|
Vf 1~
<br />hander's wrtten agreement or applicable law. Borrower shall pay liar, arsrount of all rnortgaga insturarr;,e prerttiutns ire, the
<br />moaner pYovaded under paragraph 2 hereof,
<br />Any smounts d'isbnased by Lender pursuant to tlliis parsg.>ap6v '7. with intcra!wt thereon. shale be~com~e a~ddi?iionaB
<br />indebtedness of'$csrrower secured by this Mortgage. Unless IBorrower and Lender agree to other terms of paymentl. such
<br />amounts shalF be payable upon notice from Lender to Borrower reques*.ing payment thereof, and shall bear interest froth 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 be contrary to applicable law, in which event such amounts shai3 bear interest at the highest rate
<br />permissible mnder applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any ezpestse or take
<br />any action hereunder.
<br />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 />interest in the Property.
<br />9. Coademrratlon. The proceeds of any award cr claim for damages, direst or consequential, in connection w'sth any
<br />condemnation or other taking of the Property, er 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 io the sums secured by this Mortgage.
<br />with the excess, if any, paid to Borrower. In the event of a partial taking of the Propertv, unless Borrower and Lender
<br />otherwise agree in writing, there shall be 2pplied to the sums secured by this Mortgage such proportion of the procec3s
<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 tfie fair mazicet 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 snake
<br />an award or settle a claim for damages, Borrower fails 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 Lenders 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 />IQ. Borrower Not Releassd. 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. 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 />ii. Forbearance by Lender Not a ~siver. 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 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 CtrmnlaNve. All remedies 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, independently or successively.
<br />13. Saceessors and Assigns Bound; Joint and Several f.iabrlity; Captious. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shalt inure to, the respective successors and assigns of Lender and Borrower,
<br />subject to the provisions of paragraph 17 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 be used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicable law to be given in another manner, (al any notice to
<br />Borrower provided for in this Mortgage shall be given 6y 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 />(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 Leader may designate by notice to Borrower as provided herein. Any notice provided far in this
<br />Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />15. Uniform Mortgage; Goveroiag Law; Severa6ility. 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 be governed by 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 eonfl'set shall not affect
<br />other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
<br />erd the provisions of the Mortgage and the Note are declared to be severable.
<br />16. Horruwer'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. 'Pransfer of the Property; Assumption. If all or any part of the Property or an interest eherein 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 or 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 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 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. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor 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 shall 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 the date the notice is mailed within
<br />which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br />Nox-UtvsFtmtt C~vaxatrrs. Borrower and Lender further covenant and agree as follows:
<br />1& Accehtratioa; Re~dks. Eacctpt as provided in part~raph t7 hereof, upon Borrower's breech of any covenant or
<br />rtgreement of Borrower ie tlris Morppge, incledirrg the covenants to pay when doe any sums secmtd by this Mortgage,
<br />Lender prbr to acce~tstioa shah rna6 rrotfce to Harrower as provided in par~raph id hereof specifyi~: (1) the breach;
<br />(2} the action required to care such breach; (3) a date, not ices thsa 30 days from the die the notice is mailed to Borrower,
<br />by whkk arch 6r,tich mast be cared anti (4) that [aBare to sere sib breach oa or before the date ~eci8ed is the eatlce
<br />apq~ e~aB is sceeldatfoo of the sums r+ecar+ed by this Mortgage, foreclosure by jodiciai proceeding and sale of ffie Property.
<br />'Phe notice ~ feAher brform Borrower of the r[gtrt to reiratale after accekr~iou and the right to assert in the foreclesure
<br />Prot the aoa•exieteace of a default or soy other defense of Borrower to acceleration amt foreclosure. it the brt~h
<br />is oat card oe or before ibe data eped@td In the notice, Learkr at Lender's option may declare sU of the sans secured by
<br />15da Mortgage to be ifmmedWdy dtx sad payab~ without farther demand sad may foreclose by jedkial Proceeding. Lender
<br />ria~ be mtfifled to collect is each proceeding all expemn of torecbsun, incladhg, hot not limited to, coats of docameatary
<br />eve: a6ete•actr and tithe rePaAs•
<br />14. Borrower's R~bt tf- Reirotate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
<br />Borrower shall have the right to have any proceedings begun by Lender to enforce this .dongage discontinued at any time
<br />
|