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<br /> �g� � 01462 �
<br /> Leader's written agreemeat or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the e
<br /> manner provided under paragraph 2 hueof.
<br /> ; Any amounts disburaed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br /> indebtedness of Horrower secund by this Mortgage. Unless Borrower and L,ender agrce to other terms of payment, suah
<br /> amounts shall be payable upon natice from Lender to Borrower requesting payment thercof, and shall bear interest from the .'
<br /> (� date of disburseme�t 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 shatl bear interest at the highest rate �
<br /> permissible under applicablc law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take "" `
<br /> � any action hercunder. � ; ,
<br /> ' F 8• InspecHon. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided �
<br /> ' � that Lender shall give Horrower notice prior to any such inspection specifying rcasonable cause therefor related to Lender's s: -
<br /> interest in the Properry. r
<br /> � � 9. Condemnatbn. 7'he proceeds of any award or claim for damages, direct or consequential, in connection with any F ;
<br /> � condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned 3,;
<br /> ; and shall be paid to Lender.
<br /> ; I In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage. 4'
<br /> with the excess, if any, paid to Borcower. In the event of a partial taking of the Property, unless Borrower and Lender
<br /> otherwise agree ia writing, there shal! be applied to the sams secured by this Mortgage such proportion of the proceeds s
<br /> as is equal to [hat 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 date of taking, with the balance of the proceeds
<br /> , .} paid to Borrowec �
<br /> If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
<br /> an award or settle a claim for damagu, Borrower fails to respond to Lender within 30 days after the date such notice is Y
<br /> ' mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, 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 [o in paragraphs 1 and 2 hereof or change the amount of
<br /> ; j such installments.
<br /> � 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums sewred �
<br /> ' r by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to mlease, in any manner, ;'
<br /> i the liabiliry of the original Borrower and Borrawer's successors in interest. Lender shall not be required to commence
<br /> � � proceedings against such successor or refuse ro extend time for payrnent or otherwise modify amortization of the sums i
<br /> i secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succescors i� interest.
<br /> j' Il. Forberrance 6y Lender Not a Waivee Any forbearance by I_ender in exercising any right or remedy hereunder, or "
<br /> otherwise afforded by applicable law, shall not be a waiver of or redude the exercise of an such ri �
<br /> P y ght or remedy.
<br /> ' � The pracurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lende{g s
<br /> � right to accelerate the maturity of the indebtedness secumd by this Mortgage.
<br /> �° 12. Remedies ComulaHve. AII 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, independentty or successively.
<br /> , 13. Sueceasors and Assigmc Bound; Jotnt and Several i.iabtlity; CapBons. The covenants and agreements herein ;;
<br /> ' ; contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, l
<br /> , � subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shatl 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 1;
<br /> interpret or define the provisions hereof.
<br /> � 14. Notice. Except for any notice required under applicable law to be given in another manneq (a) any notice to
<br /> Borrower provided for in this Mortgage shall be given by mailing such notice by cenified mail addressed to Borrower at
<br /> the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
<br /> } (b) any notice to Lender shali be given by certified mail, retum receipt requested, to Lmder'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 to have been given to Borrower or Lender when given in the manner designated herein.
<br /> � 15. UnKorm Mortgage; Governing Law; Severabllity. This form of mortgage combines uniform covenants for national
<br /> j use and non-uniform covenants with limited variations by jurisdiction to constimte a uniform security instrument covering
<br /> F real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
<br /> yevent that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shalt 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 6e 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 /> � 17. Transfer of the Property; Assumption. If al1 or any part of the Property or an interest therein is sold or transferred
<br /> by Borrower without L.ender's prior written consent, excluding (a) the creation of a lien or encumbrahce subordinate to
<br /> � this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a trensfer by devise,
<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 /> a not containing an option to purchase, Lender may, at Lender's option, declare alt [he 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 that the credit of such person
<br /> � is satisfactory to Lender and that ffie interest payable on the sums secund by this Mortgage shall be at such rate as Lender
<br /> :t shall request. If Lender has waived the option to accderate provided in this paragraph 17, aad if Borrower's successor in
<br /> 1 inmrest has executed a written auumption agreement accepted in writing by Lender. L.ender shall retease Borrower from all
<br /> 1 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 heroof. Suoh notice shall rovide a
<br /> r � p period of not less than 30 days from the date the aotice is mailed within
<br /> which Borrower may pay the sums dedared due. If Borrower fails to pay such sums prior to the expiration of such period,
<br /> � Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1S hereof.
<br />' k Notv-UxisostK CovsxeNrs. Bonower and Lender further covmant and a
<br /> i,# gree as follows :
<br />,,,� 18. Acceleration; Remedtea. Faccept av provided in paragraph 17 hercof, upon Borrower's breac6 of any covenant or
<br />; agreement of Borrower in thh Morlgage, inclnding tbe covenants to pny when due any wms secored by this Morlgage,
<br /> Leoder prlor to accekrallon s6all mail no8ce to Borrower as provided in paragraph 14 6ereof specifytog: (1) the brcach;
<br /> � (2) the ac8on ceqnired to cox wcb brwch; (3) a date. not less t6an 30 daya from tbe date tbe notice h mailed to Borrower,
<br />;� by w6ich sach breach mosf be cm�ed; and (4) that failorc to cnrc such brcach on or before the date speciRed in the notice ..
<br /> � may mult in accderatlon of the w� aecured by Ihls Morlgagq foreclosure by judicial proceeding and sale of tLe Property.
<br /> f T6e notice aha� farther la[orm Borrower o[ the rtghf to reinsbte after acceleratton and the right to asse�t in tbe foroclosure �
<br />'z pruceedioe the nou-exbtence ot a default or any olher deferee of Borrower to accelerotion and forccloaure. If the brcach
<br />£ Is not rnced on or betorc t6e date specdied in the notice, Le�er at Leoder's option may declare aO of t6e sams secured by
<br /> r thM Mortyage to be Immediately dae aml payaWe wlthoat turlher demand and may foreclose by fndiclal proceediug. Lender
<br /> r6W 6e entkled to collect in enc6 proceeding a11 e�cpemes of forcclosurc, includtng, bat aot llmked to, cosfs of documeohry
<br /> a�idmce, a6elracM aod title roports.
<br />�� 19. Borro�►er'e Ritht to RNaetate. Notwithetanding L.ender's acccleration of the sums secured by this Mortgage,
<br />� Bocrowei ahall have the rfght to have atry proceedings begun by Lender to enforce this Mortgage discontinued at any time
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