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<br />I" <br /> <br />83-fl00995 <br /> <br />r <br /> <br />Lender'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" witb interest thereon, shall become additional <br />indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other tenns of payment, such <br />amounts shall be payable upon notice from Lender to Borrower requesting paY'llent 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 shan bear interest at the highest rate <br />pennissible under applicable law, Nothing contained in this paragraph 7 shall require Lender to incur any expense or take <br />any action hereunder, <br />8. IIIsJIution. Lender may make or cause to be madere.sonable entries upon and inspections of the Property, provided <br />that Lender shall give Borrower notice prior to any such inspection speci fying reasonable cause therefor related to Lender's <br />interest in .the Property, <br />9. Condemnallon, The proceeds of any award or claim for damages, direct or consequential, in connection with any <br />condemnation or other taking of the Properly, 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 sums secured .by this Mortgage, <br />with the excess, if any, paid to Borrower, In the event of a partial taking of the Properly. 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 Properly immediately prior to the date of taking, with the billanceof the proceeds <br />paid to Borrower, <br />If the Properly 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 slIccessors in interest. Lender s.hall 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 />n. Forbearam:e by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or <br />otherwise afforded by applicable law, shall nOl 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 />tZ. Remedies Cumulative, All remedies pro\'ided in this Mortgage are diSlinct and cumulative to any other right or <br />n:medy under this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or successively, <br />13. Successors and Assigns Bound; Joint and Several !.iabillly; Capdons. The covenants and agreements herein <br />contained shall bind, 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 arc for convenience only and are not to be used to <br />interpret or define the provisions hereof. <br />14. Notke, 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 be given by mailing such nNice by certified mail addressed to Borrower at <br />the Property Address or a[ such other address as Borrower may designate by notice to Lender as provided herein. and <br />(b) 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 BorrO\ver 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 />15. Unifonn Mortgage; Governing Law; Severability. This form of mortgage c'lm!>i.I]g,.!!!'i,f~!m covenants for national <br />use and non-uniform covenants. with limited variations by jurisdiction to constitute ci..uQitPfqt.~Y'" \,;\. 'ng <br />real property, This Mortgage shall be governed by the law of the jurisdiction in 1vhiclJ :,jJ;>, ..' I the <br />event that any provision or clause of this Mortgage or the Note c<>nfticts with appli4a1llll1'.....slO' ect <br />other provisions of this Mortgage or the Note which can be given effect wilhout'-the.. .. this <br />end the provisions of the Mortgage and the NOIe are declared to be ,everable, <br />Ui. Bonower's Copy, Borrower shall be furnished a confornled c<>py of the Note and of this Mortgage at the time <br />of execution or after recordation hereof. <br />17, Tnonsfer of tbe Properly; Assumption, If all or any part of the Property or an interes ein i~ sold or t,ansferred <br />by Borro er without Lender's prior written consent. e;{duding (a) [he "reation of a lien..<k e ' ance subordinate to <br />th)K rt ge, (b) the creation of a purchase money securit, interest f,'r hOllsehold ap '. e~" a transfer by devise / <br />~ 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 1<1 accelerate if. prior to the sale or transfer, Lender <br />;,J 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 slims securcd hy this Jltortgage shall be at sllch rate as Lender <br />shall request. If Lender has waived the option to accelerate pro\'idt;d in this paragraph 17. and if Borrower's successor in <br />interest has executed a written assumption agreement accepted in writing hy Lender, lender shall release Borrower from aU <br />obligations under this Mortgage and the Note, <br />If Lender exercises such option to aC(""eJera[e. 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 days from the dale the notice is mailed within <br />which Borrower may pay the sums declared due. If Borrower fails to pay such s,ums prior to (he expiration of such period, <br />Lender may, without further notice or demand on Borrower, invoke any remedies permitted hy paragraph 18 hereof. <br /> <br />NON.UN1FORM COVENANTS. Borrower and Lender further covenant and agree as follows: <br />18. Acceleration; Remedies. EI.<ept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or <br />....-... of Borrower in this MOI1&IIIe, includin& tbe co"enants to pay when due an)' sums secured by this 1\IIortaage, <br />LoiIIderprior 10 IM:ce1enIloa shall mail nod<<: to Borrower as provided in paragraph 14 bereof specifying: (1) tbe breach: <br />(:.It.. __ requiftd 10 cure such breach; (3) a date. nol les.s than 30 days from the date the notke is mailed 10 Borrower, <br />by wloldt ..,h breach Ill.... be cured; aDd (4) tbat f.i1ure to cure such breach on or before the date specified in lbe nodce <br />IIIIQ' ~tla acceIeratloa of the sums secured by tbis Mort&age. foreclosure by judicial proceeding and sale of the Property, <br />1loe IIOtIce shall f1Irther Iaform Bonower of lhe rtgbt 10 reinstate afler acceleration and tbe "lIbt to assert in tbe foreclosure <br />, proceedkla the llo..""loteace of a default or an)' olher defense of Borrower to acceleration and foreclosure. If Ihe breach <br />II not cored on or before the ....e specllicd in lhe noli<e, leoeler at l.ender's option may dedare all of the sums secured by <br />IhII Mortpf,e to be I_edlalely due and payable wllhoul furlher demaocl and may forecl..... by judicial proceedin&' Lende. <br />shall be 0IIlitW 10 (O!Iee11a sucb proceedkla all eXpem.. of foreclosure, indudlng, bUI nol Iimiled 10, costs of do<:umeotary <br />evldeace. .......... IIIld Ilde reports. <br />19. ~ JUahI to Rei..... Notwlth5tandmg Lender's. i.u':\.'1:kration of ,he ..m1\S sCl:ured hy this Ml'rtgagc. <br />Borrower !U\all h.,'e the rich' to have any proceeding;';. hc:iun hy l.-endC'.r tn enforce thl~ MOrlgugl.; ..hS.\~01\tin\lcd ~\t any time <br /> <br />L <br />