|
Lender's written agrcement 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 gursuant to this paragraph 7, with interest thereon. shall become additional
<br />inde6tedntss of Borrower secured by this Mortgage. tJniess Borrower and Lender agree to other terms of payment, such
<br />ameuaLS shall be payable upon notice from Lender to Borrower requesting payment thereof, and shalt 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 ai such rate wau}d be contrary to applicable taw, in which evear such amounts shalt bear interest at the highest race
<br />ptimissitstt under applicable taw. Nothing contained in this paragraph 7 shall rtquiia Lender to :n~.rr arty ;:x,:..nsp or take
<br />3rry fi-tiE:n 1Fer..lt,.c^'~~.r.
<br />$. Iuspetttan. Tender may make or catase m be made reasonable entrizs upon and inspections of the Property, provided
<br />that Lender shat! give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interesa in the Property.
<br />9. Cottdtmuatioa. The proceeds of any award ar 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 />Tn the event of a teial taking of the Property. the proceeds shad be applied to the soots secured by this Mortgage.
<br />with the excess. if any, paid to Borrower. Tn the event of a partial taking of the Property. unless Borrower and Lender
<br />otherwise agree in uniting, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
<br />as is eq!al to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
<br />taking bears fo the fair market value of the Property immediately prior to the date of taking, v,dih the balance of the proceeds
<br />paid fo Harrower.
<br />Tf the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
<br />an awned or stttte a claim for damages, Borrower faits to respond to Lender within 30 days after the date such notice is
<br />mailed, Lender is authorized to collect and apply the proceeds. at bender's option, either to restoration or repair of the
<br />Properhz or to the sums secured by this Mortgage.
<br />iSnless Lender and Borrower otherwise agree in writing, any such apnlieation of proceeds to principal shall not extend
<br />or postpone the dot date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of
<br />such installments.
<br />lft, Harrower Nat iteisased. Extension o€ the time for payment or modiftcation of amortization of the sums secured
<br />by this Mortgage granted by Lender to any successor in interest of Borrower shall not oper2te to rttease, in any manner,
<br />the liability of rite original Borrower and Borrower's successors in interest. Lender shalt not w 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 intezr°t.
<br />t;, Farbearaace 6y Leader Not a Waiwer. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shaft not be a waiver of or preclude the exercise of any sack right or remedy.
<br />The procurtatrrrt of insurance or the payment of faxes ar other liensvr charges by Lender shalt not bt a waiver of Lender's
<br />right ±o accelerate the maturity of the indebtedrttss secured by this Mortgage.
<br />12. Rtattdies Camulative. AIi remedies provided in this Mortgage are distinct and cumulative to any other tight or
<br />remedy under this Mortgage or afforded by'.aw or equity, and may be exercised concurrently, indepertdently ar successively.
<br />13. Sacctasars a~ Ads Bound: Joint end 5evtta6 L:abillty; Casptlans. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall inuet to, the respective successors and ;signs of Leander and Borrower,
<br />subject to the provisions of pa: graph 27 htrtof. All covenants and agreemenu of Borrower shall bt joint and several:
<br />T'he c2ptiotrs and headings of the paragraphs of this Mortgage are for convemtace only and ate not to be used to
<br />inrorr r nr ciefing ~s nrovisions hereof.
<br />14. Ntttke. Except for any notice required under applicable law to be given in another manner, (a} any nadcx to
<br />liorrawer provided for in this Mortgage shalt be given by mailing such notice by certified mail addressed to Harrower at
<br />t#•.e Property Address or at such other address as Harrower may designate by notice to Lender as provided herein,-and
<br />(b} any notice to Lender shalt bt given by certified mail, return receipt requested. to Lender's address stated herein ar to
<br />such other address as Lender may designate by notice to Barrowtr as provided herein. Any notice provided -for in this
<br />Mortgage shall be deemed fo have been given to Borrower or Lender when give» in the manner designated herein.
<br />t$. HJnitorm Mortgtge; Gavtruio~g Lair; ^ser-eralaTity. TTtis form of morgage combines uniform covenants Ear national
<br />use and non-uniform covenants with limited variations by jurisdicfion to constitute a uniform security instrument covering
<br />real property. This Mortgage shalt be governed by the law of the jurisdiction in which the Property is located. In the
<br />evert chat any provision or clause of finis Mortgage or the Nate canfiicts with applicable law, such con$ici shad not affeM
<br />oihtr provisions of this Mortgage or the Note wfiich 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 Capy. liocrower shall be furnished a conformed copy of the 'dote and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17. T'tamsEer of the Property; A~uratioa. Tf all or any part of the Property or an interest therein is sold or transfemd
<br />by Borrower without Lender's prior written consent. excluding {a) the citation of a lien or encumbrance subordinate to
<br />this Mortgage, (b} the crearon 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 incerest of three Yeats 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 a~ 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 ±ransfer_~ed 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 shall be at such rate as Lender
<br />shall request. Tf Lender has waivsxt the option to accelerate provided in this paragraph 17, and if Borrower's successes in
<br />interest has executed a written assumption agreement accepted in ~.vriting by Lender, Leader shall release Borrower from all
<br />obligations under this Mortgage attd the Note_
<br />Tf Lender exercises such option to accelerate, Lender shalt mail Borrower notice of acceleration is accardaaee with
<br />paragraph l4 hereof. Such notice shall provide a period of not itss than 30 days from the date the notice is mat7ed within
<br />which Borrower may pay the sums declared dot. Tf Borrower faits to pay such soars prior to the expiration of such period,
<br />Lender may, without further notice or demand oa Borrower, invoke any remedies permitted 6y garagraph 78 hereof
<br />Note-L`rvtr+oaas Ctsvearax'rs. Borrower and Lender further covenant and a~~ as folkscrs:
<br />Y$. Aettu; ltaatedies. E=ce~ ~ provided in paragraph tT hertaf, upon Barrawar's hr~h of auy tavea>iut ar
<br />tit est Eusrdwer to then Mostgagt, iaehtding eke tovemals to pay when doe ear even secured hY t~ Mug=~
<br />Lmderp~r to ut aotite tin Borrnwer as provided m ~ id hereof speciEy~: €1) the breack;
<br />(y} ~atNaa required fo e~ sath beeath; {3) s , not ksas lbw 311 days frar$ ebe da#e the- aatlce ~ eked to t3orTawer,
<br />~' vrbSch breach must be tarsi-sad (+i) that faHure to tare Bch hresth au ar before the date speeiHed Tu !~ uotlte
<br />mny ~h ht .~.= "`~"'='~'-~ of t~ sat~5arsearred by ~ ;e3ara, mare by ~ ~ aed s~ of the 1"y.
<br />'liar note ~rH tamer-lafaarm )war trf eke right W ruts after acttirsa#ioa and the right ~ aeatrt Ta the. fomehtsare
<br />l@~ .~a.~sac°-ot"a ~refaaH ar soy other de[snse at Horrorwr 6a artcleratios aad torect+~re. H the lersacb
<br />• is estsA gm ar beYarc ~_ a dats'.rpeti~ed ist the ~xtice. Cs> at T:efi&r's option may declare all of eke sans secured br
<br />t>~ ~ is be due payst6t~ ! further detawd a~ may faretlase bS iudiehri pry. Zesdtr
<br />sbsl3 he eatiNed tasoHeet is crack aU sxpeases +~ fenciaautz, ~, but not tied era. toffs of $otamet~y
<br />evideats= ~ and tNie regorla.
<br />iq, Barro+ror'6 R~bt to ~. Notwit3iatsnding T,errdtr's acceleration of the sums secured by this Mortgage,
<br />Borrower shall have the right to have any praotetlings began by Leader to enforce this Mortgage discontinued at any time
<br />
|