|
.,85•- 000539
<br />Lender's w•nu,n agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
<br />manner provided under paragraph 2 hereof.
<br />Any amrntnts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br />indchiedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shall he payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the
<br />i date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
<br />interest at such rate would he contrary to applicable law• in which event such amounts shall bear interest at the highest rate
<br />permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any action hereunder.
<br />8. Inspecdon. Lender may make or cause to he made reasonable entries upon and inspections of the Property, provided
<br />that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />4. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of the Prope -ty. or part thereof, or for conveyance in lieu of condemnation. are hereby assigned
<br />and -hail he paid to Lender.
<br />in the event of a total taking of the Property, the proceeds shall he 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 he applied to the sums secured by this Mortgage such proportion of the proceeds
<br />as is equal to that 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 Borrower.
<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 damages, Borrower fails to respond to Lender within 30 days after the date such notice is
<br />mailed. Lender is authorized to collect and apply the proceeds. at Tender'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 to in patagraphs 1 and 2 hereof or change the amount of
<br />-itch installments.
<br />10. Borrower Not Released. 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 Borrower and Borrower's successors in interest. Lender shall not be required to commence
<br />proceedings against such - uccessor or refuse to extend time for payment or otherwise modify amortization of the sums
<br />- ecurcd by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
<br />11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />Otherwise afforded by applicable law, shall not he 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 he a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies Cumulative. All remedies provided in this Mortgage are di %iinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equity. and may he a *erased concurrently. independently or successively.
<br />13. Successors and Assigns Boned; Joint and Several Liability; Captions. The covenants and agreements herein
<br />contained shall hind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower.
<br />subject to the provi -ions of paragraph 17 hereof. All covenants and agreement% of Borrower shall be joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to hr used to
<br />interpret or define the provision- hereof.
<br />14. Notice. Except for any notice required under applicable law it) he given in another manner. (a) any notice to
<br />Borrower provided for in this Mortgage shall he given by mailing etch notice by certified 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 he given by certified mail. return receipt requested. to Lender's address stated herein or to
<br />such other address as bender may designate by notice to Borrower as provided herein. Any notice provided for in this
<br />Mortgage shall he deemed to have heen given to Borrower or Lender when given in the manner designated herein.
<br />13. Uniform Mortgage; Governing Law, Severability. This form of mortgage combines uniform covenants for national
<br />use and non - uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
<br />real property. This Mortgage %hall he governed by the law 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 conflict shall not affect
<br />other provisions of this Mortgage or the Note which can he 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. Darrower's Copy. Borrower %hail he furnished a conformed copy of the Note and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17. Truer of the Property; Assumption. if all or any part of the Property or an interest therein 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. (h) the creation of a purchase money security interest for household appliances, (c) a transfer by devise.
<br />descent or by operation of law upon the death of a joint tenant or
<br />Lender may, at Lender'% option, declare all the 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 he sold or transferred reach agreement in writing that the credit of such person
<br />is satisfactory to Lender and that the inlcrest payable on the sums secured by !his Mortgage shall he at such rate as Lender
<br />shall request. if i ender has waived the option ao accelerate provided in this paragraph 17, and if Borrower's successor in
<br />inlitrest he%executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
<br />obUitationi under the Mortgage and the Note.
<br />If fcn&t exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph 13 hereof. Such notice %hall provide a period of not less than 10 days from the date the notice is mailed within
<br />whtch Borrower may pay the sums declared tine. If Borrower faits to pay such %sent% prior to the expiration of such period,
<br />I ender may, without further notice or demand on Borrower. Invoke anv remedies permitted by paragraph IH hereof.
<br />Itihm- UNtroam CeveNSNts. Borrower and Lender further covenant and agree as follows:
<br />14. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant of
<br />legreemitist of Borrower In this Mortgage, including the covenants In pay when due anv tams !secured by this Mortgage.
<br />[ r to acceleration shall mail omlke to Borrower as provided In paragraph 14 hereof specifying: 111 The breach;
<br />12) the lactloin required M core such breach; T3) a date, wart lem than :tar dnv% from the date the notice Is mailed to Borrower,
<br />by witicksamb breach mot be cured; and (4) that failure to cure such breach on or before the date specified in the notice
<br />LLr fn acceleration of the sums aecnred by this .Mcirtg e, forechusure by jndicial proceeding and sate of the Property.
<br />a shall faAher inform Borrower of the right In relnslsle after acceleration and the right to assert in The forgo re
<br />proceeding The man- exblence of a defsult or any tither defense of Borrower to acceleration and foreckwure. If the breach
<br />Is not clared on or before the date specified in the notice, bender al Lender's option may declare toll of the sums -gusted by
<br />Okk Mortgage to be immediately due trod payable without further demand and mat fureckrse by Judicial proceeding. Lender
<br />Ithallit he eathkd to collect in such proceeding all expenses of foreclosure, including, but not limited Ito, costs of documentary
<br />evitilim.r. obvirsels sad title reports.
<br />14. fiewrowiWit Right in krinstale. Notwilh%1 :111dnsl! Iender n rlfrauon of the Y11M ,reared 11% 1111', kI tIRAsc.
<br />Horrower %hall have rite right try hI,n• .Inv 11v,cct4.hnl . 11ep:u11 I,%- I rndrr 1., colons 1h,, Morts,ik:c ,hs.annnnrr9 .0 ;,nt Imir
<br />NI dF °f4 4!fi4 i
<br />m...�
<br />1'094A
<br />
|