|
79-- vt~ 3-1 U1
<br />Lender's written agtrement or applicable law, Borrower sh ll pay the amount of ail mortgage inscrance prcnvums in the
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, w interest thereon, shall b•-come 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 at the rate payable from time to time on outstanding principal under the Note unless payment of
<br />interest at such rate would 6e contrary to applicable law, in which event such amounts shall bear interest at the highest Hate
<br />permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expertst or take
<br />any action hereunder.
<br />8. inspectioa. Lender may make ar cause to be made reasonable entries upon and inspeMions 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. Condetaaatloo. The proceeds of any award or claim for damages. direct er con_ yuentiat, 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 />wish the excess, if ary, paid to Borower. 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 this Mortgage immediately prior to the date of
<br />taking bears fo the fair markM 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 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 procceds to principal shall not extend
<br />or postpone the due date of the montfily 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 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 at~y 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 wtxYSSOr or refuse to extend time for payment or otherwise modify amortisation of the sums
<br />sceured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest.
<br />11. For6eartmee by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shat 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. Resediea Camtslrtfse. Ail 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. Snccesota sect Ansigss Eonmd; Joint sad Several f.iaM7ity; 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 shat! 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, (a) any notice to
<br />Harrower 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 tc Lender shall be given by certified mail, return receipt rcgtxsted. to Lender's address stated herein or to
<br />such other address as Leader may designate by notice to Borrower as provided heresn. 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 />13. Ur#orm Mor~ge; Go-ereiag Law: SeverablBty. This form of mortgage combines uniform covenants for national
<br />use attd non-uniform covenants with limited variations by jurisdiction to constitute a uniform security irtserurttent covering
<br />tsal property. This Mortgage shalt be governed by the law of the jurisdiction in which the Property is located. do the
<br />event that any provision or clause of this Mortgage or the Note conflicts with applicab}e law, such conflict shall not affect
<br />other provisions of this Mortgage or the Note which can be given tifect without the conflicting provision, and to this
<br />end the provisions of the Mortgage sad the Note are declared to be severable.
<br />16, Boeower's Copy. Borrower shall be furoished a conformed copy of Lhe Nott and of this Mortgage at the time
<br />of execution or after retardation hereof.
<br />17. TranNer of the Propnty; Asstaaption. If all or any part of the Property or as interest therein is sold or traasferrtd
<br />by Bturower without Lender's prior written cortsen[, excluding (a) the creation of a lien or encumbrance subordinate to
<br />this Mortgage, (b) the creation of a purchase money stcuriry interest for household appliances, (c) a transfer by devise,
<br />dtstxnt ~ by operation of law upon the beach of a joint tenant or td) the grant of any leasehold interest of three years or less
<br />oat containing an option to purchase, Lender may, at Lender's option, declare all the sums secured 6y this Mortgage to be
<br />inalrediatefy due and payable. Linder shall have waived such option to accelerate if, prior to the sale or transfer, Lender
<br />sad the person to wham the Property is to be sold or transferred reach agreement in writing that the credit of such person
<br />is satisfactory to Lender seed that the irrterat payable on the sums secured by this Mortgage shall be at such rate as Lender
<br />shall request. 3f Len~r Etas waived the option to accelerate provided in this paragraph 17, and if Borrower's suctxssor in
<br />tattrest has executed a written assumption agrcetnent accepted in writing by Lender, Lender shall release Borrower from all
<br />o)si~tians user this Mortgage and the Note.
<br />If Letrder exercises such option to aaelerate, Linder shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such ntrtice shall provide a period of Cwt less than 30 days from the dart the notice is marled within
<br />which Borrower maY fuY ~ stems declared due. If Horrowtr fails to pay such sums prior to the expiration of such period,
<br />Ltmder may, without further noiice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br />Ntx+_Utvtroaat CovErvmvrs. Borrowtr and Lender further covenant and agree as fellows:
<br />la• Aerdeer~ Ili )~ ao provides b pmrsgraplt t7 hereof, tgtoa Borrower's is -~ch of say covenant or
<br />agrcaar~t sf lsetmwa M ~ MertpHe, 6 the coreaaats to pay when dee say saw second by this Mortgage,
<br />tins aetisa s+et faieEed Jo esU's aoch )frne6; (3) a ss6~ sot leas than 36 ~ ~ li hereof specif3'~B: {1) the breach;
<br />~ ~rlWt t~ bnaelt rtaast ~ says frost the daft the ^oflce is tsntHed to Borrower,
<br />tom, sad (i) ~t fr~tre to t:me stttdt Meath on or before the date sptxified M the notlae
<br />s~a'atdt b aeoelar~oa of Ile smas tatand by the Mocltafsg fortclssnre by jtt~ial proceeding sad ~ of t~ Property.
<br />710 aeUae ~ fasehtr hsfatm Btarrowsr ei Bee rlsht to t•~e triter acceleration sad the right to asttert m the foreelosare
<br />Fes[ tIt@ of a tida~t or Clay otMx defense of $orrovrtr to atederat6an sad foretlasare. II the hretsch
<br />li sal emetl ua or 6dors Bee saee spa:ifed ie the notlee, Lender at Leader's option may decLre aH o[ the sums searrtd by
<br />tYdr to ha !' one and p~tyabie wirhou farther actaand sal may foreclose by judicial prot«ding. Ltdtder
<br />Aai 6e entlNed b caieet is qch proae~ rte ezpenses ~ foreclosure, ioclodlag, bat sot Ihnited to, coats o[ docameatary
<br />os a alas ttBe rte:
<br />19. ltesaorwav's Rigs to R+daAak. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
<br />Borrower shall Gave the t3;6t to have say probealings begun by Lender to enforce this Mortgage discontinued at any time
<br />
|