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<br /> 78- U03022 .
<br /> Lender's written agreement or applicable law. Borrower shall pay the amount of aIl mortgage insurance premiums in the
<br /> manner provided under paragraph 2 hereof.
<br /> Any amou�ts disbursed by Lender pursuant to this paragraph 7, with interest thereon, 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 /> rdate of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
<br /> 1 ; interest at such rate would be contrary to applicable law, in which event such amounts shalt bear interest at the highest rate
<br /> permissible under applicable law. Nothing contained in this paragraph 7 sha11 require L.ender to incur any expense or take
<br /> any action hereunder.
<br /> 8. Inspectlon. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br /> that L.eader shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br /> interest in the Property.
<br /> 9. CondemnaHon. 7'he proceeds of any award or ctaim for damages, direct or consequential, in connection with any
<br /> condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
<br /> and shall be paid to Lender.
<br /> In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage.
<br /> with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrower and Lender
<br /> otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proponion of the proceeds
<br /> as is equal to tha[ proportion which the amount of the sums secured by this Mortgage immediately prior [o the date of �
<br /> taking 6ears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
<br /> paid to Borrower.
<br /> If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
<br /> an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is
<br /> mailed. Lcnder is authorized to collect and apply the proceeds, at Lender's optio�, 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 application of proceeds to principal shall not extend
<br /> or postpone the due date of the monthty installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> such installments.
<br /> 10. Borcower Not Releaved. 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 Borrowcr shall not operate to release. in any manner.
<br /> the liability of the original Borrower and Borcower'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 modi[y amortization of the sums
<br /> secured by this Mortgage by reason of any demand made by the originat Borrower and Borrowers successors in interest.
<br /> " 11. Forbearance 6y Lender Not a Wsiver. Any forbearance by Lender in exercising any right or rcmedy hereunder. or
<br /> otherwise afforded by appticable 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 taxes or other liens or charges by Lender shall no[ be a waiver of Lender's
<br /> '. right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br /> ' ]2. Remedies ComalaHve. All remedies provided in this Mortgage are distinct and cumulative to any other right or
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<br /> remedy under this Mortgagc or nfforded by law or equity, and may be exercised concurrendy, independently or successively.
<br /> 1 13. $OCCGS40IA 9A(� I�iRbn� flnnn�l•y Inin� ond Gv�eol i_iotiAi�v. !'eeN�we "T'4�� :nvnneeta on�sem�n�a i�n��i� . .
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<br /> contained shall bind, and che rights hereunder shall inure to, the respective succeuors 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 /> 'i. "I1�e captions and headings of the paragmphs of this Mortgage are for convenience only and are not to be used to
<br /> interpret or define the provisions hereof.
<br /> f 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to
<br /> : Borrower provided for in this Mortgage shall be given by maiting such notice by cenified mail addressed to Borrower at
<br /> ffie Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
<br /> � (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender s address stated herein or to
<br /> � such o[her address 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 I_ender when given in the manner designated herein.
<br /> i 15. Unlform Mortgage; Gorerniug Law: Sevenb(Ilty. This form of mortgage combinu uniform covenants for national
<br /> iuu and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ,
<br /> real properry. 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 /> � end the provisions of the Mortgage and the Note are declared to be severable.
<br /> + 16. Borrower's Copy. Bormwer shall be fumished a conformed copy of the Note and of this Mortgage at the time
<br /> � of eaecution or after recordation hereof.
<br /> 17. Tronsfer of the Property; Assumptiom If all or any part of the Property or an interest therein is sold or transferred
<br /> { by Borrower without Lender's prior wriuen consen4 exduding (a) the creation of a lien or encumbrance subordinate to
<br /> i 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 ]ess
<br /> not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be
<br /> y immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
<br /> ; and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
<br /> s is satisfactory to Lender and [hat the interest payable on the sums secured by this Mortgage shatl be at such rate as Lender
<br /> � shall request. If Lender has waived ihe option to accelerate provided i� this paragraph 17, and if Borrower's successor in
<br /> i 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 Note.
<br />� ? If Lender exercises such option to accelerate. Lender shalt mail Borrower notice of accdere[ion in accordance with
<br /> { paragraph 14 hereof. Such notice shall provide a period of not Ius than 30 days from the date the notice is mailed within
<br /> � which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
<br />; Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
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<br />� i Nox-Uta�FoxM CovEivwN'rs. Borrower and Lender further covenant and agrce as follows :
<br />� � 18. Accelerallon; Remedtes. Facepf as provided in paraRraph 17 hercoi, upon Borrower's brcac6 of aoy covenant or
<br /> 1 agreement of Borrower in this Mortgage, including the covenants ro pay when due any sums aecored by this Mortgage,
<br /> - ! Lender prlor to accehntfon s6all mail notice fo Borrower as provided in a h 14 hereof
<br />'` p ragrap specifying: (1) t6e breach;
<br /> j ' ; � (2) the actbn reqnired to cure such brcach; (3) a date, not teav than 30 days from the date the noNce is mailed to Borrower.
<br /> S- , � by w6ic6 mch 6teach mmt 6e corcd; and (4) thst failure to cure such breac6 on or beforc the date specified in the noHce ,_
<br /> �. . i . may result tn acederadoq of t6e surt�v secured by this Mortgage, forcclosnrc by judicial proceedl� and sale of the Properly.
<br /> �j T6e nodce shall tarther i�orm Borrower of t6e right ro reinstate sfter acceleration and the rtght to assed in the foreclosure
<br /> ` proceedtog the non.exiatence of a default or any other defense of Borrower to acceleretion and forcclosurc. If t6e 6rcach
<br /> ��..- ; � � � is not curcd o0 or beforc the� date speci6ed � tbe noNce, Lender at Lender's option may declare all of the soms second by
<br /> � tbis Mortgage to be immediatdy due a� paya6le without furlher demand and msy foreclose by judtcial proceeding. Lender
<br /> r a6a11 be entltled to colled In wch proceeding al! expenses of fonclosure, lncluding, but not limited to, costs of documentary
<br /> `: ¢ evldence, abstracts and HUe rcporb.
<br /> � - � � 19. Borrowea's Ri�6t to � Reinstafe. Notwithstanding Lender's acceleration of the sums secured by tbis Mortgage.
<br /> ; Borrower shall have ffie right to have any proceedings Ixgun by Lender to enforce this Mortgage discontinued at aay time
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