|
, � �
<br /> i � •
<br /> �
<br /> : � �
<br /> �j I.ender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
<br /> ; p manner provided under paragraph 2 hereof.
<br /> " Any amounts disburaed by Lender pursuant to this paragraph 7. with interest thereon, shall become additional
<br /> { ` � indebtedness of Borrower sewred by this Mortgaga Unless Borrower and Lender agree to other terms of payment, such
<br /> � amounu 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 ouistanding principal under the Note unless paymmt of
<br /> interest at such rate would be contrary to applicable law, in which event such amounts shall bear intecest at the highest rate
<br /> permieable under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br /> any action hereuader.
<br /> � 8. Inepectlon. Lrnder may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br /> that Lmder shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br /> i interest in the Property.
<br /> � 9. CondemnaHon. The proceeds of any award o� claim for damages, direct or consequential, in connection with any
<br /> ' j condemnation or other taking of the Property, or part thereof, or for conveyance in Iieu of wndemnation, are fiereby assigned
<br /> F and shall be paid to Lender.
<br /> ( In the event of a total taking of the Property, the proceeds shati 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 Borrower and Lender
<br /> � otherwise 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 proportiort which the amovnt of the sums secured by this Mortgage immediate]y preor to the daie of
<br /> taking bears to the fair market vatue of the Property immediatoly prior to the date of taking, with the balance of the proceeds
<br /> paid to Horrower.
<br /> j If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offere to make
<br /> t an award or setqe a ciaim for damages, Borrower fails to respond ro Lender within 30 days after the date such notice is
<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 othenvise agree in writing, any such application of proceeds to principal shall not eztend
<br /> or postpone the due date of the monthly installments referred to in paragruphs 1 and 2 hereof or change the amou�t of
<br /> jsuch installments.
<br /> , 10. Borrower Not Released. Extension of the time for payment or modi8cation of amortization of the sums secured
<br /> % by this Mortgage granted by Lender to any successor in interest of Borcower shall not operare to mtease. in any manner.
<br /> R the liability of the original Borrower and Borrower's successors in interest. Lender shall not be mquired to commence
<br /> ' � proceedings against 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 Borcower's succeuors in interest.
<br /> � � 11. Forbearance by Lender Not a Waiver. Any forbearance by L.ender in exercising any right or remedy hereunder, or
<br /> ot6erwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
<br /> 'Ihe procurement of insurance or the payment of taxes or other liens or charges by Lender shalt not be n waiver of Lender•s
<br /> � right lo accelecate the maturity of the indebtedness secured by this Mortgage.
<br /> 12. Remedia CamulrNve. All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br /> romedy under this Mortgage or afforded by law or equity, and may he exercised concumentty, indepe�dently or successively.
<br /> � 13_ Soccessors aod Assigns Bound; Joint and Several i.iabD(ty; 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.
<br /> subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
<br /> The eaptions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
<br /> interpret or deSne the provisions hereof.
<br /> 14. Notice. Ezcept 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 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 shall be given by certi8ed mail, return receipt requested, to Lender's address stated herein or to a
<br /> such other address as Lender may designate by notice to Horrower 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 hercin.
<br /> 15. Uniform Mortgage; Goveming Iaw; Severa6itity. This form of mortgage combines uniform covenants for national
<br /> uee 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 /> event t6at any provision or clause of this Mortgage or the Note confticts with applicable law, such conftict shall not afEeci
<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 Notc are declared to be severabte.
<br /> 16� Borrowe�s Copy. Horrowcr shatl be furnished a conformed copy of the Note and of this Mortgage at the time
<br /> of execvtion or after mcordation hereof. '
<br /> 17. TraroEer oE the Property; AssumpNon_ If all or any part of the Property or an interest theroin is sold or transferred
<br /> � by Borrower without Lender'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 househotd appliances, (c) a transfer by deviu.
<br /> descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intercst of three years or less
<br /> : ,� not containing an option ro purchase, Lender may, at Lender's option, declare aIl the sams 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 rcach agnement in writing that the credit of such person
<br /> is satisfactory to Lender and that the interest payabte on the sums secured by this Mortgage shall be at auch rate as Lender
<br /> � shall requesL If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
<br /> intercst hac executed a written assumption agreement accepted in writing by Lender, Lmder shall release Bortower from all
<br /> obligations under this Mortgage a� the Note.
<br /> � If Lender exercises such option to accelerate, Leoder 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 ma�ed within
<br /> which Borrowcr may pay the sums declared due. If Borrower fails fo pay such sums prior to the expiration of such period,
<br /> y Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph ] 8 hereof.
<br /> i
<br /> , ' Nox-LJxtPoetK Covetvwrrrs. Horrower and Lender funher covenant and agrce as foitows:
<br /> 18. Accekntioa; Remedles. Fscept as provided in paraRnph 17 hereof, upon Borrower's breach of any cmenant or
<br /> ag�eement oE Barrower in thls Mortgagq incloding the coveoants to pay when due aay sums secured by this Mortgage,
<br /> Lender prior to accekratlon s6a11 mall nottce to Borror►er as provided io paraqnph 14 hercof specifyi�: (1) t6e 6reach;
<br /> (2) the acdon cequlred to cure suc6 breach; (3) a date, not less lhan 30 days from the d�e the ooHce is mailed to Borrower. �,-.
<br /> by wLich sach .breach mwt be cnred; and (4) t6ot failnre to cure snc6 6reach o0 or beforc t6e date specified In the ootlm -- r^-'- ��
<br /> m� nwult io aeceleraUon oEY6e sa�ro secored by this Mortgaqe, forecloaure by judiclal proceeding and sale of the Property. ;�
<br /> � a,- „
<br /> y '. The noNce sha� tarther ln[orm Boerower of the dght to reiastate after accelenKon and the rig6t to assert io t6e foreclosure ,; , -�
<br /> " proceediug the nou-ahtence of a defanit or any other defensa of Bo'rower to acceleratlon and foreclos�ae. It the breacd
<br /> ke not cnred oa or be[ore the date speci8ed in t6e notice, Lcnder at Lendei's option may declarc a� ot the snms secured by `'. a.
<br /> fhisMortga�e to ba Immedl�ely; dae and payabie wttdoat fuALer demand snd may foredose by judiclal proceedlrtg. Leoder � `
<br /> s6a1I bd eoflHed to collect in such proceeding a11 ezpe�ee of foreclosure, Including, but aot llmked to, costs oE docnmeahry * : . . �
<br /> evideooe, r6etr�cts �d dtle reportc. � °�
<br /> :
<br /> ls Borrowds RISLt !o Reimtala Notwithstanding Lender's acceieration of the sums secured by this Mortgage, T''` wit. . ` '�
<br /> , s Borcower ahall Lave tLe right to have any pzoceedings begun by Lrnder to enforce this Mortgage discontinued at any time
<br /> 1
<br /> 1 '
<br /> i � � � � �
<br />
|