|
<br />I
<br />
<br />83- 001059
<br />
<br />g:W4H2
<br />
<br />Lender's written agreement or applicable Jaw. Borrower shall pay the amOllnt 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 shaH be payable upon notice from Lender to Borrower requc"ting 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 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 />8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br />that Lender shall-give Borrp!\,ef"notice prior-to a,Q}I;,stlch inspection>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. or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
<br />and shall be paid to Lender,
<br />In the event of a total taking of the Property. the proceeds shall be applied to the slims 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 proportion which the amount of the sums secured hy this ~fortgage 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 hy Lender to Borrower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fails 10 respond to Lender within 30 days after the date such notice is
<br />mailed. Lender is authorized to coHeet and apply the proceeds. at Lender's option. either to restoration or repair of the
<br />Property or to the sums secured hy this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing. any s.uch 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 of Borrower shall not operate to release. in any ,!?-anner.
<br />the liability of the original Borrower and Borro\ver's sllccessors 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 oy the original Borro\\'cr and Borrower's successors in interest.
<br />11:,-,:.Forbear~JI(:e by Lender Not a \Vaiver. Any forbearance by Lender 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 />The pr&cure~ent,~~,insura~ce or the payment of taxes (lr other liens or charges hy Lender shall not be a waiver of Lender's
<br />right to 'a~cele.rate- the maturity of- the indebtedness secured by this !vtortgage.
<br />12. Remedies Cumulative. All remedies provided in this t\'fortgage 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. Successorsaud Assigns Bound; Joint aod Several Liability; Captions. The covenants and agreements herein
<br />contained shan bind. and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower.
<br />subject to the provisions of paragraph J 7 hereof. All covenants and agreements of Borrower shaH be joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for 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 la\\' 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 certified mail addressed to Borrower at
<br />the Property Address or <It such other address as Rorrower may designate by notice to Lender as provided herein. and
<br />(b) any notice to Lender shall be given by certified 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 this
<br />Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />15. Uniform ~fortgage; Governing Law; Se\'erabilitYt 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 Jaw, such conflict shaH 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 be severable,
<br />16. 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 tbe 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 (dl 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 .r-.,fortgage 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 slims secured by this 1vfortgage 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 to pay such sums prior to the expiration 0f such period,
<br />Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
<br />
<br />NON-UNIFORM COVENANTS, Borrower and Lender further covenant and agree as follows:
<br />18. Acceleration; Remedies. Except as provided in paragrapb 17 hereof. upon Borrower's b,each nf any covenant or
<br />agreement of Borrower in tbis Mortgage, including tbe eo\'Cnants 10 pay when due any sums securcd by tbis Mortgage,
<br />Lender prior to acceleration sball mail notice to Borrower as provided in paragrapb 14 bereof specif}ing: (1) tbe breacb;
<br />(2) tbe action required to cure sucb breacb; (3) a date, not less tban 30 days from lhe date tbe notiee is mailed tn Borrower,
<br />by whicb sucb breacb must be cured; and (4) that failure 10 cure sucb breach on or before the date specified in tbe notice
<br />may result In acceleration of tbe sums secured by tbis Mortgage, foreclosure by' jndicial procceding and sale of the Property.
<br />The notice shall fluther Inform Borrower of tbe rigbl to reinstate afler acceleration and tb. rigbt to assert in the foreclosure
<br />proceediJIg tbe non-existence of a default or any otber defensc of Borrower to acceleration and foreclosurc. If tbe breacb
<br />is 00.& cured on or before the date specified in the notice, Lender at I.ender's option may dedare all of the sums secured by
<br />tbis Mortaage to be immediately due and payable witbout furlher demand and may forcclose by judicial proceeding. Lender
<br />sluill-~ entitled to coDed jn such proceeding nU expenses of foreclosure, including, but not limited to, costs of documentary
<br />evidence, abstracts IUld title reports.
<br />t9~ BorrOwers Ric.ht to Reinstate. Notwithstanding Lender's acceleration of the sums sCl~urcd hy this Mortgage.
<br />Borrowe-r shall have the right to have any proceedings begun by l.ender to enforce this Mortgage discontinued :H any time
<br />
<br />- J -
<br />
|