|
<br />7f3_.U~ju~~~.~
<br />Lender's written ageeement 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 Lander pursuant to this paragraph 7, with interest thereon, shall become additional
<br />indebtedness of $orrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shall be payable upon notice from Lender to Borrower requesting paytttent thereof, and shall bearsntersst from the
<br />u`'ati-o of dis`i3etT xuTCin at t Esc yaya}'c u~~u tLTic to time; an Gliisiwnw.T :g y.i,icip'„I ia°dc°r the Kota ttnl~~ t;.,j.:,@nt of
<br />interest ai such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
<br />permissihie under applicable Paw. Nothing contained in this paragraph 7 shall requite Lender to incur any expense or take
<br />any action hereunder.
<br />$. ~. Lender may make or cause to be made reasonable entries upon and Inspections of the Properly, provided
<br />that Lender shad give Borrower notice prior to any such inspection specifying reasonable cause thcrefar related to Leader's
<br />interest in the Property.
<br />4. Candemnaiton. The proceeds of any award or claim for damages, direct or consegrxntial, in connection with any
<br />condemnariar. or other taking of the property, or part thereof, or for _onveyanse 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 tfie excess, if any, paid to Borrower. in the event of a -paztial taking of the Property, unless Borrower and Lender
<br />otherwise agree in writing, there shall be applied to Ehe sums secured by this Mortgage such proportion of the proceeds
<br />as is equal to that prapoKion which the amount of the sums secured by this Mortgage immediately prior to the date of
<br />taking bears Eo the fair market value of the Property immediately prier to the date of taking, with the balance of the proceeds
<br />paid to Sarrower.
<br />?f the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
<br />an award ar settle a claim for damages, Bottower fails to respond to Lender within 34 days after the date such notice fs
<br />marled, Linder is authorized to collect aitd apply the proceeds, at Lender's option, either to restoration or repair of the
<br />Property or to the earns secured by this Mortgage.
<br />Unless Lender and Borrower aiherwise agree in writing, any such app}ication of proceeds to principal shall not extend
<br />or postpone: ±he due date of the monthly instaNments referred to in paragraphs 1 and 2 hereof or change the amount of
<br />such installments.
<br />fltl. Borrataer Not Released. Extension of the time for payment or modificat'son of amortization of the sums secured
<br />by this Mortgage granted by Lander In any successor in interest of Borrower shall not operate to release, in any manner,
<br />Ehe liability of the original Borrower and Borrower's successors in interest. Lender sha}I not he required to commence
<br />proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of Ghe sums
<br />secutxd by this Mortgage by reason of any demand made by the original Harrower and Borrower's successors in interest.
<br />l i. Porhearance by Leader ir'ot a 4b'aiver. Any forbeazance by Lender in exercising any right or remedy Hereunder, or
<br />otherwise afforded by applicable law, shall not be a waiver of or prcetude 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 the indebtedness secured by this Mortgage.
<br />12. Remedies Camnlatlre. Ail r*medies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independsntl}° or successively.
<br />1?. cessttas ated Alas Baaad; trailer cad 5ereraI LlatzsThy; Q;aptl+~ Tne covenants cad agreements her-`-
<br />contained shalt bind, and the rights hereunder shall inure to, the respecxive successors cad assigns of Leader and Borrower,
<br />subject to tfie provisions of paragraph 17 hereof. Alt covenants and agreements of Borrower shall 6e joiai and several.
<br />'the captions and headings of the paragraphs of i!»s Mortgage are for conuert`seace only and arc not to Ixe used to
<br />interpret or define the provisioas 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 Mortgage shall be given 6y mailing sash noti.^.e by certift~ mail addressed to Boerawsr at
<br />the Property Address ar of sash other address as Borrower may designate by novice to Lender as provided herein, and
<br />{b; any notice to Lender sh~fl be given by certified mail, return receipt requested, to Lender's address stated herein or to
<br />such oth~} ~~dress as Lender may designate by notice fo Borrower as provided herein. Any aorice provided ter is this
<br />Mortgage shall be deemed to have been given io Borrower or Lender when given in the manner designated herein.
<br />Ys~. i3aiform Morfgags; Gocerniag Law; Sevcrabntty. 'i his form of mortgage sembinzs uniform covenants for national
<br />use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument coveriag
<br />real property. 7lris Mortgage shall be governed 6y the law of the jurisdiction in which the Property is located. In the
<br />event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shag not atTect
<br />other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
<br />cad the provisions of the Mortgage and the Note are declared to be severable.
<br />i6. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of tarts Mortgage at the tiros
<br />of execution cr after recordation hereof.
<br />13. Trstt~er a# the Propevty; Ae~sttarption. If al! or any part of the Pmpetty or an interest therein is sold or transferred
<br />Esy Borrower without Lender's prior written consent. excluding (a) the creation of a lien or enctrmhrance subordinate to
<br />this Mortgage, (b} the creation of a purchase money security interest for haresehold apgUarces, (c) a transfer by devise,
<br />descent or by operation of Jaw upon the death of a joint tenant or (d} the grant of any leasehold interest of throe years or less
<br />not camaining an option to purchase, Lender may, ai Lender's option, declare ail the sums secured by this Mortgage to be
<br />smtnediatety due and payable. Lender sha[I have waived such option to accelerate if, prior fo the sale of transfer, Lender
<br />and the person to whom the Property is to be sold or transferred reach agreertaeat in writing that the credit of such person
<br />is satisfactory to Leader and that the interest payable on the sums secured by this Mortgage shall be at such rate as Leader
<br />shall request. If Leader has waived the apticm to accelerate provided in this paragraph 17, arxi if Horrower's successor in
<br />interest has executed a written aasttmptiorr agreement accepted in writing by Lender, Lender shalt release Borrower from aB
<br />ahiigatiaas under this Mortgage and rite Note.
<br />?f Lender exercises such option to axxlerate, Lender shall mail Borrower notice of acceleration in ascordatiice witty
<br />paragraph 14 hereof. Such notice shad provide a period of not }ass than 30 days from the date the notice is maeTed within
<br />which Barrawer may pay the sums declared due. If Harrower faits to pay such sums prior to the expiration of such period,
<br />Lendt:r may, without futtltcr notix or dsmatttl on Harrower, invoke any rcritedies permitted ley paragraph 18 her~f.
<br />PVoy_I.INIFOAM t'.4vexxn;•rs. Borrower and Leader further covenant and ague as follows:
<br />i8= :4~e~r;~_ ~~ >~~t ~ pra$etl=d ec Farrgsap4r i7 Irrraaf, rpsn 3oirov~~'s t3res!•R of any caYe ~
<br />sgrseecent of 14,.-carver fa tl~t ilior~~r, i~lodiog the coversaats W ~y wken d~ shy wens-seeared >tp this Mae~age,
<br />I.emder prior to ~n e~ nodes to Borrower m pravMed i~ ~ 24 bored yiog: {i) the hreetch:
<br />(a} t'lee aetliro ee9mised ~ case each hreacht 43? a , rmt has than 38 days from the dam the eeatks ~ maBed to Bortaever,
<br />by which ~h hrtaeh art6f9l i?e CBItld+ and (4t-first iailn:s to clove each hresaeh DA or $tfate the date SgCI`Il$!!d In the settee
<br />rrste# its reBait of tI~ some sPCersd by the I4lartgttgc, iorsclosare by jndicl~ ptocesdiag and sale of ~ @roperty.
<br />Tde rcoitice sleaB ftirtM~r leilosnt .Harrower d the tlBlet to trinslats >aEfer accekrst~ and the right to assert io ties fombwem
<br />procaetlie~ ~-nanrex}sleeee. M~adei'auif o3' eery aft-~[errge ti! 13orroxsr tie ~celsralidn and toreslosutle. if the breech
<br />-lg-Mt carved ens ar leslose tlc^-stet- wed-.rte-~-~ -ir_t_ d dx~~'s a~#on. ~*sy dsee a! sf tlx t senersd by
<br />i4lortgegs to he Intnaeaiiat'ly Bete amt-gsya6it wlthant istrttier demand and may torseloee 6Y jitdlelal PraeeedinS• I.sader
<br />I Le eiittitkd ka co$sst in 5tw~h proeeediig art sxpea>sas a! ioreelosnre; iactaaffieg; btH met ilmttod to, costs of docament:ry
<br />esrtdencer clefs tet~ title txpuits.
<br />i±p; Barrowtn"s Right to Reiaatate. Notwithstanding Leader`s acceleration of the earns secured by this Mortgage,
<br />Borrower strait have the tight to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
<br />
|