|
iav~~$`7`~'
<br />~~--°
<br />Lender's written agmmeat or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
<br />matantr provided wader paragraph Z hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with lore, est thereon, sltatt become additional
<br />Sndtbtedness of Borrower secured by this htortga$e. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shall 4e payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interesk from the
<br />date of disbursement at the rate payable ffram time to time on outstandmg principaE under the Noke unless payment of
<br />inttttsf at such rate would be contrary so applicable law, in which event such amounts shall bear interest at the highest rate
<br />pentnissible under apphcabk law. Nothing contained in this paragraph 7 shad require Lender to incur any expetue or take
<br />any action hereunder.
<br />S. I[mptetlon. Lender may make or cause M tae made reasonable •:ntries upon and. inspections of the Froperty, provided
<br />that Lender shall give Borrower nokice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Condentna#ion. The proceeds of any award or claim fur 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 />andl shall be paid to Lender.
<br />In the event of a total flaking if the Propem, the proceeds shall be applied to the sums secured by this Mortgage.
<br />with the excess. if any, paid to Borrower. Tn the event of a partial taking if the Property, unless Borrower and Lender
<br />otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
<br />as is epos! to that proporrion which the amoune of the sums secured by this Mortgage immediately prior to the date of
<br />taking bears to the fair market valtre of the Ymperty 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 by Ixnder to Borrower that the condemnor offers to make
<br />an award ar settle a claim for damages, Borrower fails zo respond to Lender within 30 days after the date such notice is
<br />mailed, Tinder is authorized to col}act and apply the proceeds, at Lender's option, either to restoration or repair of the
<br />Property or to the sums secured by 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 dale of the monthly installments referred to in paragraphs 1 and ?hereof or change the amount of
<br />such installmenu.
<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 shalt not eperare to release, in any manner,
<br />the iiabiliry 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 rime for payment it otherwise modify amortization of the sums
<br />savored by this Mortgage by reason if any demand made by the original Borrower and Borrower's successors in interest.
<br />Il. Faxfiearanet byT.ettdtr Not a 1~alver. Anv firtrearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shall not be a waiver it or preclude the exercise of any such right or remedy.
<br />The proeuretnent of insurance or the payment of taxes it other liens or charges h7 Lender shall not ae a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this ?<Trtgage.
<br />}Z. Rrcmedka Canrshtive. All remedies provided it this Mort¢age are distinct and cumulative to any other righk or
<br />remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently, independently or successively.
<br />I3. Srsecesso#s and AssiRas Bound; dolor and Several T,iability; Captions. The covenants and agreements herein
<br />contained shalt bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower.
<br />subject to the provisions of paragraph 17 hereof. .All covenants and agreements iF Borrower shall he joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for convenience oni}' and are not to be used to
<br />interpret or define the provisitans hereof.
<br />I4. 1~Totiee. Except for any notice required under applicable law to be given in another manner, (a) any notice to
<br />Borrower provided for in this Mortgage shall be given by malting such notice by 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? soy notice to Lender shall be given by certified mail Tatum receipt requested. to Lender's address stated herein or 20
<br />such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
<br />Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />I5. Uniiform Mott;att; Governiott law, Severab8ity. "Phis farm of mortgage combines uniform covenants for national
<br />use and non-uniform covenants with limited variations by jurisdicriin to constitute a uniform security instrument covering
<br />read property. 'This Mortgage shall be governed t+y the law of the jurisdiction in which the Property is located. In the
<br />event thaF ary provision or clause of this Mortgage it the Note conftic*.s with applicable law, such cnnfliet shall no[ affect
<br />other provisions of this Mortgage or the Note which can be given effeet wnhiut the conflicting provision. and to this
<br />end the provisions of the Mortgage and the More are declared ti he severable.
<br />Ili. Do#trower's Copy. Borrower shall be furnished a confirmed copy if the Note and of this Mortgage at the time
<br />of execution er after recordation hereof.
<br />27. Tramftr of the Property; Assamptkra. If all or any part of the Property it an interest therein is sold or transferred
<br />by Borrower without Lender's prior written consent. excluding fat the creation of a lien or encttmbranca subordinate to
<br />this Mortgage, (b} the creation of a purchase money security ineerest far household appliances, (c} a transfer by devise,
<br />descent or 6y operation of law upon the death of a yoint tenant of (dl the grant of any leasehold interest o€ three years or less
<br />not containing an option to purchase, Lender may. at Lender's option, declare all the sums secured by this Mortgage to be
<br />immediately due acrd payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender
<br />and the person. to whom Lhe Property s to be sold or transferred reach agreement in writing *_hat the credit of such person
<br />is satisfactory to Lender a>MI Ehat the interest payable in the sums secured by this Mortgage shall be at such rate as Lender
<br />shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
<br />.interest has exxuted a written assumption agreement accepted in writing 6y Lender, Lender shall release Borrower from all
<br />obligations under this Mortgage and the Note.
<br />If Lender exercises such option to accelerate, Tinder shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof, Such notice shalt provide a period of not less than 30 days from the date the notice is mailed within
<br />which Borrower may psy the sums declared due. if Boaower fails ro pay such sums prior to the expiration if such period,
<br />Lender tttay, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 13 hereof.
<br />Not+,Urrrfoxt+t Cov>:tv~x°z's. Borriwes attd Lender further covenam and agree as follows:
<br />I$. Actelertrilorr; Remedke. E>zeept ss protraltd io paragraph i9 hereof, upon inoreowers breach of any es.e-~,.t or
<br />~~ of Bosrov-tr in thls .'tiortgade, inelsdi##g the covenants to pay when titre any sums se#•rered by this MottBage,
<br />I pries !o ac~ksatlea shall mat aotict to Borrower as prorided in paragraph Ti hereof spceifyiug; (I) the 6rrtach;
<br />(2} tLe ae #tegaisi to case web bracb; 43I a date, oat Tess than 3o days from tare date the notice ks mailed !o iorrower,
<br />by wlacls sacb becncb soot bt etued; and (4) that fa7stm to cart such breach oa ar before the date specified in the rwtice
<br />®pry a#auntt In of tlw sursa secured by ttr}a MorttgaR,t. farecDosnre by jndiriaT prxrceeditrtX and sak of the Property.
<br />1'11e.. se#fc+e. ~ frufber iadaenr.Bormwtr of the right to relrrs#ate after accekra#bon and the right to assert in the fortciosttre
<br />,tom non.tzi~cwet of a defaat# or any other deftt~e of Borrower to aceckeatian sad foreclosure. If the breeacb
<br />~ amt enrtd on ar bdane tbt dau sPt'c~ad ~ the #rot3ce, Leader at l:tndtt's option may declare aB of the sums secaad 6y
<br />tbls i~ #o be' tine sad prayablr witbOar #wr#her demand sad may forteloRe by jadlciai proea^tdirr@, l.etsder
<br />slra0 fnt N> r;ABCCt is sacl# pwcetdi+eg all expenses of fortefarnre, ineludfotg, test sot limbed ta. costs of dc4ea®rcntarp
<br />exidenct,, abtaaaets acrd t£#le repor#s.
<br />I9. IA~MF #o R.eiaMate_ Narwith3randing Isnder's accetera4iitn of the sums sewurcd bs' this Mortgage.
<br />Borrow+cr zt3all bavt the rrglrt ro h;,ve any proceedings ttegun b}' L.rnder ts~ enEarce t?tiv P~iortgagx dia;:zantintted at any ume
<br />
|