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Lettdtr's written agreeme;m ur appUc~atrlle law. Borravver sha!pJ p~~ay the ~a~~ma'n~m of elk mr.+rtgage insurrmncr pnemitRrns in the
<br />nranrier provided under I?ar;tgrapit 2 hereof.
<br />.Anp amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br />indebtedness or` Borrower secured by this Mortgage. L'riess Borrower and Lender agree to other terms of t,ayment, such
<br />amounts shaft be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
<br />date c.f disbarsement at the rate payable from time 4o time nn 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 expense or take
<br />any action hereunder.
<br />S. lnspestian. i-ender may make or cause to be made reasonable entries upon and inspections of the Propertc•, provided
<br />that Lander shall give Borrower notice nrior to any such inspection specifying reasonable cause there`ror related to Lender's
<br />interest in the Property.
<br />4. Condemnation, 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 thereof, or for conveyance in lieu of condemnation. are hereby assi4ned
<br />and ;hall be paid to Lender.
<br />to the event of a fotai taking of the Propert}'. thr_ proceeds shall be applied 1o the sums secured by this b4ortgage.
<br />~.vith the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrower and Lender
<br />~uherwise agree m writing. ?here 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 sumo secured by this Mortgage immediately prior to the date of
<br />~ taking bears to the fair market 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 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 tender'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 not extend
<br />or postpone the due dare ~~f the monthly installments referred to in paragraphs 1 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 se_ aced
<br />by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner
<br />the liabiiir{ of the original Borrower and Borrower's successors in interest. Lender shalt not he required to commence
<br />proceedings against such successor or refute 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 />I1. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shalt not he a waiver of or preclude the exercise of am 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 1-endei s
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies Cumulative. 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 bt exercised coocurrenHy. independently or successively.
<br />13. Suscessors and Assigns Bound; Joint and Several f.iability; Captions. 'the covenants and agreements herein
<br />contained shall hind, 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 }Dint and several.
<br />The captions and headines of the paragraphs of this Mortgage arc for convenience only and are not to be used to
<br />interpret or define the provisions hereof.
<br />ld. Notice. )/xcept for any notice required under applicable law to be given in another manner (a) an}' notice to
<br />Borrmver provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower ai
<br />the Propert}• 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 6e 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 for in this
<br />Mortgage shall he deemed to have been given to Borrower ur Lender when given in the manner designated herein.
<br />25. Ltniform Mortgage; Governing Law; Severobility. This form of mortgage combines uniform covenants for national
<br />use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument eovering
<br />real pruptrty. This Mortgage shall be Qoverned by the law of the ivrisdiction :n which the Property is lcnattd. In the
<br />went chat any provision or ciattse of this Mortgage or the Note conflicts with app)icable law, such sonfiict shall rot affect
<br />o?her prey.... of ±h:s h+.~r*g~ga or tl:e Nr.. phi^l: can '.~ _ „ eHtct Sthcut the ~n;licting vravizirn, end .ter .his
<br />end the provisions of the Mortgage and the Note are declared to, be severable.
<br />16, Borrower's Copy. Borrower shall he furnished a conformed copy of the Note and cf this Mortgage at the time
<br />of execution nr after rernrdadon hereof.
<br />f7, 'transfer of tier Property; Assumption. 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 tiro or encumhrance subordinate in
<br />this Mortgage, (b) the creation of a purchase moot} security interest fur household appliances, (c) a Transfer by devise,
<br />descent ur by operation of law upon the death of a joint tenant or (dt the grant of any leasehold interest of three years or less
<br />not containing nn option to purchase. Lender may, at Lender's option, declare ail the sums secured by this Mortgage to be
<br />immediately due and payable. Lcoder shall have waived such option to accelerate if, prior to the sale or transfer, Lender
<br />and the person to whom the Propert}' is to be sold or transferred mach agreement in writing that the credit of such parson
<br />is satisfacta'y to i.ender and that the iniersst payable un the stems secured by this Mortgage shall be at such rate as Lender
<br />shall r2qucst. If Lender has waived fhe option to accrieratc provided in this paragraph 17, and if Borrawer's successor in
<br />interest has executed a written assumption agreement accepted in writing Hy Lender L.tnder shall release Borrower from ail
<br />obligations under this Mortgage and the Mote.
<br />it Lender e;ercises such option [n accelerate, Lender cha)i mail Borruurr netie'c of acceltration i^ accnrdanct with
<br />paragraph 14 hercnt. Such notice shalt provide a period of not less than 30 days from the date fhc notice is mailed within
<br />which $orrr~:vtr may pay the sums declared due. If Burrower fails to pay such cams prior to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower, invoke any rtmtdies permitted h}' paragraph 18 hereof.
<br />Nora-Iltvtroxnt L'rrveNnttrs. Borrowrr and Lender further covenant and agree as follows:
<br />1S. Aecekratioa; Renedies. "r'.xcept as provsdtd in paragraph i7 herroF, upon Borrower`s hreach of any covenant or
<br />agreement of Borrower in thh; Mortgage, including the covenants to pay when due say sums secured by this Mortgage,
<br />fender prior to acceleration shall mail rrotice to 8nrrower as provided in paragraph i4 hereof specifying: (i) the bresrh;
<br />(2) the artioo required to cure such breach; (3) a date, nM less than 30 days from rhr date the rrotice IS mailed to Borrower,
<br />by which such breach must be cured; aad (S) that faUure io cure such breach oa or before the date specified in the notice
<br />may result in acceleration of the sutrss secured by this Mortgage, foreclosure by judicial proceeding and Bait of the Property.
<br />'t'he notice shag further inform Borra.ver of the right to reinstate after acceleration and the right to assert in the foreclosure
<br />proceeding the non-existence of a default or aay other defense of Borrower to acceleration and foreclosure. if the breach
<br />is not cured on or before the date specified in aloe notice, Linder at Lender's option may declare aB of the sums secured 6y
<br />thk Mortgage to be immedrately due and payable without furtkrr demand and may foreriose by judicial proceeding. Lender
<br />shall be enh'tled to collect in such proceeding ati experrses of foreclosure, including, but not limited to, costs of documentary
<br />evidence, abstracts sort title reports.
<br />19. BorrowePs Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
<br />Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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