85-004288
<br />Lender's xvnu.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 !his 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 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 shalt bear interest at the highest rate
<br />permissible tinder applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any action hereunder.
<br />& inspections. Lender may make or cause to be made reasonable entries upon 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. Cowdetneation. 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 iieu 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 be applied to the sums 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 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 hears 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 />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 he 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 Borrowers successors in interest.
<br />II t. Forbearance by Fender 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. Succescars and Assigns Bound. Joint and Several Liability: Captions. The covenants and agreements herein
<br />contained shall hind. and the rights hereunder shall inure to. the respec!ive 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 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 r.ddress 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 />1S. UnNorm Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national
<br />use and non - uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
<br />real property. This Mortgage shall be 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 be 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 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 211 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, (b) the creation of a purchase money 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 />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 to accelerate provided in this paragraph 17, and if Borrower's successor in
<br />interest has executed a written assumption agreement accepted in writing by Tender. Lender shall release Borrower from all
<br />obligations under this Mortgage and the Note.
<br />if Lender exercises such option to accelerate. I ender shall snail Harrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice shall provide a period of not less than 10 days from the date the notice is mailed within
<br />which Borrower may pay the sums declared due if Borrower fails to pay such slims prior to the expiration of such period,
<br />Lender may, without further notice or demand on 1lorrosser, invoke any remedies pernutted by paragraph IN hereof.
<br />Nott•UNlt:oitm CoveNAN-rs. Borrower and tender further covenant and agree as follows:
<br />IL Accdarstlon; Ratnedfea Farcept as provided in pair rph 17 hereof, upon Borrower's breach of any covenant or
<br />agnaaoent of Borrower in MM Mortgage, Including the covenants to pay when due env sums secured by this Mortgage,
<br />[sander prior to acceeration shd mall notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach.
<br />(2) Me ockillon requill to earn such breach; (3) a deg, not less than .10 days from the date the notice Is mailed to Borrower,
<br />by which such breach meet be cared; sad (4) that falbure to cure such breach on or before the date specified in the mHlct
<br />an" res" In occehrratlon of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.
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<br />?its notice sbA further Inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure
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<br />pocarding Ow non.eaistance of a default or any other defense of Borrower to acceltraWn and foreclosure. if the breach
<br />Is oat cored on or before the daft specified In the notice. Lender of lenders option may declare all tit the sums secured by
<br />"Mortgage In be immediately due anal payable without farther demand and may foreclosr by judicial proceeding. fender
<br />shoat he entitled in collect In sdch prx•reding all esprnses of foreclosure. Including, but not limited to, costs of documentary
<br />evidence, abstraa is and licit reports.
<br />19. Bntrowre% Right to Reinstate. NotwrthsWOdurg l ender's ,i,,.lewtwil :d Ow skims .., rued hx ihr, klorl ar",
<br />Harrower ,halt have thu right t„ have any pn><:cel,ngs hngun he I ender i„ ra„r.r th" NJ, tg.it;..!i..- .vrr : :urd ,a 11r
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