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of �����
<br />I enders wnti,n agreement or applicable law. Horrower shall pay the amount of all
<br />manner provrdcd under paragraph 2 hereof. nac rti,ajjc Insurance premiums in the
<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
<br />Borrower and Lender agree to other terms of payment, such
<br />amounts shall he payable upon notice from Lender to Borrower
<br />requesting payment thereof, and shall bear interest from the
<br />date of disbursement at the rare payable from time to time on outstanding
<br />interest
<br />principal under the Note unless payment of
<br />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
<br />paragraph 7 shall require
<br />an P
<br />y action hereunder, q re Tender to incur any expense or take
<br />8- Inspection. Lender may make or cause to he made reasonable entries upon and inspections of the Property, rovided
<br />t that Tender %hall give Borrower notice to
<br />prior 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
<br />part thereof, or for conveyance in lieu of condemnation, are hereby assigned
<br />and shall he paid to fender.
<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 e%ce%s if any pa,d to Borrower. In the event of a
<br />. taking
<br />partial of the Property, unless Borrower and Lender
<br />otherwise agree in writing, there shall be applied to the sums secured by this Mortgage
<br />as is equal
<br />such proportion of the proceeds
<br />to that proportion which the amount of, the sums Secured by this Mortgage immediately prior to the date of
<br />taking bears to rile fair market value of the Property mmediately
<br />paid to Borrower. prior to the date of taking, with the balance of the proceeds
<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 Lender
<br />to within 30 days after the date such notice is
<br />mailed. Tender is authorized to c ollect and apply the proceeds. at Tender's option, either to restoration or repair
<br />Property or to the sums secured by
<br />this Mortgage. of the
<br />Unlcs% Lender and Borrower otherwise
<br />agree in writing, any such application of proceeds to principal shall not extend
<br />or "tpone the due date of the monthly installments referred to in
<br />such installments. paragraphs 1 and 2 hereof or change the amount of
<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 Tender to any successor in interest
<br />of Borrower shall not operate to release, in any manner,
<br />the liability of the original Borrower and Borrow'er's successors in
<br />interest. [_Crider shall not he required to commence
<br />proceedings against such successor or refuse to extend time for
<br />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 />1111. Forbearance by Lender Not Waiver.
<br />a Any forbearance by [.ender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shall not he a waiver
<br />of or preclude the exercise of any such right or remedy.
<br />The procurement of insurance or the payment of t,,l %c% or other liens or charges by Lender shall not he a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness
<br />secured by this Mortgage.
<br />12. Remedies Cumulative. All remedies provided in this Mortgage
<br />are distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equity. and mat' he c%ercl%ccd concurrenth. independently or successively.
<br />13. Successors and Assigns Bound; Joint
<br />and Se%eral t.iabilit}; Captions. •Rte covenants and agreements herein
<br />contained shall hind, and the rights hereunder shall inure to, the respective
<br />successor: and assigns of lender and Borrower.
<br />subject to the provisions of paragraph 17 hereof All
<br />covenants and agreements of Borrower shall he joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for
<br />interpret
<br />convenience only and are not to he used to
<br />or define the provisions hereof.
<br />la, Notice. Except for any notice required under applicable law ro
<br />Borrower provided for in this Mortgage shall he glen by mauling t) he he given in another manner, (a) any notice to
<br />such by certified mail addressed to Borrower at
<br />the Property Address or at such other address Horr
<br />as -Aer mat deli pate b> notice to I ender as provided herein, and
<br />(b) any notice to [.ender shall he given by certified mall.
<br />return iece,;sr requested. 141 1 ender's address stated herein or to
<br />such other address as Lender may designate b% notice to Bt
<br />novo er is rrov,ded 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 />13. Uniform l�toHgage; Governing Law; Severabilit}, "rhls
<br />!,.rm of mortgage comhines uniform covenants for national
<br />use and non- uniform covenants with limited variations hs
<br />durisd,cn,nr to cnnstirute a un.fc:rnn security instrument covering
<br />real property. This Mortgage shall be governed by the law of the
<br />It"11,Jlchori in which the Property is located. In the
<br />event that any provision or clause of this Mortgage or the Note conrlirts .ith applicable law, such conflict shall not affect
<br />other provisions of this Mortgage or the Note
<br />which can he t %en effect %yilho: ;t the c ont?irting provision, and to this
<br />end the provisions of the Mortgage arid the \ore are declared to he sl %crabde
<br />16.
<br />Borrower's Copy. Borrower shall he furnished a conformed copy of the Note and of thus Mortgage at the time
<br />(if execution or after recordation hereof.
<br />17• Trarifer of the Propert); Assumption. if all or an% part of the Property or an Interest ttaerein is sold or transferred
<br />by Barre}.vrr without Tender's prior written is of
<br />consent, e\�IuidlnK (,,I the creation of a hen 4e encumbrance subordinate to
<br />this MorteaRe. tbt the creation ( +f a purchase mope} %ecurl(v Interest for houYehoij appliances,
<br />descent or by
<br />ic► 1 transfer by devise,
<br />operation of law upon the death of a joint tenant or
<br />[,ender may, at 1 ender'% optieln, declare all the sum, secured by ;his Mortgage to be
<br />rntmedaatel, dire and payablee. I Crider shall hale %%-jived such
<br />option to accelerate if'. prior r.+ the sale or transfer, [..ender
<br />and the pers(en Pf1 whc +na the Property is r,o he %old or transterred reach ,igreerrlrrlt
<br />1% satisfacf0ry
<br />In wr;t;lag rl;a! flu° credit of such person
<br />to I endcr and that the interest pa }able un the drips sec used !.% this !11urrg.,t;c 'hail tIh at edit rate as Lender
<br />shall request If I ender has waived the option t(4
<br />accelerate provided in this paragraph 17 an,d It Horro%cr's successor in
<br />Ir,terest has executed a written assumption agreement accepted in writing by I.ender I enter shall release Borrower from
<br />Obligations under ibis Mortgage
<br />and the Note. all
<br />If Lender exercise% such (option to
<br />accelerate, I.endc'r shall mall H(aft)wer Iwt,c ,,f aslcleration t!1 accordance with
<br />paragraph 14 hereof Such notice shall provide a period of nor less th;tn j() tia}s from the date:
<br />which fh)rrt?wcr
<br />the native IN mailed within
<br />may pay the %ums declared due. It Borrower fads to pav sash slims prior to rile expiration of such period,
<br />I Crider may, without further notice or demand
<br />oo Horruv:er. invoke .ins remedies perru,tted j`% paragraph 18 hereof.
<br />Nos- U*I►Forf" COME NA%IS Borrower and Lender further coceflant and ai,ree as todlow%
<br />16. Acceleration; Remedies.
<br />Fxcept as provided in paragraph 17 hereof, upon Borrower's breach of miss covenant or
<br />agrees nt of Borrower lip this Mortgage, including the covellar►1%
<br />to pay whin cur ,.n, Yelnls secured by this Mortgage.
<br />Lssldsr prior Io acceleration shall mail pollee fo Borrower as provided in paragraph Id herec►f specifying; (1) the bnv�h;
<br />(2) the action required to cure such breach;
<br />(3) a date, nut less than .10 days front the date the notice iv mailed to Borrower,
<br />by 'which such breach must be cured; and (4) that failure to cure such bread,
<br />c
<br />rill or befurr rile flair specified in the notice
<br />may result in rleeekrrtion of the %unto secured try this 111urlgage, foreclosure ►►y itrdicial pr( +t rt °dirty anti it of Ihr Nrujj►erty.
<br />the notice %hall further inform Borrower
<br />t
<br />t►f the right to reinstate after acceleration and tilt light t(► as%(rt in Isle forrclf►%ure
<br />j;rtoreedipR the trail >exislrnte cif a default or an•> ether drfeo%r of Itorruwrr
<br />tit acceleration anti fflrrcl+f +urn. If Ihr breach
<br />taI nrW cured fin err before the (fate' %pecifred its tilt° rl(/tic'r, I c'r►der al [ t'fldrt'♦ f+p111111 Ifni#% dr<lalr aft 44t PtIC YUI1If Yhr bid ho
<br />this Mortgage to he immrdiately due arid payable withouf further
<br />%
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<br />r+fdrre(t,
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