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201404242 lieu of condemnation, are hereby assigned and shall be paid to Mortgagee as herein provided. However, all of the rights of Mortgagor and Mortgagee hereunder with respect to such proceeds are subject to the rights of any holder of a prior deed of trust. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Mortgagor. In the event of a partial taking of the Property, the proceeds remaining after taking out any part of the award due any prior lienholder (net award) shall be divided between Mortgagee and Mortgagor, in the same ratio as the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to Mortgagor's equity in the Property immediately prior to the date of taking. Mortgagor's equity in the Property means the fair market value of the Property less the amount of sums secured by both this Mortgage and all prior liens (except taxes) that are to receive any of the award, all at the value immediately prior to the date of taking. Abandonment. If the Property is abandoned by Mortgagor, or if, after notice by Mortgagee to Mortgagor that the condemnor offers to make an award or settle a claim for damages, Mortgagor fails to respond to Mortgagee within thirty (30) days after the date such notice is given, Mortgagee is authorized to collect and apply the proceeds, at Mortgagee's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Any such application of proceeds to principal shall not extend or postpone the due date of any installments due under the Promissory Notes nor change the amount of such installments. Mortgagor Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Mortgagee to any successor in interest of Mortgagor shall not operate to release, in any manner, the liability of the original Mortgagor, nor Mortgagor's successors in interest, from the original terms of this Mortgage. Mortgagee 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 the original Mortgagor nor Mortgagor's successors in interest. Forbearance by Mortgagee Not a Waiver. Any forbearance by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall not be a waiver or preclude the exercise of any such right or remedy. Remedies Cumulative. Each remedy provided in the Promissory Notes and this Mortgage is distinct from and cumulative to all other rights or remedies under the Promissory Notes and this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. Successors and Assigns Bound: Joint and Several Liability: Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Mortgagee and Mortgagor. The captions and headings of the paragraphs in this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. Notice. Except for any notice required by law to be given in another manner, (a) any notice to Mortgagor provided for in this Mortgage shall be in writing and shall be given and be effective upon (1) delivery to Mortgagor or (2) mailing such notice by first -class U.S. mail, addressed to Mortgagor at Mortgagor's address stated herein or at such other address as Mortgagor may designate by notice to Mortgagee as provided herein, and (b) any notice to Mortgagee shall be in writing and shall be given and be effective upon (1) delivery to Mortgagee or (2) mailing such notice by first -class U.S. mail, to