|
� �
<br /> 78-- !) U1 ? i0
<br /> Lender's written agreement or applicable law. Borrower shalt pay thc amoun[ of all mortgage insurence premiums in the
<br /> manner ptovided under paragraph 2 hereof.
<br /> Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br /> ' indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> i amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the �.
<br /> 's date of disburxment at the rate payable from time to time on outstanding principal under the Note unless payment of
<br /> ? interest at auch rate would be coatrary to applicable law, in which event such amounts shall bear interest at the highest rate
<br /> i permissible under applicable law. Nothing contained in this paragraph 7 shall requirc Lender to incur any expense or take
<br /> any action hereunder.
<br /> ; 8. inspecHon. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br /> that Lender sfiali give Borrower notice prior to any such inspection specifying rcasonable 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 cansequential, in connection with any
<br /> f condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
<br /> i and shali be paid to Lender.
<br /> in the event of a totai taking of the Propeny, 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 be applied to the sums secured by this Mortgage such proportion of the proceeds
<br /> ' as is equal to that proportiort 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 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 L,ender to Borrower that the condemnor oRera to make
<br /> an award or settle a claim for damages, Borrower fails to respond ro Lender within 30 days after the dute such notice is
<br /> mailed, Lender is authorized ro collect and apply the proceeds. at Lender's option, either to restoration ar repair of the
<br /> ' Property or to the sums secured by this Mortgage.
<br /> " Unless Lender and Bocrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br /> �
<br /> { or postpone the due date of the monthly instatlments referred to in paragraphs 1 and 2 hereof or 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 Lender to any successor in interest of Borrower shall not operare to release, in any manner.
<br /> i the liabiliry of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence `
<br /> # proceedings against such successor or rcfuse to extend time for payment or otherwise modify amortization of the sums
<br /> t secured by this Mortgage by roason of any demand made by the original Borrower a�d Borrower's successors in interest_
<br /> ; 11_ Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hcreunder, or
<br /> � otherwise afforded by applicable law, shall not be a waiver of or predude 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 be a waiver of Lender's
<br /> right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br /> � 12. Remedies Cnmulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br /> rcmedy under this Mortgagc or afforded by law or equity, and may be exercised concurrently, independently or successively.
<br /> 13. Soccessors and Assigns Bound; Joint and Several i,iab0ity; Csptions. The covenants and agreements herein
<br /> wntained shall bind, and the rights hereunder shalt inure to, the respective successors and assigns of Lender and Borrower.
<br /> subject to the provisions of paragraph 1 'I hereof. All covenants and agreements of Borrower shall be joint and several.
<br /> The captions and headings of the paragraphs of chis Mortgage are for convenience only and are not to be used m
<br /> interpret or define the provisions hereof.
<br /> 14. Notice. Except for any notice required under applicable Iaw to be given in another manner, (a) any notice to
<br /> Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
<br /> the Property Addrcss or at such other address as Borrower may designate by notice to Lender as provided herein, and
<br /> (b) any notice to Lender shall be given by certified mail, retum reccipt 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 be deemed ro have been given to Borrowcr or Lender when given in the manner designated herein.
<br /> 15. Uniform Mo�tgage; Governing Law; 9everab�7ity. This form of mortgage combines uniform covenants for national
<br /> use and non-uniform cove�ants with timited variations by jurisdiction to constitute a uniform security instrument covering
<br /> ieal property. This Mortgage shall be govemed by the law of the jurisdiction in which the Property is located. In the
<br /> event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shatl not affeM
<br /> other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
<br /> end the provisions of the Mortgage and the Notc are declared to be severable.
<br /> 16. Borcower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Moctgage at the time
<br /> of eaecution or a[ter rcrordation hereof.
<br /> 17. Tranafer of the Properfy; Assumptton. If aIl or any part of the Property or an interest therein is sold or transferred
<br /> by Borrower without I,ender's prior writren cansent, ezcluding (a) [he creation of a lien or encumbrahce subordinate to
<br /> this Mortgage. (b) the creation of a purchase money security interut for household appliances, (c) a transfer by devise,
<br /> descmt or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intercst of three yean or )ess
<br /> . not containing an option to purchase, Lender may, at Lender's option, declare ull the sums secured by this Mortgage to be
<br /> immediately due and payable. Lender shail have waived such option to acceterate if, prior to the sale or transfer. L.ender
<br /> and [he person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such pecson
<br /> is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
<br /> sha11 request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
<br /> intercst has executed a writtea assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
<br /> obligations under this Mortgage and the Nota
<br /> If L.ender exercises such option to acceterate, Lender shall mail Borrower notice of acceleration in accordance with
<br /> paragraph 14 heno£ Suah notice shalt provide a period of not less than 30 days from the date the notice is mailed within
<br /> which Borrower may pay the sums declared due. If Borrower fails ro pay such sums prior to the ezpiration of such period,
<br /> Lender may, witbout further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br /> Nox-UN�Fonr.r Covexerr-rs. Sorrower and Lender further covenant and agree as foltows :
<br /> 1& Accderalloo; Remed(eB. Ezcept av provided in paraRnph 17 hercof, upon Borrower's breach of any covenant or � �
<br /> agreemeat of Borrower In thb Mortgage, includln� the covena�ts to pay when due any sums secored by this Mortgage, �
<br /> Lender prlor lo acceleration sLall maD notice to Borrower ag provided in paragraph 14 hereof specifying: (1) the breach;
<br /> (2) t6e actloo rcqvircd to cure such bresch; (3) a date, not Ieas than 30 days from the date t6e noBce Lv mailed to Borrower, _ . . � ' '�,
<br /> by �►h(ch snch breach must be cured; and (4) that failurc to cure such breach on or 6efore tLe date speclfied tn the nodtt �� r
<br /> may result le acceleratlon ot t6e sums aecurcd by this Morlgage, foreclosurc 6y judlcla! proceeding nnd ssle of the Property. � x: x ;
<br /> The n o tl c e s 6 a 1 1 f orther lnform Borrower of the right to roinstate aHer acceleratlon and the right to assert in the forecloaure '
<br /> procecdius fhe non-exiatence ot�x defaalt or any other defense of Borrower to acceleradon and Eorcclosurc. If the breach >_
<br /> h �t cured on or beforc t6e date apeciHed io t6e noNce, Lender at I,ender's option may declsre a11 of the sums sewred by -- �
<br /> this Mortgage to 6e Immedistdy doe and payable without further demand and may foreclose by judlcial proceeding. Lender
<br /> :a� ° ";
<br /> s6a11 be eatltled to colleet ln aach proceeding att expenses of foreclosure, includlog, but not limited to, costs of documeoqry
<br /> evldmce, abstracts sod titte reports. � � ,
<br /> 19. Borrower's Right to Retnstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
<br /> . . Borrowet' shall have the r3ght to have any proceedings begun by L.ender to enforce this MoRgage discontinued at any time
<br /> �
<br />
|