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Lendcr's writtcn agreement or applicabtc law. Borrowcr shall pay thc amount o[ al) mort~age i~surance prcmiums in the
manner provided undGr paragraph 2 herooL .
Any amouots disbur:ed by Le~der pursuant to this paragraph 7. with iaterest thereon, shall become additional
indcbtedness of Borrow•er secured by this Martgage. Unicss Ba~rowe~ aod Lender agree to other terms of payment. su:.h
amounts shall be payabk upon notice fram l.cnder to Borrowcr rcquesting payment the~eof, and shall bear interest from the
date of disbursement at.the nte paysblc from timc to time on outatanding principal under the Note unless pay~neet of
interest at such rate would be contnry to applicable law, in which event such amounta shall bear i~taest at the highest rate
permissible under applicable law. Nothing contained in Ihis paragraph 7 shall require L.ende~ to incu~ any expense ar take
any action hereunder.
S. lnspectba. I.ender may make or cause to bc made rcaconable entries upon and inspections of the Propeny. provided
that I.ender shall give Bonowe~ notice prior to any such inspection specifying reasonable cause therefor rolatcd to Lender's
intemst in the Property.
9. Coademwtbn. The proceedc of any award or claim for damages, direct or consequential, in connection with a~y
condemnatio~ or other taking of the Property, or part thereof, or for conveyance in lieu of condemoation, arc hereby assigned
and shall be paid to Lender.
i~ thc cvent of a total taking of the Properly, the proceeds ~all be applied to the sums aecurcd by this Mo~tgage.
with the cxcess, if any, paid to Borrower. in the event of a partial taking of the Property. unless Borrower and Lender
otherwise agrce in writing. there shall be applied to the sums secured by this Mortgage }uCh pmE~ ~Qn of the proceeds ~
as is equal to that proportion which the amount ot the sums secured by this Mortgage itnrmal6tely p~ic~r to the dste of
taking bears to the fair market value of the Property immediately priar to the date of taking, with the balance of the proceeds
paid to Borrower. .
If thc Propeny is abandoned by Borrower, or if. aftcr notice by I.ender to Borrower that the rnndemnor aBen to make
an award or settle a claim for damages, Borrower fails to respond to 1_ender within 30 days afte~ the date such notice is
mailed, Lender is ai~thorized to collect and apply the proceeds, at I_ender's option, either to restoration or repair of the I
Property or to the sums secured by this Martgage. I
Unless Lender and Borcower otherwise agree in H•riting, any such application of praceeds to principal.shall not extend I
or postpone the due date af the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrur?er 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 interect of Borrower shall not operate to r+elease, in any manner.
the liability of the original Borcower 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 ~he original Borrower and Borrowers successors io interest.
l l. Forbearance by Leoder Not a Wairer. Any f~rbearance b}• l.ender in exercising any right or remedy hereunder, o:
othenvise afTorded by applicable law, shall not be a waiver af or preclude the exerciu of any sach right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by l.ender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured hy this Mortgage_
]2. Remedies Cumulati~e. All remedies prrn~ided in this Mortgage are distinct aod cumulative to any other right or
remedy under this Mo~tgage or afforded hy law or equity. and may be exercised concurrently, independently or successively.
13. Sneceswrs and Assigas Bound; Joi~t and Se~•eral I.iablity; C.aptions. The covenants and agreements herein
contained shall hind, and the riRhts hereunder shall inure to. the n~cpective successors and assigns of Lender and Borrower,
subject to Ihe provisionc of paragraph 17 hereof. All covenanls 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. Nofice. Except for any notice required under applicable laW~ to be given in another manner, fa) any notice to
Borrower provided for in this Mortgage shall be given bp mailing such notice b}• certified mai) addressed to Borrower at
i the Property Address or at such other address as Bormwer may designate by notice to I.ender as provided herein, and
~ (b) any notice to Lender shall be given by certified mail, return receipt requested. to l.ender s address stated herein or to
R such other address as Lender may designate b}• notice to Borroa•er as pro~•ided herein. Any notice provideJ for in this
? Mortgage shall bc deemed to have bcen given to Borrowcr or l.ender when given in the manner designated herein.
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~ l5. Uniform AtortRage; Governin~ Law: Se~•erabilit~•. This form of mortgage combines unifo~m covenants for national
~ use and non-oniform covenants with limited variati~~nc hy juriscliction to constitute a uniform security instrument covering
€ real property. This Mortgage shall be governed h~~ thr law~ of the jurisdiction in which the Property is located. Tn the
~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shal) not affect
~ other provisions of this Mortgage or the Note w•hich can be given effect without the conflicting pmvision, and to this
end the provisions of the Mortgage and the Note arc declared to he severable.
~ 16. Borrower's Copy. Borrower shall be furniched a conformed copy of ~he Note and of this Mortgage at the time
of ezecution or after recordation hereof. '
~ 17. Transfer of the Property; Assumplion. If all or am~ part of thc Pro~erty or an interest therein is sold or transferred
~ by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate ta
~ 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 (dl the grant of any leasehold interest of three years or less
not containing an option ta purchase. I.ender ma}~. at I.ender's option, declare all the sums secured hy this Mortgage to be
immediatel}• due and payable. I.ender shall have w•aived such option to accelerate if, prior to the sale or transfer, l.ender
and the person to whom the Property ic to be sotd or transferred rcach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage st~all be at soch rate as I_ender
~ ~halt request. If t_ender has waived the option to accelerate provided in this paragraph 17, an~ if Borrower's successor in
interest hac executed a written assumption agreement accepted in ..~riting by Lender. 1_ender shall release Borrower from all
~ obligations under this Mortgage and the Note.
If I_ender exercises such option to acceler•rte. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a pcriocl of not less than 30 days from the date the notice is mailed within
~ which Borrower may pay the sums declared due. If Borrower failc to pay such sums prior to the expiration af such period.
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Lendcr ma}~, without further notice or demand on Borrow•er. invoke an~~ remedies permitted by paragraph 1R hereof. -
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~ i~ox-Utv~FORiat CovErva!v-rs. Borrower and Lender further covenant and agree as follows:
: l8. Acceleratan; Remedies. Except as pro~-ided in pam~raph 17 hereof, upon Borrowe~'s breach of any covenant or
~ agrcement of Borrower in th~s Mortgage, including tl~e co~enants to pay when due any surns securcd by t6k Mortgage, Leoder
~ prior to accekration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) t6e action
; required to cure soc6 breach; (3) a date, not less t6an 30 days from Ihe date the aotice h mailed to Borrower, by whic6 sucb
~ brcac6 must be wred; and (4) that failure to cure such breach on or beforc the date speci6ed in the notkt m~y resdt in
~ acceleratioa o[ tbe soms secured by th~s Mortgage~ forcclowrc by judlcial proceeding and sale of the Pruperfy. 'ILe nottce
s shall furiher inform Borrower of tbe right to reinstate after sccekratan and the rig6t to aaert in the foreclosure proceedieg
t6e non-e:istence oE s default or aay other defease of Borrower to acceleration and forecloeure. If We bresc6 b oot enred on
or befon t6e date specified in the notice~ Lsnder at Lender's optjon may declare all of the snms secorcd by this Mortga6e to be
~ immediately dne and payable witlwat further demand and may foreclose t6is Mortgags by judiciaf proceediu~. Leader s6a11
be eotitled to collect in snch proceeding aU eapeases of foreclosun, including, but aot limited to, rcawnabk sttoraey's fees.
~ and costs of docamentary evidence, abstracts and titk reports.
i 19. Borrower's Rig6t to Reiostate. Notwithstanding Lender's acceleration of the sums securcd by this Mortgage,
F Borrower shall bave the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time
; . BOOK~ tAGE
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