|
<br />83......005402
<br />
<br />Lendcr's WnLt...:fl :igrcemcnr or UppliC;lblc law. Horrower shall pay the amollnt of all mortgage insurance premiums in the
<br />manner provided under parngraph 2 hereof.
<br />Any amounts disbursed by Lender pllr~lIant to this paragraph 7. with interest thereon. shall become additional
<br />indehledness (If Borrower seemed hy this Mortgage. Linle..s Borrower and Lender- agree to other terms- of payment. such
<br />amounts shall he payable IIp<m notice from Lender to Borrower requesting payment thereof. and shall bear interest from- the
<br />Jate of disbursement at the ratc payable from time to lime on otlt~tandjng principal under the Note- unless payment- of
<br />interest at such falc would be contrary to applicable law. in which event such amounts shall bear-interest at the highest-orate
<br />permissihle under applicable law, Nothing contained in this paragraph 7 shall require Lender to incur any expense or take,
<br />:my action hereunder.
<br />8. Inspection. Lender may make or calise to be made reasonable cntrie5 upon and- inspections of the- Property~- prO-vided
<br />that Lcnder shaH give Borrower notice prior to any ~llch inspection specifying reasonable causc therefor related to' Lende:r~s
<br />interest in the Property,
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential. in connection-with -any
<br />condemnlltion or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are herehy assigned
<br />ilnd 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- thi~ -Mortgage.-
<br />\dth the exee__s. if any. paid \(l Rornw.'cr. In the event l)f a partial taking of the Property, unless Borrower and- Lender
<br />tltherwisc agree in writing, there shall he applied tn the slims secured by thi\; Mortgage such proportion of the proceeds
<br />as is equal, to that pr<'lportion \\'hich the amount of the slims secured hy this Mortgage immediately prior to the date- of
<br />taking bears 10 the fair market value of the Propert\' immediately prior to the date of taking, with the balance of the proceeds
<br />paid to Borrower,
<br />If the Property is ahandoned hy B0rfOWCr, or jf. 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 a!lthori7e-d to collect and apply the proceeds, at Lender's option. either to restoration Of repair of the
<br />Property or to the sums ,>ccured tw this Mortgage
<br />Unlcs'i Lender ~nd Bormwer otherwise agree in writin!!. any stich application of proceeds to principal shall not extend
<br />or postpone the due date (If the monthly instnllments rcferrl~d to in parag:n:lphs 1 and 2. hereof or change the amollnt of-
<br />slIch installments.
<br />10. Borrower Sot Released. Extension (If the lime for pavmcnr or modification ('If amortization of the sums secured
<br />by this Mortgage granted hy Lender tn any SUCC;CSSI.,lt' in inttTt.'st of Borrower shall not operate to release. in any manner,
<br />the liability of the original Borrower and Borrower', sLlCCeSSl.lr<; in interest. Lender shall not he required to commence
<br />proceedings againsf ~lIch slIccessor or refu"-e to cxtend time for pavn1t:'nt or otherwise modify amortization of the sums
<br />secured by this Mortgag~ h~' reason 1.1f ~l!lY demand maul' [IV !he original Borrower and Borrower's slIccessors in interest.
<br />11. Forbearance by l.ender ;"'\nt <I \Vail-cr. Any fl)fnearancc nv Lender in cxercisin~ any right or remedy hereunder, or
<br />othcrn'is.c afforded hy applicable i;-l.\\'. 'ihall nnt he ;1 waivcr llt' (lr preclude the exercise of any such right or remedy.
<br />The procuremeni of insurance ('If the paVnlCnl of t,1 xc"- \.Ir nthef lien, Pf l'har~e<; hy Lender "hall not PC a waiver of Lender's
<br />right f(l accelerate the marurity (If the imkhrcdnc',.. ,,",cur,:d ("I\' thi" ~l\.'rtgage
<br />12. Remedies Cumulath'c, All remedies prO\ idcd ill thi'i M(lrl~agc arc di",inct and L.'unltllativc to any other right or
<br />remedy undl:T this Mortgage nf alTordeo hy law tlr ('quit\'_ :llld may hI.' t'\t~r(j"ed Cl)llcurrcnlly. independently or successively,
<br />13. Successors and AssiJ:ns Bound: Joinl aud SCH.:'ral f.iahilit~'; Captions. The covenants and agreements herein
<br />cOnlaineu shall bind. anti the rights hereunder sh,dl l!lure 1\', the n..~"pl,.'~:u\'c ~ll-':(:C,~(;r... and as<;igns nf Lender and Borrower.
<br />"ubject to thl' provisions of pitragraph 17 here-of. All L..O\":l1allts and agreement... l)f Borrllwer shall bc joint and several,
<br />The captinll~ and headings of the para.!,:raph-; ,II' thi.. \-f()rl~ilg,--, arc fin C..1IWL.'nil'flce ilnly ;l1ul are not to he llsed to
<br />interpret or define the prlwlsion... hen:,lf
<br />14. Notice. Ex('ept f(lr any !lotil'l' !"l'quifCJ Hnd..:r ,IPl)Ii(;[l~k b\\ [,1 h~ given in Ulwlher mimneL (a) any notice to
<br />Borrower provideu for in {hi... ~h'ngag~ "hall hl' .~I\-\:n by 111<tdinf! ",\I(.:h l1olicl' by ..:..:rlified mail addressed to Borro\\'cr at
<br />the Property Address ()r at 'llch \Jther :lddn:..." ,I" t-k,n,)\\n m;l~ dl.'<;i!:!n,lte hy nnril:e III Lender ~lS provided herein. and
<br />(0) any noticl' 10 Lender shall he gl\'c-n h~ ..:t.'nifieu t1ld:l. I"l'LUrn n:l.:c!J'l n:quc.-;tcd, to l.ender', address stated herein or to
<br />slIch other addres.s as 1.ender I1ld;. dc,,-igna;e b\ npti~l'" f;' H,'rrt)\\er ;i"i provided hcrl'in. \n\" nOlice provided for in this
<br />Mortgage shall he deemed to h~\\l.' bel.'ll given to Borr,)\\'t.:r ,I/" I endc-r \\hcn given in the manner designated herein.
<br />tS. Uniform l\-1()rt~age. (;o\'emin~ 1.3\\: Se\'erability. Thi" f.."rlH nf mortgage ;..'\llllbincs uniform covenants f(lr national
<br />lIse and non-uniform covenants with limite\.1 Llrlatlnn_" h\" jlln...d:c;lc'n hI C(H1Sl!l\ltc.: :.\ uniform se;:urity instrument covering
<br />real property. This !\--1ongage .;hali be go\erned hy the b\,' ,A lh~ iuri...dictl,1l1 in \;,:hich the Pr('lperty j" 10cated. In the
<br />event that any provision or <.'lall~e of thi" i\'lorlg.'-.lgc l'r the- ~t.l!(, '.l.lntiici, 1.\ ilh upplkahle law, s\H:h conllict ~hall not affect
<br />other provisions (If thi", 1\fongage llr the :"i('ll.... \\ hl,'h ...::..tl\ DC :;1\-e-11 dfl'({ with0Ut the ..'onflicring proviIJion, and to this
<br />end the provisions of the MNtgage and the ......ll{C dre- lkdalc-tl t\' he 'it'verable,
<br />16. Borrower's Cop~'. Borrower .;;h.lll h:: fllflll"hcd a Ct1nLmlled ("(lPY of {he Note .1111.1 of tnls !'vtortgage at the time
<br />of execution or aflcr recordation hereof,
<br />17. Transfer of tbe Property; Assumption, Tf aU t'i any p,trt ~)i the Property or ttn interest ,therein is sold or transferred
<br />by Borrower without Lender's prior writH~n cnml'nL e'\dwJlng f-ll the aCi:ltion of a -He~ or encumbrance subordinate to
<br />this Mortgage, (bl the creation tlf a pur~hasc money ~L'curity Interest lor household applii'IOCCS, (c) a transfer by devise,
<br />descent or by operation of lay, upon the death of it jllinl tenant pr ' i.' tAli grclltl")f '\11:' J)" []'9Rvl'Sl int9riJOl Elf tRnH! :.liJllff: Be h'f:!i
<br />pgt D'cH~tAjAiR6 L R ir" of 19 fllrJWa, Lender may, at Lender"':; (lptlt)O, declare all lhe sums \ccured by this Mortgage to be
<br />immediately due and payable. Lender shall have w.livcd sllch option to accelerate if, prior (L) the ~ale or transfer, Lender
<br />and the person to whom the Property i" tn be sold or tran:.ferr~d reach <.lgrecment in writing that the -:redit of su~h person
<br />is satisfactory to Lender and that the inten~).! payabk on the sum.. sccured by this Mortgage shaff be at slIch rate a~ Lender
<br />shall request If Lender has waived the option 10 accelerate provided in this paragf~lph 17. and if Borrower's successor in
<br />interest has executed a wriHen assumption agreement aCl..'cpted in writing by Lender. Lender s.hall release Borrowl:f from all
<br />obligations under this Mortgage and the Note,
<br />H Lender exercises such option to accelerate, LcnJcr shall l11;1il Bonowa notice l.'lf a~Leleration in ac'-~ordance with
<br />paragraph 14 hereof. Such notice shall provide J period of {K~l les.... than 30 d;.lYs from the date the notice is mailed within
<br />which Borrower may pay the sums declared due, If Bornw..cr fails to pay sllch :o.ums pril)r to the expiration (If s.uch period,
<br />Lender may'. wit!1out further notice or demand on BOrTOVocr. invoke any remedies permitted hy paragraph IS hereof.
<br />
<br />NON-UNIFORM COVENANTS, Borrower and Lender further covenant and agree as f\JJlow~:
<br />18. Acce:lemtion; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of ony t'ovenant or
<br />agr~liJent of Borrower in this Mortgage, including the co'\'{'nanls to pa)' when due an~. sum.') ,,,ecured by this l\-tortgage,
<br />l#~!rpdor to_ acceleration shall mail notice to Borrower a.t; pro'\'idcd in paraJeraph 14 hereof specifying: (1) the breach:
<br />(~tb,e ad:iqD requJred,~o cure such breach; (3) a date, not le~~ than 30 dol'S fcom the date Ihe notice is moiled to Borrower.
<br />bi whJe-tt such 'breach -must be cured; and (4) 'hat failure to cure sut.'h brea(,:h on or before the date specified in the notice
<br />may res,.tlt.in acceleration of the SUlni secured by this Mortgage, foreclosure by judicial pro('t.'edin~ and sale of the Propert)'.
<br />The notke shall further inform Borrower of the right to reinsta.e after acceleration and the right to us..sert in the foreclosure
<br />p,rocefdilll the non-existence of II default or any -other defense of Borrower to 3t'"('deraUon alld foreclosure. If the breach
<br />is not cured on Of before the date specified in the notice, Lender a' Lender's option may declare aU of the sums secured by
<br />'b1s_Mo_rl:Ple to be imm_ediate-Iy duc and pUJabte wHhQuC further demand and ma)' furc-clow by judicial proc:eeding. Lender
<br />s~U be entitled '0 collect in sUl'h prol'tcding aU e-x,.ensc:ll of f(}rt'clHs:ur~. including, hut not limited 10. ('O!f!.1s of documentary
<br />evidence. ab$lrads and flUe rt."JKu"ts.
<br />19~ Borrowef's Rijthf to Reim.1ate, Nflt\\-"ith!itandlng I ..'ndel" ~1C.;d~lalli'll "I' the <..ums "(,(Hn~d by Ihis M"ltgagt.,
<br />u.~)rrower shall have the right h) h;:l\-'C allY pw(ccding\- hqwn h~~ LL'lHkl hI 1'11Ior,'t.' !hi" \fi,ng.tg\' di...,;(lnftflUed .fl an~ tllIlt~
<br />
<br />
|