|
85-- 004360
<br />Lender's wntu..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 amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br />indebtedness of Borrower wctired by !his Mortgage. Unless Borrower and Lender agree to
<br />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 />date of disbursement at the rate payable from time to time
<br />on outstanding principal under the Note unless payment of
<br />interest at 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 />I. 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 to inspection
<br />prior any such specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of the Property,
<br />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 skims 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
<br />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
<br />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
<br />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. Tender 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 />Links% 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 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 Borrower
<br />of 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 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 successors in interest.
<br />i1. Forbearance by Lender Not a Waiver. Any forbearance by Under in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law,
<br />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
<br />or charges by Lender shall not be a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies CumulaBve. All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedv under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively.
<br />6. Succession and Assigns Bound: Joint and Several Liability; Captions. The
<br />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 captions and headings of the paragraphs of this Mortgage are for
<br />convenience only and are not to be 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 by
<br />given 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 />(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 Lender ma% 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 />IS. Uniform Mortgage; Governing Law; Severabifih. This form of mortgage combines uniform covenants for national
<br />use and nonuniform covenants with limited variations by jurisdiction to constirote a uniform security instrument covering
<br />real property. This Mortgage shall be by the law
<br />governed 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 'dote are declared to be severable.
<br />lf- Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17. Transfer 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 written
<br />prior consent. excluding fa) the creation of a lien or encumbrance subordinate to
<br />this Mortgage, fb) 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's option, declare all the sums sectored by this Mortgage to be
<br />immediately dire 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 Leader
<br />shalt request. If i.ender 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 to pay such sums prior to the expiration of such period.
<br />Lender may without further notice or demand Borrower,
<br />on invoke any remedies permitted by paragraph 18 hereof.
<br />Nom- 041FORM COVENANTS, Borrower and Lender further covenant and agree as follows:
<br />I& Aetokratior; Remedies. Except sea provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
<br />apesnsaur of Borrower in this Mortgage, Including the covenants to pay when due any sums secured by this Mortgage.
<br />isrder prior M scrNeratisw 4" nail nuke 10 Borrower as provided in paragraph 14 hereof specifying: 11) the breach;
<br />12) the ae" ►erMnion- M eves web breach; 13) a date, *of less than 30 days from the date the notice is wtsiled to Borrower,
<br />L b, "Not sorb breach aaq be erred: and (4) that failure to cure such (reach on or before the date specified in the nodee
<br />OW feeuk In McCook If of the Rots secured by this Mortgage, foreclosure by
<br />judicial procreiing and sae of the property.
<br />The tswlcs sWO funber blferw Borrower
<br />of the right to reinstate offer acceleration and the right to assert in the fofeekown
<br />prrtsddkg Me wowtaitsonce of a default or any other defense of Borrower to acceleration and foreclosure. If the breach
<br />is ON cured urn K before the dint specified in the notice. Lender at Lender's option may declare all of the sums secured by
<br />Atis %, be
<br />O"$ ge N )natedlately due and payable without further demand and may foreclose by judicial proceeding, lewder
<br />stab be tntlrged to coktct in such proceedinlg as expenses of forechsure, including", but not fimNed tn, casts of docwmrnfery
<br />wo,wivwce. aboorarlr and title reports.
<br />19. Borrower's flight to Rtlaslale. Notwnhslandmg Lenders accelcrauon of the sums secured he Nrts Mortgage.
<br />&arrower shall 41AYe 1h, ' right t,, have any pr,xeed1r)g% iwgun t.s 1 ,,;,de, t,, rrj vrr tit . M.,ttgngc dnoa,rruieJ Jt time
<br />Any
<br />
|