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85- 005141
<br />Lender's wrm,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 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 />0. Inspection, Lender may make or cause to he 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. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any
<br />;ondemuntion or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned
<br />and shall he paid to Lender.
<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 />-is 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 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 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 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 />The procurement of insurance or the payment of tares or niher 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 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 csercised concurrently, independently or successively.
<br />13. Soccessors 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 respecuse 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 />t7he caption; and headings of the paragraphs of this Mortgage are for convemence only and are not to lie used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicable Inv to be given in another manner, ta) any notice to
<br />Borrower provided for it !his 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 Burrower 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% address stated herein or to
<br />such other address as Lender may designate by notice to Borrower as pros Ided herein. Any notice provided for in this
<br />Mortgage shall he deemed to have been given to Borrower or i coder when given in the manner designated herein.
<br />IS. Uniform Stortgage: Governing Law; Severability. This form of mortgage combines uniform covenants for national
<br />use and nonuniform covenants with limited variations by jurisdiction to consunne 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 be severable.
<br />16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17. Trander 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. (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 Stich 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 Lender. Lender .hall 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 10 days from the date the notice is mailed within
<br />which Borrower may pay the sums declared due. If Borrower falls to pay Such sums prior to the expiration of such period.
<br />Lender may, without further notice Or demand on Borrower, Invoke any remedies permitted by paragraph 18 hereof.
<br />NON - UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />IS. Acceteradion; Remedies. Except as provided is paragraph 17 hereof, upon Borrower's breach of any covenant or
<br />aBroeseent of Borrower in this Morlgage, Including the covenants to pay when due any sums secured by this Mortgage,
<br />(wander prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach.
<br />(2) the air ion required to cure such breach; 13) a date, not leas than 30 days from the dole the notice is mailed to Borrower.
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<br />by which such breach must he cured; and (4) That failure to cure such breach on or before the dole specified in the notice
<br />easy rewk in accekrallon of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.
<br />The notke shall further inform Borrower of Ike right to reinstate after acceleration and the right to assert In the foreclosure
<br />proceeding the non - existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach n<
<br />is ails cured no or before the date specified in Ike notice, Lender of lender's option may declare all of the sums secured by
<br />skis Mortgage to be immediately due and payable without further demand and may foreclose by judicial proceeding. Lender
<br />shall be tnllikd to collect In such proceeding all expenses of forerlusure, Including, but not limited to, costs of documentary
<br />evide"t, alntrarts wild fille reports,
<br />19. Borrower's Right In Reinstate. Noiwnhstandmg lender', ,u.rlrr.unm .f the sums se:urcd by [Ills Mortgage.
<br />Burrower shall have the righ! lu have arty proceeding', hegun h� I rndel I.. rnl„n 1111"'11111111ed al .any unto
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