|
IC~rteer',t; ~ . ,sr a3w~si- _..+ r,.r aluplt:~tbl= 1_x. It„ter€swwr sh;»:d per; the a."..,€:nt ,r ,,?I :,,crrt,l,agr A,,..~rrani:~ pr~nri~,nrs rr, :lie
<br />;ra.i°irice pravtded uuider I^ar,~si„grai:uh ;: I~ieeei;~i".
<br />~(`+, rtkn,~r amti_unt~s osburse¢YI by i.en;ler p.rrs~,u:cur=' :•, tJias pa~r~ag.~~apti ')'. v.~ith ;.I,et,st ~~tli~ttt~~n. ;.h~fa?, b~€:rrauF adti~it~,n~,al
<br />indelhstedtiess of Borrr,~;wex susr:c'irm,ai' ~Ihy rchis Mociga~ge. Lnnless~ ltvrravcz+r and T ~rt~d~er agree ¢e+ efhu=r tors t+~P pa}°mrr,•1'. rw~h
<br />~ amounts =_hall :-r~ payable upon notice from Lender to Borrower requesting payment thereof- and shalt 'ricer interest, from the
<br />date of disbar4,ment at the rate payable from time is time en outstanding principal under the late unless payment of
<br />interest at such rate would be contrary to applicable taw, in which e+ent such amounts shall hear interest at tits highest rate
<br />pern?isst-bl=_ under applicable taw•. Nothing contained in this paragraph 7 shall re>~uire Lender to incur any expense or tai;e
<br />r any action hereunder,
<br />>f• ftsspect'ron. Lender may make or cztise to be made reasonable entries open and inspections of the Property, provided
<br />,~ that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause iherefnr related fo Lenders
<br />~ interest in the Property.
<br />3. Coederirsatlon. The proceeds of any award or claim for damages, direct ar consequential, in cannectian with any
<br />condemnation or other taking of the Property, or part thereof, or for conveyance in Gen of condemnation. are hereby assigned
<br />and shall tse paid to Lender.
<br />In the cver+.t of a total taking of the Property. the proceeds shall be applied to the gums 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 shah be applied to the sums secured by this Mortgage such propartipn of the proceeds
<br />as is equal To that proportion which the amouat of the sums secured by this Mortgage immediateb: prier to the date of
<br />` taking bears to the fair market value of t'r~e Property immediately prior to the dale of taking, with the balance of the proceeds
<br />paid =.a $arrower.
<br />If tlse Property is abandoned by Burrower, 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 dav_ s after the date such notice is
<br />mailed, Lender is authorized to collect and apply the proceeds. at Lender's optian, either to restoration or repair ,~f the
<br />Property ar to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing. any such application of pracseds to principal shall not extend
<br />or postpone the due date of rite monthly installments referred to in paragraphs I and 2 hereof or change the amotmt of
<br />such installments.
<br />10. Barro:ver Not Released. Extension of the time for payment or modification of amortization of the sums secured
<br />by this Mortgae~ granted ry Lender to any successor in interest of Borrower shall not operate to release, in an}• manner,
<br />the liability of t,e original Borrower and Borrower's successors in interest. Lender shall not be required io 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 xny demand made by the original Borrower and Borrowers successors in interest.
<br />11. Forltearffnre by candor toot a Waiver, Anv farl;eara nee b}' Lender i n exercising any right ar remedvherz-nder, ar
<br />otherwise afforded 6y applicable law, shalt net he a waiver of or preclude the exercise of any such right or remedy.
<br />The procurement of Snsurattce or the payment of taxes or other liens or charges by Lender shall not he a waiver of Lender's
<br />right to accelerate the maturity of fire indebtedness secured by this Mortgage.
<br />12. Remedies Culative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy tinder this Mortgage ar afforded by law or equity, and may be exercised concurrently, independently or successively.
<br />73. Snecessors sad Assigns Bound; Joint and Several I,iabiiity; Captions. The covenants and agreements herein
<br />captained 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 hereo[. All covenants and agreements of Borrower shalt be ioint and several.
<br />TF~e captions and headings of rite paragraphs of this Mortgage are for convenience only and are no[ to be used to
<br />interpret or define the provisions hereof.
<br />1$. Nofice. Except far any notice required under applicable taw to be given in another manner, (a) any notice to
<br />Borrower provided for in this ?s4artgage shall be given by mailing such notice by certified mail addressed to Borrower at
<br />the Property Address ar 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 certi6Pd mail, return receipt requested, to Lender's address stated herein ar to
<br />such other address as Lender may designate by notice to Borrawer as provided herein. Any notice provided for in this
<br />Mortgage shall be deemed to have been given to Aatrower ar Lender when given in the manner designated herein.
<br />1~. €;~ifotm ~lv> emir; iovernireg Law: Sevcrabiiify. This form of mortgage combines uniform covenants for national
<br />use and nen-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
<br />real property. This Mortgage shall be governed by the taw of the iurlsdiction in which the Praprrty is lxated. In the
<br />went that an}' provision or clause of this Mortgage ar the Nate conflicts with applicable law, such carflict shat} not affect
<br />atl:e'r ^"f'.wi=i^•_r:~ cf tlx;~ i.£i.r:gag^ ;-- ti?c t". _ ':b'h tell C'dn be g;ven etlECt wit,:nitt r„i, ~v",,,icti[ig pfawiSian, ar~it is ini5
<br />end the provisions of the Mortgage and the`Noie are declared to be severable.
<br />1~. fattrrower's Copy. narrower snail be furnished a conformed copy of the Nate and of this Mortgage at the time
<br />8f e~ectetiure ar ~ ter .ccardaisan itereaf.
<br />1?. Transfer of the Property; Assumption. If all or any part of the Property or an intercxt therein is sold ar transferred
<br />6y Borrawer without Lender's prior written consent, excluding ia) the emotion of a lien or encumbrance subordinate to
<br />this Mortgage, ('r) the creation of a purchase money security interest for household appliances, {c) a transfer by devise,
<br />descent or 6}' operation of law upon the death of a joint tenant c Id) the grant ai an}• leaschald interest of three years or less
<br />not containing an option to purchase, Lender may, at Lender's optian, declare alE the sums scoured by this Mortgage to be
<br />immediately due and payable. Lender shall have waived such option to accelerate if, prier 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 an the sum, secured hr this >9ortgage shaA tie at such rate as lender
<br />shalt request, if Lender has waived the option m accelerate provided in this paragraph 17. and if Borrower's successor in
<br />interest has executed a written assumption agreement accepted ir. writing by lender, i.endrt shall releasa Borrawer tram all
<br />obligations under this Mortgage and the Note.
<br />If Lender exercises such optian to accelerate, Lender shall mail Barrowcr notice of aecelsratinn in accordance with
<br />paragraph i=1 hereof. Such notice shall provide a period of nor less than 37 days from the date the notice is mailed within
<br />which Barrowcr may pay the sums declared due. if Borrower faits ;o pa}° such sums prior to the expi.-afion of such period,
<br />Lender may, without further notice ar demand on Horrower, invoke any remedies permitted bs' paragraph t8 hereof.
<br />Nay-UxtFOeivt CavgxeNrs. Harrower and Lender further covenam and agree as faHaws:
<br />=h: Acee"f~ratian; Tasmedies. Igxcep! as provided in paragraph i7 hereof, upon Borrower's breach a[ sa_y covenant or
<br />sareemsat of Harrower in Ibis !Slortgane, i:reludi.:g, the core teats to gay wbsu due a:~. sums ~srsd by ibis Moriga~,e,
<br />1[.snder prior to acceleration shelf mail notice to Borrower as provided 6n paragraph 1$ hereof specifying: {1) the breach;
<br />{2) the aclian rtquirtd to cuae sorb breach; t3) a date, tart ~ than ~ days from tbt daft fns aoHes ~ mailed to Borrower,
<br />Isy whlrb snob breach mast be eared; sod {$} that failare to curs such breach as or before tAe dots specified in the ttotice
<br />may resitlt in acceleration of the sutras secured by tilts Mortgage, foreelosare 6y judkial procseditog and sale of the Property.
<br />77tie ttotice sbeaif farther inform Borrower of the right to reinstate after accelerstron and the right to assert in the fotectosurt
<br />prtieesding-the tton-ssisteuce of a defanM a; any'ocher dsfease of Borrower to acceleration and foreclosure. lif the breach
<br />~ ao! cured on or before tt€e date specified ie the isotice, Leader at Letder's option may declare all of tits sums secured by
<br />t'~ Mottsaga to lac Immediately due and payable without further demand and msy foreclose 6y judicial proceeding. fender
<br />shall be eutitlsd to collect iu such proceeding at; Kx~enses of foteelosttrr, irictodiug, but not limited to, costs of documeotaty
<br />evFdence; alasiraels ssd title reports.
<br />14. Borrower's Right to Rslt~state. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
<br />Borrower shall have rite right to have any proceedings begun by Lender to enforce this Mortgaae discontinued at any time
<br />
|