|
<br />84-004584
<br />
<br />r
<br />
<br />Len,kr's w(Hl..:n agreement or applicable-law. Borrower shall pay-the amount of ali mortgage insurance.-(pre_mlU_rr.fS-"h1"~;t~e
<br />manner provided under paragraph 2 hereof, . . . .' .... <., C..:'"
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon,shal\becollle'adajtion~l),
<br />indebfedness of Borrower secured by Ihis Morlgage. Unle~'Borrower and Lender agree' to'othe.t,"tenn$or.paym~I*;.s~ell'\'
<br />amounts shaU be payable upon notice from Lender to Borrower ,requesting'paymentthereof; and'shaJl beadntereSl'.6'oinitill;"
<br />date of <ii.bursement at the rate payable from time to time on outslanmngprincipal' under the'.-Note,q:ml~;; '.
<br />interest at such rale would beeonttary 10 applicable law, in which eventsuchamountsshalFbeaT'il\terestllt,the,
<br />permissible under applicable law. Nothing contained in this paragraph 7 shan require Lender lo'inCtJt"'llny:e~"
<br />any action hereunder. _ _ ,_ _ _', ;_ _,.___-'-o.,.'_._~:-:::',':--,,:---
<br />8. Inspection. Lender may make or cause 10 be made reasonable entries uponand'inspeclionsofthe.Pioperty;;p:r&~lletl:
<br />that Lender shall give Borrower notice prior to any such inspection 'specifying_ reasonable-"caUst:dhe'r.efor'related"Jt~'~~~~er)<.t,,>_:
<br />interest in the Property. _ _ ~ --- < :f",:~.;<:-'-:_.__
<br />9. Condemnadon. The proceeds of any award or claim for damages; direcl or consequential. in:'connection,withiany?:"
<br />condemnation or other taking of the Property, or part thereof.- or for conveyanc--e i!1.Heu:of condemnation. 'are"here'\1Y-~M-s!gi\ea,t_:
<br />~nd shall be paid to Lender.
<br />In the event of a total taking or lhe ProperlY, the proceeds shall be applied to the sum~secured:by,tl'ti. 'Moit!la~t"
<br />with the excess. if any, paid 10 Borrower. In the event of a partial- taking--of the-- Property. -unless _Jl.orrower;_-and-~.-Lender.e'
<br />orherwise agree in writing. there shall be applied to the sums secnred---by-this-Mortgage_,such:-propO~ontof->~he:'~pr~s
<br />as jo;; equal to that proportion which the amount of the sums secured by this- Mortgage immediately prior 10' the:r-dat~~'or;'
<br />laking 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 Ihe Properly is abandoned by Borrower, or if. aner notice hy Lender to Borrower that thecondeml1or-'offerstomake
<br />an award Of settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date-'suchf'.~otiCe 'is:
<br />mailed. Lender is authorized to collect and apply the proceeds. at I.ender's option. either -to restoration 01'- ~ir- of':ttje"
<br />Property or to the sums secured hy this Mortgage.
<br />Unless. Lender and Borrower otherwis.e agree in writing, any such- application of proceeds to principal shalLnot':extend--'
<br />or postpone the due date of th~ monthly installments referred to in paragraphs 1 and 2 hereof or change- ,the _amount 'of
<br />such installments.
<br />to. Borrower Not Released. Extension of the rime for payment or modifi~ation of I:mortization of. the sums secuted
<br />by this Mortgage granted by Lender to any successor in interest of Borro\V!,,;T Sh-_'j not opt:rate to release. in any manner.
<br />the liability of the original Borrower and Borr.)wer's SUc,I..'t:ssors in in .."t. ..der shaH not be required, to commence
<br />proceedings against such successor or refuse to extend tim~ fc:r pair!. ~..~ or otherwise modify amortization of the sums
<br />secureu by this I'vfc.rtgage hy reason of iifiY demand made by the original Borrower and Borrower's successors in- interest.
<br />11. Forbearance by Lender Not a Waiver. Any forbearance by lender in exercising any right or remedy hereunder. Of
<br />otherv;isc afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right of'remedy.
<br />The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
<br />right to accelerate the maturity of the indehtcdncss secured by this Mortgage.
<br />12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy under this :Mongagc or afforded hy law or equity. and may he e~ercised concurrently, independently or successively.
<br />13. Successors and Assigns Bound: Joint and Se'.era) Liability; Captions. The covenants and agreements herein
<br />contained shall bind. ,tnd the rights hereunder shall inure to, the respective successors and assigns o[ Lender and Borrower.
<br />sllbj~ct to {he provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and severaL
<br />The- captions <lnd headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to
<br />Borrower provided for in this MOrlgage shall he given hy mailing such notice by certified mail addressed to Borrower at
<br />the Property Address or at such other ~tddress as Borrower may designate by notice to Lender as provided herein. and
<br />(0) any notice to Lender shall he given by certified mail. return receipt requested. to Lender\ address stated herein or to
<br />such vther address as Lender may dcsignate toy notic~ to Borwwer as provided herein. Any notice provided for in this
<br />Mortgage shaH he deemed to have heen given to Borrower or Lender when given in the manner designated herein.
<br />15. Unifonn l\-tortg,age; Go\'eming Law; Se\'erability. This [(..rm of mortgage combines uniform covenants for national
<br />use and non-uniform covenants with limited \".ifiations hy jurisdiction to constilUlc a uniform security instrument covering
<br />real property. This Mortgage ,hall be governed hy the Jaw of the jurisdiction in which the Property is located, In the
<br />event that any provision or clause of this MOr1gag~ (Ir the Note c(1nl1icts with applicable law, such conflict shall not affect
<br />other provisions of this Mortgage or tht: NDte which can be given ('!feet wilhout the conflicting provision, and to this
<br />end the provisi,.I!1s of the Mortgagi: and the Note are declared to he severable.
<br />16_ Borrower's COP).. Borrower s.han be furnished a conformed copy of the Note and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17_ Transfer of tbe Propert}'; Assumption. If all or any part of the Property or an interest therein is sold or transferred
<br />by Borrower withoul Lender's prior written <.:onsent. c:\duding (a) the creation of a Hen or encumbrance subordinate to
<br />this Mortgage, (b) the aeation of a pun;hase money security interest for household appliances. (c) a transfcr by devise.
<br />descent or by operation of la\\' upon the death ('If a joint tenant or C..) tRY 8r~-t rJ OR~ lnnlJURuJd iRtouat sf tkfll~ ~'Ollrll Sf lets
<br />Rg' ':""RtniR;-~ r ~ .hA tlI ,WIilRl .V_ Lender may, at Lender's option~ dectare -all the sums secured by this Mortgage to be
<br />immediately due and payable. Lender shall have waived such.option to accelerate if. prior to the sale or transfer. Lender
<br />and the person to whom the Property is to be sold or transferred reach agreement in \\-'fiting that the credit of such person
<br />is satisfactory [0 Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
<br />s.hall request. If l.ender 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 an
<br />obligations under this Mortgage and the Nole,
<br />If Lender exercises Souch option to accelenHe. Lemjer shall mail Borrower notio.::c of acceleration in accordance with
<br />paragraph 14 hereof. Such notice shall provide a period of nOl less than 30 days from the date the notice is mailed within
<br />which Borrower may pay the sums declared due. If Borrower fails 10 pay such sums prior to the expiration of such period.
<br />Lender may~ without further notice or d~mand on Borrower. Inv0ke any rerncdies permitted by paragraph IS her\::of.
<br />
<br />NON-UNIFOkM COVENANTS, Borrower and Lender further \.'.ovenant and agree as follows:
<br />18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
<br />acreem.ent of Borro,,'er in this Mortgage, including the cO"~nnnls to pay when due any sums secured by this l\'lortgage,
<br />Leader prior to acceieration shall mail notice io Borrower as prO\:ided in paragraph 14 hereof specifying: (1) the breach;
<br />(2) .the 1II'tion required to cure .uch breach: (3) a date, nol Ie... lhan 30 days from lhe date the notice is mailed to Borrower.
<br />b)' which' such breach must be cured; and (4) tbat failure to cure such breach on or hefore the date specified in the notice
<br />may result in acceleration of the sums se('ured b)' this l\.lortgas::e, foreclosure by judicial proceeding and sale of the Property.
<br />The DOlke shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure
<br />~eediDl the RQo..exJstenc::e of a default or any other defense of Borrower to acceleration and foreclosure_ If the breach
<br />is nol cured on or before the date specified in the notice, Lender at Lender's option mn) declare aU of the sums secured b)'
<br />this Mortcage to be immediately due and payable without furlher demand and llIay foreclose hy judicial prnc:eedlnll. l.ender
<br />shall be entitled to collect in such proceeding All expenses of forec.:losurc, including, but not limited to, costs of documental.}'
<br />eyidence, abstrads and tUle reports.
<br />19. Borruwer's Right to ReillSl9.te. NOlwithstanumg ) .e:ndcr's ;tc\:deratii.~n llf fhe ~iH\h se";llred by this Mortgage,
<br />Borrower shall have the right to have all)' proceedings he-gUll by I ,(;l1dcr hI cnfofl.:C thi:. Mortg~lgc dh.col1tinllcd at any time
<br />
<br />
<br />\::-:;'..J:;}
<br />
<br />---'.",,> '
<br />"
<br />
<br />
<br />L
<br />
<br />NIFA 8/84
<br />Series 1984A
<br />
|