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85-.. 002119
<br />Lender's wrut,u greernent 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. l lnless Borrower and Lender
<br />amounts
<br />agree to other terms of payment, such
<br />shall he payable upon notice from Lender to Borrower
<br />requesting payment thereof. and shall hear interest from the
<br />date of dishurcement at the rate payable from time to time
<br />on outstanding principal under the Note unless payment of
<br />interest at such rate would be contrary to applicable law, in which
<br />event such amounts shall hear interest at the highest rate
<br />permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense
<br />any action hereunder.
<br />or take
<br />8• Inspection. Lender may make or cause to he made reasonable entries upon and inspections of the Property,
<br />that Lender shall give Borrower notice
<br />provided
<br />prior to any Stich 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 Pm,,,erty,
<br />and shall he paid to Lender. Ii
<br />or part thereof, or for conveyance in le of condemnation, are hereby assigned
<br />In the event of a total taking of the Property, the proceeds shall be applied to the Burns secured by chic Mortgage.
<br />with the e�cccs if any, paid to B „rr „•.%er In the
<br />event of a partial taking of the Property, unless Borrower and Lender
<br />otherwise geese in writing, there shaft he applied to the sums secured by
<br />is
<br />as this Mortgage such proportion of the proceeds
<br />equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
<br />taking hears, to the fair market value of the Propert+ immediately
<br />paid to Borrower. prior to the ,late of taking, with the balance of the proceeds
<br />If the Property is ;abandoned by Borrower,
<br />or if. after notice by i ender to Borrower That the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fails to respond to Lender
<br />within 30 days after the dare 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 />Propert} or to the sums secured by this Mortgage
<br />Unless Lender and Borrower otherwise agree in +yriiing. any such application of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installments referred to in
<br />such installments. paragraph,, I 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 Lender to any successor
<br />in interest of Borrower shall not operate to release. in any manner.
<br />the liahility of the original Borrower and Borrower's
<br />successors in interest Lender shall riot 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
<br />original Borrower and Borrower's successors in interest.
<br />iI. Forbearance by !.ruder Not a Waiver. Any_ forbearance by i.ender in exercising arry right
<br />otherwise afforded by
<br />or remedy hereunder, or
<br />applicable law, shall not he a waiver of or preclude the exercise of any such right or remedy
<br />The procurement of insurance or the payment of ta,es or ether liens
<br />or charges by Lender ,hall not he a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Morteaee.
<br />12. Remedies Cumulative. All remedies pro,Idcd in this %lortgage ;are distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or eg,a,ry noav he
<br />,,nd i +etc ;, +•d c;,ncurrcntiy.:ndeprr.der.tly or successively.
<br />13. Successors and Assigns Bound; Joint and Several I irbility: Captions.
<br />The co,'cnants and ncreernents herein
<br />contained shalt hind. and the rights hereunder shall Inure to, the respecr,ve successors and assigns of Lender and Borrower,
<br />subject to the provisions of 17
<br />paragraph hereof All covenants and ,tpreenterat, ; +f Buno•.+rr shall he olnt and several.
<br />The captions and headings of the paragraphs of this %1ortgage
<br />are for convenience only ,,nd are not to he used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicahle I:n+ to he given in another manner, ia) any notice to
<br />Borrower provided for in this Mortgage shall he given f,v nt,,iling
<br />such nonce by ccrt,fied mad addressed to Borrower at
<br />the Property Address or at such other address is Borrower may designate h%
<br />notice to Lender as provided herein, and
<br />Sti an} notice to Lender shall he given by ccrhtied mall, return
<br />receipt requested, to Lender's address stated herein or to
<br />sa ►eh other address as Lender -cony desienate h� notice to Borrower
<br />as pro,aded herein 1ny notice provided for in this
<br />Mortgage shall he deemed to have been given to Borrower or I ender when
<br />given it the manner designated herein.
<br />15. Uniform ;Mortgage; Governing (saw; Severability. This form of mortgage
<br />use
<br />combines uniform covenants for national
<br />and ran- uniform covenants with limited vanahuns by jurisdiction to constitute a uniform security instrument covering
<br />real property. This Mortgage shall be by
<br />governed the law of the jurisdiction in which the Propert} is located. in the
<br />event that arty provision or clause of this Mortgage or the Note
<br />conflict with applicable law, such conflict ,hall not affect
<br />other provisions of this Mortgage or the Note whlcfi can be
<br />even effect ,+';r►,,,,,t the conflicting pmycth and to this
<br />end the provisions of the Mortgage and the `ote are declared to he ,eyer,thle
<br />16. Borrower's Copy. Borrower
<br />shall he furnished a conformed copil• of the Note ,Ind of thj, Mortgage it the time
<br />of execution or after recordation hereof.
<br />17. Transfer of the Property; Assumption. If all or anN part of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior written
<br />consent. excluding (ai the creation of alien or encumbrance subordinate to
<br />this Mortgage, fh) the ::reafton of a purchase money
<br />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
<br />L pow '04
<br />ender may, at Lender's optlon. declare all the cure, secured by this Mortgage to he
<br />rmrnediateiy due ::nd payable. l ender ,hall have w;uved such
<br />()prior, t., ack_eler,lte it, and the Person. to whom the Property is to he sold or transferred reach .igrernteW it, vs�r�tutf tthat�cthalrre,i,tn,af Ipets� ender
<br />is satisfactory ro Lender and that
<br />ouch
<br />the' interest p,,yahle on the cunt, secured h} chi, Mort),Ige shall he at such rate a, 1 ender
<br />shall request If Lender has waived the option to
<br />accelerate provided in this paragraph 17. and if Borrower's successor n'
<br />Interest has executed a written assumption agreernent accepted in writing by Lender. Lender shall release Borrower
<br />obligations under this Mortgage
<br />and the Note. from all
<br />If Lender exercises such option to
<br />accelerate, Lender sh.til mall Bonowcr Honer .+f a�crleratn+n in accurdancc with
<br />Paragraph 14 hereof Such notice shall provide a period m tie +t less than iO d,lv, front the date
<br />which Borrower
<br />the notice is mailed within
<br />may pay the sun's declared due it Borro4+cr falls to poly sit+h ,ants prior to the expiration
<br />Lender may, without further notice demand ouch
<br />or alt period,
<br />,n liorrowcr, invoke any roadie, ocrnuned h� ,
<br />. I i aragraph is, hercof.
<br />No. %_1Jwrt()ant COVENAWIS Borrower and Lender further coven.uu .,nd agree as follows
<br />tg.
<br />Acceleration; Remedies. E;xcrpt as provided in paragraph 17 hereof, Borrower's breach of any covenant or
<br />agreement of Borrower in this Mortgage, including the cravenantti
<br />to pay when due any virus secured by this versa age,
<br />(.ender prior re acceleration shall mail notice Ire Borrower as provided in paragraph 14 hereof specifying: (1) the breach;
<br />12► the action required to tore such breach;
<br />131 a date, 11411 Iris than 30 da)s frrnn Ihr dale the notice Is ►nailed to Borrower.
<br />by which such breath must be cured; and (4) that failure to elite such breach
<br />on or before the dale specified in the notice
<br />may result in acceleration of the sums secured by this . Mortgage, foreclosure by judicial proves a (l and sale of the property.
<br />`ihe notice shall further inform Borrower of the right to reinstate after acceleration
<br />)
<br />and lire right to assert in the foreclosure
<br />proceeding the nrm•existencr of a default or any other defense of Borrower
<br />st
<br />h► accrlerati41n and foreclosure, If t
<br />is not cured on or before the (into specifier! in the notice, Lender at Icnder'r option rrury declare all of the xun.s Se,uredahs
<br />this Movilla(ge to he immediately due and payable without further
<br />;
<br />rlenand and n►av forrclosc by judicial prucrrrlirlg. 1 Tudor
<br />shall he entitled to collect in such provrrding all ckpcuces ,►i forrl'hlxnr @, includinK.
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