|
�
<br /> � �
<br /> j �
<br /> 78, � f� 2316
<br /> Lender's written agreement or applicable taw. Borrower shall pay the amount of all mortgage insurance premiums in the
<br /> manner pfovided under paragraph 2 hereof.
<br /> Any amounta disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional �
<br /> I indebfedness of Bonower secured by this Mottgage. 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 shaU bear interest from the
<br /> date of disbursemmt at the rau payable from time to time on outstanding principal under ffie Note unless payment of
<br /> i interest at such rate would be contrary to applicable law_ in which event such amounts shall bear interest at the highest rate
<br /> ` permiasible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expensc or take
<br /> any action hereunder.
<br /> S. InspecHon. Lender may make or cause 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 masonable cause therefor related to LendePs
<br /> ` { interest in the Property.
<br /> ; j 9. CondemnaBon. 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 shall 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 [he excess, if any, paid to Borrowec Tn the event of a partial taking of thc Property, unless Borrower and Lender
<br /> o[herwise 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 amoun[ of the sums secured by this Mortgage immediately prior to the date of
<br /> ' taking bears to the fair market vatue of the Property immediately prior to the date of taking, with the balance of the proceeds
<br /> paid to Borrowea
<br /> If the Property is abandoned by Borrower, or if, after notice by LPnder to Horrower that the condemnor offers to make
<br /> an award or settle a daim for damages, Horrower fails to respond to Lender within 30 days after che dnte such notice is
<br /> maited, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
<br /> Propeny or to the sums secured by this Mortguge.
<br /> Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br /> or postpone thc 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. Exrension 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 tiabiliry of the original Borcower and Borrower's successors in interest. Lender shall not be rcquired to commence
<br /> proceedings agninst such successor or refuse to 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 Borrowers sttccessors in interest.
<br /> � fi. Forbearance 6y L.ender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br /> i otherwisr,afforded by applicable law, shatl 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 /> t right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br /> � ' � � 12. Remedies CumulaHve. All remedies provided in this Mortgage are distinct and cumuiative to any other right or � � . �
<br /> remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independendy or successively.
<br /> • 13. Successors and Assig� Bound; Ioint and Several i,ia6llity; Captions. The covenants and agreemrnts herein
<br /> contained shall bind, and the rights hereunder shalt inure to, the respeciive successors and assigns of Lender and Bonower,
<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 no[ to be used to
<br /> interpret or define the provisions hereof.
<br /> 14. Notice. Except for any notice roquired under applicable law to be given in another manner, (a) any notice to
<br /> r Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
<br /> s the Property Address or at such other address as Borrower may designate by notice ro Lender as provided herein, and
<br /> i (b) any notice to Lender shall be given by certified mail, retum receip[ requested, to Lender'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 /> ± IS. Uniform Mo�igage; Governing Law; Severability. This form of mortgage combines uniform covenants for national
<br /> ; use and non-uniform covenants with limited variations by jurisdiction to constiwte a uniform security instrument covering
<br /> -� real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the �
<br /> , 1 event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not afiect
<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. Horrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
<br /> ; oC execution or afrer recordation hereof.
<br /> 17. Tnnsfer of !he Property; ,Assumption. If all or any part of the Property or an interest therein is sold or transfened
<br /> � by Borrower without Lender's prior written consen[, 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 transfer by devise,
<br /> �I . descent or by operation of law upon the death of a joint tenant or (d) the grant of any Ieasehold interest of three years or less
<br /> not containing an option to purchase, Lender may, at Lender's option, declare aIl the sums secured by this Mortgage to be
<br /> i immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender
<br /> fand 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 interest payable on the sums secured by this Mortgage shall be at sach rate as Lender
<br /> shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's suceessor in
<br /> � interat has executed a writtm assumption agreement 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 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is maiied 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 /> Lender may, without further no[ice or demand on Borrower, invoke any remediu permitted by paragrapfi 18 hereof.
<br /> � Nox-Urnroani CoveNexrs. Borrower and Lender furti�er covenant and agree as follows:
<br /> 18. A¢cderatton; Remedlee. Fscept aq provided in para�raph 17 bercof, upon Borrowds breach of any covenant or ": � �
<br /> � agreement of Borrowu In this Mortgage, includtng the covenanls to pay when due any sums secured by t6is Morfgage, "
<br /> Lender pdor to accekraHon shalt mail notice to Borrower as provided in paraqraph 14 hereof specifying: (1) the bmch; - - �
<br /> (2) t6e aMton reqvircd to curc sach bceach; (3) a date, iwt Ie.sc than 30 dsys from the date the nodce is mailed to Borrower, ` ;°r � ; . ;,
<br /> by wLDch soch breach maat be carcd; and (4) that failure to cure such breach on or before the date specll5ed in the ooBce �
<br /> mry resalt in acceleration of the sums secnred by t6is Mortg�e, [oreclosure by judtcial proceedyng and sale of the Property. ' ' '
<br /> The nodce shall [urther latorm Boerower of ttx rlgAt to reiustah after accdention awl the right to assert in the forcclosurc
<br /> proeeedtog the non-e�stence of a detault or any other defense of Borrower to acceleratlon and foreclosore. If the breach -�
<br /> � ��� �
<br /> Is uot carcd on or before the date speciRed in the notice, Lrnder at Lender's opNon may declare alt of the sums secured by ,�' ' ;
<br /> t6ts Mortgagc to Ae immedtatdy due aad paya6le wlthout furlher �mand and may foreclox by judicial proceedtng. I.ender ' -
<br /> eLall 6e entltled !o mUect. lo such proeeeding dl expe�es of toreclo�ure, [ncluding, bot oot Ilmlted to, costs of docvmenhry - .Yi: ' '��� �
<br /> evidence, a6straeb and 8tle reports
<br /> 19. Bocrow�r's WgL/ b Reiastala Notwithstanding Lender's acceleration of the svms secured by this MoRgage,
<br /> Borrower shall have the dght to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
<br /> �
<br />
|