|
001435
<br />Lender's written 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 amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br />indebtedness of Borrower secured 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 disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
<br />interest rK such rate would be 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 />g. Inspection. 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 reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Cotsdemnslion, 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 he 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 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, th;re shall be 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 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 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 io in paragraphs 1 and 2 hereof or change the amount of
<br />such 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 he required 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 Borrower's successors in interest.
<br />11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedv 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 pa ,-,ment 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 distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently, independently or successively.
<br />13• Successors and Ankles Bound; Joint and Several Liability; Captions, The covenants and agreements herein
<br />contai
<br />ned shall hind, 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 captions and headings of the paragraphs of this Mortgage are for convenience only and are not to he used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except 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 he given by mailing such 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 />(h) any notice to Lender shall be given by certified matt, return receipt 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 he deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />1S. Uniform Mortgage; Governing Law; Severabdity. 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 shall be 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 be given effect without the conflicting provision, and to this
<br />end the provisions of the Mortgage and the Note are declared to he severable.
<br />16. Borrower's Copy. Borrower shall he furnished a conformed copy of the Note and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17. Trager 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, (b) 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 (d) the grant of any leasehold interest of three years or less
<br />not containing an option to purchase. Lender may, at Lender's 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 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 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 />interest has executed a written 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 mailed within
<br />which Borrower may pay the sums declared due. If Borrower fails o pay such sums prior to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph I li hereof.
<br />NoN- UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />18. Acceleration; Remtdk& Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
<br />agreement of Borrower in this Mortgage, Including The covenants to pay when due any sums secured by this Mortgage,
<br />Lender prior to acceleration shop mad notice to Borrower as Provided in paragraph 14 hereof specifying: (1) the breach;
<br />12) the action required to ewe such breach; (3) ■ date, not less than 30 days from the date the notice is mailed to Borrower,
<br />by which arch breach mitt be cured; and (4) that failure to cure such breach on or before the dote specified in the nolke
<br />may statute is acceleration of the sums secured by ebb Mortgage. foreclosure by judicial proceeding and salt of the Property.
<br />71Ta ontke shag further hAorm Borrower of The right I0 mimtatt slier acceleration and the right to assert in the foreclosure
<br />prociledi)ag the ran- exilkhct of • default or any other defeme of Borrower to acceleration and foreclosure, It the breach
<br />I' one cured on or before the date specified it, the notice, Lender U I.endtr's option may declare all of the sums secured by
<br />thin Mortgage to be Immaturely dt.e and payable without further demand and may foreclose by judicial proceeding. (ender
<br />OAR be eMNkd To end tit to each proceeding n.6 espexees of fortclovure, including, but not limited to, coats of documentary
<br />evidence, IdtMracts and tick reposes.
<br />19. Bmrowefs Right to ReinMlHc. Notwtlhvtandtng I ender's acceleration of the sums secured by this Mortgage,
<br />Borrower shall have the right to have any pnuecding% txgun by 1 ender to enforce thus Mortgage diwuntinued at any t me
<br />KSB -Form 10, a'a ®a 3
<br />
|