|
<br />Lender'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 to this paragraph 7, with interest thereon, shall became additional
<br />indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such
<br />amounts shalt be payable upon notice from Lender to Borrower requesting payment thereof. and shalt bear interest from the
<br />dace 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 Izw, in which event such amounts shall bear interest at the highest rate
<br />,;`rmissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any action hereunder.
<br />8. ttrspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br />that Lender shall give Borcower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Co~emnatlon. 'the proceeds of any award or claim far damages, direct or consequential, in connecrion 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 Borrawer. In the event ..f a partial faking of the Property, unless Barrvwer and Lender
<br />otherwise agree in writing, there shall be applied io the sums secured by this Mortgage such proportion of [he 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 to Borrower.
<br />if the Property is abandoned by )3orrower, or if, after notice by Lender to Borrower that the condemnor offers to make
<br />an award or-settle a claim for damages, Borrower faits to respond to Lander within 30 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 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 1 and 2 hereof or change the amount of
<br />such installments.
<br />10. Borrower Not Released. Extension of the time far payment or modification of amortization of the sums secured
<br />by this Mortgage granted by Lender to any successor in interest of Borrower shalt not operate to release, in any manner.
<br />the Liability of the origina[ Borrower and Borrower's successors in interest. Lender shall not be 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 />11. Forbearsace by Lender Not a 6Vaiver. Any forbearance by Lender in exercising any right or remedy hereunder, at
<br />otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or rem~Iy.
<br />The procurement of insurance or the payment of taxes or other liens or charges by tender shall not be a waiver of Lenders
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />;3. Remedies C-auislatirss. All - -edies pro.idcd .r. this '3~-tgage -- d~sti n,. ~nd ntulativ_ t^ any other *ight or
<br />remedy under this Mortgage or afforded by taw or equity, and may be eaereised concurrently. independently or successively.
<br />13. Sacesssors cud Assig®s Bound; Point and Sereral Liabt~ity; Captions. 'Ihe covenants and agreements Ite,~...
<br />contairted shalt bind, and !fie rights hemunder shall inure to, the respective successors and assigns of Lender and Borrower,
<br />subject to the provisions of paragraph 17 hereof. Ai! covenants and agreements of Borrawer shall be joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
<br />interpret or define the provisioas hereof.
<br />14. Notice. Except for any notice required under applicable taw 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 Borrawer at
<br />the Property Address or at such other address as Borrower may designate be notice to Lender as provided herein, and
<br />(b) any notice to Lender shall be given by certified mail, return receipt requested, to Lenders address stated herein or to
<br />such other address as Lender may designate by notice to Borrower as prav~idetl herein. Any notice provided for in this
<br />Mortgage shalt be deen•.ed to have been given to Borrower or Lender when given in the manner designated herein.
<br />15. Uniform Mortgage; Q;overnirtg Law; gevenbiiity. This form of mortgage combines uniform covenants far 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 be governed by the law of the jurisdictior. in which the Property is located. In the
<br />event that any provision or clause of this Mortgage or the Note conflicts with applicable taw, such conflict shall not affect
<br />other provisions of this Mortgage or the Note which cap 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. Tra~fer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred
<br />6y Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to
<br />this Mortgage, (bl 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 tenant or (dl the grant of any leasehold interest of three years 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 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 petsott
<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. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's sucesssor 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 />If Lender exercises such option to accelerate, Lender shag 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 tLte date the notice is mat7ed within
<br />which Borrower may pay the sums declared due. If Borrower faits to pay such sums prior to the expiration of such period,
<br />Lender may, withouF further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br />Nox-Uxt~aata Covetvnxrs. Borrawer and Lender further covenant and agree as follows:
<br />1S. Acetieratlon; Rem. 1?.tccspt as proeided in paragraph 17 hereof, upon Borrower`s breach of aay covemat or
<br />agres®eat of 15rtrrower is this Mortgage, ineladrag the coveaants to pay when doe aay sum secured b}' this Mortgage,
<br />Lender prior to act'eferaflon shall nraH notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach;
<br />(2) the actioa rrqu~ad to cure such breach; d3) a darts, not teas than 34 days from the date the aodce fs msBed to Borrower,
<br />by wbkh such breach must be cared; acrd (4) first faBure to cm such br~ch on or before the date specUied in the aatice
<br />rsaalt is a.:~~..::r.., of the sates soured by t~rffi 1Wortgags, farniosure by jndiciai Proreediug and sate ~ the Pmperfy.
<br />'t'he antics shag farther i~orot Borrower of the right to reinstate after ttccslerados and the right to assert is the forsclosnre
<br />proceeding Cite aontxisteace of a defa~t or any other dcfenRe of Borrower to accehration and foreclosure. If the breach
<br />is not eared on or before the dNe speeFisd is the notice, Leader at Lemler's option may declare all of the s~ secured by
<br />fhb Mortgage to bs iartneditHefy due sad payst~ witlront further demand and gray foreclo~ by padiciat proceeding. finder
<br />shag fte sttPiticd to collect to such P->r8 a!1 expetwes of fareelasure, incfadiag, bat sot Limited to, costs of documentary
<br />er[dence, abstracts and title reports.
<br />19. Barrower"a 1R~ht to Reinstate. Notwithstanding Lendei s acce}eration of the sums secured by this Mortgage,
<br />Bortnwer shall have the tight to have any proceedings begun by Lender to enforce this Moregage discontinued at any time
<br />
|