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85-o001498
<br />Lemkrs writwn agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
<br />manner Provided tinder paragraph 2 hereof.
<br />i AIRY. s91110aats disbursed by Lender pursuant to this paragraph 7, with jot rest thereon, shall become additional
<br />Of . Borrower secured by this Mortgage. Unless Borrower and Lender
<br />agree to other terms of payment, such
<br />daft be payable upon notice from Lender to Harrower requesting payment thereof, and shall bear interest from the
<br />d1aN = tliswh- ate al the rate payable from time to time on outstanding
<br />utisStset
<br />principal
<br />staach.rgpe would be contra to applicable law, in which event such amounts shall interest at the h payment to of
<br />• rag PP
<br />tinder applicable law. Nothing contained in this rate
<br />paragraph 7 shall require Lender to incur an expense
<br />any satins heratadtar. Y petnse or take
<br />B• 1•geedm
<br />Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br />that Leader shall give Borrower notice prior to any such inspection specifying reasonable cause therefor
<br />nAfma.in the Property.
<br />related to Lender's
<br />B' C wkienaidae. The
<br />proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />cOndwmwtion or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, IS hereby assigned
<br />and shag 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 Mortga
<br />with the excess. if any, paid to Borrower. In the event of a partial taking
<br />dthwwmc
<br />IL of the Property; unless Borrower and Lender
<br />agree in writing, there shall. be applied to the stems secured by this Mortgage such proportion of the Proceeds
<br />as pa bsfusl to that Proportion which the amount of the
<br />sums secured by this Mortgage immediately prior to the date of
<br />taking been to the fair market value of the Property immediately prior to the date of taking• with the balance
<br />Paid to Borrower. the
<br />of proceeds
<br />If the Property, is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to snake
<br />an award of settle a claim for damages, Borrower fails to
<br />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 />Unkas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br />Or Postpone the due elate of the monthly installments referred to in
<br />such installments. paragraphs I and 2 hereof or change the amount of
<br />14. Borrower Not Released, Extension
<br />of the lime 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
<br />the liability of the original Borrower
<br />any manner,
<br />and Borrower's successors in interest. Lender shall not be required to commence
<br />Proceedings against such successor or refuse to extend time for
<br />payment or otherwise modify amortization of the tuna
<br />secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
<br />11. POrbsarmre by Leader Not a Waiver. Any forbearance by Lender
<br />in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
<br />71he procurement of insurance or the payment of taxes or other liens
<br />or charges by Lender shall not be a waiver of Lender's
<br />right 10 accelerate the maturity of the indebtedness sccurcd by this Mortgage.
<br />IL Rtmt" Cawubdve.
<br />All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy ude this Mortgage or afforded by law or equity. and may he exercised concurrently, independently or
<br />etssm and Arfgat Bound;
<br />successively.
<br />Joint and Several Liability; Captions, 'flee 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.
<br />All covenants and agreements of Borrower shall be joint and several.
<br />71ie captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
<br />intctpit or define the provision-. hereof.
<br />14. Notice. Except for any notice required under applicable law e0 be given in another manner, (a) any notice to
<br />Borrower Provided for in this Mortgage shall he given by
<br />mailing such notice by certified mail addressed to Borrower at
<br />tlss 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 shalt be given by certified
<br />mail, 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
<br />P-fwtP$e shall be deemed to have been
<br />this
<br />given to Borrower or lender when given in the manner designated herein.
<br />IL Vallecas bfortgage; Governing Law; SeweraMy, This form of mortgage combines uniform
<br />tae and 11011- uniform covenants
<br />covenants for national
<br />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
<br />amid that any
<br />is located. In the
<br />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
<br />can be given effect without the conflicting provision, and to this
<br />end the Provisions of the Mortgage and the Note arc declared to be severable.
<br />1OL Btrrowsrll Copy. Borrower
<br />shall be furnished a conformed copy of the Note and of this Mortgage at the tutee
<br />of exwwiom Or after recordation hereof.
<br />17e Traaaftr of the Property; Aswupdon If all or an
<br />by Borrower without Lender's y pan of the Property an interest therein is sold or transferred
<br />Prior written
<br />consent. excluding (a) the creation of a Tien or encumbrance subordinate to
<br />f
<br />this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
<br />descant or by operation of law upon the death of a joint
<br />tenant or
<br />Lender may, at Lender's option, declare
<br />lmwAdiately
<br />all the sums secured by this Mortgage to be
<br />dote and Payable. Lender shall have waived such option to accelerate if, prior 10 the sale or transfer. Center
<br />andu� ro
<br />Portion 10 when the Property is to be sold or transferred
<br />reach agreement in writing that the credit of such person
<br />aetM to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
<br />aluB request. If Lender has waived the option
<br />to accelerate provided in this paragraph 17, and if Borrower's successor in
<br />Intel" 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 exereiset Stich 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
<br />which Borrower
<br />the date the notice is mailed within
<br />may pay the sums declared due. If Borrower pails to pay such sums prier to the expiration of such
<br />Leather nosy, without further notice or demand Borrower,
<br />on period,
<br />invoke any remedies permitted by paragraph 18 hereof.
<br />Na+dJN►roasr COVENANTS.
<br />Borrower and Lender further covenant and agree as follows:
<br />IL Accalleraidw Reawdi*L Except as
<br />peavlded is paragrapb 17 hereof, u
<br />agpreeeN u1 Bousraw*r is olds MorEgnge, hied Pen Borrower's breach ob say coVtanN x
<br />trdlag the covenants
<br />to pay whoa doe say wan rtcwlyd by Ibis Mortgage.
<br />( N atcabrogos d udi lung Rod" to Borrower as provided In paragraph 14 hereof specifying. (1) the breech;
<br />+>slidead N teat well branch; (3)
<br />a dale. not ka than 30 days from the daft the aotlte IS mNHtd a
<br />by as" Such brneb neap be two* sad (4) Oboe (Wart Borrower.
<br />'
<br />to cart such breach an or before the data
<br />aiq nstrM w aseNarndoa Of the wens secured by Ibis Morlg e, foreclosure by jmdkw *K"kd le the modca
<br />ohm Im bar Worm Borrower of Hoe aN saps M the Property
<br />p
<br />right to rehtstNtt after • "file us sad shag
<br />Mrt+s�ng �t aoa�exbkm* Of a dtfaldt ar any Giber defense
<br />of Borrower IG accelernlba ad wtclasdrrs. If thef
<br />ass "Wd 00 w bde t the daft specillM in Cbe "Wise, 11,001110'r of I ermdeYe u lea y
<br />dtfis I Is he fauatdWely doe and Pt may declare sal of the stun secured by
<br />payable
<br />without furt►tr demand sod may foteclove ►y judkfal
<br />dsaN be t edited to ctaMece in awch proc"Whall t� expenses Gf forecosure, Including, but Got UmMN to, costs o� f in l
<br />evidaare. abstracts sad oda reports.
<br />nil
<br />If, giessetrr'a "hl 10 11111nalste. Notwithstanding 1 slide"' d(telefallt>Il 14 he dints %ccuted by ilin Mortgage.
<br />Borrower shall have the tight to have any pros'cedings begun by I ender
<br />10 rnfurce the, Mortgage discontinued at any lime
<br />RIPA B /B4
<br />sihria* L4114A
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