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80-.. ~04~~7 <br />Lepd,°.r's written agretmtnt or applicable taw. Borrower shall pay the amount of all mortgage insurance premiums in the <br />manner provided under paragraph 2 hereof. <br />Any amounts disbursed by Leader pursuant to this paragraph 7, with inurest thereon, shah become additeonal <br />indebtedness of Borrower secured by this Mongage. Unless Borrower and Lender agree to oilier terms of payrneat, Bach <br />amounts shall be payable upon notice from Lender m Borrower requesting payment thereof. and shall bear interest from the <br />date of dfsfiursemem at the rate payable from time to time on outstanding principal under the Note unless payment of <br />interest at strch rate would be contrary to applicable law, ir. wfiich event such amopats shall beaz interest at the hig)xst tats <br />permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take <br />any attron hercuadtr. <br />g. Iaspecdon- Lender may make or cause to be made reasopable entries upon and inspections of the Property, provided <br />that Lender shall give Borrower notice prior to any such inspection specih7ng reasonable cause therefor related to Lenders <br />interest in the Property. <br />9. CottdemreaHon. The proceeds of any award or claim for damages, direct or consequential. in connection with any <br />condemnation or other taking of the Property. ar part thereof, or for conveyance in lieu of condemnation, are hereby assigned <br />and shall be paid to Lender. <br />Pn the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. <br />wihh ilia 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 ?o the sums secured by this Mortgage such proportion of the proceeds <br />as is equal to that proportion which the amount of the sum's secured by this Mortgage immediately prior to the dart 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 Property is abandoned by Borrower. or if, after notice by Ixnder to Borrower that the condemnor offers to make <br />an award or Bettie a claim [or damages, Horrowe: faits to respond to Lender within 30 days afrer flit date such native 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 not extend <br />or postpone the due date of the monthly installments referred to in paragraphs 7 and ?hereof or change the amount of <br />such installments. <br />lU. Borrower Not Xeitased. Ectension of the time for payment or modification of amortization of the sums secured <br />by this Mortgage granted by Lender ro any successor in interest of Borrower shall not operate to release, in any manner. <br />the liability of [he original Borrower and Borrower's successors in interest. Lender shalt 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 Borower and Borrower's successors in interest. <br />11. Forbearance by Lender riot a Waiver. .4ny 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 procuremenF"of~in`suratici: bc: llie ~ayfneht of taxes or other liens or charges by Lender shall not be a waiver of Lender's <br />right to azceler3te the maturity;ofahe indebtedness secured by this Mortgage. <br />12. Remedies C.tmwlafl-e.~;1jI [cmedies provided in this Mortgage are distinct and cumulative to any other right or <br />remedy under.this:,lSorigage.or atfprdad by.law~ or equity. and may be exercised concurrently, independrntty or successively. <br />13. Successors and Assigvs Bound; Joint and Several, Liability; Captions. The covenants and agreements herein <br />contained shall bind. and the righu hereunder shall inure to. the respective successors and assigns of Lender and Borrower. <br />subjtc*. to the provisions of paragraph :? hereof. All covenanu and agrttments of Borrower shag be ;Dint and several. <br />The captions and headings of the paaagraphs of this Mortgage are for convenience only and are not to be vstd to <br />interpret or define the provisions hereof. <br />1~#. Natitc. Esctpt for any notice required under applicable law to be given in another manner. ta) any notice to <br />Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed m Borrower at <br />tEa Prn}~r• ddrzss ar at such other address as Borrower may designate by naive to Lunder as provided htrtin. 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 .r:htt addr s; as Cradle may designate by notice to Battvwer as provided 'nttein. :~iny notice provided for in this <br />Mongage si:all ~-dremed to have barn given to Borrower or r_tndet when given in the manner designated herein. <br />I5. Uniform 3lortgage; Governing Law; SeverebiBty. 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 instmmen[ covering <br />real property. This Mortgage shall be governed by the law of the iutisdiction in which the Property is located. In the <br />event that any provision or clause of this Mortgage or the Note ronflicts with applicable law, such conflict shall not affect <br />other provsions of ;his Mongage or the Kota which can be given effect without the conflicting provision, and to this <br />end the previsions of the Mortgage and the Vote are dedared to be severable. <br />16. Borrowers Copy. Borrower shall be furnished ~ conformed copy of the Vote and of this Mortgage at the time <br />of execution or after recordation heron[. <br />17. Trtuvster of toe Property; Assumption. If all or any part of the Properly oc an interest therein is sold or transferred <br />by Borrower without Lender's prior written consent, esduding +a) the creation of a lien or encumbrance subordinate to <br />this Mongage. ib) the creanan of a purchase money security interest for houuhold appliances, id a transfer by devise, <br />dtsctnt or by nptratien of law upon the death of a inim tenant ar (d) the gran: of any leasehold inttrest of three years or less <br />not containing an option to purchase, Lendec may. at Lender's option, declare all ;he sums secured by this Mortgage to be <br />immediately due and payable. I-ender shall have waived such option to accelerate it, prior to [he sale or transfer. Lender <br />and the person to wham the Property is to be sold or transitrred reach ugrtement :n wnung ?hat the credit of loch person <br />is satisfactory to Lender and that the interest payable on the sums secured by this ytortgage shall 5e at such rate as Linder <br />shall request. if Lender has waived the option to accelerate provided in this paragraph 1?, and it Borrower's successor in <br />interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all <br />obligations under this Mortgage and the Noce. <br />If Lender exercises such option to accelerate, Lender shall mail Borrower nonce of acceleretinn in accordance with <br />paragraph i+ hereof Such nonce shall provide a period of not Itss than +0 days item the dart the notice is mniltd within <br />which Borrower may pay the sums declared due. if Borrower rails to pay such ,urns nrior to the expiration ~a such ptnod. <br />Lender may, without htnhtr notice or demand on Borrower. invoke any remedies permitted h} paragraph ! ~ iercof. <br />Nara-UNIFO0.h{ Covexntars. Borrower and Lender further covenant and agree as follows <br />tg. Acceleretion; Remedies. F,xcept as provided in paregraph 17 hereof, upgn Borrowers breath of any covenant or <br />agreement of Borrower ill flits Mortgage, including the covenants to pay when due anv sums secured by this ~lorlgege. <br />Lender prior to acceleration shat) mail notice to Borrower as provided in paragraph la hereof specifying: (1) the breach: <br />t2) the action required !o cure such breach; 13T a date, not less than 3U days from the date the notice is mailed to Borrower, <br />by which such breach must be cured; and (3) that failure to cure such breach on or before the date specified in the notice <br />may result in acceleration of the sums secured by this Mortgage, foreclosure by jadiciai proceeding and sale of the Pn>perty. <br />ilia notice shalt further inform Borrower of the right to reinstate after acceleration and the right to :+ssen in the foreclosure <br />protetdirrg the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach <br />is not cured on or before the date specified in the notice, Lender at lender's option may declare all of the sums secured by <br />this Mortgage to he immediately tine and payable without further demand and may foreclose by judicial proceeding. Lender. <br />shall he entitleil to enHect in such proceeding all expenses of famciosure, including, but not limited to, costs of documentary <br />evidence, abstracts and tine reports. <br />14, St-.rrowtr's 12i~ht to Reip~ate. Vocwithstanding Lender's scceleratioc of rho sums secured by this ltortgszt. <br />Borrower shall have the right to have any proceedings hesun by Leader m enforce this Mortgage disconurutd at any time <br />