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r L r 83- 005368 Lender's written agreement or applicable law. 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 terms of payment. such amounts shall be payable lIpon 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 outstanding 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 shan require Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entrie~ upon and inspections of the Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direcr 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 sllch proportion of the proceeds as is equal to that proportion which the amollnt of the sum." 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 by 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 shall 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 hy the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Wah'er. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable Jaw. shall not he a waiver ('If or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes (lr (lther liens or charges by Lender shall not he a waiver of lender's right to accelerate the maturity of the indebtedness secured by this J\fortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage <Ire distinct and cumulative to any other right..or remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Sel'eral J.iability; Captions. The covenants and agreements herein contained shall bind. nnd the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable Jaw to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed 10 Borrower at the Property Address or at such other address as Bornw.'cr may designate by notice to lender as provided herein, and (b) any notice to Lender shall be given hy certified mail. return receipt requested. to Lender's address stated herein or to stich other address as lender may designate by notice w Born1wcr as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender ~,,'hen given in the manner designated herein. 15. Uniform Mortgage; Governing law: Sen~rabilit,.,. This form of mortgage combines uniform covenants for national use and non~unifoml covenants with limited variations hv .iurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall he governed hy the -law of the jurisdiction in which the Propc~ty is located. Tn the event that any provision or clallse of this Mortgage or the 'Noie conflicts with applicable law, sllch conflict shall not affect other provisions of this Mortgage or the Note whil.:'h can be given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Note arc uCl'Jared to he severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of eKccution or after recordation hereof. 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (~) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the granl of any leasehold interest of three years or less not c-ontaining an option to purchase, Lender may. at Lender's option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option 10 accelerate if. prior to the sale Clr transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that (he credit of such person is satisfactory to Lender and that the interest payable On the slims secured by Ihis ~'tortgage shall be at sllch rate as Lender shall request. If Lender has waived the option [0 accelerate provided in this paragraph 17. and if Borrower's successor in interest has executed a written assumption agreement accepted in \\Tiling by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide which Borrower may pay the sums declared due. If Borrower fails 10 pay stICh slims prior to the expiration of such period, Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1 g hereof. NON-UNIFORM COVENANTS. Borrower and Lender further ,,:ovenant and ugrel' as follows: 18. Acceleration; Remedies. Except as provided in paragntph t 7 hereof, upon Borrower's breach of all}' covenant or agreement of Borrower in this Mortgage, including the connants to pa~' when due an:y Slims secured by this Mortga"e~ l..ender prior to acceleration shall mail notice to Borrower as pro\"ided in par8JCraph 14 hereof specif,ving: (1) the bread}; (1) the action required to cure such breach; (3) a date. not les..., than 30 du}'s from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to (:ure such breach on or before the date specified in the notice "uay result in accereratioD of the surm secured by this MortR,na:e, foreclosure by judiduJ proceeding and sale of the Pruperty. .rbe notice shall further inform Borrower of the right '0 reins-tate after acceleratiun and the right to assert in the foreclosure proceeding tbe nop..existen,ce of a default Of an)' other defense of BQrrower to accclefidion and foreclosure. If the: breach .is not ~u.red on ().f before the date specified in the notice, Lender al I.t'uder's option mal de(,'lare aU of the: SUDL", secured by this Mortgage to be immediately due and payable: without further demand and mal foreclose b)' judicial proceeding. tender 5ba:n be- entitled to collect in such pro-eeedJng aU expenses of foreclosure. including. b'lt nof limited to, costs of documentar)' evldmce, abat_cads aDd UUe repf.trts. 19. Borrowe~j Ri&ht to Reinstate.. Notwitn5.tilnding Lt"l1dcr's ;:1Cf.:e!cration of !he "1101<; ~ccmcd by lhi~ MOrTgage, Borrower shall have the right to hoevc any proceedings l~gun by Lender to C'nh.rcc ihl~ ~l)rtgagc di!ii,.:OllliIlUl;::d ell allY rim..: