|
<br />S4 ---- f ~ C•0 711
<br />Lender's written agreement or applioable 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 i_ender 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 shell be payable upon notice from Lender to Borrower requesting payment rhereoL 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 taw, in which event such amounts shall bear interest a[ the highest rate
<br />permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expettse or take
<br />any aMion hereunder.
<br />8. Inspection. Lender may make or cause to he made reasonable entries upon and inspections of the Property, provided
<br />that Lender shalt give Borrower notice prior to any such inspection specifying rcasnnable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Condemmtbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of the Property. ar 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 takin¢ of the Property, the proceeds shalt be applied to the sums secured by ibis Mortgage.
<br />with the excess. if coy, paid to Borrower. In the even of a partial taking of the Property, unless Borrower and Lender
<br />otherwis€ agree in writing, there shall be applied to the Bums secured by this Mortgage such proportion of the proceeds
<br />as is equal to that prolx~rtion which the amount of the sums secured by this Mortgage immediately prior to the date of
<br />taking hears 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 chat the condemnor otters to make
<br />an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days aher 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 nr in the sums secured M: this Mnrt2age.
<br />Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall no[ extend
<br />or postpone the due date of the monthly installments ref€rred to in paragraphs 1 and 2 hereof or change the amount of
<br />such instailmen[s.
<br />10. Borrower NM Released. I'stension cat the nine for payment or modification of amortization of the sums secured
<br />by this Mnrtga¢e granted by [.ender ro any euccessnr in interest of Borrawer shall not operate to release, in any manner,
<br />the liability of the original Aorrnwer and Aormwer's successors m interest. Lender shall not he required to commence
<br />proceedings against such successor nr refuse to extend time for payment or otherwise modify amortization of the sums
<br />secured by this Mortgage by reason of :cop demand made by the original Borrower and Borrower's successors in interest.
<br />]1. Forbearance by Lender Not a R'aiver. Any forbearance be L.cnder in exercising any right ar reined}' hereunder, or
<br />otherwise afforded by applicable law. shall nn[ he :t 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 nr char¢es h7 [,ender shall not b€ a waiver of Lender's
<br />right to accelerate the maturity of the :ndebtedntss secured by this Mortgage.
<br />12. Remedies Cumulafive. All remedies provided m this Mortgage ar% distinct and cumulative to any other right or
<br />remedy under this Mnrtga¢e or afforded by taw or cqunv, end stay 6€ exernsed concurrently. independently or successively.
<br />13. Strccessrxs and Assitns Bound; Joint and Several Liability: Captions. Thu covenants and agreements herein
<br />cootained shaft bind, and the ri¢hts hereunder shall inure to. the respective successors and assigns of lender and Borrower.
<br />subject lu ttte provisions of paragraph 17 hereol. AlI covenants and afire€menis of Borrower shall he joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are Fee convenience only and are no[ to he used to
<br />interpret or define the provisions hereof.
<br />Id. Notice. Except for any native requirtd under applicable law to ht given in another manner. (a) any notice to
<br />Borrawer provided for in this Mort¢age shall h€ given by mai:ing such notice by certified mail addressed to Borrower at
<br />the Property Address or at such other address as Barrnu•€r may designate bq notice to Lender as provided herein, and
<br />(h) any oatiee to Lender shat! he given by certified mad, remm receipt requested. ro Lender's address stated herein nr to
<br />such other address as Lender may designate by notice to Burrower us provided herein. Any notice provided for in this
<br />Mortgage shelf be deemed to have been gtven to Aarrower ar I.cnder when given in the manner designated herein.
<br />15. Uniform MoARaXe: Governing Law; Severobility. This form of mortgage crnnhines uniform covenants For national
<br />use sod non-uniform cavenanis with Eintitcd van. cans by jurisaHctiun to cunstitutc a uniform security instrument covering
<br />real property. This Mortgage shall be governed by th€ law vi the jurisdiction in which the Property i5 located. In the
<br />event that atn• provision ur clause of this h1ortgage or the Nate rnnfticts wish applicable law, such conflict shall not affect
<br />aiher previsions of this Mortgage ur the Nate whtch can 6€ green elTect without the conflicting pravisien. and to this
<br />end the provisions of the Mortgage and [he Nnte are declared to F,e scvera6le.
<br />16. Borrower's Copy. Borrower shall be fnrmshed a ::unformed copy cat the Note and of this Mortgage at the time
<br />of execution ur after recordation hereof.
<br />17. Transfer of the Property: Assumption. if a!I or am part of the Property nr an interest therein is sold or transferred
<br />by Burrower without Lender's price written cmneni, excluding ial the creation of a lien or encumbrance subordinate to
<br />this Mortgage, (b) the creation of a purchase money >ecurity ~nteres[ for household appliances, (c) a transfer by devise,
<br />descent or hq operation of law upon the death of a jamt tenant or Idr the grant nF any leasehold interest of three years ur less
<br />not containing an option to purchase. Lender may, at t.end€r•s option, declare al( the sums secured by this Mortgage to be
<br />immediately due and payable. 1.€nder shall hav€ waived such option to accelerate if, prior to the sale or transfer, Lender
<br />and the person ro whom the Property is to be sold or transfered reach agreement m writing that the credit of such person
<br />is satisfactory to Lender and chat the interest payable on the snots secured by this Mortgage shall be at such rate as Lender
<br />shall reytt€st, If Lender has waived the option to acce{crate provided in this ptvagraph 17, and if Borrower's successor in
<br />interest hss executed a written assumption agreement accepted in writing by Lender. 1_ender shall release Borrower from aA
<br />ubfigations under this Mortgage and the Note.
<br />If Lender exercises such option to accelerate. Lender shalt mail Borrower notice of acceleration in accordance with
<br />paragraph to hereof. Such notice shall provide a period of not less than 30 days from the date the oatiee is mailed withi^
<br />which Borrower may pay the sums declared due- I! Borrower fails m pay such Bums prior at the expiration of such period,
<br />Lendur may, without further native ur demand utt Borrawer, +nvakt any remedies permuted by paragraph I8 hereof.
<br />Nori-Uw!`oant Covflnnvts. $orrawer and Lender further covenant and agree as follows:
<br />18. Acceleratfau; Reeedies. F,xcepl as provided in paragraph 17 hereof, upon Borrowers breach of any covenant ar
<br />at-ttreaf of Borrawer in this Mortgage, includitst the covenants to pay when due any sums secured by this Montage.
<br />itr.der prtw to acceeration shag mad mrffet to Borrower as provided in paraar~ph Id hereof specifyfrtt: tl) the breath;
<br />{2}dYt.aeKw-required to care wcA breath; 1Ji a date, not less thsut 30 days fmm the date the notice Is mailed fo Borrower.
<br />by w-kh tattM hrtttch taasf. he Gated; cad T4) that. failnrt to cure snth breach an or before the date specified in the notice
<br />may tee+til-Fn. atttkntfan of the.sumt stturnl by this biontate, fnraclosrrre by judicial prrrceedirrR and sale of the Proper•U•.
<br />1'ht RWic# sWl ftwflttr inrarnt Borrawer of the rfthi to rcim:tatt after acceleration and the rryght to risen in the fore~iosure
<br />prt)etttdjttt, lire aoa-Rldttttnct of a dafault ur any other defemx of Borrower to rcctieralion amt foreclosure. t[ ibe breach
<br />is tsak ettJtd on to bgfpre the daft specfed in the notict, Lrmitr at Lemkr's option may declare ail of the sums secured by
<br />1hJs Mel to be iaanredfMtfy drag cad pay'aAle without farther aemaod and may farctlose by judicial protaeditrt. Lender
<br />sil~Y_Ite etNkttd fv calker in ttrKh proceedint all expenses of forctlasurc, irnludiat, but nut limited fa, costs of dceurnentan
<br />evi/e~'.#, tt1Mh'rek ttn~d-rifle rapntts.
<br />T9, lsttrgtstt's t Ga ReiwWale. Naiwithstsnduag Lender's acccierauan of tht sums secured by thts liurtgage,
<br />ffo>•tusvfir shall havC tT~tithl tct ltave any praaxdutgs T>€gun by Lender t<+ anlar~s thrs Mrartgxgt aftsconun+rea at any tut+€
<br />
|