remedies provided in This Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may he exercised concurrently, independently or successively.
13. Swccessors and Assfgws Bound; .Joint aad Several t.iab7Hy; Captions. The covenants and agreerents herein
rnn.eirr~~t e1rs11 r,in.t anti trro riohtc tvrrr~n.t~r ehall inures fn the rKnMrive eneCeccorc and aiSIQnS Of Lender and BOfrOwtf.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
Tht captions-and headings of the paragraphs of this Mortgage are for convenience only and arc not to be used to
interpret or define the provisions hereof.
l4. Notice. Except for arty 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 Property Address or at such other address as Borrower may designate by notice to i_ender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to lenders address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uniform Mortgage; Governiwg Law: Severability. This form of mortgage combines uniform rnvenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not aged
j 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.
16. Iorrower's Copy. Borrower shall be furnished a conformed copy- of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. ,Trawler of the Property: Assumption. if all or any part of the Property or an interest therein is sold or transferred
~ by Borrower without Lenders prioi written consent. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (d) 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 payable. Lender shall have waived such option to accelerate: if, prior to the sale or transfer. Lender
~ and the person to whom the Property is to be so1J or transferred reach agreement in writing that the credit of such perwn
is satisfactory to Lender and that the intercct payable on the sums secured by this Mortgage shall be at such rate ac 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 alt
obligations under this Mortgage and the Note.
if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to 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.
_
NON-UNIFORM COVENANTS. Da/rrOWer and Ltndef furthCr COVtnanl and agree u follows:
lfl. Accekratios; Remedks. B:cape as provided iw parasrapA 17 hereof. tapow lsonower's brewer of wwy cotewawt or
agreement of borrower b this Mortgage, iwclndiw` ere cotenants to pay wb:w due tfwy snms setnred b7' this Mortgage. Lewder
prtor M aKCderwtiow shat mail aotke to lorrower ar< Prodded Iw panKrapb 14 rereo[ specKyhr~: (1) the baeach; (2) the wetbw
regnirei to ewr+e sncr 6reacb; (3) ¦ daite. woe less than 30 days from the date the wotke b mailed to Borrower. b!' whkr snclf
brash mwt be Butted; aiwd (4) that failure to serve such breach a or before the date sPectlied iw for wotke wuy resuN iw
wccelerMbw of ere swrtss sernre:d 6y this Mort6aKe. toreclosrfre by jndkW proestdiug auld sale of the Property. The wotke
shall fwrtrer iwtorm Eorroarer of the rigW to reirastate wtter aKCeleratiow quad ere tithe to avert iw ere foreclosrree Ptroceedrrg
ire wow-a:idewce of a aetnnlt or awy other detewse of Borrower to aKCekratiow auld torecloarc. If the breach M wM cored ow
or before the date:Pecified ~ ere wotke. Lender at [.ewder's oPtbw may decbts+e ail of ere st+ms secured by trb Mortgage !o be
immedidely doe autd pyabie witbowt fruther demand and may foreclose this Mortsage ry jndkW prr,eeediwR• i.ender shall
be ewtitled to colifct i• srrcr proeeediwE aril a:pewses of foredosrfre. hxlefdiug. but arot limited to. rcrowabk stt.,rner's fees.
sfad costs of doc.:mewtary etidcece, ttbstrwct aufd title report.
19. Dorrown's Right to Rei•Siate. Notwithstanding Lenders acceleration of the sums secured by the Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to en[orce this Mortgage discontinued at any time
BL'~K 323 P~(.E 124