|
� �
<br /> Lender's written agreement or applicable law. Borrower shull pay the amount of a21 mortgaga insurance premiums in the
<br /> manner pYovided under paragraph 2 hereof.
<br /> Any amounts disbursed by Lender pursuant to this paragraph 7, with intcrosi thereon, shell become additionai
<br /> indebtedness of Borrower securod by this Mortgage. Unless Borrower and Lender agree to other terms 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 disburument at the rate payable from time to time on oulstanding principal under the Note unless payment of
<br /> interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
<br /> f permissible under applicable Iaw. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br /> any action hereuader.
<br /> ; 8• Inspectlon. Lender may make or cause to be made reasonable entries u n and ins
<br /> : that Lcnder shalt give Borrowar notice rior to an such ins PO pections of the Property, provided
<br /> s interest in the Proper[y, p Y Pection specifying reasonable cause therefor related ro Lender's
<br /> ' ; 9. Condemnatton. 'l�e 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 shall be paid to Lender.
<br /> ; In the event of a total taking of the Properry, 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 Horrower and Lender
<br /> otherwise agree in writing, there shall be applied to the sums secumd by this Mortgage such proponion of the proceeds
<br /> az is equal to that proportion which Yhe amouni of the sums secured by [his Mortgage immediate(y prior to the date of
<br /> ' J taking bears to the fair market value of the Property immediately prior ro the date of taking, with the balance of the proceeds
<br /> i paid to Borrowec
<br /> ' " If the Property is abandoned by Bonower, or if, after notice by Lender to Borrower that the condemnor offers to make
<br /> � an award or settle a claim for damages, Borrower faits ro respond to Lender within 30 days after the date such notice is
<br /> ; j mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or mpair of the
<br /> Property or to the sum , secured by this Mortgage.
<br /> Unlus Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eatend
<br /> . or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> such installments.
<br /> ` ; 10. Borrower Not Rdeased. 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 operate to release, in any manner,
<br /> the liability of the original Bonower 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 of the sums
<br /> j secured by this Mortgage by reason of any demand made by the original Bonower and BorrowePs successors in interesL
<br /> � 11. Forbearonce by L.ender Not a R'aiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br /> otherwise 9fforded by applicable law, shatl not be a waiver of or prcelude the exercise of any such right or remedy.
<br /> ' i The procuremec�t of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender•s
<br /> i rightto accelerate the maturity of the indebtedness secured by this Mortgage.
<br /> � 12. Remedles Cumulative. All remedies provided in this Mortgage am distinct and cumulative to any other right or
<br /> � remedy under this Mortgagc or afforded by law or equity, and may be exercised concurrently, independenUy or successively.
<br /> 13. Soccessors and Asstgns Bound; Joint and Seve�al i,iability; CaQHons. "Ihe covenants and agreements herein
<br /> � contained shall bind, and the rights hereunder shatl 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 Se 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 /> a � interprot or deRne the provisions hereof.
<br /> : j � 14. NoBe� Faccept for any notice required under applicable law 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 certifled mail addressed to Borrower at ,
<br /> ;. � � the Propeety Address or a[ such other address as Borrower may designate by notice to Lender as provided herein, and
<br /> ! O (b) any notice to Lender shail be given by certified mail, retum reccipt requested, to Lenders address stated herein or to
<br /> ) � such other addrcss as Lender may designate by notice to Borrower as provided herein. Any notice providul for in this
<br /> � � Mortgage shall be deemed to have been given to Borrower or i.ender when given in the manner designated kcrein.
<br /> � ( I5. Unlform Mortgagr, Coverning I.aw; Severabifity. 'i7iis form of mortgage combines uniform covenants for national
<br /> ; CJ use and non-unifortn covenants with limited variations by jurisdiction to constitute a unifortn security instrument coveriog
<br /> , ^ real property. 7'his Mortgage shall be governed by the taw 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 wnflict shall not a$ect
<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. BorrowePs Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
<br /> ; of exauHon or after recordation hereof.
<br /> �; 17. Transfa of the Pro
<br /> perty; Assumptlon. If all or any part of the Property or an interest therein is sold or transferrcd
<br /> : � by Borrower without Lender•s prior written consent, ezcluding (a) the creation of a lien or encumbrahce subordinate to
<br /> - � this Mortgage, (b) the cnation of a purchase money sewrity interest for household appliances, (c) a transfer by devise,
<br /> � descrnt or by operation of law upon the dpth of a joint tenant or (d) the grant of any leasehold interut of three years or less
<br /> j not containing an option to purehese, Lender may, at Lender's option, declare alI the sums secured by this Mortgage to be
<br /> ' • imm�diately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender
<br /> j and the person [o whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
<br /> -; is satisfac[ory to I.ender 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 /> interat has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
<br /> • obligations under this Mortgage and the Nou.
<br /> `� If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
<br /> � paragraph 14 heceof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
<br /> which Borrower may pay the suma dalarcd due. If Borrower fails ro pay such sums prior ta the expiration of such period,
<br /> ,� I.ender may, without further aotice or demand on Borroweq invoke any remediu permitted by paragraph 18 hereof.
<br /> i _ Notv-Ux�poxat Coveivetwrs. Borrower and Lender further covenant and agrec as follows:
<br /> ' 18. Accderalloo; Remediea. E=cept av provWed in paragraph 17 herco[, upon Borrower's 6mch of any covenavt or
<br /> ;� a`reement o! Borrower in this Mortgage, iacludiug the covenants to pay wden due any su�ns aecured by 1hLs Morlgsge, �
<br /> Leoder prior to acceleeation s6all ma� notice to Borrower as provlded in paragraph 14 hereof specifytng: (1) t6e brcacb;
<br /> (Z� �e �on rcq�dred to curc snch breach; (3) a dafe, not les� than 30 days from the date the noUce Is malted to Borrower, �
<br /> by w6ic6 mch 6rcaeh mast 6e cared; aod (4) tAat fallure to cun such 6reach on or beiorc the date speclBed in t6e notice ��,
<br /> maY resalt ln acceJentlon ot t6e sums secured by this Mortgaqe, forectosurc by judictal proceedtng and sale of the Property. �
<br /> 1Le noHa shaII 6m�tber InEorm Borrower of the rlgbt to relnstate aHer acceleration and the right to assert in the foreclosnrc � "� y�
<br /> proceedin6 t6e noa�extetence of a detault or any other defease af Borrower W accelention and forsctosorc. If t6e 6rcach
<br /> b oot cored on or before the dNe specifled in tpe oodce, Lender at L,ender'a optton may declare a11 oE tAe sums secured 6y � , ;�
<br /> Wb Mort�e to be immediafdy due and psyable withont further demand aod may foreclose by judlctal procecdi�. Lender '�Y><�
<br /> a6d! be entltled to coDect fo sucL pruceed�ng al� ezpensv of forccloanrc, including, bnt not Ilmked to, costs of documentsry ' '�� ` �
<br /> evideuce, abstracfs and Stle roportr. � � ; r
<br /> 19. Horwwds Ri�btto ltdedate. Notwithatanding I,ender'a acccleration of the sums secured by this Mortgage, " 'd �
<br /> � Bomower shall bave the rlgl�t to have any proceedings txgun by Lender to enforce this Mortgage discontinued at any time
<br /> �
<br /> { �
<br /> Y4
<br />�� .
<br />� _
<br /> t
<br />
|