|
<br />Lender's wn"tten agreement or appiicabk law. Borrower shall pay the amount of alt morigagc insurance premiums in the
<br />manner pYOVided under paragraph 2 hereof.
<br />Any amamts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shah become additional
<br />indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agrce to other terms of payment, sucfi
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall tzar interest from the
<br />date of disbursement at the rate payable from time to time on outstanding principal under the Nate unless payment of
<br />interest at such rate would be contrary to applicable taw, 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 take
<br />any act€oa hereunder.
<br />8. Inspection. Lender may make or cause tc he 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. Condemnation. 71:e 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 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 the Property, unless 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 rhis 't4ortgagt immediate!y 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 />Tf 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 authorized to col!eci 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 shalt 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. grower Not Released. Extension of the time for paymen*, 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 ;hall no[ be required to commence
<br />proccedings 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 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 />Tht prowrement of insurance or the payment of taxes or other liens or charges by Lender shall rani be a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies CnmulaKve. 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. 3accessors and Assigns Bound; Joint and Several LiabBity; Captions. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall 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, fa) any 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 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 Tinder when given in the manner designated herein.
<br />15. Uniform Mortgage; Goveroing Law; Severability. This farm of mottgage combines uniform covenants for national
<br />use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
<br />rest 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 taw, such conflict shalt 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 art 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 />6y Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrahce 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 interat of three veers 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 me :rcdit of such person
<br />is satisfactory to Lender and that the imerest payable on the sums secured by this Mortgage shall be at sacs rate as Lender
<br />shall request. If Lender has waived the option to accelerate provided in this paragraph 17, ;.nd if Borrowrr'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, [.ender 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 Borrowee, invoke any remedies permitted by paragraph IS hereof.
<br />Noty-Uwroatvt Covertetvrs. Borrower and Lender further covenant and agree as follows:
<br />18. Accakratlon; Retaediea. Percept a9 provided in paragraph 17 hereof, upon Borrower's breach of say covenaat ar
<br />sgmement et Borrower in elate Mortgage, facludiag the covenants to pay when dce any sums setared by t6i Mortgage,
<br />Lender Prior to accek+dian aha6 maB notcee to Borrower as provided in paragraph 14 hereof specifying: (1) the breach;
<br />(2) the actioa ~~ to cure sac6 breach; (3) a date, not less than 30 days from the date the notice h mailed to Borrower,
<br />by tvbici each bseaci onset be cored; and (4) that faiinre to tare snot breach on or before the date specified iu the notlce
<br />may resell k accekrahon of the sews scented by this Mortgage, forecbwere by judicial proceeding and sale of the Property,
<br />The notcee siaB further inform Borrower of the right to reinstate after acceleration and Me right to assent in the forcehtsurc
<br />proceeding tie aoa-esiettnce at a defaWt or any other defense of Borrower to acceleration arrd foreclosure. 1f the breach
<br />b not tared on or before the date specified in the notice, [.ceder at Leader's option may declare all of the sums secured by
<br />16M Mortgage to be immediately doe and ga;xbk withoni further demand and may foreclose by jndlcial proceeding. Lender
<br />ebaB be eafkkd io coUtct in saes proceeding a8 expenses of forecMsure, includbtg, but trot limked to, coals of docamentary
<br />evidence, abstracts and tick reports.
<br />19. 1lorrower'a Reset to Reintdate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
<br />Borrower shall have the tight to have any p_oceedings Ixgun by Lender to enforce this Mortgage discontinued at any time
<br />
|