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Lender's written agreement or applicable law. BorroWflt s1ta11 pay t~1e ~otint of all mortgage insurance prcmiurtu in 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 Borrower secured by this Mortgage. Unless Borrower and Lender ague 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
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law. in which event such amounts shall bear interest at the highest rate
permissible under applicable law.= NotMn~ epntained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder. ` ' ~ `
8. Isapectioa. 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 relates to Lenaer s
interest in the Property.
9. Coademnrttba. 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 for conveyance in lieu of condemnation, arc hereby assigned
and shall be paid to Lender. 3
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage,
with rho 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 sums secured 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 t
paid to Borrower.
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 respond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
Property or to the sums secured 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 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 ordinal li)ortrower and Borrower's successors in interest. Lender shall not be 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 Borrower's successors in interest.
11. Forbearance by Leader Not a Wairer. 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 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 by 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 afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Soccessors and Assigns Bound: Joint and Sereral i.isbility; Csptbas. The covenants and agreements herein
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 paragraphs of this Mortgage are 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 Property Address or at such other address as Borrower may designate by notice to i~nder as provided herein, and
(b) any notice to Lender shall be given by certified mail, return receipt requested. to Lender's 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 bcen given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Gorernirrg Law; Seversbility. This form of mortgage combines uniform covenants 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 affect
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. Borrower'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. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred
i by Borrower without Lender's prior 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
t 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 sold or transferred reach agreement in writing that the credit of such person
i is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
~ shall roquest. 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 Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
s 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.
Noty-UxtFOrenr Covtsrret+rrs. Borrower and Lender further covenant and agree as follows:
18. Acre{eratio'; Rearedies. Except as provided in paragraph 17 hereof, npow Eorrower's brcscb of say coreaaat or
3 agreement of Borrower is this Mortgsge, iaclodittg the covenants to pay wbea due any sums secsred by tbb Mortgage, Leader
prior to acceleration shaD mail notice to Borrower as proridtd is pars=rap6 14 hereof specifyia=: (1) the breach: (2) the action
regnired to core such brescb; (3) a date, not less than 30 days from the date the notice Y mailed to Eorrower, by whkh sorb
3 breach mnst be rnred; sad (4) that failnrc to cnre snob breach oa or before the date specified ie the entice wy r+esult i•
accekratba of the sums iccared by this Mortgage, foreclosure by jrrdkid proceeding sad sale of the Property. The aotke
sbaD farther inform Borrower of the right to reinstate sfter sccekratbs asd the right to assert is the foreclosure pr~oceedirrg
1 the aoa-ezkteace of a defsnlt or say other defense of Borrower to sccekratba and foreelowre. If the btYSCh is not cued oa
or before the date specified is the notice, Leader at Leader's optba may declare a1 e?f the sagas secrrrtd by this Mortgage m be
e immedbtdy due sad payable without further demand sad may forecbtse tbb Mortgage by jadkW proeeedls8. Leader shag
be estitkd to collect is each proceeding ad ezpeasa of foreclosure, iacludiag, bat not Ilmited to, rcasoaa6le attortsey's tea,
n sod cosh of documentary erideace, abdrscb sad title report. _
19. 1orrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by thin Mortgage,
Borrower shall Gave the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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