|
<br />r
<br />
<br />83...... 0 0 4562
<br />
<br />Lender's written agreement or applicable law. Borrower shall pay the amount of an 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 pay-inent thereof. and shall bear interest from the
<br />date of disbursement at the rate payable from time to ~ime 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 shalt 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 Borrower notice prior to any stich inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Condemnadon. 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 prop.ortion 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. 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 coHect 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 such 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 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 othef\\'ise modify amortization of the sums
<br />secured by this Mortgage by reason of any demand made by the 0riginal Borrower and Borrower's Sllccessors in interest.
<br />11. Forbearance by Lender Not a Waiver. Any forhearance 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 procurement of insurance or the payment of taxes or other liens or charges hy Lender "hall not be a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and t.:umulative to any Nher right or
<br />remedy under this Mortgage or afforded by law or equity, and may he exercised concurrently. independently or successively.
<br />13. Successors and Assigns Bound: Joint and Se\.eral Liabilityj Captions. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns ('If Lender and Borrower,
<br />subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to he used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicable Jaw to be given in another manner, (a) any notice to
<br />Borrower provided for in this Mortgage shaH be given by mailing such notice hy certified mail addressed to Borrower at
<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 by certified mail. return receipt requested, to Lender's address stated herein or to
<br />sllch other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
<br />Mortgage shall he deemed to have been given to Borrowl'r or Lender when given in the manner designated herein.
<br />15, Uniform Mortgage: Governing Law: Se\-'erabilit,... This form of mortgage c0mbines uniform covenants for national
<br />use and non~uniform covenants with limited \.ariations hy jurisdiction to constitute a uniform security instrum~nt covering
<br />real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the
<br />event that any provision or clause of this Mortgage or the Note (onflicts with applicable law, sllch conflict shaH not affect
<br />other provisions of this Mortgage or the Note which c~m be given effect without the conflicting provision, and to this
<br />end the provisions of the Mortgage and the ~otc are declared 10 be severable,
<br />16. Borrower's Copy. Borrower shall be furnished a conformed copy of the NolC and of this ~fortgagc at the time
<br />of esccution 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 prior wriuen consenL excluding (J) 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 hy devise,
<br />descent or by operation of law upon the death of a joint tenant t'r (Jl the grant of any leasehold interest of three years or less
<br />not containing an option to purchase, Lender may. at Lender's option. dedare all the sums secured by this Mortgage to be
<br />immediately due and payable. Lender shall have waived sllch option TO accelerate it prior to the sale or transfer. Lender
<br />and the person to whom the Property is to be sold or transferred reach agreemenl in writing that the credit of such person
<br />is satisfactory to Lender and that the interest payable on the sums secured hy this Mortgage shall be at such rate as Lender
<br />shall request. If Lender has waived the option to accelerate pro\'ided 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 accelerale. Lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice shall provide a period of not less than ~O days from the date the notke is mailed within
<br />which Borrower may pay the sums declared duc. If Borrower fails tv pay such sums prior to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower. invoke any r~rnedies permitted hy 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 paragraph 17 hereof. upon Borrower's breach of any covenant or
<br />agreement o,f Borrower in thili Mortgage, including the C()l"cnauts to pa,)' when due any sums secured by this Mortgage.
<br />Lender priot:' to acceleration shall ,mail, notice to Borrower as pro\'ided in paragraph 14 hereof specifying: (l) the breachj
<br />(2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower,
<br />by wh~,eh sU,ch breach must be, cured; and (4) that failure to cure such breach on or before the date specified in the notice
<br />may result in, acceleration of the, sums secured b.)' this Mortga2c, foreclosure by judicial proceeding and sale of the Property.
<br />The oolite shall further inform Borrower of tbe right to reinstate after 3l.:\:cleration ~tnd the right to assert in the foreclosure
<br />PI'OC.~.ing the- n~..existence of a default or any other defense of Borrower to acceleration and foreclosure, If the breach
<br />,is; ilO;t cU~,d on or before th,c, date specified in the notice. Lender at Lender's option may dedarc nU of the sums secured by
<br />t~is ,M()rtgace to be immediately due and payable without further demand, and ma)' foreclose by judicial proceeding. Lender
<br />s~I,_~ entitl~ to coUcct in such proceeding all expense."i of foreclosure, including, but not limited to~ costs of documentary
<br />evidence" abstracts and tit.e reports.
<br />19. B,orrowers Right to Reinstate. Notwithstanding Lender's at:celcration of the sums secured hy this Mortgage,
<br />Borrower shaH have the right to have any proceedings hegun by Lender Iu enforce this Mortgage discontinued at any time
<br />
<br />"
<br />
|