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t.rnder's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hererof.
Any amounts disbursed by lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured h}• this Mortgage. l,'nless Harrower and lender agree to other terms of payment, such
amounts shall he payable upon notice from Lender to Horrower reyuecting 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 he contran• to 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 Lender to incur any expense or take
any action hereunder.
8. Inspection. Lender may mane ar cause to I+e made reaconahlr 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 Properly.
9. Condemnatbn. The proceeds of an}• award ai claim for damages, direct or consequential, in connection with any
condemnation ar other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall hr paid to Lender.
In the event of a total taking of the Propert}•. the proceeds shall hr applied to the toms secured by this Mortgage,
with the excess, if any, paid to Borrower. In the event ,+f 3 partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall he applied a~ the sums secured by this Mortgage such proportion of the proceeds
ac is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking heart 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 Propert}• is abandoned by Borrower. or if. after notice by Lender to Horrower that the condemnor offers to make
an award or settle a claim for damages. Horrower fails a~ respond tc. 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
Pmpeny or to the sums secured by this Mortgage.
Unlres 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. Fstrnsion of the time for payment or modification of amortisation of the sums secured
h}• this MartEagr granted by lender to any successor in interest of Borrower shall ern operate to release, in any manner,
the liability of the original Borrower and Borrower's successors in interest. Lender shall not he required to commence
pru;rrclings against such successor or reface to extend time for payment or otherv-•ise modify amortization of the sums
secured M• this Mortgage by reason of am• demand made by the original Borrower and Horrower's successors in interest.
I1. Forbearance by Lender Not a Waiver. An}• forbearance h}• 1 ender in exercising an}• right or remedy hereunder, or
othrrw•ise aflarded hp applicable law, shall not t+e a waiver of or preclude the exercise of any such right or remedy.
-The prorurrmrnt of insurance or the payment of taxes or ether liens or charges by Lender shall not he a waiver of Lender's
right t++ accelerate the maturity of Ihr indebtedness secured M• this Mortgage.
12. Remedies Cumulative. All remedies pmcided in this !lortgage arc distinct and cumulative to any other right or
record}• ,seder this Mongagr ur offs+rded by law nr equity. and may he exercised concurrently. independently or successively.
13. Successors and Assigns Bound: ]oinl and Seaerol l.iabilit}•; Captions. The covenants and agreements herein
a+ntained shall hint, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. :111 covenants and agreements of Borrower shall be joint and several.
The :aptium and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or define the provisions hereof.
14. \otice. Except for any notice required under applicable law to he given in another manner, (a) any notice to
Bl+ffaK'Cr pn+vidrd far in this Mortgage shall hC given by mailing such notice by certified mail addressed to Borrower at
the Property Address ar at such other address as &+rruwrr may designate by notice to Lender as provided herein, and
!h1 am~ notice to Lender shall hr given h} certified mail. return receipt requested. to 1 enders address stated herein or to
such other address as I-ender coos designate b} notice d+ Borrower ac pma•idrd herein. Any notice provided far in this
~lurtgagr shall F+e deemed a+ base been gis•en to Barr,+wer or 1 rnder~whrn given in the manner designated herein.
15. l'niform 11ortRaRe; Governing i.aw: Severabilih. This farm of mortgage rnmhines uniform covenants for national
~,se and nun-uniform covenants with limited s~ariatsans hs tunsdictiun to cunctitutr a uniform security instrument rnvering
real property. This 4lortgagc shall hr governed M the law of the jurisdiction in which the Property, is located. In the
event that any provision ur clause of this \turtgace ++r the '~otr conflict, faith applicable law,, such conflict shall not affect
~dher provisions of this Mortgage ur the tiote which van h~• g,srn effect without the conflicting provision, and to this
end the pnnisiuns of the ~fortgagc and the \ute arc declared to be severable.
16. Borrower's Copy. Borrower shall hr furnishccl :+ conformed copy of ehc Notr and of this Mortgage at the time
of execution or after rraxdatian hereof.
17. 'Transfer of the Property: Assumption. If all ~+r am part of the Pn+pcrty or an interest therein is Bald or transferred
by Borrower without Lender's prYOr written consent. rxrluding ta- the crratian of a lien or encumbrance subordinate to
this Mortgage. !h- the creation of :e purchase moor} security interest fi+r household appliances. Ic) a transfer b}' devise,
descent ur by operation of law upon the death ~+f a jumt tenant or !d, the grant of any leasehold interest of three years or less
not rnntaining an option to purchase. I.rnder may, at Lender's option. declare all the sums secured by this Mortgage to bt
immediately due and payable. Lender shall have waived such optu+n tc accelerate if. pricer to the sale or transfer. Lender
:,nJ the person to whom the Property is to be Bald or transferred reach agreement in writing that the credit of such person
is s:Nisfacton to l.rnder and that the intrrr>t payable on the sums secured by this Mortgage shall be at such rate as Lender
.hall 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. I_endtr shall release Borrower from all
ubligahons under this Mortgage and the Nate.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance wish
paragraph IJ hereof. much noUCr shall provide a period of nut Tess than i0 daps from the date the notice is mailed within
which Harrower ma}' pav the Burns declare) due. If Borrower fails to pay such sums prior to the expiration of such period,
Linder ma}•, without further notice nr demand on Horn+wer. ~nvolr an} remedies permuted by paragraph 1R hereof.
NON-~iNtFOpxt t ant ~:,s:;s Borrower and lender further covenant and agree as follows-
18. Accelerati~,;,, Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenaat or
agreement of Borrower in this ~tortkase, includinf; the covenants to pay when due any sums secured by this Mortgage, Leader
prior to acceleration shall mail nciticc to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (31 a date. not less than 30 days from the dale the notice is mailed to Borrower. by which such
breach must be cured: and 14) that failure to cure such breach on or before the daft specified in Iht notkt may result in
acceleration of the sums secured by this ~IortRage. foreclosure by judicial proceeding and Bak of the Property. The notkt
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
the n„n-existence of a default or an} other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice, Lender at Lender's option may declare all of the snms secured by this Mortga;t to be
immediately due and pt:yable withont further demand and may, foreclose this Mortgage by judicial proceeding. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's fees.
and colts of documentary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding lender's acceleration of the sums secured by th,s Mortgage,
Borrower shall have the right to have an} proceedings begun by Lender to enforce this Mortgage discontinued at any time
Addeedaro to Pan¢eplt 15. The state and local laws applkable to this mortgage shall be the laws of the jurisdktion in
whkh the property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage.
~ X344 P~ 66`3
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