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85OQQ355
<br />Lender', unu.n agreement or apphc.rble law. Borrower shall pay the amount of all mortgage insurance premiums in the
<br />manner provideJ under paragraph 2 hereof.
<br />Any amounts disbursed by lender pursuant to this paragraph 7, with interest therein. 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. he payable upon notice from lender to Borrower requesting payment thereof. and shall bear interest from the
<br />date of dishttrsement at the rate payable from time to time on outstanding principal under the Note unless payment of
<br />interest of such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
<br />permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any action hereunder.
<br />S. Inspection. tender may make or cause to be made reasonable entries upon and inspections of the Property. provided
<br />that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Condemnation. The proceeds of any award or claim 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 shat) he paid to Lender.
<br />in the event of a total taking of the Property. the proceeds shall he applied to the sums secured by this Mortgage.
<br />with the execs if any. paid to Borrower. in the event of it partial taking of the Property, unless Borrower and Lender
<br />otherwise agree in writing. there shall he applied to the sums secured by this Mortgage such proportion of the proceeds
<br />as is equal to that proportion wfirch the amount of the sums secured by this Mortgage immediately prior to the date of
<br />taking bears to the fair market value of the Properts immediately prior to the date of taking, with the balance of the proceeds
<br />paid to Borrower.
<br />If the Property is abandoned h) 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. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the
<br />Property or its the sums secured by this Mortgage
<br />Unless Lender and Borrower otherwise agree in writing, anv such application of proceeds to principal 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 installments.
<br />10. Borrower Not Released. Extension of the time for p:rvment or modification of amortization of the sums secured
<br />by this Mortgage granted by Lender to any wccessor in interest of Borrower shall not operate to release, in any manner,
<br />the liability of the original Borrower and Borrower's successors in interest Lender shall riot he required to commence
<br />proceedings against such successor .,r refuse to extend time for payment or otherwise modify amortization of the sums
<br />secured by this Mortgage by reason of :,ny demand made by the original Borrower and Borrower's successors in interest.
<br />11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law. shall not )c a waiver of or preclude the exercise of any such right or remedy.
<br />The procurement of insurance or the payment of eases or other liens or charges by Lender shall not he a waiver of Lender's
<br />right to accelerate the maturity of the ndehtedness secured by this Mortgage.
<br />12. Remedies Cumulative. All remedies provided in this Mortgage are Jistinct and cumulative to any other right or
<br />remedy under this 'Mortgage or afforded by tau or equity. and mat he escrcised concurrently. independently or successively.
<br />13. Successors and Assigns Bound: Joint and Several Liability; Captions. The covenants and agreements herein
<br />contained shoal hind. and the riches hereunder shall inure to. the respective successors and assigns of Lender and Borrower.
<br />subject to the pn,visrons of paragraph i' hereof All covenams and agreements of Borrower shall he joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for :onvenience only and are not to he used to
<br />interpret or define the provisions hereof.
<br />ld. 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 he given by marling 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 />(b) any notice to Lender shall he given by :ertrfied mail. return receipt requested. to !.ender', address stated herein or to
<br />such other address as Lender man designate hs notice to Borrower as provided herein Any notice provided for in this
<br />Mortgage shall he deemed to have been given to Borrower or (.ender when given in the manner designated herein.
<br />15. Uniform Mortgage; Governing Law; Setrrability. This form of mortgage combines uniform covenants for national
<br />use and non - uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
<br />real property. This Mortgage shall be governed by the law of the jurisdiction in which the Properiv 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 he given etfe :t without the conflicting provision, and to this
<br />end the provisions of the !Mortgage and the rote are declared to be severable.
<br />16. Borrower's Copy. Borrower shall he furnished a conformed copy of the Nine and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17. Transfer 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 convent. excluding tat the creation of a hen or encumbrance subordinate to
<br />this Mortgage. (h) the creation of a purchase money security mterest for household appliances, (c) a transfer by devise.
<br />descent or by operation of law upon the death of a joint tenant or
<br />[_ender may, at Lender's option. declare all the sums secured by this Mortgage to be
<br />immediately due and payable. Lender shall have waived such option to accelerate it prior to the sale or transfer, Lender
<br />and the person to whom the Property is to he sold or transferred reach agreement in writing Flat t�tp'rret9it of such person
<br />is satisfactory to I.ender end that the interest payable on the ,runs secured by this Mortgage shall tic at such ratio as Lender
<br />shall request if l.ender has waived the option v, accelerate provided in this paragraph 17, and if Borrowers successor in
<br />interest has executed a written assumption agreement accepted in writing liv 1 coder. Lender shall release Borrower from all
<br />obligations under this Mortgage and the Note.
<br />if i.ender exercises such - ruur to accelerate, I ender shall mail Borrowct notice of acceleration in accordance with
<br />paragraph is hereof. Such notice shall provide a period if not less than to days from the date the nonce is mailed within
<br />which Borrower may pay the sums declared due 11 Borrower fads to pay arch Bunts prior to the expiration of such period,
<br />Lender may, without further notice or demand i,it Horroerr, nvol.c any remedies perrmited by paragraph IS hereof.
<br />NON- 1)NlrokM COVENANTS Borrower and Lender further covenant and agree is follows
<br />ii. Accekratlon; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
<br />ttBee wwat of Borrower in thin Mortgage, Including the covenants to pay when due vi sums secured by this Mortgage,
<br />tAnder prior to acceleration shah maN notice to Borrower as provided in paragraph Id hereof specifying: 11) the hreach;
<br />(2) the action required to cure such breech: (31 a date, not leave than 30 days from the date the notice is mailed to Borrower,
<br />by which such breach must be cured; and (JI that failure to cure such breach on or before the date specified in the !tither
<br />h In seceieretion of the sums secured by Ibis Mortgage. foreciosure by Judicial proceeding and sale of the Property.
<br />The nNlce shail further inform Borrower of the right to reinstate after acceleration and the right to asven in the foreelusure
<br />proceeding the non•exW#rce of a default rat any other defense of Borrower to acceleration and forechrsure. If the breach
<br />is not cured on ur before she date specified in the notice. Lender at lender's option pray declare all of the aunts secured M
<br />this 44oflgatge to he immediately due and payeMe wishout further demand and runs foreclo -w by Judicial proceeding. I coder evy'
<br />qk@M be cotftled to rvdle¢I In such proceeding all expenses of furertnsure, including, but not limited to, costs of do¢ utnenlan °' '
<br />evidence, ahslra¢ts and titlr repnrls.
<br />19. Borrower's Bight to Nominee, rsnlrvs.,ndmH I : m1cr , e.,,•k it„ -„ms .c, tin -,1 1,s !hi, Aioatka(s
<br />iilljf r, ,h.i' h®vr ,hr !Igt"I „ , — w, ' . I , ndrr I., , "", ih- '11.. ,- , -,h., cJ .,I ,IIN hn+r
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