|
<br />83~004487
<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 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 on outstanding principal under the Note unless payment of
<br />interest at sucb rate would be contrary to applicable law. in which event such amounts shall bear interest at the bighest rate
<br />permissible under applicable law. Nothing contained in this paragraph 7 ;h~1I require Lender to incur any expense or take
<br />allY action hereunder.
<br />8. Inspection, Lender may make or cause to he made reasonahle cnlries upon and inspections of the Property, provided
<br />that Lender shall give Borrower notice prior to any such inspecti0n specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. CODdt'mnatlon. The proceeds of any award or claim for damages, direct or cnn5cquentiaL in connection with any
<br />condemnation or other taking of the Property. 0r 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 sums secured by this Mortgage,
<br />\.\-'ith 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 \-,e applied to the "Ims secured hv this Mortgage sueh proportion of the proceeds
<br />as is equal to that prop"-,rtkm which the 3mOUt1( of the sums '\ecured hy this 1vfnrtgage immediately pri0r to the date of
<br />taking bears to the fair market vallle of the Propert\' immediately prior to the date of taking, with the balance of the proceeds
<br />paid to BorroweT.
<br />If the Property is ahandoned by Borrower, or if. after notice hv Lender to Borrower that the condemnor offers to make
<br />an award or s.eule a claim for damages. Born"'lwer faib to respond to f _coder within 10 days after the date such notice is
<br />mailed, Lender is authorize-d to collect and apply the proceeds. at Lender's option. either to restoration or repair of the
<br />Property or to the sums secured ny this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writin!l. anY "uch application (If pn'lCeeds to principal shall not extend
<br />or postpone the due dare (If the month!v installments referred to in paragraphs t and 2: hereof or change the amount of
<br />such installments..
<br />to. Borrower Not ReJ~. Extension of the trmc for pavrncnt tX modification of :lmonization of the sums secured
<br />hy this Mortgage granted by Lender to any <>uccessnr Hl intcre~t i..f Borrower shalf not 0perate to release. in any manner,
<br />the liability of the original Borrower ;md Borrower's \lH..:ccs'\or~ in interest. Lender "hall nor he required to commence
<br />proceedings against \uch successor or refuse to extend time for ravmcnt (~r otherv..isc modify amortization of the sums
<br />secured 1:Jy:,this"~g~e"b~',reason of any demand m:ldc r,.v the \)riginal BOrr0\\'crand Borrower's successors in interest.
<br />1-t~ ~~bV t...flnle.r N9f',3 Wahter, Anv f('!rhcaram:c t"l\' I cnder in l'xerC1Sing an\' right or remedv hereunder. or
<br />i)therwi~ affordtd-~ by.: ;pplkabfe- taw, "hall nO! he. a waiver t1f \)r preclude the ~'(er~ise -t,f ~my such r1ght or remedy.
<br />TIle proeurement of'ins.urance or the' payment of taxe" fIr nthcr liens pr l'harges hv I cnder shall not be a \I,'aiver of Lender's
<br />right to ace-derate the maturity of fhe indchtcdnco;;s 'ecl1P..~d hy thi... Mort!!age.
<br />12. Remedies Cumulative. All remedies pnn'ldcd In lh1s \fo-rtgage arL' distinct and I..:umulativc to any other right or
<br />remedy under this Mortgage or ritforded hv 13w "f eqUity, ,.nd ma\ i"l' t.xer.....-i...L.V C<.'1l1l'lJrrcnttv. independently or successively.
<br />13. Successors and Assileos Bound; Joinl and S..eral Liability: Captions, loe covenants and agreements herein
<br />comained shall bind, and the rlghts hereunder -;hall !Hurl" h'. the n:'\pel.:tl\'c ...u\..\.:....-;...l)~ and assigns. l,r I endcr and Borrower,
<br />subject to the provi$jon~ of pantgr<tpn 17 herct.)! ,\11 (uvl~nanfs ..wd ;t.!o:l"Cl.'menh l'f BOTrt'Yler shall he joint and several.
<br />lnc captions. and headings of the parugraph... t.'f 1hi., \1ortgagt:' dft" fl.~r ___"(m\'tnlt."m:t'" nn1r and are not to he ll"Oed to
<br />interpret or define the provision,,; hen:of.
<br />14. Notice~ Ex-cept for any nOfii.:c reqllired nnJcr ;~pplkahle Ll\1, ({) r.e given ill alwther manner, (a) any notice to
<br />BOrflJWer provided for in this \1ortgage \hail he glvell }1Y m;ldin.\!. 'll\.'h [1ntl<.:l' p~ <.'L"rflfied mail addressed to Borrower at
<br />the Property Address or at ....uch other addn."""" <is B\)rn,,-,--t:r rn.i)- de~!gn;t!t: hy fh1tiL'C' In Tender as pruvided herein. and
<br />(b, any notice to Lender ~haH he givcn hy i..oertitkd m:,d. rt.tUrll n:::';t..'lfH r('quest~d, tn Lender's addres~ stated herein (Ir to
<br />such other address as Lender may de,ignall? ~y !1o!i....:e h' IlOl n\\.i,('"r as rr~)"'ldeJ lwrein. .-\ny notice provided for in This
<br />Mortgage -shall be deen),,~d It) h.'i\e been gi,cn h) f{(Wri.)\\,\,'r nr Lender v.hen given in the manner tlcsignated herein.
<br />15. Uniform Mortg&l:;t'; GOl'emilijl Law; Se"€-fabilit),. 1111'.. t;:\! rn \d nh)rtgage .....l'.rnhines uniform \."l)Venanb for national
<br />use .;:md non-uniform to\'enanb v.tth Hmite\l \"driatl\Hl.. 'h:v p~ri,JlI..:tinfl ti'l- -:.llis.iltiltc a wlif()rm ~~~lirj[y in.strumt:nt Clwering
<br />real property. This Mortgage ~haH he gt)\';fncd b~ ~hc ia.... ,.f tilt.: :urj"'i.hcti~m 1'1 \\,,'hich the Property j.. located. in the
<br />event {hat any pHwision or >..'iaw...: of thi" \t0rtg.ag>: df -lht: ~,)Ic ..--..ni1ich \-\ ith ~tppiicablc law. "lJl.:'h cl'Otlict shall not affect
<br />other pnwisions t.)f thi, Mortgage {~r [he- ~t.,[C \\flh..-h ...'an be .l!,ven l..'t1'c..:: \\.tlh(lll~ the .....onilicting. provi"ion. and t(\ this
<br />end the provision') of the M0rtgage and thl..' "(1ft..' arc d",..:i,lfCd !\' h' ,"cverahic.
<br />16. Bomnl't?-r~s COP)'~ Borrower ..hall f,C l'urnj..;hcJ ;\ i.,.'l.\l1t'-.lnn"d ;,:llp~ ,_)1 the- ~ote anu l.f 1hi" l\lortgagc at the time
<br />of exc'lltion or afrer recordation herc,Jf.
<br />17. Transfer of tM Propert)'; ASM.lDlption. If an ('r ~Hl~' p.irt ,)f the Pn..lp~rty or an lnh..~rcst therein is sold ,)l" transferred
<br />by Borrower without Lender's prior writh.:n ..~Hb\.'IH. \'\;..:lwjill~ I_Ii [fH.~ I.TC;.lti;..)n pI' ;1 li<.'1l l'r i..-..tKumbral1\.:c subordinate tl'l
<br />thi~ Mortgage, (h) the .;reati(lf) of <\ pur~h.t....~ moor.:y ,,,',,:w it\ Hllac-st h'lr household appiian~~~. jL') a trail...f~r by devise.
<br />descent or by operation of la\\- upon (he death l'"!t a .ii..~11H h.:nant l.'f idllhc grant ('f any kaS(:hold int~res.t ('If three year:-- or less
<br />not containing an option to pun:ha.se. LenJ~r mJ.). ~li 1 ender";; nptj,11l. Jcdar:.: ..ill [he :..um... sl.xurcd h)' this Mortgage 11.) be
<br />immediately due and payable. Lender sh~lI h~\,'c \.\.Jl\cd :'.u..:h .;~pt;.)n !<' a;,;..:derJle jf. prior hi [he :.ale 01 transfer, Lemler
<br />and the person to whom the Pr()pen}' i'i 11.\ N;: solJ ,H {fansferr;,;u rCJ.(;"h agre~mcnt in \\. filing that the L.'fcJit of sw.:h person
<br />is satisfactory to Lender and that the interc-s.t payubie ;..Hl tilt sum:-- sc..::urcd hy this \hntgagc shaH he ~lt su.:.:h rate as Lender
<br />shall reques.t. If Lender has waiyed the (,pIlOn to ~h:.;dcr.itc prl..wiJ.c-d in thi.s paragruph 17. and if Burrower's Slh.:Cc.ssor in
<br />interest has executed a I,Hitten assumption agree..ment a(:cept~d in \Hiting hy I enJcr. t coder shaH release Burrower from all
<br />obligations under this MOrl~age and the Note.
<br />If Lender exercises sllch option to a~i..:cleruk. l.t::!h.kr ..hot!1 Dlall Bot f0wer llOli,,:C (,"1f a;.;;..:clC'ratJnn in aL.'corJancc ,,:ith
<br />paragraph 14 hereof. Such notice "hall provide a per\~~J of not ks\ than 30 ...h-t.y,- fr,,\m the date the notkc is mailed within
<br />which 'BQrrower may pay [he ~ums declared due. If RQn,)\'. ~r f;;ll~ t~) pal' sUI..'h ~um:,. prk1r (0 the I.~xpiration 1.'[ such period.
<br />Lender may, without hlrther n,,-nl\..:c or Jemand on BOfrlJWer. invr4..c ~iny remedies permitted ~~ paragraph 18 hcft.':-of.
<br />
<br />NON-UNIFOl\M COVEN..\~TS. Born)WC,f ilnd Lenuer further ,:(~h~I1;:n! and .lgrc~ ;h i'nllows
<br />
<br />18. A~cek:ratlon; Remedies. Except a. prov'ided ill parl1l:raph 17 hneof, "poo Borr",,,r', breach of allY covenant or
<br />.re~~eRt,of Bbrrower in this 1\Iortgagc,. iuelud'JJg the con"nanh; to pal \\he-ll due an~ ~ums sct:ure-d b)' this ~Iortg~e~
<br />Lender prior to *,eeleration sbl>U Ulail nutke 10 Borrower as pHnided ill l'ar"l:raph 14 hereof 'pedfying' (1) lhe breach:
<br />(l)tl!eaclk..irequ~d to cllre snchbreaeh; (3) a date, 1I0t less Iball 30 da)', from Ihe date Ihe nolke is mailed to Borro".cr,
<br />b~ wtUel!SIK!l ~acb D1Wlt!)l, cured; and (4) thllt failure to cure ,ucb breacb 011 or before tbe date 'pecified in tbe notice
<br />IlI1'J' 're$UlllllllCeek:rallon nf the som, sccured bJ Ibis Murtgalle, foredo,ure by judicialprtKeeding alld sale uf lhe Prop.'rt},
<br />TIte IlIlli<< !lbldl fJlrtllu Inform Bor...wer of lbe rileht 10 ",'n.late after an'deration alld the rigbt 10 ....""t in tb. f"",dosure
<br />p~ I.... Mn-exht.llCe IIf a defalllt or "ny ..ltIer <kfen.. "f Burrower 10 aceelemU,," and foredosure, If tb. breach
<br />Is riOI curedon or !)l,fore the dale 'p"cilkd I" lhe IlOlicr. tend.r al Lellder', 01"1011 ilia} dedare all of tll. ,um, ""<'Uted by
<br />lllli)\l,ort~.I"he llil~IOldlately dlleand payabl. w,thoul furlb.r demand and may f..r,ch". by jlldlcial pnlt,.,..Ung, telldcr
<br />.~.ht eJilitk:d '"c"II..:lln slWb proc..ding all .'p""''''' of fored..,..r., ;nduding, hut nm limited I... .""1, of documcntary
<br />...~, aj)r;frlkts ...... title report.,
<br />it. ~we-t", Rla~t ft) R.e-i_at.e. Notwith~t~!nding Lt.~nJ-ef') ;lu:ckliHiPn 1.,1' lht' '-I1!1"l,<; ~;l!i.',-Ft'-d hy lilt... \'t,.H~g..~gl'.
<br />80ff,JWe,r 5.-ha:1J hav't the'rient to h,.vc ~ny t-)r\)(,'c~:dwg'" ntgutJ hy t coder !\l cnfor---;..:' 1111'- '\l,-)r!g;Ag<: ,.lh...-(mt'lld.:J ~H <11'!Y urlle
<br />
|