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Lender's written agreement or applicable law. Borrower shad pay rite amount of air mortgage insurance premiums in the
<br />~ manner provided under par&graph 2 bereof.
<br />~t Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br />r-~ indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to ocher terms of payment, such
<br />~ amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shaft bear interest from the
<br />~ date of disbursement at the rate payable from time to time on outstanding principal under the Nate unless payment of
<br />Q interest at such rate would be contrary to applicable few, in which event such amonnts shall bear interest at the highest sate
<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. 7nspeet~t. Lender may make or cause to be made reasonable entries upon and inspeMions of the Froperty, provided
<br />~, that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Condernnatlon. 'the proceeds of any award ar claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of ilia 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 2ota1 taking of ehe 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 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 />taking bears to the fair market value of the Property immediately prier to the date of taking, with the balance of the proceeds
<br />paid to Borrower.
<br />If the Propercy is abandoned by Borrower, or if, aftee 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 tender within 30 days after the date such notice is
<br />mailed, Lender is authoriud to collect and apply the procceds, at Lender's option, either to restoration or repair of the
<br />Property ar to the sums secured by this Mortgage.
<br />Unless Ixnder and Borrower otherwise agrce in writing, any such application of proceeds to principal shall not extend
<br />or postpone the due date of the monthly instaflments referred to in paragraphs t and 2 hereof or change the amamt 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 rctease, in any manner,
<br />the liability of the original Borrower and Borrower's successors in interest. Lender shall not be requved 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 />il. Farbeaaett by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable 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 />tight !o accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedles C®a[~he. 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 be exercised concurrently. independently or successively.
<br />13. Sacce®ors and Assigns Bound; Joint and Several [rabiBty; Captions. 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 />'I7ts captions and headings of the paragraphs of this Mortgage are for convenience only and are not Yo be used ro
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicable taw 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 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 Borrower as provided herein. Any notice provided far in this
<br />Mortgage shall be dcemed to have been given to Borrower or tender when given in the manner designated herein.
<br />I5. Unt7orm Mortgage; Governing Law; Severabgity. This form of mortgage combines uniform covenants for national
<br />tree and eon-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrutmnt coveting
<br />real property. This Mortgage shall be governed by Che 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 with 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 are declared to be severable.
<br />1~ Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />1T. 'Irasrfer of the Property; Attwmption. If all or any part 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 encumbrahce subordinate to
<br />this Mortgage, (b) the creation of a purchase money security interest for househatd appliances, (c) a transfer by devise.
<br />dt~t or by operation of ]aw upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or less
<br />not contaeni[rg an option to purchase, Lender may, at Lender's option, declaze ail the sums secured by this Mortgage to be
<br />itnmedisuly due and payable. Lender shall have waived such option to aceelerate 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 satiafactary to Lender a~ that the interest payable on the sums secured by this Mortgage shall be at such rate as tender
<br />shag rsgrtsat If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowez's successor in
<br />interrY. has exewted a tarittcn assumption agreement accepted in writing by Leader, Lender shall release Borrower from all
<br />obligations under this Mortgage aril the Note.
<br />Tf Letrrkr excrcixs such option to accelerate, Lender shall mail Harrower notice of acceleration in accordance with
<br />paragraph 14 hereof. itch notice shall provide a period of not less than 30 days from the date the notice is mailed within
<br />which Borrower may pay rite sums declared due. If Barrowtr fails to pay such sums prior to the expiration of such period,
<br />Lender tray, without furthtr notice or demand on Borrower, invoke any remedies permitted by paragraph I8 hereof.
<br />Nox-UtvttrostM Covewxrr~rs. Borrower and Lersder further covenant and agrce as follows:
<br />1ff. Ascddmtlom Resedks. Ezuept s provided ~ paragraph IT hereof, apoa grower's bresc6 of any covenant or
<br />~ of Borre+ra le +~ Mortgage, ieelodie>e t[x covetants to pay when dice any atrttg seemed by tbls Morfgagq
<br />Ltttrr4r pttfsr to ace~aaGlan tt6ag ma0 notice ro Borrower as provided in paragraph 14 hereof specifying: (1) the breach;
<br />(1) Elie tretlm wagakei to tare wteh breach; {31 a dots, not teas than 30 days from the date the notice b mailed to Borrower,
<br />by wldei weh 6reaeh rotor Tte caned; tRd (4) that 6Bare to core such breach oe or before tie date specified in fhe notke
<br />>'>~' rewB lie aod3mtiea ~ the ttnass scented by !lift Morfg~e, fotecMsare by f ndicinl ixoceediag and rode of the Property.
<br />11e nta~ioc siaB tallier hdorm Btrrower of the riglN to refststate titer aeceleraflon a~ qte right to assert m the foreclosure
<br />ps'g ilia ioaeslgeaea d a dettadt or tarry other deteaee of Harrower to atxeleratba trod foreclosure. R the breach
<br />b oaf raged or ttr before tit dare tpeclGa[ i• the ao@cc, fender at Leader's option may declare all ot`tbe soma stxured by
<br />ills M !e tie hrnee~atdy ie and pryaik wLhont farther dttma~ trod may foreclose by judicial proceeding. Caroler
<br />ahaB be eafl+ted ~ cages! i4 oclr peoceeiirg ~ expemes ~ forceloanre, IndatBOg, hot not Buried to, costa of documentary
<br />evliencs, aJetratb aed Wle repaeet.
<br />1!. Dnrrowde ~ to Re6edate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
<br />BOfraWtr abaB~hava the r~bt to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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