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<br />79- UU4~ 98
<br />Lender's written agreement or applicable low. Borrower shall pap the amount of all mortgage insurance premiums is the
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disburxed by Lender pursuant to this paragraph 7, with imerest thereon, shalt 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 law. Nothing contained in this paragraph 7 shall require Lender to incur any expertsz or take
<br />any action hereunder.
<br />8. Iuspectlon. 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 such inspection specifying reasonable cause therefor related to Lender's
<br />r,~terest in the Property.
<br />9. Condemnatbn. 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 [hereof, 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, the proceeds shalt be applied to the sums secured by this Mortgage,
<br />with the excess, if any, paid to Borrower. In the evens 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 procceds
<br />az is equal to that proportion which the amount of the sums eccured by this Mortgage immediately prior ro the date of
<br />taking bears to the fair marker 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 by Lender to Borrower that the condemnor offers to make
<br />an award or settle a claim fcr damages, Burrower 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 shaft not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs 1 and Z 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 shalt not operate to release, in any manner,
<br />the liahility of the original Borrower and Borrower's successors in interest. Lender shall not be required 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 Borzower s successors in interest.
<br />11. Forbeatauce by Lender Not a Vi'aiver. Any forbearance by Lendcr in exercising any right or remedy hereunder. oe
<br />otherwise atlorded by applicable law, shall not be a waiver of or preclude [he exercise of any such right er remedy.
<br />Tht procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
<br />rtgh[ to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies Cmmolative. Ail remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by taw or equity, and may be exercised concurrently, independently or successively.
<br />13. Successors and Asalgns Bound; 3oint and Several Liability; 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 />The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to lie used to
<br />interpret or define the provisions hereof.
<br />14. Notitt. Except for any notice required under applicable law to be given in another manner, (a) any notice to
<br />Borrower provided for in this Mortgage shall lx given by mailing such notice by certified mail addressed to Borrower a[
<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 Lenders address stated herein or to
<br />such other address as Lender may designate by notice to Borrowec az provided herein. Any notice provided for in this
<br />Mortgage shat! lx deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />15. Uniform Mortgage; CiOVeraing Las; Severability. This form of mortgage combine 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. 'ibis Mortgage shall be governed by the law of the jurisdiction in which the Property is la.ated. In the
<br />event that any provision or clause of [his Mortgage or the Note conRicts with applicable taw, such conflict shall not aRtct
<br />other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to this
<br />cad the provis~ns of the Mortgage and the Note are sedated to be severable.
<br />14. Borrower's Copp. 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 />17. Trsmfer of the Property; Assrtmptioa. If all or any part of the Property or an interest therein is sold or transferred
<br />6y 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 or less
<br />not containing an option to parehase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be
<br />itnntediataly due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Linder
<br />and the person to wham 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 />shall request. if Lender Itas waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
<br />intetrat has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
<br />obligations under this Mortgage and the Nate.
<br />If Lender exercises such option to accelerate, Lender shall mail llorzawer notice of acctleration in accordance with
<br />paragraph Id hereof. Such notice shalt 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 ro pay such sums prior to the expiration of such period,
<br />Ltmder may, without further notice or demand on Borrower, invoke any remedies permitted 6v paragraph I8 hereof.
<br />Nox-i7xrFOaat Covetvxrrrs- Borrower and Lender turther covenant and agree az follows:
<br />1& Aecderatfos; Reastdks. Eteept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
<br />agreement of Borrower is fhb Mortgage, mctading the rnvenants to pay when due soy sums secured by this Mortgage,
<br />Leader psfur M aeeekrat5aa tali ata8 aotSce to Iaoerowee as provided in paragraph 14 hereof specifying: (1) the breach;
<br />(2) (be actloa requited to care rack breach; (3) ^ date, not kes than 30 days from the date the notlct is mailed to Borrower,
<br />by w•dc6 ascb breath mast be cured; and (4) that failure to cart such breach on m before the date specified is the notice
<br />suy result hr aeedaatloa M the soma scearcd by ibis Mortgage, forecbsnrc by jadkfat proceeding and cute of the Property.
<br />The settee a6aB further brform Borrower of the right to reinstate after acceleration sad the tight to assert in the foreclosure
<br />proems Poe sun-esbteace at a defadt m any oflxr deftme of Borrower to acteleratbn and foreclosure. If the 6eeach
<br />is ltd eared oa m before the date specified m the adiee, Lender at Lender's option may declare aB of the soma secured 6y
<br />Chic Mart~age m be immediately due and payable without further demand sad Wray foreclose by judicial proceeding. Lender
<br />sba6 be eatlAled to coBeet is such procredlag aB expensxs o[ forceMsure, indadtng, but not Ismited to, costs of documentary
<br />erideute, abstracts sAd tkk rcporb.
<br />i9. Borrowe>'s Bight b RehMate. Notwithstanding Leader's aeceteration of the sums xecured by this Mortgage,
<br />Borrower shall have the right to have say proceedings begun by Lender to enforce this Mortgage discontinued a[ any time
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