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I.endrr's written ~grecment ar appli~abic law•. &xruw~r shall pay thc amount of al! m~~rtgage +nsura~cc premiums in the
naanr~c p!:~vii}€i~ Lt~tlvF F ~T[c g: a~tt 2 t~i~v€.
Any amounls disbursed bp I.enJer purcuant to ~his pa~agraph 7, with intcrest thercon. chall l~ecomc additional
indehtedncss of Borrowe~ securcd by thic Marlgage. ~ Unlccs Borraw~e~ anJ l.cntler agrce ta othc~ tertnc of payment, such
amounts shall be payablc u~n oe~tire from t_c~de~ t« Bormv?~~ rcy~~c.ting paymcnt lherco(, aocl sha11 lscar intcrest from the
date of dicbursement at thc rate payahle f~om time to time un oulstanding principal under the Note unlecs paytrnnt of
interest at such rate.would t+e contran• to applicable law, in vahich event cuch amounts shall hear interest at the highest rate
permissible under applicable 1aw. Nrnhing contained in ~his ?arag~aph 7 shall require l.ender to incur any expense or takt
any action hereunder. '
8. Irtspectioa. I.endcr may makc or rause to he made rca~onable enlriec upon and inspectio~s of Ihe Property, ptovided
~hat l.ender shall give Borrower notirr prior to an~~ ~uch inspecti~n ~pecifying rcasonable causc therefor related to I.ender's
interest in thc Property.
9. Condemnatbn. The proceedc uf an~• aw~ard or claim for damages, direct c~r c~~nceq«ential, in connectian with any
condemnalion or other taking of thc Property. or part thcrr~,f, or for rnnvcyance in li;u of c.a~d.mn~tion, are hereby assigned
and .h:dl tx ~;wi : ~.~n~i~r.
In ~hc cvent of a total taking of Shc Pmperty. the pnxcedi thall hc applicd tfie cums sccurcd by this Mortgage.
K•ith the er~css, if anl'. ~paid to Borrower. In Ihc evcm c.f a partial taking of the Pro~erty, tmlecs Borrov?•er a~d I.ettder
otherWi~ agree in writing. lherr shall he applicd t~~ the ti?,ms secuRJ hy~ Ihic Morigage cuch proportion of the proceeds
as ic equal to th~t pro~riion which the amount M the sumc tiecured hy thic Mortgage immediately prior t~ the date of
taking bears to the fair market value of the Pm~xrt}~ immediate{y prior to the date of taking. w~ith the balance of the procetds
paid to Borrowcr. .
if the Properly ic abandoned b~• Borrrncer, or if. after notice b~• I.ender ~o Borrower that the condemnor offers to make
an aWard or settle a claim for Jam:i~;es; B~umwer fail~ a~ rrs~x~nd to l.ender within 30 da~•s after Ihe da~e such notice is
mailed. I_ender ic at~thorited to collect and apply the prc~ceeds. at Lender'~ option. either to restoration ar repair of the
Propen~• or to ~he sums secureci h~ this Mortea~e.
Unlesc Lender and BorroH•er othen~•ice agree in ~~ritine. am• surh applirati~n of prcx-eeds to principal shall nM extend
or po~tpone the due date of tfic mon~hh• inslallmcnls rcfcrrrd to in paragraFnc~ I and 2 hereof or change thc amount of
such installmentc.
10. Borrower Nof Releaud. E~tcnsion nf ~he ~imc for payment or modification of amortization of the sums secured
h~• this I1i~rteage granted M• 1_enJer t~~ an~• ~ucce~u~r in in~rrc~t of BorroWer tihall nM operate to relcase. in any manner.
thc Gabili~y ~~f fhe originn{ BorroHCr and Borrm~~cr'c surr~sticrr~ in interest. 1_ender chall not hc rcyuired to commence
~n•ceeding~ against such sucressor o~ refu~e to crtend.time for pa~ment or otherv?•ite modify amortization of the sums
secured h~ thi. Mortgage hy reasc?n ~~t an}~ demand madr bc thc ~rieinal Borrow~er and Bc~rrower s succes~ors in interest.
I1. Forbearance by Ixnder Not a Waicer. Am• f~.rhearanc~ h}• l.ender in e~ercisine am~ right ~r remedy hereunder, or
utherv?~ise atTorded by applicahle {aw. shalf n~t tx a waiver c?f or preclude the exercise of am~ such right or remedy
Thr procurement of insurance or the pagment of ta~e~ or other liens or charge~ by t.ender ~fialt not he a waiver of Lender s
right t~~ arcclcratc ~he maturit~• of thc indcbtcdnc.s ~~curcd h~• thic 111ortgagc.
l2. Remedies Cumulative. A!I remedies pm~ iJed in thi. 111ortgage are distinct and cumulative to anp other right or
reme.l~~ lmder sfiis Mortgage or aftorded hr IaW ar eyuity. and ma} tk c~erciced roncurmnth•. independently or succeuively.
13. Succes.wrs and Assi~ns Bound; ]oinl and Se~errl [.iahilit~•; Captbns. Thc cmenants and agrcements hcrein
rnn~ained shall hind, and ~he ri¢hts hen:under ~hall inure to. the rc~~xcti~•e succe.~ors and assignc of Lender •rnd Borrawer.
wbject to th~ pr~~visionc of paragraph 17 hereof. -V1 co~•enams anJ acmemenic of Borrow•er shall he j~~int and several.
The captions and heaJingt of thr paragraph~ ~•f this Mongagr arc fur convcnicnce onlp and are not to ~he used to -
interpret ~r define the prrn•icians hereof.
14. Notice. Except for any. notice reyuircd unJer :~r~r~ahlr la~ t~~ be given in an~~ther manner. (ai any notice to
8orrow•er proeided for in Ihic Mortgaee shaN tx: Riv~n h~• mailin~ .uch n~~tice h~~ rcrtified mail addresceJ lo Borrow~er at
thc Prc~peny Addret~ or at st~ch other addm... as B~•rmwer ma~• de~ign:~~~ M' no~ice tc~ t.enckr as provided herein, and
Ih) an~~ noticc to l.ender shall he gi~~rn hy certifieJ mail. retum receipt reque~ted. to t ender s address stated herein oc to
tuch ~~ther addres~ as I.ender ma~ dc~ienate b~ notice i~~ Borr~~~er as prmideJ hcrein. Am• noticc pruvided f~r in this
~1~~rtgagc shall tx deemcd to ha~~c t?cen ~tiv~n to Borr~~wcr ~~r 1 rnder Khen gi~•en in the manner designated herein.
15. C~ai(ocm MortRa~e: Governin~ i.a~: Se.erabifih. Thi. fc.rn~ of mortgage r~mfiines uniform r~venant~ for national
ucc anJ non-uniform co~~enant~ .+~ith IimitcJ .aria~ion. h~• juri~Ji~ti~~n tr ronstitute a uniform sccurit~• instrument covering
real pro~x:rt~~. This Mor~gage shall tk go~•erned h~• th~ law ~.f th~ juritiJicti~m in w~hich th~ Propert~• i~ I~x:ated. In the
I e~ent thal an~~ provision or e1auK of thi. ;~lortgac~ ~~r thc ~~~~r «~nflirt~ ~~ith applicahle IaK. ~urh ronflict tihall not aBect
~ nlhnr ~.~(15'.`.:^ ~F .~IS.~ lt~ ~ L r ~ ~
cnd thc pra~~i~ion~ of ~hc 111ortga~c,and ~~hc \.~te~arr~.I~clared t„t`~~~ ~tirct ~?•i~nrnit tnc coniiicting pmriaion. and to thts
! t,c .cvcrahlc.
E 16. Bomnwers Cop~•. Borrowrr ~hall tx furni.he~l a r~•nf~~rmed ~op~' ul thc Notc an~l ~f Ihi~ M~•rtgage at the time
~~f r~rcution or •rftcr r~cordation hercof.
~ 17. Transfer of the Propert}~: .~ssumption. If all ~.r ain ~+.~rt ~~f thc Prupcrt~• or an intemst thcrcin i< <old or trancferrcd
t M• Borrower Nith~~ut I.ender's pri~•r uritt~n c~m~cn~. e~rluding ~a? thr crratinn .~f a lien nr encumb~ance suhordinate to
j thi~ l~fortgage. !h) the creation of purcha.~ mone) .eruril~ ~nlerest fnr h~•u.eh~dJ applianccs. (rl a tran~fer h~~ devise.
j deticem ~~r h}' ~~{kration of la« u~n thc ~icath ~~f a j~~ini trnam i~r ~J? the grant i~f an~~ haschold interest c.f threc years or lecs
~ not rontaining an option t~~ p~~rchasr. I~ndrr ma~•. at 1 cnd~r'~ ~~pti~~n. declarc all thc ~umc secured t» tfiis Morlgage to 1?e
immediatel}~,due and payabl~. I_rnder chall have ~~:~i~ed ,uch ~~pti~~n t~~ aereleratr if. prior to the .ale or transfer. I.ender
i an~l the person t~~ whom the Pro~xrty i, t~• F+e se~l.t ~.r tran~(errcd rcach :~greement in H~riting that Ihe credit ~f cuch person
E satisfact~,r~ tc• Lendrr and that ~he interc.~ ~ayaMe on the sum+ u~ured h~• ~hi~ Mortgage shall be at such rate as I.ender
~ shall reyuest. lf 1 ende~ has waiveJ the opt+an to accclcrate pro~ided i~i thic paragraph 17. and if Borrow•er's successor in
~merest ha~ executed a written assumption agreement arcertrd in H•riting b~• Lcn~ler. I.en~ler chall relea~e Borrow~er (rom aU
~ ubligationti unJer this Mortgage and thc Note.
! if I.ender e~erri~s such option to acrelrratr. l.en.irr .tsall mai! Borro~er notire ~~f aceeleration in accordance with
! paragraph Id hereof. Such notice ~hall provide a perio~l ~.f nt•t ies. tfian 3~ da~~t from ifie date the n~rice is mailed within
( «hich Bnrrr~er ma}• pa}• the tums Jecl~red Jur. If Borru.~rr failc to pa~~ ~urh wms pri~•r the erpiration ~~f such period.
~ Lendcr ma~~. w•ithout further notice ~•r d~mand an FiorruH•er. inv~~kc am rcmedies permitted M• paragraph IR hereof.
~ .
€ No~v-UtviFOR~t Co~~Fx.~rvTS- Barrowcr.and l.ender further covcnant •rnd agrce ac foltows:
18. Accele~tion; Remedies. Except ais pro~ided in pars~raph 17 hereof. upon BoROwe~s breach of any covenaat or
agreement of Borrower in this Nortga~e. includinR the co.•enants to psy when due pny snms serurcd by this ~tortgage, I.eader
j prior to 9cceteration shali mail notice to 8orrower as provided in par~raph 14 hereof specify~ina: (11 the brsach: (2) tbe action
: requind to curc such breach; (3) a datt. not less than 30 d~rs Erom the date the nMice is mailed to Borrower. by wbich such
breach must be cured; and (4) that faflure to cure such breach an or before 1he date specified in the aotice may resalt in
~ acceleration of tbe soms secared by thts btortga=e. fonclosurt by judlcial proceedit~ and sak of tht Properfy. 'Il~e notice
shall further inform Borrov?er of tfie right to reinstate afler'ccekrs~tion and the rig6t to assert in the foreclosurc proceedir~g
the non-exi~tence of a defauk or any other defense of Borrower to accettration and forecbsure. If the breach ts not cnred on
I or before the date specified in the notice. Lender al Lende~'s oplion may declue ap ot the snms secured by thls Mortga~e to be
E immediately due and payabk withont furtber demand and may foreclose thLs MortgaRe by judicial proceedio~. Leader shall
i be entit{ed to coflect in such procecdi~ sll expeoses ot foreck~surc. including. but not limlfed to, ressonabk attoroey's fees.
! and costs of documentary evidet~ce. abstracts and titk reports.
~ 19. Borrowe~s Right to Reloslate. Notwiths~anding l.enJer'~ acceleration of the sums securcd by this Mortgage.
i Borrower shall have the right ta have an~• proceedings hcgun b~• I.ender to cnforce this Mortgage discontinued at any time
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~ ~394 ~A~E 976
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