|
� -
<br /> 7g_. �� fe14 .� Q -
<br /> � y Lender's written agreement or applicable law. Borrower shall pay the amount of al] mortgage insurance premiums in the
<br /> � manner pYovided under paragraph 2 hereoE
<br /> � Any amounts disburaed by Lender pursuant to this paragraph 7, with interest thereon, shall become additionai
<br /> � indebtedness of Borrower secured by this Mortgaga Unless Borrower and Lender agree to other tertns of payment, such �
<br /> ! amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall 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 /> interest at such rate would be conVary to applicable law, in which event such amounts shall bear interest at the highest rate ` "
<br /> � permisaible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br /> any actioa hereupdea
<br /> � 8. �napectton. Lender may make or cauae to be made reasonable entries upon and inspections of the Property, provided
<br /> that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br /> ' � interest in the Property.
<br /> 9. Coodemnatton. 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 assigned
<br /> and shalt 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 Borrowec In the event of a partiai taking of the Property, unless Borsower and Lender
<br /> { otherwise agree in writing, there shali be applied to the sums secured by this Mortgage such proportion of the proceeds
<br /> y as is equul to that proportion which the amount of t6e sums secured by this Mortgage immediatety prior ro 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 q -
<br /> : t paid to Borrower.
<br /> � If the Property is abandoned by Borrower, or if, afrer notice by Lender to Borrower that the condemnor offers to make ' "
<br /> , an award or settle a claim for damages, Borrower fails to respond ro Lender within 30 days after the date such notice is
<br /> mailed, Lender is authorimd to collect and appty the proceeds. at Lender's option, either to restoration or ttpair of the �
<br /> � Property or to the sums secured by this Mortgage. r
<br /> Unless Lender and Borrower othenvise agree in writing, any such application of procceds to principal shall not extend
<br /> i or pcutpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> � such installments.
<br /> t 10. Borrower Not Released. Eztension 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 retease, in any manner,
<br /> the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
<br /> proceedings against such successor or refuse to extend time for payment or otherwise modify amortization af the sums
<br /> secured by this Mortgage by reason of any demand made by the original Borcower and Borrower's successors in interest.
<br /> li. Forbearance by Lender Not a Watver. 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 prectude the exercise of any such right or mmedy.
<br /> The procurcment of insurance or the payment of taxes or other liens or charges by Lender shatl not be a waiver of Lender's
<br /> right to 'accelerate the maturity of the indebtedness secured by this Mortgage.
<br /> ]2. Remedies CumolaNve. All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br /> remedy under this Mortgnge or afforded by law or equity, and may be exercised concurrently, independently or successively.
<br /> 13. Soccesso�s and Assigns Bound; Joint and Several i.iability; Captions. The covenants and agreements heroin
<br /> contai�d sha11 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
<br /> The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
<br /> interpret or define the provisions hereof.
<br /> 14_ Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
<br /> Borrower provided for in this Mongage 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 shatl be given by certified mail, re[urn receipt rcquested, to Lender's address stated herein or to
<br /> such other address as Lender may designate by notice to Borrower as provided herein. Any nodce provided for in this
<br /> Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br /> 15_ Uniform Mortgage; Governing Law; Severabillfy. 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 properry. This Mortgage shall be governed 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 conllict shall not affect
<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 declared to be severable.
<br /> 16. Borrower'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.
<br /> 1'7. Tra�fer of the Yroperty; Assumption. If all or any part of the Property or an interest therein is sold or transferred
<br /> by Borrower without I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to
<br /> this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
<br /> descent or by operation of law upon the death of a joint renant 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 ihe 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 transfer. Lender
<br /> and the person to whom the Property is to be sold or transferred reach agreement in writing thnt the credit of such person
<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 /> shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
<br /> interest bas executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
<br /> obligatioos 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 /> i , paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the noticc is ma�led within
<br /> which Borrower may pay the sums declared due. If Borrower fails ro pay such sums prior to the expiration of such period,
<br /> L.ender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br /> Nonr-UxrFon�t CovexeNrs. Borrower and Lender further covenant and agree as follows :
<br /> 18. Accelerallon; Remediea. Except as provided fn paragraph 17 hereof, upon Borrower's breach of any covenant or
<br /> aqreemcut of Borrower in thls Mortgage, Inclodjng tbe covenants to pay when dae any sums secured by t6is Mortgage,
<br /> Lender prlor to acceleraBoo ahall mail notice to Borrower as provided Io paragnph l4 hereo[ specitying: (1) the breach;
<br /> (2) t6e actton reqWred to cure soc6 breach; (3) a dafe, oot tesa than 30 days from the date the noBce is maited to Borrower, ' -
<br /> by vhich mch breac6 most be cared; and (4) that falture to core such brcach on or beforc the date specified in the noNce
<br /> mqy eeso�t In accderation ot the mms securcd by this Mortgage, foreclosure by judicial proccediog and sale of the Property. �
<br /> 1'he notice ahall turt6er tnform Borrower ot the right to rcL�state after acceleratbn and the right to assert In the foreclosure
<br /> P���i « noo-acbtence ofs detaWt or any ot6er deferoe of Borrower to acceleraBoa and forcclosure, if the 6reach
<br /> b not cuesvl oq or 6efore !Le d�te specl8ed in the noHce, Lender at Lender's option may dectare all of the sums xcured by
<br /> thts Mt►rf�a;e' to be lmmedlatdy dae and payable wltlwut [urlher demaml and may foreclose by jud(clal proceeding. I.ender
<br /> s6a116e �tlfled to coUect In each pwceedieg ap eacpe�s of foredosure, including, but not Iimtted ta costs of docume�ary
<br /> evidmee, abstracb aad tltle repocb.
<br />' 19 Eorrowea+a Wsht W RNe�tala Notwithatanding Lender's acceleration of the sums secured by this Mortgage.
<br /> Borrower ahall have t6e rIght to have any proceedings begun by Lender to eeforce this Mortgage discontinued at any time
<br />
|