|
<br />8~-~UUO:°'3~
<br />Lender's written agreement or applicable law. Boreower shall pay the amount of all mortgage insurance premiums in the
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br />indebtedness of Boernwer secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shalt 1fe payable upon notice from Lender ro Borrower requesting payment thereof, and shall bear interest from the
<br />date of disbursement at the 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 such amounts shaA bear interest at the highest rate
<br />permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any actiote hereunder.
<br />8. inspection. Lender may make or cause to he made reasonable entries upon and inspections of the Property, provided
<br />that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to tender 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 />condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
<br />and 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 this Mortgage.
<br />with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and tender
<br />otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
<br />as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
<br />taking bears to the fair market value of the Property immediately prior to the date of t..king, with the balance of [he proceeds
<br />paid to Borrower.
<br />If the Property is abandoned by Borrower, or if. after notice by Lender to Aorrower 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, Lander is authorized to collect 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 shalt not extend
<br />or postpone the due date of the month]}• installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br />such installments.
<br />10. Borrower Not Released. Exeension 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 be required to co„-mence
<br />proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
<br />secured by this Mortgage by reason of any dcmard made by the original Borrower and Borrower's successors in interest.
<br />It. Forbearancxby Lender Nat a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any such right or 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 tF.e indebtedness secured by this Mortgage.
<br />l2. Remedies Cumulative. Al! remedies provided in this Mortgage are distinct and cumulative to am' other right or
<br />remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently, independently or successively.
<br />13. Snccessors and Assigns Bound; Joint and Several liability; Captions. The covenants and agreements herein
<br />contained shall 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. A!I covenants and agreements of Borrower shall be join[ and several.
<br />The captions and headings of the paragraphs of [his Mortgage are for convenience only and are not to he used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except far 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 mailing such notice by certified mail addressed to Borrower az
<br />the Property Address or ai such other address as Borrower may' designate by notice to Lender as provided herein, and
<br />tb) any notice to Lender shall be given by certified mail, return receipt requested. to tender's address stated herein er to
<br />such other address as Lender ma}' designate by nnt4oe to borrower as provided herein. Any notice provided for in this
<br />Mortgage shalt be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />15. Uniform Mortgage; Governing, Law; Severability. This form of mortgage rombines uni#orm covenants for national
<br />use and nun-uniform covenants with limited variations by jurisdiction to rons[ittrte a uniform security instrument covering
<br />real property. This Mortgage shalt be governed by the law of the jurisdiction in which the Property s }orated. in the
<br />event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such conflict shalt nut affect
<br />other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
<br />end the provisions of the Mortgage and the Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17. Tramfer of the Properfy; Assumption. if alt or any part of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to
<br />this Mortgage,. (b) the tteation of a purchase money security interest for household appliances, (c) a transfer by devise,
<br />descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of throe years or less
<br />not containing an option to purchase, Lender may, at Lender's option, declare a19 the sums secured by this Mortgage to he
<br />immediately due and payable. tender shall have waived such option to accelerate if, poor to the sale or transfer. Lender
<br />and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
<br />is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shaft be at such rate as Lender
<br />shalt request. If tender has waived the option to accelerate provided 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 all
<br />obligations. under this Mortgage and the Note.
<br />ff Lender. exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph '14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
<br />which Borrower may pay the sums declared due. Tf Borrower fails ro pay such sums prior to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br />Nox-Uxteoxts Covetv,srtrs. Borrower and Lender further covenant and agree as fuiiows:
<br />la i~ret.:gtion; Remedies. Eaceept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
<br />agreement DoE lliottawer is this. Mortgage, including fhe covenants to pay whoa due any sums securou yy this '.La.:Fage,
<br />Leader prior to acceleration strait mad twtke to Ilorruwer as provided in paragraph 14 hereof specifying: (1.) the hreaeh:
<br />{Y} tlae actioa required to care curb breach; (3) a date, not teas than 30 days from the date the notice is mailed to Borrower,
<br />by w-kh such breach mt~t Ife etued; and 1Q) that failure to cure such breach on or before the date specified in the notice
<br />may tcsuU! fa-atxckcatioa. of the suttts secured by this Nfortgage, foreclosure by 9ndicial proceednng and sale of the Property.
<br />Tlae notice sltaB fnrther iafoma Borroxee of the rittht to reinstate after acceleration and the right to assert is the furectoswe
<br />proceeding the non-exnsteoce of a deEaatt or any other defease of linrrower to acceleration and forestosare. fE the br~ch
<br />~. twtcarcd. oa or before the date spe®fied to the. notice, lender at Ixnders o¢iian may declare ail nF the soma secured by
<br />ibis Moittagctn he i'nacediarety' due and payable without further demand and stay foreelose by judicial proceeding. f_endrr
<br />strait 1R earltled sa mtk.: I .e. sa~L prx~eedintt all expenses. of foredasure, including.. Dut not limked to cosYS of dco-rnmentary
<br />crhd~rcc, abatsacts aad thk reports.
<br />19. Eorroarefs Right to Reiastnte. Votw'sihsaandintx i_endu's a.LCYerai,:m ai rile um! ~:c~tred by th,. 14iortgage.
<br />RcYZr#wer shall ilav"t the ri4~t: tb Ytttv~e any pruceedtttga tsegun by l,cnder to entxcc rAis Martgagr..bsctinNourd at tnw~ erne
<br />
|