|
<br />
<br />Lander"s written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in tht
<br />manner provided under paragraph 2 hereof,
<br />Any ansotrnts disbursed by Lender gursuant to this paragraph 7, with interest thereon, shall become additional
<br />indebtedness of Borrower secured by this Mortgage. Unless Borrower and bender agree to other terms of payment. such
<br />amounts shall be aayable upon notice from Lender to Borrower requesting paymznt thereof, and shall bear interest from the
<br />date of disbursement at the rate payable from time to lime on outstanding principa] under the Note unless paymznt of
<br />interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
<br />permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or rake
<br />arty action hereunder.
<br />S. Iaspectlon. 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. Coademnatbn, The proceeds of any award or 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 />In the event of a total taking of the Property, the proceeds chap 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 the Property, unloss Borrower and Lender
<br />otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the 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 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 Lender within 30 days after the date such notice is
<br />mailed, Lender is autfiorized 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 I and 2 hereof or change the amount of
<br />such installments.
<br />10. Borrower Not Released. Extension of 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 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 />11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy here_~.rnder, or
<br />otherwise afforded by applicable taw, shall not be a waiver of or preclude tF,e exercise of any such right or remedy.
<br />The procurement of insurance or.the payment of faxes or other liens or charges by Lender shall not be a waiver of Gender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies Camnla8ve. 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. Successors and Assigtts Bouod; Joint aad Several i,iabt73ty; Captions. 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 fo the provisions of paragraph 17 hereof. All covenants and agreements of Aorrower 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 taw to be given in another manner, (a) env notice to
<br />Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
<br />the Properly 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 Lendei 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 />15. Uttlfotm Mortgage; Govtrning Law; SeverabDity. This farm 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 6y the law of the jurisdiction in which the Property is located. In the
<br />tver•.t that any provision or clause of this Mortgage or the Note canfticts with applicable law, such conflict shall not affect
<br />other provisions of this Mortgage or the Note which can be given effect without the conflicting prosisien, 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. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrehce 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 containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to 6e
<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 execated a written assumption agreement accepted in writing by Lander, Lender shall release Borrower from all
<br />obligations under this Mortgage and the Nate.
<br />If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration .n accordance with
<br />paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the daft 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 />Linder may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph Ig Hereof.
<br />Nox-Utviroaai CovexexTS. Borrower and Lender further covenant and agree as fol{ows:
<br />1g. Acceleratbn; Remedes. Fscept as provided in paragraph 17 hereof, upon Bwrower's breach of any covenant or
<br />agreement of Borrower in this 117artgage, incinding the rnvenants to pay when doe any sums secared by thin Mortgage,
<br />Leader prior to acceleration sitaB mail entice to Borrower as provided in paragraph 14 hereof specifyi~: (1) the breach;
<br />(2) the action required to cure such breach; (3) a date, not less than 30 days from the daft the rwfice is mailed to Borrower,
<br />by which wreh breach taaet be cared; and (4) that faBnYe to taro sneh breach on or before the date specified in the notke
<br />m41' result in acceleratbn of fbe sums secured by this Mortgage, foreclosure by jndiciaf proceed'rug a~ sale o[ the Property.
<br />The rrodee sbaB farther Inform Borrower of the r~ht to reiroKte after accekration and the right to assert in the foreclosure
<br />proceedh~ the non-ex~teate of a default or nay other defense of Borrower to accekration and foreclosure. If the breach
<br />is not cured on or before the date specified is the notice, l.endtr at L.etrder's option may decbrrc aB of the saws secured by
<br />Uris Mortgage to 6e immedhNdy due sad payabk without iarthsr demand sad may foreclose 6y judkial proceedirrg. Lender
<br />sb~ 6e cef#kd to collect Ie such proceeding ad t:pettses of foreclasarc, inclndhtg, bat not Bmited to, costs of docameotary
<br />evidence, absttaeb and title reports.
<br />19. Borrowm's Ri~bt to Reimlate. Notwithstanding Gender's acceleration of the sums secured by this Mortgage,
<br />Borrower shat[ have the right to have any proceedings begun by Lender io enforce this Mortgage discontinued at any time
<br />
|