|
84 ~ {)01.078
<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 nn outstanding principal under the Note unless payment of
<br />interest at such rate would he 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 he 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. 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 he paid to Lender.
<br />[n 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. [n the event of a partial taking of [he Property, unless Borrower and Lender
<br />otherwise agree in writing, there shall he applied [c 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. nr if. a€ter notice by Tender to Borrower that the condemnor offers to make
<br />an award or settle a claim for damages. Borrower fails to respond to [_ender 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 to in paragraphs I 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 Aorrower 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 [o 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 i.ender in exercising any right or remedy hereunder, of
<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 payment of rases or other liens or charges by Lender shall not be a waiver of Lender's
<br />right to accelerate the maturit}' of the indebtedness secured by this Mortgage.
<br />12. Remedies Cumulative. .AII remedies provided in this Mortgage arc distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law nr equity, and mac he exercised concurrently, independently or successively.
<br />13. Successors and Assigns Bound; Joint and Several Liability; Captions. The 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 ]7 hereof. .All covenants and agreements of Borrower shall be joint and several.
<br />The captions and headings of the paragraphs of this [vfortgage are for convenience oniV and arc 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 a[
<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 be given 6y certified mail, return receipt requested. [o Lenders 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 [o have been given to Borrower or Lender when given in the manner designated herein.
<br />15. Uniform Mortgage; Governing Law; Severability. 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. 1n the
<br />event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall no[ affect
<br />other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and tc this
<br />end the provisions of the Mortgage and the Note are declared to he 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 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 prier written consent. excluding (aS the creation of a lien or encumbrance subordinate to
<br />this Mortgage, (h) 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 ur fd1 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 shalt be at such rate as Lender
<br />shall request. If Lender has waived the option to accelerate provided in this paragraph I7, and if Borcower'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 accelerare, Lender shall mail Borrower notice of acceleration m 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 io 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 18 hereof.
<br />Nox-Utvteoaxr CovEnertrs. Borrower and Lender further covenant and agree as follows:
<br />l8. Acceleratfonl Remedies. Except as provide) in paragraph t7 hereof, upon Borrower's breach of any covenant or
<br />agreement of Borrower in this Mortgage, including the covenmds to pay when due any sums secured by this Mortgage,
<br />Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (I) the breach;
<br />{2) the actba required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower,
<br />by which such breach must 6e cured; and (4) that failure to cure such breach on or before the date specified in the rrotice
<br />may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.
<br />The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecbsure
<br />proceeding the non-existence of a default or any other defense of Borrower to acceleration and Foreclosure. If the breach
<br />is twt eared on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by
<br />this Mortgage to Ire immediately due and payable without Further dcmmrd and may foreclose by judicial proceeding. Lender
<br />shall be eottkd to collect in sash proceeding all expenses of foreclosure, including, but not limped to, costs of documentary
<br />evidence, abstracts and title reports.
<br />t9. Borrower's Right to Reinstate. Notw ithslandmg Lender's ecccicra6on of the sums secured by this Mortgage.
<br />Borrower shall have the right to have any proceedings begun 6y Lender to enforce thrs Mortgage disax[unued at any time
<br />. t
<br />
|