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Lender's written asrceme~t or applicable law. Borrow~er shali pay the amount of all mortgage iosurance prcmiums in the i
manner provided under paragraph 2 hercof. ~
Any amounts disburud by Lender purs~ant to this paragraph 7, wi~h intercst thercon. shall become additional ~
inJeb~edness of Borrower secu~od by this Mortgage. Unlecs Bor~ower and l.ender ~gree to other tetms of payment, such
amounts shall be payable upon notice from t.ender to Bor~ow~r requec~ing payment thercof. and shal! bcar interest from the ~
date of disburs~ment at the rate payable (rom time to time on outstanding principal unde~ the Note unless payment of
irttercst at such rate would be contnry to applicable law, in which ~vent such amount: shall bear inttrest at the hightst rate
permissible under applicable law. Nothing contained in thic paragraph 7 shal) rcquirc Leader to incur any expense or take
any action hereunder.
S. laspeetio~. Lender may make or cause to be made reaconable entriec upon and incpectionc of the Property, provided
that l.ender shall give Borrower notice prior to any such inspection cpeci(ying reasonable cause therefor related to Lender's
interest in the Properiy.
9. Coademaatbn. The proceedc of any award ~~r claim for damages. direc~ or concequential, in connection with any
condemnation or other taking of the Property, or part thereof. or for conveyance in litu of condemnation, are hercby assigned
and shall be paid to Lender.
ln the event of a total taking of the Propert~•. the proceeds chall he applied to thr tums secured by ~hio Mortgage.
with the e:cres, if any. paid to Borrowtr. ln ~he eve~t of a partial ~al,ing ot the Property. unlecc Borrower and Lender
otherwice agree in writin~t. there shall he applied ~o the wmc secured M• thic Mortgage cuch proportion of the proceeds
as ic equal to that proportion w~hich the amount of the sum~ cecured h~• ihic Mortgage immediately~ p~ior to the date of
taking lxars to the fair market value of the Propert~ immediatel~• prior to the Jate of taking. with the balance of the practeds
paid to Borrower.
1f the Property ic abandoned b~~ Borrower. or if. after notice My i ender to 8orrower that the condem~or oRers to make
an av?•ard or setNe a claim for damagec, Bormwer fails ~o re.pond M t.ender within ?0 days after the date such notice is
mailed. Lender ~.c alNhorized to collect a~d apply the proceeds. at I.ender'~ option. either to rectoration or rcpair of the
Propert}~ or 1o the sums sccured hy this Mort~age.
Unlesc l.ender and Borroaer otherw icc agree in ~ ritinc. am• such application of proceeds to principal shall not eYtend
or poctpone the due date of ~he monthl~• installmcros referrcd to in paragraphs I and 2 htreof or change the amount of
such installments.
10. Borrower Nol Released. Eriencion of the time f~+r pa}~ment or modifica~ic.n of amo~tization of the cum~ secured
by this Mort~age granted b~~ I.enJer tc• anr wccecsor ~n imerect of Borrower ~haH not operate to release. in any manner,
the liabiliry of tho ori¢inal Borrower and A~rro~~er'~ suxest~rc in interest t.ender shall not he required to commence
proceedings against such seiccecsor or refuce t~ e+ctenJ time fc+r payment or other~•i~e modify amorti~ation of the sums
serured b~• thic I?lortgage bp reas~•n ot .,m demand made b~ thc ~~rieinal Borr~wer and B~rrow•er's snccetcor~ in interect.
11. Forbearance by I.endtr Nof a Wai~er. An~~ f~~rhearanre h~ I r~der in e~ercicin¢ am• right ~r remedy hereunder. or
olhervvise aRorded hy applicahle law. shall n~t he a wai~~~r ~f i~r preclude the e~ercise of am~ such right or temedy.
The proeurement of insuraore or the payment of ta~ec ~.r ~ther lienc or char~ec h}• I.ender chall not he a waiver of l.ender's
right to aecelerate the maturity of the indehtednecs cerured h~• thi. M~rtgage.
12. Remedies Cumulative. All reme~lies prmided in thic Morteage are distinct and rumulative to an}~ other right ~r
remedy u~der this M~rtgagc or aff~rdcd hv law~ ~•r equity. ~nd ma~ he e~erciced concurrently. independemly or succecsivel}•.
13. Successors and Assi~ns Bound: Joint ~nd Se~eral I.i~bilih~: ('aptions. Thc co~~cnants and agreement~ hcrein
contained shall hind. and the riRhls hercunder shall ~nure t~. thr re.pective ~urce.«~r~ and ac~i¢na of l.ender and Borroaer,
subject to the pro~~icionc of paragraph 17 hereof. All .m~en~nts an~l agreementc i~f Borrow•er shall he j~int and ce~•eral.
The caPtions and headingc c.f the paraera~h. ~•f this '~tonc:~~c are f~~r c~~m•enience only~ and are n~t t~ he u~ed to
interpret or define the prm~~cionc hereof.
14. Notice. Except for any notice rcyuired under aprlir:ihle IaW t~~ be given in another manner. (al an}• nMice to
Borrower provided for in ihic ;~iortgaee chall h~ g~~'rn hc mailine w~h n~~t~ce M rertified mail addrecced t~ Borrower at
the Property Addrecs or at sueh other addrec. ~c Brrr~~wer m:i~ de~i~natc h}- n~~tice t~ LenJer as pm~~iJed herein, and
(hl an}• notice to I.ender shall tx given h~ cert~fir~ mail. return rece~~+t requecteJ. t~• I ender'c ad~lresc stated herein or to
such other addrest as I_ender ma~ desi¢nate M n~ti~e t~~ Brrm~cr as pr.~~ide~! herein. Am~ notice pn~vided for in this
Mortgage shall he deemed to ha~c bcrn ghen to Borr~~Nrr ~•r 1 rnder Nhcn gi.en in the manner de~ignared herein.
15. Uniform Mor1R~e; Governin~: 1.~w; Se.erabilit~. This form of mortgage combines uniform covenants for national use
and non-uniform covenants with limited vaziations by jurisdiction to constitute a uniform stcurity instrument covering real property. The
statt and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is locaud. The forcgoing
sentence shall not limit the applicability o(ftderal Iaw to this mortgage. In the evtnt that any provision or clause of this Mortgage or the
Note conflicts with applicable law, such conflict shall not aft'ect other provisions of this Mortgage or the Note which can be given effect
. without the conflicting pro~ision, and ta this end the provisions of the Mortgage and the Note are dectared to be severable.
16. eorrower's Cop}•. Borro~er ~hall hc furni~he~ a rrnf~~rmed ~op~~ u( the Nc.tr ~nd c•f thic Mortgage al the time
of execution or after recordation heree•f.
~ 17. Transfer of the Propert~: Assumption. If aU ~~r an~ rart ~~f the Prnperty or an interest therein ic s~•ld or tran~ferred
~ by Borrower without I.ender's pri~,r wriurn ~oncem. ~~cluding Ia? thr creati~n af a lien e•r enc?omhrancc suhor~iinate to
' th~~ Mortgage. (bl the creation of a purrhace money ~erurit~ interest f~n c~.ucehnld applia~cec. (cl a tran~fer h~• devise,
de~cent or by operation of l~H upon the Jcath ~f a j~~m~ tenant nr 1~~~ thc erant of an~• leasehold interest of three }'earc or lecs
not containing an option t~ purchase. I ender m.,v. ,t t rnder'. rptu~n. declare all the cumc secured h}• this Mortgage to t+e
immediately due and payable. l.ender ShaH ha.e uai~•ed ~uch ~.ption a~ aceelerate if. ~rior to the .ale e~r transfer. I.enJer
and the person ro whom the Property i~ ~o be cold or tranc(crred rearh :,greement in writing that the credit of wch person
is satisfactorp to I.ender and that ~he interr.t pacahle ~~n ~he ~um~ ~ecured b}• thi~ !~4orteage ~hall be at such rate ac I.ender
shali request. If (.ender has waived the optic~n to acceferate pm~•idcd in thi~ paraera~+h 17, and if Borrow•er's successor in ~
interest ha~ executed a w~riiten assumption agreemeni accepted in writing by I.ender. l.ender shall releace Borrower from ali ~
obligations under this Mortgage and the N~te.
If Lender eYercises such op~inn t~• acreler:~te. I.en.ler +hall mril Barrower notice of acceleration in arcordance with
paragraph 14 hereof. Such nutice ~hall prov~de a perioJ ~,f n~•t less than 30 day~s from the date tfie noti:e is mailed within i
which BorroK•er ma}• pa~~ the sums decl~re~i due. if Borrouer (aiic to pay cuch wms prior t~ the erpiratinn rf Such period, '
(_ender may. without further notice ~r demand ~~n ti~rrrwer. ~m•o~.e an} rrmedies pcrmitted hv paragraph 1R hereof.
Norv-Utv~FOR~t CovF:v~tvTS. Barrower and Lender further rnvcnant and agree as follows:
~ 18. Acceleration; Remedies. Except as pro~•ided in paraRraph 17 hereof. upon Borrowt~'s breach of a~y corenant or
~ ~reement of 8orrower in this :?iortgage. includirry~ the co~cnants to psy whsn due any sums xcured by Ihis Mortgage. Lender
prior to accekrat'an shall mail notice to Borrower u pro~ided in para~raph 14 hereof specifyinR: (1) the bceach; (2) the actan
required to cure such breach; (3) a date, not less than 30 da~s from the date the notice is mailed to 8ormwer. by which such
breach must be cured; and (4) Ihat failure to cure such breach on or beforc Ihe date speci6ed in 1he notke msy rcsult in
acceleration of Ihe sums secured by Ihis MortRage, foreclocure by judicial proceedin~ and sale of the Property. 71~e notice
shall furiher inform Bo~rower of the riRht to reinstate afltr acceler~tion and the right to auert in the foreclosure proceedi~
Ihe non•ex~tence of a dtfauli or anv olher detenx of Borrower to acceleration and forecbsure. tf the breach is oot cund on
or beforr the date speci6ed in the notics. Lender at Lender's option ma~ declare all of the sums stcured by this Mortga~e to be
immediately due and payable without turther demand and may foreclost this ~tort~a~e by judicial proceedi~. Lender shall
be entided to collert in such p~oceedin~ all expenses of foreclosure, includinR, but not limitrd to. reasonabie attorney's fees.
~nd costs of documentary evidence. abstractc and titk rcports.
19. Borrower's Right to Reinstate. 'Votwithuanding Len~er~ti accelerat~on of the sums tecured b}~ this Mortgage.
Borrower shall have the right to have am proceeding~ heRun h. I.ender to enforce this Nortgage discontinued at any time
.
aoac 49~ PacE 972
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