|
� _ �
<br /> �8- (� 02049
<br /> ' Leoder's written agreemant or applica6le Iaw'. Borrawer shall pay the amounS of all mortgage insurance premiums in the
<br /> mann.er p�ovided under pai�agraph 2 hereof.
<br /> : Any amounts disbucsed by Lender pursuant to this pacagrnph 7, with interest Cheteon. sh�ll became addicipnal ^-
<br /> r indebtedness of Borcower secured by this Moctgage. Unless Borcower and Lender agrx, to other temis af paymeat, suah
<br /> ' � amounts shalI be payable upon notice from Lender to Borcowcr requesting paymant thereof, and shall bear interesC from the
<br /> ,� date of disbursement at th� rate payable from time ta time on outstanding principal under che Note unless pgyment of.
<br /> a interest at such tate would be eonVary Co applicable l.aw, in which event sueh amounYs sha11 besr ieterest at the highest rate
<br /> f permiaaible uoder applicnbi� law. Nothing contained in thea paragraph 7 shalf, require Lendcr to incur any expense or take
<br /> any action henunder.
<br /> , � 8: inapecHon. i.ender mey make or caosc to be made reasonable entries upon and inspections of rhe Property, provided
<br /> that Ltnder sball geve Borreswtr natice priaa to any such inspection specifying reasonabic cause therefor related to Ltnder's
<br /> interest in the PropeRy.
<br /> { 9. CoedemnaHon. The pruceeda of any award or claim for damages. direet or consequential, in connection, with any
<br /> condecnnation ur other taking of the Froperty, or part thereof, or for conveyance in lieu of condemnation, are hercby assigned
<br /> and shall be paid to T.ender.
<br /> In the event of a total Raking of the Property, the proceeds shall he applied [o fhe sums secaared by this Moetgago.
<br /> ` with the excess, if any, paid to Borrower. In the event of a partial zaking of the Froperty, unless B�rrower and Lender
<br /> ; otherwise agtee in wriCing, there shall be applied to the sums secured 6y this Mqrtgage suah pmponion of the prnceeds
<br /> Y as is equal ta tha[ proportion which the amount oF the sums secured hy this Mortgage immediately priar to the date of
<br /> taking bcaes to tfie fair market value of the Aroperty immediately prior [o the date of taki.ng, with the balanae af the prc>ceeds
<br /> ' paid ta Borrower.
<br /> ) If the Property is a6andonad by Borrowec, or if. after notice by Lemder to $orrowar Ehat the candemnor offers to make
<br /> � an award ar saRUe a elaim for damagas, Borrower fails to rupond to Lender within 30 days aftee the date sqch notiee is
<br /> mailed, Lender is authoriud to cullect and apply the proceeds, at Lender's optiCn, either to aestorati�n or repair of the
<br /> F Property or ic� the sams secured by Yhis Mortgago.
<br /> Unless Ltnder and Borrower oCherwise agrte in writing, any sach appltcation of prtxeeds to principal shall no4 extend
<br /> or postpone the due dato of the monthly irisCallmanrs referred to in parag�aphs 1 and 2 htreof or thange the amount nf
<br /> � such instaTlments,
<br /> t IO. Borrower Not Reltased. Excension of the rime For payment or modiflcation bf amortizatipn of the sums securcd,
<br /> ; by tihis Iviortgage granted hy I,ender to any successor in intarest of Barrowez shall not aperate ta stlease, in eny manner, '
<br /> [he IiaBiliry of the original Borrower and Borrower's suceessors in interest. Lendtr shalP not bc required to commence
<br /> ! proceedings against such successar or refusc to oxtend time for payment ar ptharwise modiEy amortization of the sums
<br /> ' aeeured bg thic Mortgage by reasan af any demand made by the original Borrower and Bocrowers succeScvrs in interest.
<br /> ' 11. Forbearance by Lender 1Vot n Waivec. Any Eorbearancc by Lender in exercising any righe or remedy hereqnder, or '
<br /> 1 pthCcwis 'e ;affdided"by applicable law, shal/ not be a waiver of or preclude iho exercise of any such rigE3t ot rtmedy,
<br /> � Tl�e procuremcnt of insurance or the payment of taxes or ather Iiens oe charges by Lender shall npt bs a waiver of L,CndePs
<br /> � right to eccelecate the maturity of the indebtedness secured by this Mortgage.
<br /> ; 12. Remedlbs Cmnolative. AII remedies }�rovided in this Mortgage ace distinct and rumul�tive to any athtr righe or
<br /> j remedy under this M�ctgagc or afforded by law or equiCy, and may t�e excrcdsed concurrenHy, independently or suteessivety.
<br /> ]'3. 5oecessors qnd Assigns Bound; Joint and Several I.iabil;ty; Capdons. The covonants and agre�ments hecein
<br /> � conta'rned shalT hind, and the righCs hereun3er shall inure to, the respeeCive successors and assigns of Lender and Borcower,
<br /> � subjec4 to the provisians of paragrapfi 17 hereof. All covenants and agreements of Bornower shall be joiot and several. �
<br /> The captions and headings of the paragraphs of ihis Martgage are Eor convenience unly and ace not to be used to
<br /> interpr+et or deSne the provisions hereo(.
<br /> . f 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
<br /> " � Borcower prov9ded for in this Mortgage shall be given by mailing such notice by certi8ed mail addrused to Borrower at
<br /> the Property Address or at such other address as Botrower may designate by notice to Lrndcr as provided herein, and
<br /> (b) any notice to Lender shall be given by certified mail, retum receipt requested, to Lender's address stated herein or to
<br /> � such other address as Lender may designate by notice to Borrower as provided hercin. Any notice provided for in this
<br /> � Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner designated herein.
<br /> 15. Unfform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenanis for national
<br /> use and non-uniform covenaots with limited variations by jurisdiction to constitute a uniform security instrument covering
<br /> � real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is Iocated. In the
<br /> event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
<br /> � other provisioczs 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. Barrower'a Copy. Borrower shall bc furnished a conformed copy of the Note and of this Mortgage at the time
<br /> � of execution or after recordation hereof.
<br /> � 17. Transter of the Prope�ty; Assumpbion. If all or any part of the Propeny or an interest therein is sold or transferrM
<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 securiry interest for household appliances, (c) a transfer by devise,
<br /> ' � descent or by operation of law upon the death of a join[ tenant or (d) the grant of any leasehold in[ercst of thme years or less
<br /> f not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be
<br /> � immediately d�e and payable. Lender shal[ have waived such option to acceterate if, prior to the sale or transfer, Lender
<br /> and the penon to whom the Properry is to be sold or transferred reach agreement in writing that 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 az Lender
<br /> shall request. �f Lender has waived the option to acceterate provided in this paragraph 17, and if Bonower's successor in
<br /> interest has exocuted a writtea aasumption agreement accepted in writing by Lender, L.ender shall release Borrower from all
<br /> a obligatians under this Mortgage and the Note.
<br /> 9 If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
<br /> f paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
<br /> jwhich Borrower may pay the sums declared due. If Borrower fails ro pay such sums prior to the expiration of such period,
<br /> � Lender may, without further notice or demand on Borroweq invoke any remedies permitted by paragraph 18 hereof.
<br /> � Noat-UxtsoxM Covexex�rs. Borrower and Lmder further covenant and agree as follows:
<br /> 1S. Acceleration; Remedla. F�ccept as provided in parngroph 17 bercof, upon Borcowe�s breac6 oP any covenant or �
<br /> aareement ot Sonower in this Mortgagq Includi� the covenants to psy w6en due a�y soms secured by thi+ Mortgage, '
<br /> ; � Lender prlor, to aceekration ahall maa noNce to Borrower as provided in paregraph 14 hereof spectfying: (1) the breach; , "'1�
<br /> , (2) tbe actlon �eqnlred to enrc such breach; (3) a date, not teas than 30 days from ihe date the noBce is mailed to Borrower, - . y
<br /> . � ' by whicL aac6 breach must be cored; and (4) that failure to cure soch breach on or beforc the date specl6ed in the notice � -?'�, �:
<br /> may resutt In aecelerafloo of tl�e sums secarcd by this Mortgage, foreclosure 6y judicisl proceeding and sale of tl�e Property. s %
<br /> ,The,nottce ahall turthv in[orm Borrower of tlie right to ret�tate after acceleration and the rigf�t to essert in the forecloaurc f r
<br /> proceediog 16e aon-ezlstence o[ a de6alt ocrany other defease of Bortower to acceleratton arnl foreclosure. It the breach ""
<br /> le not cored on or beto=e the date spedfled In the notice, Lender at Lender's option may declare s� ot the sums securcd by x ' ;, :, s
<br /> ' thk Mo+tQage, to 6r immedlatdy due aed payable without fnrther demand and may foreclose by judicial proceed3ng. I,ender t , � " - ' 's
<br /> ehall be entkled to eoltect Io soch proceedi� all expenses of foreclosure, inclu�ng, but not Ilmited to, costs of dceumentary ��'�'
<br /> ' eHdeuce,aLstracls and tkle [epoM. " . .
<br /> i 19. Borrowee's Ri6At to Reirolafe. Notwithstanding Lender's acceleration of fhe sums securcd by this Mortgage,
<br /> ; , � Borrower shall I�ave the rlght to have any proceedings begun by Lender to rnforce this Mortgage discontinued at any time
<br /> , ;- i
<br /> � J
<br />
|