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85-- 001007
<br />Lender's wnu,.n 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 he payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
<br />date of dishur%ement at the rate payable from time to time on outstanding principal under the Note unless payment of
<br />interest at such rate would he 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 expertie or take
<br />any action hereunder.
<br />S. lasilectlon. Tender may make or cause to he made reasonable entries upon and inspections of the Property, provided
<br />that Lender shalt give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />!. Condemnations. 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 />anti shall be paid to Tender.
<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 exec-i. 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 he 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 bears 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. 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 i and 2 hereof or change the amount of
<br />such installments.
<br />10. 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 shall not operate to release, in any manner.
<br />the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
<br />proceedings against %itch 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 he a waiver of or preclude the exercise of any such right or remedy.
<br />lire 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 in accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies Camulaffve. 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 i.iabilily; Captions. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall inure to. the respective succe %sors zed assigns of Lender and Borrower,
<br />%ub*t to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
<br />The captions and heading% of the paragraphs of this Mortgage are for convenience only and arc not to be used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required tinder applicable law to be given in another manner, (a) any notice to
<br />Borrower provided for in this Mortgage shall he 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 />(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 addres% as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
<br />Mortgage shall he deemed to have been given to Borrower or i.ender when given in the manner designated herein.
<br />ti. UaRoret 1►tortgailel Governing Law; SeverabRNy. This form of mortgage combines uniform covenants for national
<br />use and nonuniform covenants with limited variations by jurisdiction 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 />Miter 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 />ti. Borrower's Copy. Borrower shall he furnished a conformed copy of the Note 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 consent, excluding (a) the creation of a lien or encumbrance subordinate to
<br />this Mortgage. (h) the creation of a purchase money security interest for household appliances, (e) a transfer by devise,
<br />descent or by operation of law upon the death of a joint tenant or
<br />Lender may, at Lender's option, declare all the sums secured by this Mortgage to be
<br />immediately due and payable. tender shall have waived such option io accelerate if, prior to the sale or transfer, Lender
<br />and the person to whom the Properly is to he 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 request. if fender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
<br />interest he %executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
<br />obliptions under this Mortgage and the Note.
<br />If Lanier exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice shall provide a period of not less 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 %ems prior to the expiration of quell period.
<br />Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph I It hereof.
<br />No t4•Uminv m CoveroewTS. Borrower and Lender further covenant and agree as follows:
<br />111. Accelerallonf Remedies. Except as provided In paragraph 17 hereof, upon Borrower's breach Of any covenant or
<br />agre"n ow of Borrower in this Morlitage, Including the covenants to pay when time any sums secured by this lltatgage,
<br />Leader prior to acceleration shall mail notice In Borrower as provided In pornarnph 14 hereof specifying; (1) the breach;
<br />(2) she oetioa required to cure such breach; (3) a dart, not lens than 30 days from the dale the nolke Is mailed to Borrower,
<br />by which sock breach most be cared; and (4) that follure to cure such breach on or before The dolt specified in the notice
<br />pray it"" In acceleration of the sum% secured by Ohl% NiartItalle, foreclosure by jndivial proceeding and sale of the Property.
<br />the mite shall Neither Inform Borrower of the right In reinstate after acceleration and The right to assert In the fr wimure
<br />proceeding the non•exhieast Of a default or any Other defense tit Borrower to acceleration and foreclosare, If The breach
<br />k not cored an or before The date specified In the notice, Lender m Lender's option may declare all of the sums secured by
<br />debt Mortgage to he Immedlaltly doe and payable without furtbtr demand and may foreclow by Judicial prtnee4168. Lender
<br />shot be entitled to collect in inch proceeding all espenst% of forecirwmrt, including, but nor limhtd 10, costs of documentary
<br />evidtaee, nleoracts and title reports.
<br />19. Barrowers Right to Reinstate. Nr•1wi1hsl.uu4bnk 1 cmler'a accelcrllrno of file ,ems secured by thtt 41,nfpage,
<br />Borrower shall have the right ro have any pnrcecding% f,egun by 1 ender I enfnne 1111, A14'rfgnge licconuntled ,r imc nme
<br />NI,EA B /84
<br />nricB 1984A
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