|
<br />83-U04406
<br />
<br />r
<br />
<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 Lend~r 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 tenns 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 on outstanding principal under the Note unless payment of
<br />interest at such rate would be contrary to applicable law. in which event wch amounts shalt bear interest at the highest rate
<br />permissible under applicable law. Nothing contained in this paragl'3ph7 s;,all require Lender to incur any expense or take
<br />any action hereunder.
<br />8; Inspecllon. Lender may make or cause to be made reasonahle entries upon and inspections of the Property, provided
<br />that Lender shall give Borrower notice prior to any such inspection speci fying reasonable cause therefor related to Lender's
<br />ioterest in the Property.
<br />9, Condemnalfon. 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 sums 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 Mortgage immediately prior to the date of
<br />taking bears to the fair market value of the Propertv immediately prior to the date of taking. with the balance ofthe 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 to 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 hy this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing. anv 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 />to. Borrower Not Released. Extension of the time for payment I..~r modification of amortization of the sums secured
<br />by this Mortgage granted by Lender to any successor in intere'\t of Borrower 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 othen~:ise modify amortization of the sums
<br />secured by this Mortgage by reason of any demand made hy the original Borrower and Borrower's slIccessors in interest.
<br />11. Forbearancel>y Lender Not a Waiver. An\' forhearance by Lender in exercising any right or remedy hereunder. or
<br />otherwise afforded by applicable law. shall nO! he a waiver "I' or preclude the exercise of any such right or remedy.
<br />The procurement of insurance or the payment of taxes or mhcr liens or charges h~' Lender shaH not he a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies Cnmnlatlve. All remedies prOVided in this Mortgage arc distinct ami cumulative to any other right or
<br />remedy under this Morrgagc- or afforded hy Jaw Pf equity, and may he t.'\crclscd ("on("urrently. independently or successively.
<br />13. Successors and Assi!!ns Bound; Joint and Several Liability: Captions. The covenants and agreements herein
<br />contained shaH bind, and the rights hereunder 'ihall inure In, the rcspeC"ti\'c StlCCC'iSl...1rS and assigns of Lender and Borrower.
<br />subject to the provisions of paragraph 17 hereof. All cov\:nants anJ ~tgr("emcnts pf Borrower shaH be joint and several.
<br />The captions and headings of the paragraphs {)f this Mortgage are fnr (\mvenience only and 3re not to he used to
<br />interpret or define the provision~ hereof.
<br />14.. Notice. Except for any notice required under appliclhle Ia\\ h' !Joe given In another manner. (a) any notice to
<br />Borrower provided for in this Mortgage shall he given hy rn:liling 'iI\:h ih'l{ice f,)' ,'crtified mail addressed to Borrower at
<br />the Property Address or at such other address as Born.w.:cr ~na\ I..ie<;!gnate by n\)[ice ie' Lender as provided herein. and
<br />(b) any notice to Lender shaH he given by .....enified m..liL n:Hlrn rel.:t.~lr[ ft'quesleu, to Lender.... address stated herein or to
<br />such other address. as Lender may des.ignate oy not\ce t~) B,)rr~)wer as prf'videJ herein. Any notice provided for in this
<br />Morrgage shall he deemed to have neen given to Born1-wer 1)1' I cndt'-r \\-hen given in the manner designated herein.
<br />15. Uniform Mongage; Governinft La\\': Se\-erabilit~:. n11" form l,-,'!f mortgage ...:ombines uniform \.:ovenants for national
<br />use and non-uniform covenanls. .... ith limited \"analinn.... t'>y Hifp,dll.'!ion h' ('i,l{v:,titutc a uniform sCl,,:urity instrument covering
<br />real property. This Mortgage ~ha.H he governed hy the 1<1\\ Ilf the iuri"dKtlon in which the Property is locared. In the
<br />event that any provision or clause I)f thi... Mortgage ;lr the ~f.)tc (\)nt1ii:.:h \\lih applic,lole Jaw. s.ul:h connict shaH not affect
<br />other provisions of this Mortgage or the N('lc whl\.'h I.'an he ~1\'Cll ctlt'l:{ without the conflictjng provision. and to this
<br />end the provisions 1)1' the Mortgage and the '-.i\ltC .ife dCI.Jarcu III be .;"cv~r.t~lc,
<br />16. Borrower's Copy. Borrower ,hull "'e furmo;hcJ a .....lllf\lrnH..d \."\'py ...)1 the :'\lotc and of this Mortgage at the time
<br />of exc~ution or after r~cordation hereof.
<br />17. Transfer of tbe Property; Assumption. If all ~'r .an~ p<lrt of the Propcn)' ('r an interest therein is sold or transferred
<br />by Borrower without Lender's prior writh.:n ..:~\nSClH, c\I.:luJint:!. Lll ihc ..."n:ati,,)n ,-,f a lien or cncumbrani..:c subordinate to
<br />this Mortgage. (b) the I.:reation {'If a pun.:hasc nhH1CY s.:.:mit:-. mh."rest f~'lr hOllschoid appljan~es, (c) a transfer hy devise.
<br />descent or hy operation of Jaw upon the Jeath ;,.)1';j j\)IIH h.:nant IJr (,Jl the grant t,f any kaschold interest of three years or less
<br />not containing an option to purchase. Lender rnay. ;It Lender"... nplH_)o, dcdarc an the sums. ~c\..lIred by this Mortgage 10 be
<br />immediately due and payable. Lender shall ha-..c- \\aived slli.,:h I)ptinn In <.lccdcratc if. prior to Ihe ~alc l)r Iransier. Lender
<br />and the person to whom the Property is to be sold t,)[ trans.f~rrcJ rca..:h agreement in writing that the credit of su.:h person
<br />is satisfactory to Lender and that the interc:-ot pay.lhlc (\!1 the :-oums secured Py this :\-1ongagc ~hall be at slIch rate a'i Lender
<br />shall request. If Lender has waived the {'pIlOn !(\ aC~ckratc pronded In this panlgraph 17. and if Borrower's succeSS(,.1f in
<br />interest has executed a written assumption agreerncnt accepted in v. riung by Lender. Lender shaH release Borrower from all
<br />obligations under this Mortgage and the Note.
<br />H Lender ex.ercises such option to ace-derate. I.c-nJt.T :>hall mail Borro\,"cr noti\.:c L'lf ac.:-dcration ill aCl.:ordanc~ w-ith
<br />paragraph 14 hereof. Such notice shall provide a p~ri;,)d of m.'"t less- than 30 days frlHn the date the notice is mailed within
<br />which Borrower may pay the sums declared due. If BOffO\\Cr hils to rd.Y su("n sums prior tn the ~\.pinHi,---'n (If SUdl period.
<br />Lender may, without further notice 0r demand em Borrower. !Ilvoke any remcdies permitted by paragraph I X h~reof.
<br />
<br />NON-UNIFORM COVENANTS. Borrower and Lender turther (O\'("I1;1l1t and J.grct.' as r,)lh)w~
<br />
<br />18. Acceleration; Remedies. Except as pro\'ided in paragraph 17 her cot, upon Borro"er's br.ach of an>. crnenanl or
<br />agreement of Borrower in this !\tortgage, iucluding the COH~nanh to pal ,\-'hen due all) sums sct'ured b)' this j\lortgage~
<br />Lender prior to acceleration shall mall notice to Borrower as prO\ided in paragraph 14 hereof spedfyiug: (1) the breach;
<br />(1) the action relluired to cure such breacb; (3) a dale, not Ie.. than JII dll,,\'s from the date the notice is mailed to Borrower.
<br />by which such breach must be ,'ured; aud (4) that failllre to cure ",,'h br.....h on or before the date spedfied ill Ihe notice
<br />"'ay result In acceleration of the sums se..ured by this Mortgage, foredosure by jlldi..ial "ro,'cedillg alld sale of the Property.
<br />The notice shall further inform Bor",wer of the riJlht to r.instate after ac..eleration and the right to "".rt ill tbe foredosure
<br />,,,,,,,,eedla& the non-existence of II default or 'my otber defense of Borro"er to accelerntion and fored""ure. If lhe brea..b
<br />Is not cured 011 or before the dale spedlied in the notice, Lender at L.nder's option may dedar. all of lb. sums se<'lIred b>
<br />this Mort&lI&e 10 be immediate!) due andpa>'able "itbout further demand and ma> fored..se by jlldidal proc..ding. Lender
<br />shall be entitled to collect ill such pro,'eeding aU expe',ses of foredosure, illdudiag, bul not limited 10, ,'os1, of dOl:l,melltar>
<br />evidente, abstracts and title reports.
<br />19. Bonowet"fi: Ri&ht to ReiWt1ate. Notwi-thstandu'ig Li:nde(~ <lCt:ck~fat;nn "f the \tltlE 5t.'\..'Hrcd hy :hi\ Mc.ngi.lft'
<br />Borrower s.halt have the right to have any rtf"oC('{~ding... hcgl1n hy L.....mJcl" tn cnfnrt.:l" tht~ 'J,ixtg<}g\~ dj"(0tllHHI\'~J ;.1.\ .tH~ ti-tn!:'
<br />
|