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85-- 000503
<br />Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
<br />manner provided under paragraph 2 hereof.
<br />Any amounts 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 />date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
<br />interest at 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 />i. Laspection. Lender may make or cause to be made reasonable entries Capon 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. Comilessinaders. 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 shall be paid to Lender.
<br />in the event of a total taking of the Property, the proceeds shall be applied to the stems sectored 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 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 />taking tears to the fair market -, attic 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. 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 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 />19. Borrower 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 %hall not operate to release, in any manner,
<br />the liability of the original Borrower and Borrower's successor, 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.
<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 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 not be a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies Cumulative.- All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently, independently or successively.
<br />13. Successors and Assigns, Bound; Joint and Several Liability; Captious. The covenants and agreements herein
<br />contained shall hind, and.the rights hereunder shall inure to, the respective successor- and assigns of Lender and Borrower,
<br />subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to he used to
<br />interpret or olefin the provisions hereof.
<br />14. Notice. i uept for any notice required under applicable law to he given in another manner. (a) any notice to
<br />Borrower provided for in this Mortgage shall he given by mailing such notice by certified avail 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 certified mail, return receipt requested. to Lender's address stated herein or to
<br />such other address as Lender may designate by notice to Borrower as provided herein. Anv notice provided for in this
<br />Mortgage shall he deemed to have been given to Borrower or Lcnder %hen given in the manner designated herein.
<br />1S. U orm Mortgage; Governing Law. Severability. This form of mortgage combines uniform covenants for national
<br />use and non - uniform covenants with limited variations by jtansdoction to constitute a uniform security instrument covering
<br />real property. This Mortgage shall he 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 he given effect without the conflicting provision. and to this
<br />end the provisions of the Mortgage and the Note care declared u, he severable.
<br />16. er's Copy. Borrower shall he furnished a conformed copy of the Note and of this Mortgage at the time
<br />of mccution or after recordation hereof.
<br />17. Transfer of Ilse 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 licit or encumbrance subordinate to
<br />this Mortgage, (b) the creation of a purchase money security interest for household appliances, fcl a transfer by devise,
<br />dessent or by operation of law upon the death of a joint tenant or idi the grant of any leasehold interest of three years or less
<br />riot containing an option to purchase, Lcnder may, at Lender's option. declare all the sum% 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 be sold or traosferred reach agreement in writing that the credit of such person
<br />i % satisfactory to Lender and that the interest payable an the stints secured by this Mortgage shall he at such rate as lender
<br />shall request. If tender has waived the option to accelerate provided in this pudragraph 17, and if Borrower's successor in
<br />interest has executed a written assumption agreement accepted in writing by Lcnder, I ender shall release. Borrower from all
<br />obligations under this Mortgage and the Note.
<br />If Lender exercises shish option to accelerate. Lcnder shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice %hall provide a period of not less than 30 clays from the date the notice is mailed within
<br />which Borrower may pay the sums declared clue. If Borrower fails to pav such sums prior to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower, ratvokc amy remedies pernrmed by paragraph IS hereof.
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