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81-002809
<br />Lender's written agreement or applicable law. Bortower shall pay the amount of all mortgage insurance premiums in the
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disbutxd by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br />indebtedntss of Bortower secured by this Mortgage. Unless Borrower and Lender agree i' other terms of payment, such
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shaA 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 />intttrest at such rate would be contrary to applicable law, 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 acHan hereunder.
<br />8. laepectlott. Lender may snake or cause to be made reasonable entries upon and inspections of the Property, provided
<br />that Lender shalt give Borrower notice prior to any Bach inspection specifying reasonable cease therefor related to Lenders
<br />interest in the Property.
<br />9. CendemesAton. The proceeds of any award or daim for damages, direct or consequentia}, in connection with any
<br />condemnation or other taking of the Property, or part thereof. 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 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 taking of the Property, unless Borrower and Lender
<br />otherwise agree in writing, there shall he applied fo the sums secured by this Mortgage such proportion of the proceeds
<br />as is equal to that proportion which the amount of the sours secured by this Mortgage immediately prior to the date of
<br />taking beam to the fair market vahre 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 abarrdorted by Bortower, nr if, after notice by ixnder to Harrower that the condemnor o,ie~a to 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 appty the proceeds, at Lender's o; lion, 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 1 and 2 hereof ar change the amount of
<br />such installments.
<br />fl®. Rawrower Not Rebtsaed. 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 shall not operate to releau. in any manner,
<br />the liability of the original Bortower and Borrower's successors in interest. Lender shall not be required to commence
<br />proceedings against such successor or refuse [o extend time for payment or otherwise modify amortization of the soma
<br />secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
<br />11. Far6earaace b7 ):ender Not a iNsirer. Any fottaearance by Lender in exercising any right or remedy heretmder, or
<br />otherwise afforded by applicable law, shall no[ be a waiver of ar preclude the exercise of any such right or remedy.
<br />The procurement of ituurance or the payment of taxes ar ether 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 Mortgage.
<br />li Remedies Cgmultlire. All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy under this Mortgage ar afforded by law or equity, end may be exercised concurrently. independently or successively.
<br />13. 9gceessoss sad Aa3Rn Routed: )Dint ate Serersl LisbBity; Captions. The covenants and agreements herein
<br />contained shall kind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower,
<br />subject to the previsions of paragraph 17 hereof. A!I covenants and agreemenu of Borrower shall be joint and several.
<br />The captiom and headings of the paragraphs of this Mortgage are for convenience only and are no[ to be used to
<br />interpret or defiM the provisrorts htrmf.
<br />10. Notice. $ttcept for any trotice required under applicable !au' :o t>v Eiven in another manner. (a) any notice to
<br />Borrower provided for in this Mortgage shall tat given by mailing such nniice by certified mail addressed to Borrower at
<br />the Property Addrtss or at stteh abet address as Borrower may designate by notice to Lr rider as provided herein, and
<br />(b) any notice to Lender shat! be given by certifies) marl. return reeetpt requested, to Lender's address stated herein or [o
<br />such other address as Lender may designate lay notice ?o Berrawtr as providtd herein. .Any mice provided far in this
<br />Mortgage shag be deemed to have bcen given to Hormwtr or Lender when given in the manner designated herein.
<br />15. Uuiform Morsga!<s; Gorerrug Law; SeversbYky. 77tis form of mortgage combines uniform covenants for national
<br />use and non-uniform covenans with limited variannns by jurialtciiart to constitute a uniform security instrument covering
<br />real property. This Mortgage shall bt governed by the taw of the iurisdicuon in which the Property is located. In the
<br />event [hat any provision or clause of this Mortgage or the :`lore conflicts with applicable law, such conflict shall not affect
<br />other provisions of this Mortgage ar the Vat which can Foe given effect without the conflicting provision, and to this
<br />end the provisions of the Mortgage and the Nee are declared to be severable.
<br />1S. Borrowers Copy. Borrower shat! he furatshed a canforn?ed copy of rite Mott and of this Mortgage at the time
<br />of execution or alter recordation hereof.
<br />17. Trsmter of tie Property; ~. if a!! ar soy part of the Property ar an interest therein is sold or transferred
<br />by Borrower without Lender`s prior written .assent. excluding ?a) the creation of a lien or encumSrance subordinate to
<br />this MartgttBq (b) the creation of a purchase mtwuy stcurity inures[ for household appliances, (c) a transfer by devise,
<br />descent or by operation of law upon the death of a joint tenam or ?d) the grant of any leasehold interest of three years or less
<br />not containing an option to purchase, Lender rnty, at Lendei s opuon, declare al! the sums secured by this Mortgage to be
<br />imtnediatr.ly due and payable. Lender shall hour waived such option to accelerate if, prior to rite sale or transfer, Lender
<br />and the pttaan to wfiom the Property is to be sold or transferred reach agreement in writing fha[ the credit of such person
<br />is satisfutory to Lender and that tlrt itturest payable on the sums secured by this Mortgage shall be at such rate as Lender
<br />shall rt~ttest. 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 agrcemtnt a,:_ropted in writing by Lender, Lender shall release Borrower from all
<br />obligations antler this Mortgage and the Nutt.
<br />If Lends[ exercises G~h option to accelerate, Linder shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice shalt provide a period at not less than 30 days from the date the notice is mailed within
<br />which $orrower may pay the stuns declared due. if Borrower fails to pay such sums prior to the expiration of such period,
<br />Lender tray, without further notict or demand an Bnrmwer, invoke any remedies permitted by paragraph 18 hereof.
<br />Ntua-Uxtroaat COVENAN7s. Borrower and Lander further uwenam and agree as follows:
<br />18, Aacdtrsdaa; Rsme~ Sscept as provyitd ~ paragraph 17 hereof, upon Borrowers bleach of say covernwt or
<br />t art Rorroeer is this 1-fae, iuefedisg the rarenagts to pay wbtg age soy sgt~ steered by tbfs Mortgage,
<br />Lerdsr pilot to aecsitnttt3OS ahsR arai7 twtice to Borrower m provided la partr8rap6 14 hem+f specifying: (1) ibe breach:
<br />tEl toe eetlsn rs4t~d bi ruse sack breaeb; (3) s eats, sot leas thsa 34 days from the daft the ootlce is mm'led to Borrower.
<br />~t6kM seek brptch mtwt be etnetk sod (4} Ibu faRgre to tore such breuh o0 w before tbt date specified iu the rwtlct
<br />reek b- ~ at the sates cecsrtd by tldr Mortpae, farecbsure by )adicld practediug anal sale of the Property.
<br />'C4e iotice shr?9 flVtatier fq¢arm Bocretwsr ad Me right to relastsle after stcdarstian sad the ri=b) to assort !n the fautelasrtre
<br />proest Rte eon-eriipeeee ~ a dsftait ar any other dtttase of Borrower to scctkratba sgd foreclosure. if the breuh
<br />k"tstitl ~rstt as ar kelare fire dots apectied is the ntrHre, trader at Leaatrs aptiou may declare sU oP the sgms aecurtd by
<br />tltltr , to is ~ dpe ead psyabk w(tboart tgrUrer drmaad sod rosy foreclwr 6y jodkial proceealarg. Lorelei
<br />siatp*~~ M calfsM V wet a8 eapesad of fereclosan, hzrlud6sg, bbl sot Btaited ta, costs of dattisseutaq
<br />evil~tgr~tr, sisirark ae9 this rsya~tr.
<br />1!: t«tttrr ~ ~ itekspte• Notwithstamiing f.trxkr's acceleration of the sums secured by this Mortgage.
<br />Rorrawc; thsll larva tits rli}ltt to have any prrxceding±t begun by I.tnder to enfnrct this Mortgage disctattintttd at any time
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