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<br />83-J101656
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<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, 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 s\lch 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 />8. Inspection. 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 slIch 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 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, lhe proceeds shall be applied to the sums secured by this Mortgage.
<br />with the excess, if any. paid to Borrower. In the event Df 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 />laking 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 bv 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 shalt 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 shaH not operate to release, in any manner.
<br />the liahiJity of the original Borrower and Borrower's SlIccessors in interest. Lender shall not be required to commence
<br />proceedings against such successor or refuse to extend time for payment or otheT\\'ise modify amortization of the sums
<br />secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's Sllccessors in interest.
<br />11. Forbearance by l..ender Not a Wail-cr. Any foroearance by. I.ender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law. shall not be a waiver of or preclude the ex.ercise of any such right or remedy.
<br />The procurement of insurance or the payment of taxe,; or other liens or charges hy Lender shaH not be a waiver of Lender's
<br />right to accelerate the maturity of the indebtedne...s '\ccured by this T\-fortgage.
<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. Successon and Assigns Bound; Joint and Se\'eral l.iability: Captions, The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall inure to. the respective sllccessors and assigns of Lender and Borrower,
<br />subject to the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several.
<br />The captions and headings of the paragraphs of this M(\rtgag~ arc 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 Jaw 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 shan 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 g.iven in the manner designated herein.
<br />15, Uniform I\-fortgage; Go,,-eming Law: Scyerabi1it-,.', This ft)fm 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 hy 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 ,,\-irh 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 arc declared to be severable.
<br />16~ Borrower~s Cop,"'. Borrower shall be furnished a confomled copy of the Note and of this Mortgage at the -i.ime
<br />of eKecution or after recordation hereof.
<br />17. Transfer of the Property; Assumption. If all or any part ,'I the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior wriHen ~onscnt. excluding (al the creation of a lien or encumbrance subordinate to
<br />this Mortgage, (b) the creation of a purchase money se(,:urity intcr~s( for household appliances. (c) a transfer by devise.
<br />descent or by operation of law upon the death of a jowt tenant (Jr idl the grant of any leasehold interest of three years or less
<br />not containing an option to purchase. Lender may. at Lenders \"ption. declare all the sums secured by this Mortgage to be
<br />immediately due and payable. Lender shall have waived sll~h 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 stich person
<br />is satisfactory to lender and that the intcre~t payable on the slims secured by this Mortgage shaH be 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 shall release Borrower from all
<br />obligations under this Mortgage and the Note,
<br />If Lender exercises sllch option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice $hall provide a period of nor less than 30 days from the date the noticc is mailed within
<br />which Borrower may pay the sums declared due. If BorrO\\'cr f,iiJ... 10 pay slh.:h "urns prior to the expiration of slIch period.
<br />Lender may, without further notice or demand on Borrower, invoke any remedies permitted hy paragraph I R hereof.
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<br />NON~UNIFORM COVENANTS. Borrower and lender further covenant and ;'lgrec as follows:
<br />J8. Acceleration; Remedies. Except as provided in pa~raph 17 hereof. upon Borrower's breach of any covenant or
<br />aareement of Borrower in this MOItkage, including the co\-enants to pay ",hen due any sums secured by this !\tortgage~
<br />Leader prior !o a<<eleratlon sball mail notice to Borrower as provided in parlll!raph 14 hereof specifying: (1) the breaeh;
<br />(2) the action required to cure such breach; (3) a date, not less than 30 days from tbe dale lhe noti.e is mailed to Borrower,
<br />by w\lidl sucb breach m.... he .ured; and (4) Ihat failure 10 cure such brea.h on or before the date specified In the notice
<br />may resa/t in ac.eltratlon of tbe sums secored hy this !\1orlglll!e, foreclosure by judicial proceeding and ...le of the Properly,
<br />The DCJtke sbaI1 further inform Borrower of tbe right to ",instate after acceleration and the right to a.",ert in the foreclosu",
<br />~ the oon...xistence of a defJllllt or any other defense of Borrower 10 8Cl'ele,atlon and foreclosure, If Ihe b",ach
<br />is I>Q( eURd 011 or before tbe date specIfied in the notice, Lender at Lender's optiun may de"'are all of the sums se.ured by
<br />thl$oM.ortpae let be I1ul1lediately due end payable without furlher demand and may fo",d.... by judicial proceeding. Lender
<br />...... be.lltltled to ...iIe<1ln sneh proceeding all expenses of foredosu"" including, but not limited to. ....ts of documenlary
<br />...weaee. ...._ ..... litle repotU.
<br />ft.. Borrower's It.... to R....ate. Notwithstanding Lender's. <!ccelerahtln of the \um~ s.ecured hy thl" Mortgage,
<br />Ilor-mWt:f shan have the dlbt tu ha,-'t. any pn:.lC~eding~ begun hy I.ender to enforce thiS Mortgage discnntinllcd at any tlme
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