|
79-- ~i ~ i ~ .1_ Q ~ ~. ;~ ~.
<br />Leader's written agreement or applicable law. Borrower shall pay the amount of a!1 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 Borrower 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 payment thereof, and shall bear interest from the
<br />~ date of disbursement ai 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,vn which event such amounts shall bear interest at the highest rate
<br />Q ~ peamissible undtir applicable law. Nothing contained in this paragraph 7 snail require Lender to incur any expense or to#e
<br />~ any action hereunder.
<br />s•-•{ 8. Inspection, Lender may make or cause to be 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 Lender's
<br />4 ~ interest in the Property.
<br />'`+t 4. Condemnathtn. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />' condemnation or other talon of the Pro
<br />g petty, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
<br />~t?t and shalt be paid to Lender.
<br />n Tn the event of a total taking of the Property. tree 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 tine Property, unless Borrower and Lender
<br />otherwise agree in writing, there shalt be applied to the sums secured by this Mortgage such proportion of the proceeds
<br />as is equal to chat 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 to 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 tender within s0 days after the date such notice is
<br />mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration ar 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 1 and 2 hereof or change the amount of
<br />such installments.
<br />I0. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
<br />by this Mortgage granted by Lender [o 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 commtnce
<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 />11. Forbearance by IRnder Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shall not be 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 tender shalt not be a waiver of Lender's
<br />right to accelerate the maeurity of 'he indebtedness secured by this Rfortgage.
<br />12. Remedfa CumalaHve. AI! remedies provided in this Mortgage an distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or succc-~,..;.ly.
<br />13. Snccessots awd Assigns Bound; Joint sod Several T.iabrlity; Captions. The covenants and agreements herein
<br />contained shall bind, anti the rights hereunder shalt inure to, the respective successors and assigns of Lender and Borrower,
<br />subject to the previsions of paragraph 17 hereof. Ae covenants and agreements of Borrower shall be joint and several.
<br />?'its captions and ltaadings of the paragraphs of thss 'Sartgage are for convenience only and are not to be used to
<br />interpret or define the provisions hereof.
<br />14. Notice, 1?zcept for any notice required under applicable law to be given in another manner, (a} any notice Yo
<br />Harrower provided for in this Mortgage snail be given by mailing such notice by certified mail addressed to Borrower ai
<br />the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
<br />(b) any notice to Lender shall be given by certified mail, return receipt requested. to 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 shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />IS. uniform Mar~rge; ~overnit p Last; Sevetshllity. This farm of mortgage : ombines uniform ces-unants for national
<br />use and non-uniform covenants with limned variations by jurisdiction to constitute a uniform security instrument covering
<br />real property. This Mortgage shall be governed by the taw 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 confect shah not 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. Iorrower's Copy. Borrower snail be furnished a conformed copy of the Note and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17. Transfer of the Properly; Assumption. If all or any part of the Property or an initrest 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 creation of a purchase money security interest for household appliances, (c) a transfer by devise,
<br />descent ar by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
<br />not coniairring an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be
<br />immediately due and payable. Lender snail have waived such option to aceelc =*~ if, prior to the sale or transfer, Lender
<br />and the person to wham the Property is to be sold or transferred reach agreement in writing that the credit of such person
<br />is satisfat;fory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
<br />shall request. If Lender has waived the option to acce?crate provided in this paragraph i7, and if Borrower's successor in
<br />interest has executed a written assumption agreement accepted in writing by Lender. Lender shah release Borrower from alt
<br />obligations under this Mortgage and the Note.
<br />11 Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such natitx snail provide a period of not less than 30 days from the date the notice is mat7ed within
<br />which grower may pay the sums declared due. It Borrower Eails ro pay such sums prior to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower, invo#e any remedies permitted by paragraph 18 hereof.
<br />Mort-(JNlFORM CavErtervrs. Borrower and Lender further covenant and agree as follows:
<br />18. Accekrattaa; Reme~es. D?scept as proetded is paragraph i7 hereof, upon Borrower's brmcb of any caveasM or
<br />agreement at Borrower br this Martgnge, inctnd'mg the covenants to pay whee da any sums seemed by thds Mor~age,
<br />tt~der prior to acakrstlna shag Walt noSec to Borrower as provided to paragraph I4 hereof specifyhg: (1} the beach;
<br />(2) itu aetbn regidaed ~ core sac6 beach; (3) a there, not teas than ~ days From the date fbe notice is moiled to Borrower,
<br />t-y which root breach. maw Ise cared; noel (~) that fai>nte to cm+e snob breacA on or 6efott the date specified in the native
<br />nsav resg# to ~ of the emus ~nred by this More, foreclosore b5' jmllcisl proceed'mg and sale of the Property.
<br />The mike sha8 fartlret Inform Borrower of the right to teirntate after accetertttioo and the right to assert th the foreclosure
<br />Pmt the eae-esbteace of a defaart ar any other donnas of Borroxer to ~ttleration aad foreclosare. If the bce~6
<br />i, oot cutttd ar or before tlx daM ~ br the natise, Lender at I.ertder's option r®ay declare aH of the stems secnr~ by
<br />tl~ irtartg~e fo be tmmedhtely drx and payable without 8nrtber demand and may foreclose by judkial proeeedlog. C,suder
<br />s6a® be entitled fo collect h- sacE proceeding all expenses of foeecbsure, indnding, but not limbed to, casts of docurneatary
<br />evidence, attsiraet sad title report.
<br />1~. Borrower's Right to Reinshte. Notwithstanding tender's acceleration of the sums secured by this Mortgage,
<br />Borrower 4halY have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
<br />
|