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79-~U3~34Q
<br />Lender's written agreement or applicable law. Borrower shall pay the amount of ail mortgage insurance premiums is 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 taw, in which event such amounts shall bear interest at the highest rate
<br />permissible under applicable taw. ]nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any action hereunder.
<br />ti. inspection. Lender tnay 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 such inspection specifying reasonable cause therefor related [o Lender's
<br />im:rest in the Property.
<br />9. Coodcmnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation ar other taking of the Property, or part thereof, ar for conveyance in lieu of condemnation, are hereby assigned
<br />and shall be paid to bender.
<br />In the event of a fatal 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 she Property, unless Borrawer 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 Property immediately prior io 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 no[ extend
<br />or postpone the due date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of
<br />such installments.
<br />10. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums secured
<br />by this Mortgage granted 6y Leader to any successor in interest of Borrower shall no[ operate to release, in any manner,
<br />the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
<br />proceedings against sucu 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 imerest.
<br />11. Forbearaott by Lender Not a Waiver. Any fofiearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicabie law, shall not 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 />12. Remedies Camalydtve. Ail 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 t>r exercised concurrently. independently or successively.
<br />13. 9aecessors and A~3gat Sound; 7oiot and Several B,isbility; Captions. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shalt inure tn, 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 are for convenience only and are not to be used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicabie law to be given in another manner, (a) any notice to
<br />Borrower provided for in this Mortgage shall be 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 novice to Lender shalt be given by certified mail, return receipt requested, to Lender's address stated herein or to
<br />such outer address as Tender may designate by notice to Borrower as provided herein. Any notice provided for in this
<br />Mortgage shat) be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />I5. Uniform MorfSage; Governing Law: Severability. This form of mortgage combines uniform covenants for national
<br />use and rwn-uniform covenants with limited variations by jurisdiction to constitute 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 Nate conflicts with applicable law, such conflict shalt not affect
<br />other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to tfiis
<br />rnd the provisions of the Mortgage and the Note are declared to be severable.
<br />16. lorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the titnc
<br />of execution or after recordation hereof.
<br />17. Tnnafer of the Property; A~mption. If all or any pan 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 {d) the grant of any leasehold interest of three years ar less
<br />not containing an option to purchase, 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 such 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 be at such rate as Lender
<br />shalt request. If Lendee has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
<br />interest has executed a written asstrmption agreement accepted in writing by Lender, Lender shat) release Borrower from ail
<br />obligations under this Mortgage and the Note.
<br />If Lrndu exercises such option to accelerate, Lender shalt 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 date the notice is mailed within
<br />which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
<br />Lender may, withou: further notice or demand on Borrower, invoke any remedies permitted by paragraph 1H hereof.
<br />NoN-UNreoaas CoyeNnNrs. Borrower and Lender further covenant and agrce as follows:
<br />18. Accderufon; Remedies. lptrcept a provided is paragnpb 17 hereof, upon Borrower's breach of .ny covenant or
<br />a~meet of l3ororrer in this Mortgtge, i~tadl~ the rnvenaots w pay when doe say sums secared by Ibis Mortgage.
<br />Levier prior to accekratioa shall malt entice to Eorrower as provided is parrtCraph 14 hereof epecifytng: (1) the Drench;
<br />(2) the action negedsad ~ care such brxaeh; (3) a date, not less than 30 days from the due the notice 6 mailed to )Borrower,
<br />1r! rrlYteh artch breach mast De cored; and (d) that fa8arc to care each breach on or before the dale specfHed in the notice
<br />ashy result M seceBeratfoa of the ems secared by this Mortgage, foreeloarc by ludkiat proceediatt and sate of the Properly.
<br />Tbs wotlce sm0 farther bona Borrower of the rtgbt to reinstate after acceleruioa sad the right to assert to the foreclosure
<br />proeeed(a0 the uoo-e>lsksaca of a dehaf! oc soy other defcaise of Borrower to acceleration sad forectonere. Bf the breacD
<br />is aoR cared rm ~ before the date spedibed ~ the notice, Leader at Leoder's option may declare all of the soma xcurcd by
<br />tbh Ma1iKe to be immedlNdy doe and payable wtthaat furtlxr demand cad may forecbee by Judicial proceeding. Lender
<br />s(mB be erafTthd to collect Y ash ptoceedlos all expeenes of foreclosure, huludlnQ, hot out Bmhed to, coats of documentary
<br />evidence, abstracts and tilh report.
<br />19. Batower's ~t to Rsirtate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
<br />Borrower shall Gave the right to have any proceedings begun by Lender to enforce [his Mortgage discontinued at any time
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