|
f _ �
<br /> ��,.",s '�'`�
<br /> 1
<br /> L.ender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
<br /> ; manner pYovided under paragraph 2 hereof.
<br /> � Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional t
<br /> ; indebtedness of Borrower secured by this Mortgage. Unless Borrower and L.ender agree to other terms of payment, such i -.
<br /> ; � amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the i '.
<br /> � dataof disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
<br /> � intercst at auch rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate ±:
<br /> M permiss961e under appYicable taw. Nothiag contained in this paragraph 'I shall requirc Lender to incur any expense or take
<br /> � ri any action hereunder. g�
<br /> k ;� 8. InspecNon. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided F.' :
<br /> � � that I;ender shall give Borrower notice prior to any sach inspection specifying reasonable cause therefor related to Lender's �,-
<br /> r interestin the Property. � .
<br /> � � 9. CondemnaHon. 'I'he 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 assigned A
<br /> I � and shatl 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 Properry, 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 this Mortgage immediately prior to the date of � �
<br /> � taking bears to the fair market value of the Property immediately prior to the dare 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 Lender to Borcower that the condemnor oRers io make �,
<br /> an award or 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 to restoration or ropair 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 shal! not extend � r
<br /> ) or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of �.
<br /> 1 such installmrnts. �� � �
<br /> { 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
<br /> j by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to reteaze, in any manner.
<br /> � the liability of the originnl Bonower and Borrower's successors in interest. Lender shall not be required to commence �
<br /> � proceedings against such successor or refuse ro 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 Borrower and Borrower's successors in interest. ,
<br /> il. For6esrance by Lender Not a R'aiver. Any forbearance by Lender in exercising any righ[ or remedy hereunder, or r
<br /> othenvise afforded by applicable law, shall not be 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 be a waiver of Lender's � "
<br /> � right to accelerate the maturity of the indebtedness secured by this Mortgage. p
<br /> 12. Remedles Cmnulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or �
<br /> � remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ?`'
<br /> 13. Sncceesora and Assigns Bound; Joint and Several T.iability; CapMons. The covenanLs and agreements herein f
<br /> contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower,
<br /> subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and severaL �H
<br /> The captions and headings of the paragraphs of this Mortgage are for convenience only and aro not to be uud to
<br /> inter ret or deSne the �
<br /> p provisions hereof. �
<br /> 14. Notice. Except for any notice required under applicnble taw to be given in another manner, (a) any notice to
<br /> Borrower provided for in this Mortgage shalt be given by mailing such notice by certified mail addressed to Borrower at x
<br /> the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and k
<br /> (b) any notice to Lender shall be given by certified mail, return receipt requested. to Lender's address stated herein or to y
<br /> such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this � :tA
<br /> Mortgage shall be deemed to have been given to Borrower or Lcnder when given in the manner designated herein.
<br /> IS. Uniform Mort g ty, g g � [r
<br /> gage; Govemin Law; Severabili This form of mort a e combines uniform covenants for national !�
<br /> use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ��, ;
<br /> resl propeRy. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the '''
<br /> event that any provision or clause of this Mortgage or the Note conflicts with applicabte law, such conflict shall not affect i;
<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 Note are dectared to be severable. %
<br /> 16. Sorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
<br /> of execution or after recordation hereof. r'
<br /> � 17. Transfer ot the Property; AssumpHon. If all or any part of the Property or an intemst therein is sold or transferced
<br /> � by Borrower without L.ender's prior written consent, excludiog (a) the creation of a lien or encumbrance subordinate to
<br /> this Mortgage, (b) the creation of a purchase money security interest for househotd appliances, (c) a transfer by devise, F
<br /> � descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less ;
<br /> � not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be ',
<br /> immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or tranafer. I.ender
<br /> and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
<br /> is satisfactory to Lender and that the interat payable on the sums secured by this Mortgage shall be at such rate as Lender
<br /> ahall request. If Lendez has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ,
<br /> interest has ezecuted a written assumption agreemmt accepted in writing by Lender, Lender shall release Borrower from all
<br /> obligations under this Mortgage and the Note.
<br /> If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
<br /> � paragraph 14 hercof. Such notice shall provide a period of not less than 30 days from the date the norice is ma�ed within
<br /> � whicfi Borrower may pay the sums declared due. If Borrower fails ro pay suah sums prior to the expimtion of such period,
<br /> � Lender may, wiffiout further notice or demand on Sorrower, invoke any remedies permitted by paragraph 18 hereof.
<br /> Nox-Ut+taoa►a CoveNedrs. Borrower and Lender further covenant and agree as follows:
<br /> 1& Accelecation; Remedies. Fscept u prorided in paragroph 17 6ereof, upon Bor�vwer's breach of any covenaot or
<br /> -� agreement of Borrov�er in tdis Mortgagq includi� the coveoants to pay when due any aums securcd by thts Mortgage,
<br /> I.ender prlor to accekratlon shall mall notice to Borrower as provided in paragraph 14 hereof specifying: (1) the 6reacb;
<br /> (� tLe acfbn reqoirod to cnre soch breacb; (3) a date, not ler than 30 days from the date the �rotice b mailed to Borrower, ,�. ;
<br /> "� by -�►hieh soch 6reach mmC be corcd; and;(4) that failure to cure suc6 brcach oa or beforc the date speclfled im the notice " _
<br /> ,...
<br /> � . may result in accekration of.the surtis accured by this Mortgage, forecloaurc 6y judictal proceedi� and sale of the Pmperty. .
<br /> T6e notice e6a11 fu�ther Inform Boazower of the rigbt to reinstate after acceleration and the rlght to �sseR in the foreclosure � :* �
<br /> e 'proctedtng the non-e:btence ot a dehnit or aay other defense of Borrower to acceleration and foreclosarc. IE the brcach � � ,
<br /> ., -. h mt curtd on or bdoc+e ttie date specl8ed in the aotice, Lender at LemlePs option may declore all of the sums secured by �F; ,t ;
<br /> ``' . �b MortQage to be Imwedlatel dae and
<br /> y payabte without EuAher demsnd aod ma foreclase b udictsl ° '" `
<br /> • Y Y 1 Proceedi�. Leoder y ,�; ,:
<br /> `s6alt be entltled to eollecf:ln such proceedL�. all expe�es of foreclosare, ioclading, 6ut not Hmtted to, caaRs of dacvmentary ' ` �. . x
<br /> evldencq'ab�lncle rnd tltk cePurls. ,'�'°, �t:�
<br /> 19. Borrosers Ris6t to Reimtate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, y� °
<br /> , . . . . .�
<br /> . : .
<br /> f Bortotverahall 5ave 'the tig6t to have any pcoceedings begun by Lender to enforce this Mortgage discontinued at any time
<br /> . . t
<br /> i
<br /> ..� �. �.s .. . . . . . . . . � .
<br /> ,
<br /> ...:�. , . . . . . . . .
<br /> } � � �� : � � . � � �
<br />
|