|
<br />f32--- t~Ct4~~4
<br />Leader's written agreement or applicable law. Borrower 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 [o this paragraph 7, with interest thereon, shalt become additional
<br />indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such
<br />amounts shall be pageWe upon notice from Lender to vormwer requesting payment [hereof, 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 lx contrary to applicable taw, in which event such amounts shall bear interest at [he highest rate
<br />permissible under applicable taw. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any xtion hereunder.
<br />& llaapectlon. Lender map make or cause to be made reasonable entries upon and inspections of [he 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, Contfemnation. The proceeds of any award or claim for damaees. 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 shalt 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 [his Mortgage.
<br />with the excess. if any. paid to Borrower. in the event of a partial taking of the Property, unless Borrower and Lender
<br />otherwise agree in writing, [here 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 taking, with the balance of the proceeds
<br />paid io Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fails to respond to fender within 30 days after the date such notice is
<br />mailed, Lender is authorized to collect and apply the proceeds. at Lendei 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 date of the monthly installments referred to in paragraphs 7 and 2 hereof or change the amount of
<br />such installments.
<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 shall not operate to release. in any manner,
<br />the liability of the original Borrower and Borrower's successors in interest. [-ender shall not he required to commence
<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 demand made by the original Borrower and Borrower's successors in interest.
<br />1!. Rorbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedv hereunder, or
<br />otherwise afforded by applicable law, shall not he x waiver aC 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 he a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />22. Reaxdies Ctrmnlative. All remedies provided in this Mortgage are distinct and cumulative io any other right or
<br />remedy under this Mortgage or afforded by Vaw or eyuin•. and may be exercised concurrently, independently or successively.
<br />l3. Successors sari Assiyrts Bound; Joint and Several Liability; Captions. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shalt inure to, the respective suwessors and assigns of Lender and Borrower,
<br />subject [o the provisions of paragraph 77 hereof. All covenants and agreements of Borrower shall be joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to he used to
<br />interpret or define the provisions hereof.
<br />24. Nonce. Exttpt for any notice required under applicable law to be given in another manner. (a) any notice to
<br />Borrower provided for in this Mortgage shalt 1>e given by mailing 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 />fb} any notice to Lender shalt 6e given by certified mail, return receipt requested. [o Lender's address stated herein or to
<br />such other address as Lender may designate by notice to Borrower as provided herein. .Any notice provided for in this
<br />Mortgage shat! be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />!5. Uniform Mortgage; Governing Law; Severabpity. This form of mortgage combines uniform covenants for national
<br />use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
<br />real property. This Mortgage shall Ue governed by the law -of the jurisdiction in which the Property is :orated. In the
<br />event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
<br />other provisions of this Mortgage or the Note which can be given etlect without the conflicting provision. and to this
<br />end the provisions of the Mortgage and the Note are declared to be severable.
<br />16. Eorrowers Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
<br />of execution or after recordation hueof.
<br />I7. Transfer of the Prepwty; Assumption. If all or any part of the Property or an interest therein is sold or transferred
<br />by Borrower without Ltnder's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to
<br />[his Mortgage, (b) the creation 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 tenam or (d} the grant of any leasehold interest of three years or less
<br />not containing an option to purchase, Lender may, at I-ender's option, declare all the sums secured by this Mortgage to be
<br />itmediately doe 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 writing that the credit of such person
<br />is saUsfactary to Lender acrd that the interest payable on the sums secured by this Mortgage shalt be at such rate as Lender
<br />shall request. If Lender has waived the option to accelerate provided in this paragraph 77, and if Borrower's successor in
<br />interest has executed a written assumption agreement accepted in writing 6y Lender, Lender shalt release Borrower from all
<br />obligations under this Mortgage and the Note.
<br />If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice shalt provide a perod of not less than 30 days from the date the notice is mailed within
<br />which Hotrower may pay the sums declared due. if Borrower tails to pay such sums prior to the expiration of such period,
<br />Lender map, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br />- Nfii:•Utvl~oaM Cavaxwwr. Borrowee and Lender further covenant and agree as failows:
<br />2& Accekratioa; Retesdies. >dtcepl ~ provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
<br />aQree>faeat of Borrower iu this Mortgage, including the covenants to pay when due any sums secured by this Mortgage,
<br />f,eudu pt&or to accelaratloa shall mail notke to Borrower as provided in paragraph 14 hereof sprifying: (t) the breach;
<br />{Z} fbe acrbe rcgairtd to cure such breach; I3) a date, not less than 30 days front the date the nittice is maBed to Borrower,
<br />6y vrbdch such bceac6 must be eared; and (S) that faBare to cure such breach on or before the date xpecified in the notlce
<br />m941' result L4 uxekratloa of the earns seettred by this Mortgage, foreclosure by judicial proceeding and sale of the Property.
<br />Ths isolice s tarlhec ieEorm Borrover of the right to reinstats attar acceleration and the tight to assert in the forecbsurc
<br />p[n~eediojf tqe ~t~tristtace of a default or any other defertse of Borrower to acceleration attd foreck~.ur~•. If the breach
<br />.~ ttp! cured ot~ or TsKorv fhs elate specified in the notice, Ixndcr at Lender's option rnay.dcciare a6 of c.. -wens secured by
<br />Afwte to be toy dm and payable wilbont further demand and tttay foreclose by jodiciai prweeditry- Lender
<br />shall bo t atRlad tb cer@ecl ip saith pror+:ed}tµ; a6 exptnaes of foreclosure, ineiut~, buff na! iimiiud to, costs of documentary
<br />evtdtsace, itiwtrarts and tNle mporis.
<br />7~. 110rcuv'st`a Rybt to Eteiesfalta Notwithstanding i..ettder's acceleration of the sums secured by this Mortgage.
<br />Gr ~Itait hape thx tight in have any urocee3lings hewn by Lendet ty enforce this Mertgal;c discontinued at any time
<br />
|