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I 83- 004547 Lender's written agreement or applicable Jaw. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other tenns of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outst;mding principal under the Note unless payment of interest at such rate would be contrary to applicable law. in which event such amounts shall bear interest at the highest rate permissible under applicable law, Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries lIpon and inspections of the Property, provided that Lender shaH give Borrower notice prior to any slIch inspection specifying reasonable cause therefor related to Lender~s interest in the Property. 9. Condemnadon. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the Property. or part thereof. or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if. after notice hy Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender's option. either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower ..,hall not operate to release. in any manner. the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. tt. Forbearance by Lender Not a Wail'er. Any forbearance hy Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of I.cnder's right to accelerate the maturity of the indebtedness ..ccured hy this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may he exercised l:oncurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Several l.iabiliQ'. Captions. The co\'cnanls and agreements herein contained shaH bind, and the rights hereunder shall inure to. the respedivc successors. and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements Df Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to he used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (3) any notice to Borrower provided for in this Mortgage shall he given by mailing slIch notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by nOlice to Lender as provided herein. and (b) any notice to Lender shall be given hy certified mail. return rc(..'cipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Se\'erabilit}.. This fl'lrm of mortgage combines uniform covenants for national use and non-uniform covenants "'/ith limited variations h)-' juri...diction tn constitute a uniform security instrument covering real property. This Mortgage shall he governed hy the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note l..'l'ntlicrs with applkahle law. such conflict shall not affect other provisions of this M'ortgage or the Note which GlIl be given ("fleet without the conflicting pro'lision. and to this end the provisions of the Mortgage and the ""lote are declared to he severable. 16. Borrower's Cop.}'. Borrower shall be furnished a conformed copy of the Note and of this Mortgage ~lt the time of eKeclltion or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any r~trt of the Property or an interest therein is sold lOr transferred by Borrower without Lender's prior \\'rittcll Cl'l1senl. excluding (a) the cn~ation of a lien ()r encumbrance suhordinate to this Mortgage. (b) the creation of a purchase nlOney security interest for household appliances. (c) a tramfer by devise. descent or by operation of law upon the death of a .k)int tenant or (dl the grant l,f allY leasehold interest of three YCi:\fS or less not containing an option to purchase. Lender may, at Lender', llptil)ll. declare all the <.;urns secured hy this Mortgage to be immediately due and payable. Lender shall have v.aived sllch option to accelerate if. prior to the ..ale or transfer. Lender and the person to whom the Property is to be sold or transfcrr~d rea.::h ~Igrccment in \\:riting thal the credit of such person is satisfactory to Lender and that the interest payable on the Sllm:- ~~cllred by this \'1ortgage shall be at sllch ratc ~I" Lender shall request. If Lender has waived the Clption to accelerate provided in this paragraph 17. and if Borrower's successor in interest has executed a written assumption agreement accepted in writing hy Lender. Lender shall release Borruwer from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender "hall mail Borrower notice (}f acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due, If Borrower fails 10 pay slIch "urns prior to the expiration t,r ,uch period. lender may, without further notice or demand 011 Bl}rrOwcr. invoke any remedies permitted hy paragraph 1 S hereof. NON-UNIFORM COVENANTS. Borrower and Lender further cO'<cnanl and agree as follows: 18. Acceleration; Remedies. Except as pro\'ided in paragraph J 7 hereof. upon Borrower's breach of an}" ('ovenant or agreement of Borrower in this Morl.Jtage, including Ihe co\'Cnants (0 pa)' when due an~- sums secured by this :\1ort28f.:,c. Lender prior to acceleration shall lUail notice to Borrower as pro,'ided in paragraph 14 hereof specif}'in~: (1) the breach; (2) the- action required to cure such breach; (3) a date. not les.."'i than 30 days from the dale the notice is mailed to Borrower. b" which such breach must be cured; and (4) that failure to cure such breach on or before lbe date specified in the notict.' may result in acctle~tion of the sums secured b}' this l\-1ort~a~e. foredosure by judicial prot:eeding and sale of the Property. The notice shall further inform Borrower of Ihe right to reinstate after acceleration and the ~h. to asser1 in the foreclosure proceeding tbe n~n~exjstence of a default or all)" otber defense of Borrower to acceleration and foreclosure. If the breach " is not cured on or bdore tbe date specified in the notke, I,coder at l.ender's option ma,y declare aU Hf the sum.s secured h.l this Mortgage to be immediately due and payable without furlh...-r demand and ma}' foredO's\" b)' judicial (Jwet.'eding. Lender shall, be entitled to coiled in !'iuch proceeding aU expenses of roredostlrt." including, but not limited to. (os,1s of dOCUUlent3r~' erlden.e, ilbslracl5 and title reports. 19. B,lrrower's Ri&bt to. Reinstat~. Notwith-shmding Lender\;, ~l("(;clcfatlon of the I.Ul11:. s\:(;ur~d hy this, Mortgag>,:. Borrower t';half have the right t~l have an)' pn)ceeding.s I~'gtln by I_cuder W enforce lhh Mortgagl..' discontinued ;11 any t;rn~~