|
<br />I
<br />
<br />83_ 005338
<br />
<br />r
<br />
<br />l.c[Hll!r\. \.HIt!....n ;tgrecment or appli('.lblc law. Horrowcr shall pay the amount of all mOl1gagc insurance premiums in the
<br />manner provideJ under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant 10 this paragraph 7, with interest thereon. shall hccomc additional
<br />indebtedness (If Borrower secured hy this Mortgage. Unlec:,s Borrower unci Lender agree to other terms of payment. such
<br />amounts: shall be payable up{m notice from Lender to Borrower rcqllc!\ting payment thereof. and shall bear interest from the
<br />date of di...burscment at the rate payable from time tn time on outstanding principal under the Note unless payment of
<br />interest at such ratc would be contrary to applicable law. in which event such amounts shall bear interest at the highest rate
<br />permissible under applicahlc law. Nothing cont~ined 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 he made reasonahle entries lIpon 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 cons.equential. in connection _with any
<br />condemnation or other taJ€ing of the Property. ('r part thereof. or for conveyance in lieu of condemnation. are hereby assigned
<br />:md shall-be paid to Lender.
<br />In the event of a total taking of the Pr(lperty, the proceeds shall he applied to the slims secured by this Mortgage.
<br />with !he CXCl'';;S. if <'"Y. paid 1.-' B(lrrnwcr. In {he event of a p<lrtinl taking. ,.If the Property, unless Rorrower and Lender
<br />lHhcrwisc agree in writing. there "hall he applied to the "urns secured hy thi<; Mortgage such proportion of the proceeds
<br />as ie; cquaLto that proportion which the amount of {he ",urn\; secured hy this I','fortgagc immediately prior to the date of
<br />taking bcars to the fair market valllc of the Pn'pcrt\' immediately pri0r to the date of taking. with the balance of the proceeds
<br />paid to Borrower.
<br />If the Property is abandoned hy Borrower, or ir. .:tfter notice hy Lender t(l Borrower that the condemnor offers to make
<br />an award or settle a claim f(lr lhm1ages. Borrower fails 10 rcsp01HI to Lender within 30 days after the date such 'notice is
<br />mailed. Lender is authorizcd to collect and apply The pf0ceeds. at Lender's option. either to restoration or repair of the
<br />Property Of t(l the sums secured h\' this Mort2a~e
<br />Ul~ks... [.cnder and Borrower .0therwisc agr~c in \\'ritin~, any ~llch npplicarion of proceeds to principal shall not extend
<br />or postpone the due date 0f the monthly instnl1mcnts referred to in paragraphs 1 and '2 hereof or change the amount of
<br /><;uch installments.
<br />10. Borrower Not Released. Extension of the time fOf p:~yment or modification of amortization of the sums secured
<br />by this Mortgage granted by Lender to any Sllccessor in interest of Borrower shall not operate to release. in any manner,
<br />the liability of the original Borrower and Borrower's SlH.:ceSSt")rs in interest. Lender shall not he required to commence
<br />proceedings against Stich Sllccessor or refuse to extend time f()f payment or orherwise modify amortization of the s~lms
<br />secured hv this Mortgage hv reason (If ;ulV demand made hv the f'lrieinal Borrower and Borrower's slIccessors in interest.
<br />11. 'Forbearanc; by L~lIder ~ot a \Vai\'er. Any forbea~~lncc hy I_coder in exercising any right or remedy hereunder. or
<br />otherwise afforded hy applicahle law, "hall l1\1t he a waiver ni' or preclude rhe exercise of any such right or remedy_
<br />The procurement of insurance or the payment t,f laxC'i or nthcr liens pr charges hy Lender shall not be a waiver of Lender's
<br />right to accelerate the maturity (,f the inlkhtcdnc,s ".,x:url.'J hy thi\ \:fCirlg:agc,
<br />12. Remedies Cumulative. All remedies pwvidcd in rhi" Mortgage :m~ di'irinct and cumulative to any 0ther right or
<br />remedy under this Mortgage or afforded by law l)r equity. ;lnd may he c\crc!"-e-d concurrently. independently or successively.
<br />13. Successors and Assi~ns Bound: Joint and Senral Uabilit~': Captions, The covenants and agreements herein
<br />contained shall bind, and the rights hen~undcr sh:tll inure w. Ihe respcl.,tivc sm:ccssors and assigns of Lender and Borrower..
<br />"ubject to the provi"ions l)f raragraph 17 hereof. \!l .:ovcrunts and ~lgreemen{<, ('If BOlTO\ver "hnll be joint and several.
<br />The captions and headings of the paragraph... llf this \f0rq;agc ::1n.: f(lr convenience nnly :mu arc not to he lIsed to
<br />interpret or define the provision..;, hen~\.,f.
<br />14~ ~otice. Except for any notice n.~4Llired under dpplic;tble Ia\\ !l) be given in another manner. (a) any notice to
<br />Borrower provided for in this Mortgage "hall hl' giVl'll h~ maiiin~ 'ouch notice hy certified mail addressed to Borrower at
<br />the Property Address or a[ sllch lnher Jddr~":, as Bornmc[ ma) desrgnate hy nl.tice 10 r.end('r as provided herein. and
<br />(b) any notice to Lender sh_all 1>(' given h~' t.:t..rtificd nl.-lil. rdurn receipt requesred, to l.ender'" address Slated herein or to
<br />slIch other address as Lender may dC$ignatc bv notice to Borrn\\cr :IS provided herein .Any nOlice provided for in this
<br />Mortgage shall he deemed tLI ha\'(' heen given to Borwwa or 1.ender \\ hen given in the manner designated herein.
<br />15. Uniform ~10rt~age; Goyerning Law: Sen:'rability. Tni~ f()rm \)f morlgag!.: combines uniform covenants for national
<br />use and non-uniform covenants \\ ith limited y;rriatil)ll<; hy iurisdi..:tilln to constitute a uniform security instrument covering
<br />real property. This \"h"lngage ,hall be govl.:fIlcd hy rhe law l)f the jurisdiction in which the Property is located. In the
<br />event that any rrc1vision or clause ..,f thi" \f0rtga.gC '-'1' the \),,)It.: ,-'l'nllii..h \\ ilh d_pplicahle law. sllch conflict shall not affect
<br />other pflwisions of this Mortgage or lhl.. Nc~tc \vhi..:h Cdn he gi\'en ell"cl without the conflicting provision. and to this
<br />end the prOVis.it.)llS of the Mortgage and the "\l)le arc \.Icdan~d to he ~everable.
<br />16. Borrower's COP)'. B~rr~w..er shall he fUflli~hcd a Cl'nf('rmcd C0PY of the Note and (If this i'vfortgage at the time
<br />of execution or after r~cordJtkm hereof.
<br />17. Transfer of-tbe Property; Assumption. If all (Ir any p~lrt of !he Property or :In interest therein is sold or transferred
<br />by Bornw..cr without Lender's prior written cnn~('nl. c.xduding l<ll the cfl..'ation llf a lien or encumbrance subordinate to
<br />this Mortgage. (b) the creation of a pun.:ha:;c mnney ,ccurity rntt.'rcst for household appliances. (<.:) a transfer by devise.
<br />descent or by operation of law upon the Jeath of a ll.)int knanr ~,r j i) tk] grill[ Jf . n~' Ilr-.d:t111LJ .Fltarijat sf duliU) 98Ft! aT hU:6
<br />0'1 L1J'Rt~~";-3 T' :-rflff' tr f nhrw Lender may. at Lender's option. dedar~ all the sums secured hy this Mortgage to be
<br />immediately due and payable. Lender shalt have "';<lived sllch option 10 accelerate if, prioe t.o tpc_,,saJ"_c))f__,transfer. Lender
<br />and the person to whom the Property is to be solJ or transferred reach agreement in \\'riting_'lhal.. th~"credit of such person
<br />is satisfactory to Lender and that the intere"t payable (,'n the sums securcd. by this Mortgage shall be _at such rate as Lender
<br />shall request. If l.ender has waived the option w accelerate provided in this paragraph 17. and if Borrower's successor in
<br />interest has executed a written assumption agreement accepted in \~ riting by LenJer. Lender sh;jil J~lease Borrower from all
<br />obligations under this Mortgage and the Note.
<br />H Lender exercises such option to acceler.He. Lender shall mail BorrO\\t.'f notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice ~halI provide a period l)f nOl less than 30 days from the dnte the notice is mailed within
<br />which Borrower may pay the sums declared duc_ If Borro\\cr fails 10 pay such sums prior to the expiration of such period,
<br />Lender may. without further notice or demand on Borrower, invoke any r~medies- permitted by paragraph 18 hereof.
<br />
<br />NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />
<br />18_. Acceleration; Remedies. Except as pro\'iderl in paraji:caph 17 hereof, upon Borrowers breach of auy covenant or
<br />acreement of B~rrower in this Mortgage, including Ihe l'OHn3nfs to pal when due any slims secured by this -Mortgage,
<br />Lender prior to acce]~ration shall man notice to Burrower as provided in paragraph 14 hereof specifying: (I) the breach;
<br />(2) t~_act~ required to cure such breach; (3) a date, not less than 30 da,)'s from the date the notice is mailed to Borrower,
<br />by which such brea('h must be cured; and (4) Ihat failure to cure such breach on or hefore the dale specified in the notice
<br />may result in at-CeleratioD of the sum\ secured b)' this ,\lortgaKe~ foreclosure by judicial proccedin~ and sale of the Property.
<br />The noUce shall further inform Borrower of .he right to re-instate after acceleration and the right to assert in the foreclosure
<br />proceeding tbe- nOIJ--e:dslence of a default or an,) other defense of Borrower to acceleration and foreclosure. If the breach
<br />is not cured on ,or before tbe date spt.'dfied in tbe notic.:e. Lender .at Lender's option may dcdarc :111 of the sums secured by
<br />tlUs Mortg!ac.e to be immediatel)' due aud payable without further demand and ma) foreclose by judicial proceeding. Lender
<br />shall be entitled_ to ,'otIc(-t in .CHich _prol'ceding all l'\.penses \If foreclosure. ilU.-ludiDg, but pot limited Co. l.osh of documcnhlf}
<br />el'idence, abstra....s and title reports.
<br />19. Borrower's Ri&ht to Reinstah:. NOlwithstanolllg I.cndcJ.s ,H.'...:.:!..:;atioll ,):' lilt: "Wi]',. 'iC\,.'llfCd hy l!-ll." M\)rtgagc.
<br />llorwwer &haH h~l\'e lhe right to }w't'c an;'- pnKI.'t:ding!-; h;:gUH hy Icnd(;J h' c:nfl)fl't' Ihl'> \1Ntg<1gi.' di't"'~'llli1Hl('J ;11 ,my tlHl:':
<br />
<br />L
<br />
|