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78' U01311 �
<br /> I.ender's written agrcemwt or applicable law. Borrower shall pay the amount of all mortgage insurance pmniums in the
<br /> manner provided under paragraph 2 hereof.
<br /> Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thenon, shall become additional
<br /> indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
<br /> date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of �
<br /> interest at auch rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
<br /> permiasIble under appticable law. Nothing contained in this paragraph 7 shall require I.ender to incur any expense or take � .
<br /> any action hereundea
<br /> 8. 7nspecHon. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided i :
<br /> that Lender shall give Boaower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br /> � inurest in the Property. �''
<br /> ;, j 9. Condemoallon. The proceeds of any award or claim for damages, direct or consequential, 'rn connection with any
<br /> a condemnation or other taking of ihe Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned � '
<br /> : . � and shall be paid to Lender. : '
<br /> j 7n the event of a rotal talcing of the Property, the proceeds shall be applied to the sums secured by this Mortgaga � -
<br /> ; with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, uniess Horrower and Lender
<br /> + otherwise agree in writing, there shalt be applied to the sums secured by this Mortgage such proportion of the proceeds
<br /> � as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of �
<br /> i taking bears ro the fair market vatue of the Property immediately prior to the date of taking, with the balance of the proceeds "
<br /> f'
<br /> paid to Borrower. �
<br /> ; { If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otfen to make C';
<br /> an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is
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<br /> : � mailed. I.ender is suthorized to collect and appiy the proceeds. at LendePs option, either to restoration or repair of the ''i
<br /> i Property or to the sums secured by this Mongage. ;`
<br /> ' Unless Lender and Borrower otherwise agree in writing, any such apptication of proceeds to principal shall not extend d '
<br /> . � or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of i
<br /> � such installments. �
<br /> p 10. Borrower Not Released. Extension of the time for paymmt or modi8cation of amortization of the sums secured F
<br /> ' i by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
<br /> the liability of the original Borrower and Horrower's successors in interest. Lender shall not be required to commence �
<br /> ' � proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums �`
<br /> secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. t'
<br /> , 11. Forbearaoce by Lender Not a Walver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br /> " + otherwise afforded by applicable law, shalt not be a waiver of or preclude the exercise of any such right or remedy. �`
<br /> � The procurement of insurance or the payment of faxes or other liens or charges by Lender shalt no[ be a waiver of Lender's �
<br /> : � right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br /> J 12. Remedies CumvlaHve. All remedies provided in this Mortgage are distinct and cumutative to any other right or
<br /> remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ;:
<br /> � 13. Successors and Assigns Bound; Joinl and Several i,iab7ity; Capdons. The covenants and agreements herein
<br /> 3 contained sha11 bind, and the rights hereunde� sha11 inure to, the respective successors and assigns of Lender and Borrowet, +•
<br /> g subject to the provisions of paragraph 17 hereof. Atl covenants and agreements of Borrower shall be joint and several. %
<br /> l The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
<br /> � interpmt or define the provisions hereof. .
<br /> 14. Nofice. Except for any notice mquired under applicable law to be given in another manner, (a) any notice to
<br /> ; Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at ",
<br /> ' ; the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and '
<br /> i (b) any notice to Lender shall be given by certified mait, retum reccipt requesred, to LendePs address stated herein or to �
<br /> such other address as Lender may designate by notice to Borrower as provided herein. Any norice provided for in this i
<br /> � Mortgage shalt be deemed to have been given to Borrower or Lender when given in the manner designated herein. '
<br /> i 15. Uniform MoAqage; Governing Law; SeverabOity. This form of mortgage combines uniform covrnants for national
<br /> i use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ;
<br /> ; rcal property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. 7n the !
<br /> event ihat any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
<br /> , � other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
<br /> x end the provisions of the Mortgage and the Note are declared to be severabla
<br /> i 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
<br /> y of execution or after recordation hereof.
<br />� � 17. Transfer of the Property; Assumption. If alI or any part of the Property or an interest therein is sold or transferrcd
<br /> by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or enaumbrance subordinate to
<br /> this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
<br /> descent or by operation of law upon the death of a joint tenant or (d) the grant oF any leasehold interest of three years or less
<br />� � not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be
<br />� immediately due and payabla Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
<br /> s'` � ' and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
<br /> i � is satisfactory to Lender aad that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
<br /> i shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Horrower's successor in
<br /> in[erest has executed a written assumption agrecment accepted in writing by Lender, Lender shall release Borrower from all
<br />, � obtigations under this Mortgage aad the Nota
<br />: y If Lender exercises such option to accekrate, Lcnder shall mail Borrower notice of ucceleration in accordance with
<br /> S paragnph 14 hereo£ Such notice shall provide a period oF not less than 30 days from the date the notice is ma�7ed within
<br />' � which Borrower may pay the sums declared due. If Borrower fails ro pay such sums prior to the expiration of such period,
<br /> ,� Lender may, without further notice or demand on Borrower, invoke any remediu permitted by paragraph 18 hereof.
<br />� 3 NoN-UrnroxM CoverreNrs. Borrower and L.ender further covenant and agrce as follows:
<br /> i-1 YS. Accekralioo; Remediea Fscept aa provided in paregraph 17 hereof, upon Borrowe�s 6reach of any covenant or
<br />�.,,,. .� sg�eement of Borrower in this Mortgage, includiug fbe covenants to pay when due any sums secu�ed by this l�tortgage,
<br /> { Leoder prlor to acceleration ahall mr7 nodce to Borrower as provided in paragraph I4 hereof specifytng: (1) t6e brcach;
<br /> � (2) t6e ac8ou rcquired to cnrc sac6 breach; (3) a dafe, not less than 30 days from the date the nodce is mailed to Borcower,
<br /> by �►1dch sach breach moat 6e cured; and (4) that fallure to cure such 6reach on or before the date specified in the no8ce
<br /> '� may rnalt In accderatton al the sams secured by this Morfga�e, foreclosure by judiciel proceeding and sale of tLe Property. •
<br />� � The aotice ahall forther Ldorm Borrower oi the rlgt�t to retnstate after accderatlon and the r(ght to assert in the forcclosurc
<br /> proceediog t6e �wn-exbtence o[ s default or any other defense of Borrower to acceteration and foreclosurc. If the bresch
<br />;-�� is not enred on or before tLe date apecifled in t6e notice, I.e�er af Lender'e option may declare all oE the sums secured by
<br />� � t6is Mortgage to 6e immediately dae and payable without further demand and may forectose by .judicisl proccedi�g. Lender
<br /> r ttiaL be mtffted to colkct in soch proceedi� all expenses ot foreclosure, inclod8g, but not llmited to, costs oE docvmmtary
<br /> J�' evidence. aLstracts and title reporCs:
<br /> � ` 19. Borrowet'a Right to Reimtata Notwithstanding Lender•s acccleration of the sums secured by this Mortgage,
<br /> ; Bornowershall have t6e dgl�t to bave any proceedings begun by Lender ro enforce this Mongage discontinued at any time
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