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<br />Lender', evritten agreement or applicable law. B~ns`rawer' sha-- pay the amount of Ali mrrrtgage insurance prernium,s in tho
<br />manner ps'avidecl under paragraph 2 hereof.
<br />Any amot:nts disbursed by Lender pursuant fo this paragraph 7, with interest thereon, shalt become additional
<br />indebtedness of Borrower secured by this Mortgage. Unless Borrower and Londe: agree to other terms of payment. such
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall hear 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 shalt bear interest at the higher` 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 />&. inspection. Lender may make or cause to he made reasonable entries upon and inspections of [he Property, provided
<br />that Lender shall give Borrower notice prier to any such inspection specifying reasonable cause therefor 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 ether takine of the Property. yr part [hereof, or for conveyance in lien 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 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 Yaxsng 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 thisliortgage immediately prior ro 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 n< Borrower.
<br />If ehe Property is abandoned by Borrower. or if, after notice by Lender to Borrower the[ the condemnor offers io make
<br />an award or settle a claim for damages, Borrower faits 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 ::~riting. any such application of proceeds to principal sha4 not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof ur 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 Tender m any successor in interest of Borrower shall not operate ro release. in any manner.
<br />the liability of the original Borrower and Borrower's successors in interest. Lender shalt not he required to commence
<br />proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
<br />secured b}' this ~•"+.cttgage by reason of any demand made 6y the original Borrower and Borrower's successors in interest
<br />11. F'orbearanct by Lendtr Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, ar
<br />otherwise afforded by applicable law, shall not he 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 he a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Dortgage.
<br />12. Rtmedies Cumulative. :Ail remedies provided in this Mortgage are dis[inet and cumulative to any other right or
<br />remedy under this A4ortgage or afforded by law or equity, and may be exerrsed concurrently, independently or successively.
<br />13. successors and Assigns Bound: Joint and Several Liability; Captions. The covenants and agreements herein
<br />contained shall hind, and the rights hereunder shall inure to, the respective successors and assigns of bender and Borrower.
<br />subject to the previsions of paragraph 17 hereof. All covenants and agreements of Borrower shall be }Dint and several.
<br />The captions tad headings of the paragraphs of this Mortgage are for convenience vnh and am not tc+ he used to
<br />interpret or define tbe provisions hereof.
<br />14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice m
<br />Borrower provided for in this ivtortgage shall bc' given by mailing such notice by certified mail addresud tv Beerower at
<br />the Property .Address yr at such other address as Borrower may designate by notice to Lender as provided herein, and
<br />{b) any notice Eo Lcndcrshal- be given 6y certified mail, return receipt requested, to Lender's address stated herein of to
<br />such other address as Lender may designate by notice to Bnrrnwer as provided herein. ,4ny notice provided for in this
<br />Mortgage shah he deemed to have been given to Aorrower or Lender when given in the manner designated herein.
<br />i5. L-niform hinrlgaAe; f:ovrrning Law; Severebility. This form of mortgage combines uniform covenants fur national
<br />use and non-uniform covenants with limiteei variations by jurisdiction to constitute a uniform security instrument covering
<br />real prot>eriy. This Morteage shad he governed by the taw of the jurisdiction in which the Prepcm• is kxatext. in the
<br />event that auy prevision or clause of this Mortgage or the Nvtt conr9icts with applicable taw, such conflict ,hall not affect
<br />other prowls on=. of this ivfortgage ... ti:e Note whic^ can "tr; ;;turn effe w•ithottt the enn:}ic, _ pmvisic... and .~ *.'s;is
<br />-end the provisions of sha Mortgage and the Note are i3.s:lared to he severabli'.
<br />i6. Borrower's Copy. Borrower shall be furnished a conformed copy of the Nate and of this Mortgage at the umt
<br />of execution or after recordation hereof.
<br />17. Transfer of the 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 lien or encumbrance subordinate to
<br />this Mortgage. (b) the creation of a purchase money security toreros[ for household apptiances, (c) a transfer by devise,
<br />descent or by operation of law upon the death of a joint tenant or (dt the grant of any leasehold interns[ of three years or less
<br />no[ containing an option to purchase, Lender may, at Lender'; option, declare all the sums secured by this )\icrtgage to be
<br />immediately due and payable. Lender shall have waived such option to accelerate if, prier to the sale or transfer. Lendtr
<br />and the person to whom the Property is to be sold or transferred reach agreement in writing that the s:redit of such person
<br />is satisfactory to Lender and [hat the interest payable on the sums secured by this Mortgage shall he at such rate as Lendtr
<br />shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
<br />interest has executed a written assumption agrcemem accepted in writing by i.ender. Lender shall release Barrow•rr from all
<br />obligations under this Mortgage and the Note.
<br />If Lender exercises such option to accelerate, I_rn.ltr shat! mail Bcurowcr notice of acceltration ir. aecerdas:cr with
<br />paragraph 14 hereof. Such notice shall provide a period of not less than 30 daps from the date the notice is mai'~d within
<br />which Borrower mry pay the sums declared due. It Borrower fails to pay such sums prior to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower. invoke any remedies permstted by paragraph -R hereof.
<br />Nasv.>ri~,tt~oast t"ovtaN sNTa. Borrower and Lender further covenant and egret as fellows:
<br />Id. Accelereiion; Remedies Except as provided in paragraph t7 hereof, upon Borrower`s breach of any covtaant or
<br />~rttment of Bnrrnwer lu tfils !19ortgage, including the covenants to pay when due any sums secured by this Mortgage,
<br />Leader prior to acceteratinn shall mail rrotict to Borrowtr as provided in paragraph l4 hereof sptcifying: (1) the breach;
<br />(2) the action required to cure snch breach; (3) a date, trot less than 36 days from tht date the notice Ls mailed to Borrower,
<br />by srbich such breach must tit cured; and (4) that [allure to cure such breach an or before the date specitted In the notkt
<br />may result in accekrotion of the sums secured by this Mortgage, foreclosure by judicial proceeding sod safe of the Property.
<br />The notice shalt further inform Borrower of the right to reinstate! after acceleretian and the right to assert in the forcdosure
<br />proceeding tire. non-existence of a default or any other deferrer of Borrower to acctleretion and foreclosure. If the breach
<br />Ls Trot cured on or betore the daft specifitd 'rn the notice, Lender at Lender's optbn may declare all of the sums secured by
<br />this Mortgage to be immediately due and t ayable without further demand and may foreclose Dy judicial proceeding, Ixnder
<br />rhall be en6tttd to collect in such proceeding all expenses of foreclosure, indudhig, Dut apt Nmlted to, costs of documentary
<br />evil€.:ce, abstratH and title repnr:s.
<br />14. $nrrantr's R~bt to Rd~tatt, Natwiihstanding Lender's acceleration cf the sums secured by this hforgage,
<br />Barmwcr shall have ehe right to have any ptocrxdings begun by Lendtr to tnforce this Iviertgage discontinued at any time
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