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L <br />85-; " 002620 <br />Leader'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 />aMwtnb 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 />Ill. Inglavedsm, Lender may make or cause to be made reasonable entries upon and inspections of the Properly, 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. Commkomallon, 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 SLIMS secured 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 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 1 and 2 hereof or change the amount of <br />such installments. <br />11. 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 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. Forboommtce by Leader 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 />The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver of Lender's <br />right to accelerate the maturity of the indebtedness secured by this Mortgage. <br />12. Remedies Ca milafin. 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 be exercised concurrently, independently or successively. <br />13. Successors clod Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein <br />contained shall hind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, <br />subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be 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 define the provisions hereof. <br />14. Notice. Except 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 mail addressed to Borrower at <br />the Property Address or at such other address as Borrower may designate by notice to fender as provided herein, and <br />(h) any notice to Lender shall be 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. Any notice provided for in this <br />Mortgage shall be deemed to have been given to Borrower or lender when given in the manner designated herein. <br />IS. Uniform Mortgage; Governing Law; SeverabBily. 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 />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 are declared to he severable. <br />16. Borrower's Copy. Borrower shall he furnished it conformed copy of the Note and of this Mortgage at the time <br />of execution or after recordation hereof. <br />17. Transfer of Ike Properly; 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 tin) the creation of alien or encumbrance subordinate to <br />this Mortgage, (h) the creation of a purchase money wcurity interest for household appliances. (c) a transfer by devise, <br />descent or by operation of law upon the death of a joint tenant or (dt the grant of any leasehold interest of three years or less <br />not containing an option to purchase, Lender 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 if, prior to the sale or transfer, Lender <br />and the person to whom the Property is to be 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 he at such rate as Lender <br />shall request. If Lender has waived the option it, accelerate provided in this paragraph 17, and if Borrower's successor in <br />interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all <br />obligations under this Mortgage and the Note. <br />If Lender 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 clays from the date the notice is mailed within <br />which Borrower may pay the sums declared due. If Borrower fails to Pay such sums prior to the expiration of such period, <br />Lender may, without further notice or demand on Borrower, Invoke any remedies permuted by paragraph IS hereof. <br />NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree is follows <br />11. Accalendmm; Remedk& Fxcept as provided In paragraph 17 hereof. upon Borrower's breach of day covetmal or <br />logsaamew of Borrower in lids Merlgage, Including the covenants to pay when due any auras secured by this Mlorlgmge, <br />l.eltder pixy le nrcekrtMimr drall mail notice to Borrower as provided In paragraph 14 hereof specifying: (1) Ike breach: <br />112) the areliml required to run such forelock; 131 a doe. "of teas than 30 days from the dale the notice is mailed to Borrower, <br />by which mock breach feast be cured; and (4) that failure to cure such breach on or before the date specified In the notice <br />may n m* for octaknWm of The gloms secured by this Mortgage, forechxnure by judicial proceeding and sale of the Property. <br />7as nooks 0" further inform Borrower of The right h► reinstate after dccekrafiun and the right in assert In the foreclosure <br />promdbg Me wo-cxklenre of a default or any other refrnse of Horner to loceeeratk►u and foreclosure, If The breach <br />k no cared an or before the date "me" in the notice. Lender of Lentlet'v option may dim -lore an of the sums secured by <br />Mda Momillimile to be Im nooks ely dw mM poymbk wNholot further demand and way foreclose by judicial proceeding. i.Oluder <br />Am be etNMkd to rolkci In such poceedh* mM expenses of forvclovure, incluillng, hilt not limited to, cos(a of documentary <br />evid*wt. aintrmck mind thk repotrla, <br />19. Blonowtell R* M to Rchoul tr. Notwithstanding 1 ender'% wceirriawn of the sums secured by this Mortgage, <br />horrowsr shall have the right to have any prtKcedings Ixgun by I ruder w cntm,e 11114 Mortgage discontinued at any little <br />Nlqe _t <br />N <br />