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$4---~ U04692
<br />Lender's written agreement or applicable lau•, Borrower shall pay the amount of all mortgage insurance premiums in the
<br />manner provided under pazagraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon. shalt become additional
<br />indebtedness of Borrower secured by this Mortgage. Unless Horzower and Lender agree to other terms of paymem, such
<br />amounts shall be payable upon notice from Lender to Bomox•er requesting payment thereof. and shad bear interest from the
<br />date of disburement at the rate payable from time to time on outstanding principal under the Note unless payment of
<br />interest at such rate uoutd be contrary to applicable law, in ufiich e+•ent 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 />anp action hereunder.
<br />g- inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br />that Lender shalt give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. 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 assigrred
<br />and shall be paid to Lender.
<br />In the went of a total taking of the Propetty. the proceeds shall be applied to the sums secured by this Mortgage.
<br />with the excess, if any- paid to Borrower. rn the event of a partial taking of the Property, unless Bgmower and Lender
<br />otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pttfceeds
<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 Propene 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 mice by Lender to Borrower that the condemnor offers to make
<br />an award er 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 Lender's option. either io restoration or repair of the
<br />Property or to the sums secured fi~ this Mortgage.
<br />Unless Lender and Borrower otherwise agree in x•riting. any such application of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br />such installments.
<br />10- Borrower lot Released. Extension of the time for payment or modification of amortization of the sums secured
<br />by this Mortgage granted by Lender to am• successor in interest of Ronower shall not operate to release- in any manner,
<br />the baSility of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
<br />proceedings against such successor er refuse m extend time for payment or otherwise modifi~ amortization of the sums
<br />secured by this Mortgage 6y reason of any demand made by the original Borrower and Borrex~ers successors in interest.
<br />II. Forbearance by Lender 1Vot a }3"aicer. 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 />Tht procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a x~ais•er of Lender's
<br />right to accelerate the maturity of the indebtedness secured b}• this Ainnoage.
<br />12. Remedies Cumulative. .411 remedies provided in this mortgage arc distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently- independently Jr successively.
<br />13. Successors and Assigns Bound; Joint- and Several I-lability; Captions. The covenants and agreements herein
<br />tontair,ed shall bind. and ttte rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower.
<br />subject to the provisions of paragraph 17 hereof. .411 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 be used to
<br />inter p.ret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicable law to he given in another manner. (a) any notict to
<br />Borrower provided for in this Mortgage ;hall he given by mailing such notice by certified mail addressed to Borrower at
<br />the Properly Address or at such other address as Borrower may desienate by notice to Tender as provided herein, and
<br />(b) any notite to Lender shall be given by certified math return receipt requested, to Lender's address stated herein or to
<br />such ether address as Lender may designate ty nmiee to Borrox•tr as provided herein. .4ny notice provided for in this
<br />Mortgage shall he deemed to have been given io Borrower or Lender when given in the manner designated herein.
<br />15. Uniform hTortgage; Governing Law: Sevtrability. 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 covering
<br />real property. This Mortgage shall be governed by the law of the jurisdiction in which the Propem is located. ]n the
<br />event that any provision or clause of this Mortgage nr the Note conflicts with applicable law, such conflict shall not affect
<br />other provisions of this hortgage or the Nott which can be given effect without the rnnflicting provision, and to this
<br />end the provisions of the Mortgage and the Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this ',tortgaee at the lime
<br />of execution or after recordation hereof.
<br />17. Transfer of the Properh~; .Assumption. If all or anp part of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prier written consent, excluding (a) the creation of a lien or encumbrance subordinate to
<br />this Mortgage, !b) the creation of a purchase money securit}' interest for household appliances, tc) a transfer by devise,
<br />descent or by operation of law upon the death of a joint tenant or Id) the gram of any leasehold interest of three years or less
<br />not containing an option to purchase, Lender may, at Lenders option, declare all the sums secured by this Atongage to be
<br />immediately due and payable. Lender shall have waived such option ro accelerate if, prior to the sale ar transttr. Lender
<br />and the person to whom the Proptrry• is to be sold or transkrred 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 he at such rate as Lender
<br />shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and it Borrower's successor in
<br />interest has executed a written assumption agreement accepted in writing 6y I-ender. Lender shall release Bonuwer from all
<br />obligations under this Mortgage end [he Note.
<br />If Lender exercises such option to accelerate, Lendtr shall mail Borrower notice of acceleration in acconi.-,nce w~i[h
<br />paragraph 14 hereof. Such notice shall providt a period of not less than 30 dnys from the date the notice is mat!>_d within
<br />which Borrower may pay the sums declared due. If Borrower fails ~n pay such sums prior to tht expiration of such period,
<br />Lender may, without further notice or demand on Borrower, invoke any remedies permitted h}• paragraph 18 hereof.
<br />Nox-UNIFUa7.1 CovENnt.rs. Borrower and Lender further covenant and ogre.: as follows:
<br />18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower"s breach of any covenant or
<br />agreement of Borrower in fhIs M1tongage, including the cotenants a pay when due en+' sums secured by this Morii;age,
<br />Lender prior to acceleration shall mail no0te to Borrower as provided in paragraph 14 hereof specifying: 11) the breach;
<br />(2)!he action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower,
<br />by which such breach must ba cured; and f4) that failure to cure such breach on or before the date specified in the notict
<br />mey result in acceleration of the soots secured by this Mortgage, foreclosure by judicial proceeding and sate of the Property.
<br />The notite shall farther intarm Borrower of the right to reinstate after acceleration and the right to rssen in the forecosure
<br />proceeding the noa-existence of a default ur eny other Aefense of Borrower a acceleration and foreclosure. If the breath
<br />is rat tared on oe before the Aate sperified in the notice, Lender at Lender's option may declare all of the sums secured by
<br />this Rtongage io be immediately dot and payable without fnnher demand anA may foreclose 6y judicial proceeding. Lendtr
<br />shall 6t entitled to coitrcY in sue6 proceeding alt expenses of forvclasure, including, but not limited to, costs a( documentary
<br />evidence, ahslracts and tit#t reports.
<br />19. Borrower's Right to Reinstate, Notwithstanding Lender's acceleration of [ht sums secured by Ihiti Mortgage
<br />Borrower shall have the right to have any proceedings begun by Lender to enioi ct this Mortgage discennnued at any time
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