|
<br />79- U~j~557
<br />L.ender's written agreement or applicable law. Burrower 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 theceon, shall become 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 ro time on outstanding principal under the Note 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 action hereunder.
<br />8. Iuspecfion. 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 />8. Condemnation. 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 patt thereof, or for conveyance in lieu of condemnation, are hereby assigned
<br />and shall he paid to Lender.
<br />In the event of a total taking of the Property. the proceeds shall he applied to the sums secured by this Mortgage.
<br />with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property. unless Aorrower and Linder
<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 Mort¢age immediatey prior to the date of
<br />taking bears to the fair market value of the Propertc immediately prier m tF.e date of taking, with the balance of the proceeds
<br />paid to $orrower.
<br />If the Propert}• 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 3Q days after the date such notice is
<br />mailed. Lender is authorized tc collect and apply the proceeds, at Lender's option, either to restoration or repair of the
<br />Property nr in the sums secured 6v this Dfortgage.
<br />Unless Lender and Borrower otherwise agree in writing, anv such application of proceeds to principal shall not extend
<br />or paxtpone the due date of the monthly installments referred to in paragraphs 1 and ?hereof nr change the amount of
<br />such installments.
<br />1©_ Harrower Not Released, Eztc?tsion of the time. for payment ar 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 original Borrower and Borrower's successnn in interest Lender shalt not he 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 h}' reason of any demand made by the original Borrower and Borrowers successors in interest.
<br />21. Forbeat•atttt by Lender Not a L{aiv-er. .4m~ forbearance he Lender in exercising any right or remed}' hereunder, or
<br />otherwise afforded by applicable taut shalt nM bz a waiver of nr preclude the exercise of any such ri¢ht or remedy.
<br />The proruremem of insurance or the payment of races nr other liens or cfiarees by Lender shall not bz a waiver of Lender's
<br />right to acrelerzte the maturite of the indzbtednzcs secured h}' this htorzgage.
<br />22. Reme~es Csrmtthiive. All remedies prwidzd in this \4ortgage are distinct and cumuiaiive to any other right or
<br />reined}' under this Mortgage or afforded he law or rquity, and may t+z exercised concurrenth•. independently nr suecessively.
<br />13. Saecrssors and Amens Hotrod; Join[ and $ev era! i.iabelitt: Captions. Thr rnvenanis and agreements herein
<br />ronianed shalt hind, and the righu he,YUnder shall inure to, the respective successors and assigns of Lender and Borrower.
<br />subject to the pre=xzsinns of paragraph 1? hereof. All covenants and a¢reementc of Borrower shall be joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for cnm•enience note and are nM to he used to
<br />interpret nr define the provisions hereof.
<br />10. Notitt. Except for any notice required under applicable tau m be given in another manner, (a) am• notice to
<br />Born~wrr provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
<br />the Property Address nr at such other addrec+ as Borrower ma}' designate fi• notice to Lender as provided herein, and
<br />(bl anc notice to Ltndzr shall be given by certified mail, renim rezcip-t requested, to 1_enders address stated herein or to
<br />such other address as Lender map designate he notice to Borrower as prm~ided herein. .Atrv notice provided for in this
<br />Manage shall bz deemed to have been given m Bnrrouer nr I ender u-hen given in the manner designated herein.
<br />15. toiform tl2ortgage; Governing Law: severab0ity. This form of mortgage combices wolf:.rm awenants for national
<br />use and ncm-uniform covenants uitfi limited variat;nns hc_ jvrsdicuon to cnnstiture a uniform secure instrument covering
<br />rea3 propert}-. This 3fnrtgaee shall be governed by the law of the jurisdiction in which the Property is located. in the
<br />event that any prncisinn or clause of this Dlnrt@age or the Vote conflicts with applicable lain- such rnnftict shall nni affect
<br />o*her pros~isions of this Mortgage ar the \ote which can '.+e air-en effect withotn the :nnflicting pro+'isian. and to this
<br />end the provisions of the Mortgage and the \oie are declared u+ be ses•erable.
<br />lb. Borrowers Copy. Borrower shalt 't+e furnished a :nnformzd cope of the \oie and of this Mortgage at the time
<br />of etcecvtion nr a8er recordation hereof.
<br />17. Tratufer of the Properth'; Assumption. If all or am part of the Property ar an interest therein is Bald , r transferred
<br />by Borrower without Lenders prior written consent zccluding tat the creation of a fien or encumhranc}: satt+oniinate to
<br />this Mortgage. (bl the creation of a purchase money securiq~ interest for household appliance.. icl a tramfz* he dcvisa.
<br />desernt nr by operation of tau upon the death of a iomt tenant ar idt [ha grant of am leasehold interest of three mar; or ins
<br />not containing ar, 6ption to purchase. Lender max, at Lender'. option. declarr all the sums secured ht this M++ngage to tee
<br />immediately du, and payable. Lender shall have waived such aption to arceler.<te if. prior to the .ale nr transfer Lender
<br />and the person kz whom the Propzrn~ is to M sold or trans(erred reach agreement .n writing that the cred~r of ,uch nersnr,
<br />is satisfactnn' to Lender and that tfie interest pa}sbie on the sum. s<•curzd h> this Mortgaer shall be ai su.h rate as 1 radar
<br />shall requcsI. if i_endrr has u~aive~ the option m acceicratz provided in this paraer ph ! ., and iF & rrnwer"": successor in
<br />inttrast has executed a u•riiten Asumptian agreement accepted in writing h}' I_rnder. I_encier ;hall release Borrower from alt
<br />obligations under this Mortgage and the Ntxe.
<br />If Lctxder exercises sneh nptit+n in acaeletete. 1_zn.lcr .ha?1 mail Borrower notice of acceleratiar, in .,c:n,-dance with
<br />paragraph ]X ixrenL Such notice shall provide a , eric±l of m+t lase than 3C days from the date the notice is matted u-iih,n
<br />which Borrower may pay the sums dt±--Bred due. !; Borrow er !ails „pay such sums prior to the expimtinn of such p_•nod.
<br />Linder mac, withom frtriher notice nr demand :gin Bnr rower- marke ant remedies permiaed by paragraph 1 s hereof.
<br />Nox-Uvtr-roast Cav~~n~r. Borrower and Lender further co+enant and agree as fnllnws-
<br />18. Atcekratfm: Remedies. Fsttpi as provi~d in paragraph 17 htteof, upon Borrowers breach of anv coveaaal ar
<br />aareemem of Borrawzr ~ this Mortgs~ge, iarlttdireg the covenants fo pa} when due any sums secured by this Mortgage,
<br />fteder error to aeaeieratioa ~ trod twtice !o Hnrrow cr as provided io paragnph IS hereof specifyitt¢: (I) the btxach:
<br />22i the attioa regahed to sine each breach; t3; a date. oof lase tban 3U days from fir date the notice is mailed to Borrower.
<br />by rrhieh sash bath mtM be c~ sad (31 that [aBnrc is cure such breach o0 or before the date specified in the rtolice
<br />Wq rttaalt L ateelerafiaa of the sattrs secured by this ~lorttage, foreclosure b}~ judicial proceeding and sale of the Property.
<br />The astice Shag farther 3fforat Eormwtr of thr right fo rcirtslate after acceleration and the right to assert in the Ioreciosure
<br />proeeediaB the otu~eshtenet of a defar~ or aap other defense of Borrower to acceleration and foreclosure. [f the breach
<br />is aot cared oa or before the date speei6td ®[he notice, Letrder ai Letder's option may derhrre all of the sums secured by
<br />~ Martgrge b be im®edfrdtiy due and payable without fnrther detnaad and may foreclose by judicial proreedittg. Lender
<br />shag be e~ied to eoikct ~ streh prat d"atg ~1 expenses of foreclosure, intludirtq, but not limited to, casts of documentary
<br />erideace, abstraels atad title ueporta.
<br />14. Earrower's Rigbt to Reia~afe. Notwithstanding Lender's acceleration of the sums secured 6y this Mortgage,
<br />Borrower shall have the tight to have any prxeedings begun by tender to enforce this Mortgage discontinued at any time
<br />
|