|
79~ ~ _~
<br />1'.encer's u,•riteen agrermen ~t Or agettli~cti~lydle If:n~arv. Tls~srrr;;r,~,>,r riia~aii pay tt;~e as;notstsl w$ all morrt~tagie insurance premiums tin the
<br />moaner provid~cd under paragraph ;: h~isnepf.
<br />Anc amoum= disbursed ty Lerdcr pursuant '.; this paragrap:: 7. with interest thereon, steals become additional
<br />indeb?ec.'ness of r3crrower secured by this Mortgage. Unless Borrower and Finder agree to other terms of paymen#. such
<br />amounts shall bz payable upon notice from Ixrder to Borrower requesting payment therrof, and shat! bear interest from the
<br />date of disbursement at the raze aayable from time to time or. outstanding principal under the Note unless payment of
<br />inter-~ t at such ra#e would be contrary to applicable law, in which event sash 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 o: take
<br />any action hereunder.
<br />8. inspection. Lender may make or cause to be made reasonable entries upr+n and inspections of the Property. provided
<br />that Lender sz.ell give Borrower notice prior to any sash inspection specifying reasonable cause therefor related tv Lender`s
<br />interest in the Property.
<br />9. Candemnatton. The proceeds of ary award or claim for damages. direst or consequential, in connection with am•
<br />condemnation or other taking of the Property, or part thereof, or for com•eyance in lieu of condemrativn. are hereby assigned
<br />and shall be paid to Lender.
<br />In the event of a total taking of the Property, the prcceeds shall be applied tv 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 Harrower and Lender
<br />otherwise agree in writing, there shall be applied to ehe 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 />:along bears to the fair market value pf 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 tender within 30 days after rite date such nati_c s
<br />mailed, Lender is authorized to collect and apply the proceeds. at Lender`s option, either to restoration or repair of z%,e
<br />Property or to the sums secured hv_ this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to rrincipal shall 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 instaitmenes.
<br />IO. Burro=:rr Nat R_eased. Exeension 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 any manner,
<br />the iiabiiity of the original Borrower and Borrower's successors in interest. tender shalt not be required to commence
<br />proceedings against such successor or refuse to extend lime for payment or otherwise modify amortization of tFte sums
<br />secured by thi3 n`,ongage by reason o any demand made by the original Borrower and Borrowers successors in interest.
<br />Ii. Forbearance by Lender Nat a iJ'aiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />othens~ise afforded by applicable law, shat! not be a waiver of or preclude the exercise of any such right or remedy.
<br />"l"oos prxure ;tent of insurance ar 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 />f2. Reotedtes Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy tinder this Mortgage or afforded by law ar equity, and may be exercised concurrently, independently or successively.
<br />I3. Successors and Assigns Bound; Joint and Several T.iability; Captions. The covenants and agreemenu herein
<br />contained shalt 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 />Id. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
<br />Borrvwe: provided for in this 1lfortgage shall be given by mailing such notice by certified mail addressed to Barrow^er at
<br />the Property Address or ai such other address as Borrower may designate by notice to Lender as provided herein, and
<br />(b) ?n=~ nrt £E to t~nd°r shall I±c given by sort=feed mail, return receipt regatested, Yo Lender's address stated herein er to
<br />strh other address as Lender may desi¢nate by notice tp Borrower as provided herein. Any notice provided for in this
<br />Mortgage shaft be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />Ig. Ciniform Riortgay;e: Goo°erniag Law; Severabiiity. This form of mortgage coml}inas uniform covenants fcr nativnai
<br />tt~c ansi pan-unifnrrn DoE°cnanis wits 3irnited variaeivns by jurisdiction to cvnstiiure a uniform securi#y insirumeni covering
<br />real prupeiy. ~ - . = - Rage wnaii `vc gov~rncci Ity Fhc law 6f the ittrisdictivn in whi%it the ~ropetiy is loon#Zve. IR laic
<br />ev°ent that .r.-ryis~ ,;f~ ._ .-s pf ihiz '+;vrtgage c- the Nete cvr,tlic=.S wish applisabl: saw. Such tangier shall no# affrt
<br />t. _ - --_-e--- -` -`- ------°---~= `- -- -- -- ---`--- - -'-- -'..'-... °.' _-°..'-• ~ ,, =vision. and xa this
<br />end th={arozFis:mot:=4~f ibe Mo:taase andnrtte Nate are decl;zred to,Fse severable~rr
<br />Io`. i'sorrow'tr°S C 6py. Barroa•er Shall bC tU CttiSh@d a Conformed Copy Of the I~IOte aRd Of this MOrtga$e at the Llme
<br />of exesutio ~ or after recordation hereof.
<br />17. T'raxsfer 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 prier written consent, excluding (a) the creation: of a lien or encumbrance subordinate to
<br />this Mortgage, (b) the creation of a purchase money security interest fur household appliances, (c) a transfer by devise,
<br />descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehvid interest of throe 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 be
<br />immediately due and payable. Lender shall have waived such option to accelerate if. prier tv the sale or transfer, I,°t:der
<br />and the person io wham the Property is to be sold or transferred reach agreement in writing that the credit of su; h n~ rsOn
<br />is satisfactory to Lender and chat the interest payable on the sums secured by this hortgage shall be at such rate as Lender
<br />shall request. If Lender has waived the option to accelerate provided in this paragraph l7, and if Borrower's successor in
<br />interest has executed a written assumption agreement accepted in writing 6y Lender, Lender shaft release Borrower from all
<br />obligations under this Mortgage and the Note.
<br />If Lender exercises such apfion to accelerate, Lender steal! mail Borrower notice of accekration in accordance with
<br />paragraph 24 hereof. Such notice shalt provide a period of not less than 3C dsys from ~ht date the notice is mailed within
<br />which Borrower may pay the sums declared due. If Borrower fails to pay such sums prier to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br />Nox-Utvtr°oant Covervaxrs. Borrower and Lender further covenant and agree as follows: ""''
<br />I8. Accelerafion; Reratdh's. Fzcepi as provided in paragraph 17 hereof, upon BorrowePs breach o€ any covenant or
<br />t~retment of Borrower in this Mortgage, inci»dirtg the covenants to pay when doe any same scented by this Mortgage,
<br />Lender prior to acceleration tihall msa notate to Borrower as provided in paragraph 14 hertof specifying: (lI the breach;
<br />(2) the aMioa retlnired to care wc6 breach; (3) a date: not less than 3A days from the date the notice is mailed to Borrewer,
<br />by whkh each br+earlt most be cared; and (4) that failure to core each breach on or before the date ttpecifled an the trotke
<br />pony r°.•.~ak is aeeekratten of @be sats~ s€careai by €b~ hiot'tgage, foreslosnre by ~adicia! pretce.°-ding and sole of the Prtperty.
<br />'f be notice shalt fnrtber inform Borrower of t'.te right to remstafe after acceleration attd the right to assert is the foreclosure
<br />preceeding the trop-ezlste~^e of a default or arty other defense of Borrower to ~ceiaratlon and forecloanre. If the breach
<br />~ ntM cartel on or before the date spseltaed In the notice, Lender at Leruler's optba may declare al! of the soars secured by
<br />this A9lortgage to be Immediately doe acrd payaltk without further demand and may forerloec by jttdki~ proceeding. Lender
<br />shall be endhled to co8ect in arch proceeding all ezpertses of foreciasnrt, ancluding, bat rroi linked to, costs of docnmeatary
<br />ayl~nM~ ntrdraetr amend Htig rnmr~
<br />?®. »jnrrower's R~ t to Re~+gx. Notwiths#arding Lender's accx!eration of rite sums secured by this Mortgage,
<br />Borrower shall have the; right to have any proceedings begun by Lender to enforce this Morgage discontinued at any time
<br />
|