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Lender's wtitten agrcemeot or applicable lavr. Borrow•er shall pay the amount of all mortgsge insurance premiums in the ~
manner provided under paragraph 2 hercof. ~
Any amounts disbursed by Lender pursuant to this paragraph 7, with intttest theceon, sfiall btcomt additional ~
indehtedness of Borrower securcd by this Mortgage. Unless Borrowcr and Lender agree to other terms of paymtnt, such ~
amounts shall be payable upon notice from I_ender to Borrower requtsting payment thereof, and shall bea~ interest from the k
date of disburxm~nt at the rate payahle from time to time on outstanding principal under the Note unl~ss payment ot ;
intercst at such rate would be contracy to applicable law, in which event such amounts sha11 b~ar interest at tht 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. insptetion. I_ender may make or cause to t+e made reasonable entries upon and inspectio~s of the Property, provided
that [.ender shsll give Borrower notice Qrior to any such inspection specifying stasonable cause therefor refat~d to iender's
interest in the Property. ~
9. Coademnadon. The proceeds of any a~•ard or claim ior damages, direct or conseyuential, in connection with any
condemnation or other taking of the Proporty, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned ~
and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage,
with the eYCess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrower ar.d Lender
otherwise agrce in writing. there shall be applied to the sums secured by ihis Mortgage such proportion of the procteds _
as is equal tc? that proportion which the amount of the sums secu~ed by this Mortgage immed'+ately prior to the date of
taking bears to the fair market value of the Propert}~ immediatel}• 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 Bormwer that the condemnor otiers to make
~n award or settle a claim for damages, Borrower fails to respond to I_ender 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 r~stora!ion or repair of the
Property or to the sums secured b}• this MortRage.
Unless Leade~ and Bo~row~er otherwise agree in ~~riting, any such application of proceeds to principal sha11 not extend
or postFone the due date of the monthlp installments referred to in paragraphs 1 and 2 herec~f or change the amount of
such installments.
10. Borrower Not Rele~sed. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage gcanted by Lender tn any successor in interest of Borrow•er shall not operate to releau. in any manner,
the liability of the original Borrower and Borrower's successors in intercst. Lender shalt not be required to commence
proceedings against sach successor or refuu to extend time for payment or otherwise modify amortization of the sums
secured by this Mangage by reason of any demand made by the original Borrower and Borrower s succe~sors in interest.
11. Forbearance by Lender Not a R'aiver. Any forbearance by i.ender in exercising any right or remedy hercunder, 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 nat be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured hy this MoRgage.
12. Remedies Cumulative. All cemedies pro~•ided in this Mortgage are distinct and cumulative to any other rigfit or
i remedy under this Mortgage or afforded by law or equity, and map t~e exercised concurrently, independently or successively.
; l3. Successors and Assigas Bound; Joint and Se~•eral i.iabillty; Captions. The covenants and agreements herein
c.,ntained shall bind, and the riAhts hereunder sha11 inure to. the respective successors and assigns of Lender and Borrower,
subject to the pmvisions of paragraph 17 hereof. All co~•enants and ag~eements of Borrower sfiall 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 :
inrerpret or define the provisions hereof. ~
14. Notice. 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 Borrow~er may designate by notice to T_ender as provided herein, and
tbl am~ notice ro Lender shali be given by certified mail, return receipt requested, to I.ender's address stated herein or to
~uch other address as Lender may designate by notice t~ Borrow•er as provided herein. Any notice provided for in this
~iortgage shall be deemed to have been given to Borrower o~ I_ender w~hen grven in the manner designated hecein.
15. Uniform Mort~age: Governin~ Law: Severability. This form of mortgage combines uniform covenants for national
use and non-uniForm covenants with limited variations b}• jurisdiction to constitute a uniform security ins!rument covering
real p~opert}~. This Mortgage sha{4 be governed h~~ the taw of the jurisdiction in which the Property is located. In the
~ event that any provision or clause of this !~iortgage or the 1Vate confticts ~~ith app(icable law, such conft+ct shall not a$ect •
4 ~~ther pro~isions of this Mortgage or the Note w~hich can be grven effect without the canflicting provision, and to this ,
i end the pro~ isions of the Mortgage and the tiote are declared to he severable.
~ 16. Borrower's Copy. 8orrow•er sha14 be furnished a conformed copy of the Note and of this Mortgage at the time
of erecution or after recordation hereof.
F 17. Transfer of the Propert~; Assumption. If all or am• part of the Property or an interest therein is sold or transferred
b~• Borrower without Lender's Prior written consent, excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b1 the creation of a purchase mone}~ sec~rin~ interest for household appliances. (c) a transfer by devise,
dcscent or by operation of law~ upon the death af a joint tenant or (d? the grant of an}~ 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
,mmediately due and payable. Lender shall have wai~~ed such option ro accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be sold or transFerred reach agr~ement in writing that the credit of such person
i; satisfactory to Ler.der and that the interest pa)'able on the sums secured by this Mortgage shall be at such rate as Lender
shall request. if [.ender has waived the option to accelerate pmvided in this ~aragraph 17, and if Borrower's successot in
intcrest has executed a wriuen assumption agreement accepted in writing by Lender. I.ender shall release Borrower from all
obligations under this Mortgage and the Note.
if I_e~ider exercises such option t~ accelerate. Lender sh:~ll mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 day~s from the date the notice is mailed within
which Borro~er ma~• pa}~ the sums decfared due. If 8orrower lails ro pay such sums prior to the expiraticn of such period.
Lender ma}'. µ'ithout further notice or demand on Borm~er, in~~oke am remedies permitted by paragraph 18 hereof.
No~-Ur~FOau Covex~~7s. Borrower and Lender further covenant and agree as follows:
18. Acce{eration; Remedies. Except ae prosided in para~raph 17 hersof. upon Borrower's brearh uf any covenant or
agreement of Borrower in this'~lortgabe, includinR the cot~enants to pay when due any soms secured by this Mortgags, Lendtr
prior to acceleration shalI mai! notice to Borrower as provided in parsgraph 14 hercof specifyiag: (1) the breach; (2) the action
required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such
bresch must be cured; and {d) ihat failure to cure such breach on or betore the date speci6ed in the notke may resnlt in
acceleration of the sams serured b~ t6is :~tortgage, forcclosure by judicial proceeding and sale of the Property. "Ibt notice
shall further inform Borrower of the right tc reinstafe after acceleration and the right to assert in the foreclosura peoeeedlug
the oon-existence of a defaolt or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the d~te spezified in the notice, Lender at Leader's option may declare ali of the sums secured by this Mortgage to be
immediaiely due and payable without further dtmand and may foreclose thts ;4fortgage by judicial procetdiug. Lsndtr shal!
be eotided to collect in such proceeding all expenses of foreclosure, including, but not llmitrd to, retsonable attoroey's fees,
and costs oE documentary e~~idence, abstractc and titk reports.
19. Aorrowe~s Right to Reinstate. Notw•ithstar.ding Lender s acceieratio~ of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinu~d at any time .
ga`~~06 P~~ 965
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