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<br /> 78-. UU2436
<br /> I.ender's written agreement or applicable Iaw. Borrower shall pay the amount of all mortgage insurance premiums in the
<br /> manner provided under paragraph 2 hereof.
<br /> Any amounts disburud by Lender pursuant to this paragraph 7, with intenst thereon, shall become additional
<br /> � indebtedness of Borrower secund 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 /> j intenst at auch rate would be wntrary to applicable law, in which event such amounts shall bear interest at the highest rate
<br /> { permissible under applicable law. Nothing contained in this paragreph 7 shall require Lender to incur any expense or take
<br /> any action hereunder.
<br /> � S. Impectlon. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br /> k that Lender shall give Borrower notice p�ior to any such inspection specifying reasonable cause therefor relared to Lender's
<br /> interestin the Property.
<br /> � 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br /> jcondemnacion or ather taking of the Propecty, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
<br /> � 3 and shall be paid to Lendea
<br /> ; In the event of a total taking of the Properry, the proceeds shall be applied to the sums secured by this Mortgage.
<br /> + with the excess, if any, paid to B�rcower. In the event of a partial taking of the Property, untcss Borrower and Lender
<br /> j otherwise agree in writing, there shali be applied to the sums secured by this Mortgage such proportion of the proceeds
<br /> as is equaT to that proportion whic6 [6e amount of the sums secured by this Mortgage immediately prior to the date of
<br /> � [aking bears to the fair market value of [he Property immediately prior to the date oE taking, with the balance of the proceeds
<br /> paid to Borrower.
<br /> � If the Praperty is abandoned by Borrowe[. or if, after notice by Lender to Borrower that the condemnor offers to make
<br /> an award or settle a daim for darnages, Borrower fails to respond to Lender within 30 days afrer the date such notice is
<br /> mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
<br /> Property or to the sums secured by this Mortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such appiication of proceeds to principat shall not extend
<br /> or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> such instaliments.
<br /> - 10. Sonower Not Released. Extension of the time for payment or modification of amortization of the sums secured
<br /> ? by this Mortgage granted by Lender to any successor in interest of Borrower shall nat operaie to release, in any manner,
<br /> ' the liability of the original Borcower and Borrower'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 /> 1 secured by this Mortgage by mason of any demand made by the original Borrower nnd Borrower's successors in intenst
<br /> , � Il. For6earance by Lender Not a R'atver. Any forbearance by Lender in exercising any right or remedy hereunder. or
<br /> f otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
<br /> , � The pipcurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
<br /> , , rigFit ,R"o_ accelerate the maturity of the indebtedness cecured by this Mortgaga
<br /> 's 12:, Remedtes CamulaHve. All remedies provided in this Mortgage are distinct and cumutative to any other right or
<br /> ? romedy under this Mortgage or afforded by law or equity, and may be exercised coneurrently, independendy or successively.
<br /> f 13. Saccessors and Assigns Bound; Jotnt and Several i.iability; Captions. The covenants and agreements herein
<br /> i contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower.
<br /> ' � subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. '
<br /> # The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to `
<br /> + interpret or define the provisions hereof.
<br /> ; 14. NoNce. Except for any notice required under applicable law to be given in another manner, (a) any notice to
<br /> f Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borcower at , s^'u""'�"' �
<br /> � the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
<br /> � (b) any notece ro Lender shali be given by certified mail, return receipt requested. to Lender's address stared herein or to
<br /> such other addrcss as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
<br /> Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br /> 15. Uniform Modgage, Governing I,aw; Severabtlity. This form of mortgage comb�nes umform covenants for national
<br /> � use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering �
<br /> rca1 property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
<br /> event that 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 /> 1 end the provisions of the Mortgage and the Note are declared to be severabla
<br /> � 16. BomowePs Copy. Borrower shatl be furnished a conformed copy of the Note and of this Mortgage at the time
<br /> of execution or after recordation hereof.
<br /> � 17. Traaefer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred
<br /> by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrauce 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 las
<br /> not containic�g an option to purohase, Lender may, at Lender's option, declare alI the sums secured by this Mortgage to be
<br /> immediately due aod payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender
<br /> ,_; and thrperson to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
<br /> � is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
<br /> shall requesL If Lender haa waived the option .to acceleraie provided in this paragraph 17, and if Borrower's successor in
<br /> , � interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
<br /> � obligations under this Mortgage and the Nota
<br /> If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
<br /> paragraph 14 hercof. Such notice shall provide a period of not less than 30 days frorn the date the notice is mailed within
<br /> t 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 Borrowe�, invoke any remedies perrnitted by paragraph 18 hereof.
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<br /> ;;J Nort-UN�rortM CovsxeN�rs. Borrower nnd Lender further covenant and agree as Follows:
<br /> ;, i iS. Acedeeatlon; Remediea. FSccept as provided in para�;nph 17 hereof, upon Borrower's brcach of any covenaat or
<br /> y agreement of Borrower 1n thts Mortqage, including the covenanls to pay whea due any sums securcd by this Mortgage, !
<br /> � Lender prlor to acceleration sl�t mafl notice to Borrower as provided io paragraph 14 hercof specifying: (1) the 6reac6; , .�
<br /> t (2) the actlon requircd to cure wch breach; (3) a date, not leas tAan 30 days from tbe date the nodce is mailed to Borrower, ,_;•- �
<br /> by whlch ench brcach most 6e curcd; and (4) that faiture to cure suc6 breach on or before the date speci8ed in the notice r�
<br /> may reault io acceleration of the cums secured by thla Morlga�e, foreclosure by judlcis! proceeding and sale of the Property. � " ' �:� a
<br /> The notice ahalt farther Worm Borrower of the rig61 to reinstate aHer sccelereHon and the rtght to aRsert in the foreclosure
<br /> proceedio�`tl�e non-e�cbtence of. a detaalt or any other defense of Borrower to accelecaHon and forcclosurc. If the breac� � 4
<br /> � ie nof cured on or be[ore the date specl8ed in lhe �rofice, [.ender et Lender's option may declare all of the sums secured by -
<br /> ;� !hb Mo�age to be Immediatdy doe aud payable without fnrlt�er demand and may foreclose by judtcial proceeding. Lender � ' ;'�`.`q
<br /> aha116rmBtled lo collecf 1n sue6 proceedtng a11 eacperoes of foreclosure, Including, but not Ilmhed to, costs of documentary ` ' ,`^,y�;,
<br /> : � avldenco. a6stracts aad Utte reporb. K. _ y.' :
<br /> -,� 19. Eorrower's Rte6t to Reim/ate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
<br /> ;s Bosower shall bave the rlg6t to have any proceedings begun by Lender to en(orce this Mongage disco�tinued at any time
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