|
<br />r
<br />
<br />R3- (J05261
<br />
<br />r
<br />
<br />Lender's _wriUl,1l i:lgreement or applkablc law. Borrower shaH pay the amount of .ill mortgage insurance premiums in the
<br />manner provided under paragmph 2 hereof.
<br />Any amounts dispurscd by Lender pursuant to this paragraph 7. with interest thereon. shall become additional
<br />indebtedness ('If Borrower secured by Ihis Mortgage. I.!nless Borrower and lender agree to other tenns of payment. such
<br />amounts shaH he payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from- the
<br />date of. disburllcment at tbe 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 snch amounts shan .bear interest at the highest-rate
<br />permissible under applicable law. Nothing contained in this paragraph 7 shan require lender to incur any expense or take
<br /><loy ~ction' hereunder.
<br />8... Inspection. Lender may make or cause to he made reasonable entries upon and inspections of the Property. provided
<br />thnt Lf:nder shaH give Borrower notice prior to any slleh inspection specifying reasonable cause therefor related to Lender's
<br />inte'r-e~t 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 />ami shall be paid!o Lender.
<br />In-the event of u total ntking of the Property, the proceeds shall be applied to the slims secnred by this, Mortgage,
<br />with the excess, if any. paid to Borrower. In the event of a partial taking (If the Property. unless Borrower and Lender.
<br />otherwise agree in writing, there shall he applied ,to the sums secured by this Mortgage such proportion of the . proceeds
<br />as is'cqw.II to that proportion which the amount of the slims <;ecllred hy this Mortgage immediately prior to the date' of
<br />taking bears to the fair market vallie of the Property immedi<ltely prior to the date of taking. with the halance of the proceeds
<br />paid to Borrower.
<br />If the Property is ahandoned by B(lrrower, or if. after notice hy Lender to Borrower that the condemnor offers to make
<br />an award, or settle n claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is
<br />mailed, Lcnder is uuthorized 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, any slIch 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 />slIch installments.
<br />to. 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 he required to commence
<br />proceedings against such Sllccessor or refuse to extend rime for payment or otherwise modify amortization of the sums
<br />secured by this Mortgage hy reason of any demand made by Ihe original Borrower and Borrower's successors in interest.
<br />11, Forbearance by Lender Not a Waiver, Any forbearance hy Lender in exerei~ing any right or remedy hereunder, or
<br />otherwise afforded by applicable law. shall n0t he a waiver of or preclude the exercise of any such right or remedy.
<br />The procurement of insurance or the payment of ta'\cs. or nlher liens or charges hy Lcnder shall not he a waiver of Lender's
<br />right to accelerate the maturity of the indchtedness <.;ccurcd by this ;'vfortgagc.
<br />12. Remedies Cumulative. All remedies provided in rhis I\.fortgage arc distinct and cumldative to any other right or
<br />remedy under. this Mortgage or afforded t,y Jaw t)r equity, and ma\' he cxercised concurrently. independently or successively.
<br />13. Successors and Assigns Bound: Joint and Sen~r31 Li~bility; Captions. nH~ o:ovcnants llnd agreements herein
<br />contained shall bind. and the rights hereunder shall inllrl~ to. the respective successors and assigns of Lemler and Borrower,
<br />subject to the provisions of paragraph 17 hereof. .'\11 covenants ami agreements of Borrower shall be joint and several.
<br />The captions and headings of the paragraphs of this Mortgage a.rc for convenience only and are not to be used to
<br />interpret or define the provlsiom 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 ::-:-hall he given by rnailing :-llch notice by <:ertified mail addressed to Borrower at
<br />the Property Address or <:H sllch other address as Borrower may designate by notice to Lender as provided herein, and
<br />(b) any notice to Lender sh.dl he g.iven hy i.:ertit1cd mail. rewrn re-ceipl requested. to Lender's address stated herein or to
<br />Stich other address as Lender may designate bv notice tn BorrlWicr 3S provided herein. Any notice provided for in this
<br />Mortgage shull be deemed to have heen given 10 Borrower or Lender \I.'hen given in the manner designated herein.
<br />15. Unifonn Mortgage; Governing Law; Se,'erability. This. form of mongage combines uniform covenants for national
<br />lIse and non-uniform covenants with limited variations hy jurisdi'ction to constitute a uniform set:urity instrument covering
<br />real property. This Mortgage "hall be governed hy the law 0f the jurisdiction in which the Property is located. In the
<br />event that any provision or clause of this Mortgage 0r the Note Ct'lnfiicrs with applicable law, such cont1ict shall. not affect
<br />other provislons of this Mortgage or the N("l(e whil'h ('";1n be given etTec[ without the conflicting provi!\ion. and to this
<br />end the provisions of the Mortgage and the N;.\te are Lieclared h) he severable.
<br />16. Borrower's Copy. Borrower shall he furnished a ('"(Informed copy of Ihe Note and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17. Transfer of the Propert)'; Assumption, If all or ~lOy part of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior wrilten .:onSCi1t. c'\duding (a) the creatjon of a lien or encumbrance subordinate to
<br />this Mortgage, (b) the creation of a purchase money ~e;.;:urity interest for househQld appliances, (c) a transfer by devise.
<br />descent or by operation of law upon the death of a joint tenant or hH t~ J @raRt ~f aR~' h;UlD~RI?]d iRteFl:lot Bf tRua ;loars sr 19!;iG
<br />~at G.iIotoiA'R9 aft r,liiln te.1i lnh.o'u, Lender may. at Lender's opticn. declare all the sums secured by this Mortgage to be
<br />immediately due .and payable. Lender shall have 'waived 'iuch option to accelerate if, prior to the sale or transfer, Lender
<br />and the person to whom the Property is [0 be sold or transferred reach ilgreement in writing that the credit of such person
<br />is. satisfactory to Lender and that the interc:.t payable on the Slims. secured by this Mortgage shall be at such rate as Lender
<br />$all request. If Lender has waived the option to accelerate provid~d 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 aU
<br />obligation. under this Mortgage and the NOle.
<br />lf Lender exercises such OPtion to accelerate, Lender <;hall mail Borrower notice of acceleration in accordance with
<br />paragraph.. 14 h-Qteof. Such notice shaH provide a. period of not less than 30 days from the date the notice is mailed within
<br />which Borrower may pay the sums dedared due. If Borrower fails to pay such S-lIffiS prior to the expiration of such period,
<br />Lender may~ without further notice or demand on Borrower. in\'ok~ any remedies permitted by paragraph 18 hereof.
<br />
<br />NON~tJt~JFQ'kM C-()V~NANTS. Borrower and Lender further covenant and agree as follows:
<br />1.3., A\."C~ Remedies. Ext--ept as provided in paragraph 17 hereof, upon Bor-rower's breach of any covenant or
<br />'~~ent of 'IJ9rrowet in.Jhis 1\ttortgag.c, ill.duding the co\'cnanls to pay ",ben due aoy sums secured by tbis Mortgage,
<br />~ prior '" lIl'<:eIeration .1taII mail noti.. to Borrower as provided in paragraph 14 hereof specifying: (1) the breach,
<br />(~~ ~tJon req.d.to cure .ucb breach; (3) a date, nOlle.. than 30 day. frnm lhe dale the nntice i. mailed 10 Borrower.
<br />by ..,lIkb.8!leh. ~ch mll!ll. he cured; Dud (4) Illat failure 10 cure sucbbreach on or hefore the date .pecifi.d in tbe nolice
<br />~,rQtlttlll ae~at~.of the S\ll\l." secured by this Mor.gage, foredosure b,. judkial pJ'()ceeding arid sale or the Property.
<br />'f\e lMJtl<< llhalI. fUJther Infonu Borrower nf Ih. rill"t 10 reinslat. after accel.ratinn and the right Ie ....rt in Ihe foreclosur.
<br />,,~tbe IlOrwxJsteuce of a deftlult Of any .,ther defense or Borrow.r t., acc.leratiou and foreclosure. If lhe br.acb
<br />Is~ eonodoa or hero", lhe d.... specWerl in the nntke, l,,,nder al und..... option may dedare a\l of Ih. sums ,",cured by
<br />1i!iJ.~~ "'.he lmmerlllil!'ly dwo audPD.l'aWe wltboul furtb.r de.....nd llDd may forecl_ by judicial proceedin&. bnder
<br />.... ~ eriUtlc.d 10 coftt::d in liU(b pr-m;e:eding all e"pt'llse;lt of fond-(t$tlrc~ inchu;ling. but nol Ihuited to. t:0&1s of dO(umentar.)"
<br />...~e.llIl>f,jr..1o _ II"" rcpOn..
<br />J'~ "hn#l;,C!l"'s RiJbt 1-0 I(dnstate.. Nr.twllhJS.tanding LCOOi:f"S ':1-c(:ckn.Hil..~n of lhe ',UfH:o. "e-,:ufcd hy this. Mortgagc_
<br />tf.OtrQw'CJ ~haU h3vc the nal'll h-, hil\':-C !:i-O)! p(~,)1.;(:'editlgJi. t.~8-un by h~n<.kr l,~ t.~nfr'rcc tftt:, Mongngc di"~l.-Hltinucd ;H any lime
<br />
<br />
<br />w
<br />
|