|
Lender's written agreement ar applicable taw. Borrawer shall pay the amount of all mortgage insurance premiums in the
<br />~ manner pt'avided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, 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 Pram time to time nn outstanding principal under the Note unless payment of
<br />~° interest at such rate would be contrary to app]icable law, in which event such amounts shall bear interest at the highest rate
<br />Q petrnissible under applicable taw. Nothing contained in this paragraph 7 shah require Lendt:r to incur any expense or take
<br />azty action hereunder.
<br />~ fi. fttspeetion. Lender may make or cause to be made reasonable entries upon and inspections of the Froperty, provided
<br />that Lender shs.!1 give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Condlmrration. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of the Property, ar part thereof, or for conveyance in lieu of condemnation, are hereby assigned
<br />and shalt he 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 evert of a partial taking of the Property, rmless Borrower and Lender
<br />otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such pmportian 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 to the fair market value of the Property immediately pricer 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 faits to respond io 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 ar repair of the
<br />Property or to the sums secured by this Mortgage.
<br />Unless Lender and Borrawer otherwise agree in writing, any such application of proceeds to principal shall not extend
<br />ar postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br />such irstallments.
<br />10. Borrower Not R.Pcased. Extension of the time for payment or modification of amortization of the sums secured
<br />by this Mortgag<. granted ~•y Lender to dry successor in interest of Borrower shall not operate to release, in any manner.
<br />the liabilit}•,af tl?e original Borrower and Borrower's successors in interest. Lender shall not be regaired to commence
<br />proceedings against such successor ar 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 Borrawer s successors in interest.
<br />1I. Forbearance 6y J.ender Not a R'aiver. Anv forbearance by Lende[ 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 />Tl?e prcxurement of insurance or the- payment of taxes or other hens or charges by Lender shall not be a waiver of Lender's
<br />right Ea accelerate the maturity of the indebtedness secured by this Mortgage.
<br />I2. Rentldies Cumulative. Atl remedies provided in this Mortgage are dhtinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equiey, and may be exercised concurrently, independently or suceessiveiy.
<br />73. Successors and Assigns Bound; Joint and Several Liabt7ity; 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 io
<br />interpret or define the provisions hereof.
<br />L4. Notice. Except far any notice required under applicable law to be given in another manner, (a) any notice to
<br />Borrower pros°idcd far in this Mortgage shad be given by mailing such notice by certified mail addressed to Harrower at
<br />the Property Address ar at such other address as Borrower may designate by notice to Lender as provided herein, and
<br />c ~) an n~tic! t- ~e:rder shalt i;e give ; by cacti Rd mail. return reeeipt requested, to l.eude~s address stated herein ar to
<br />such •~=.h~r address ~ Linder m;;y dtslgn3{~ by ^~*tiii to I3orrawir as pr^srzded herein. Any neticc pravld~ fr+r in this
<br />14'.c?rfgage shall be deemed tr, have becu p;ivcn to Bcirrawrr ar Lender when given in the manner designated herein.
<br />t5. Z[ni#orm !klnrlgage: t",oxlrnirrg Law; 5lvera6Bity. This form of mortgage combines uniform covenants far national
<br />ease and :>;•r,-uaifatrn c .€t:anti with limited variations b}` juris~ictian to e~?ustitute a unifarrt? s~'urity insfrutnent eav~ring
<br />real araoerty. This Mortgage shall L?e governed by the law of th! jurisdiction in which the Property is lt'~ated. In the
<br />event that any provision ar clause of this Mortgage or the Nntt cannicts with applicable law, such cantlict shall not atl(ect
<br />c?;her ~ .~.~iz -_ ;sf this ..emu -` ugh 4, - - ..-, ~ .-.,.- =a,3 ~,~ gig-cis tabs=ci ~`iih:,tai th== +_c~tri9ictin taY` ' -
<br />,:`" ~ a' th4"*= , ~ ~ g p :s[an a:?d to this
<br />end the provisions of the "{s~tgsge and ihx '='c~ta ~~° ~dE:#ar~d to 1-,e s2v2ra`ol~.
<br />I.S. Borrower's Cop}'. Barrows;e shall be furnished a conformed copy of tire' Note and of this Mortgage st the time
<br />of exicutian or sfter recardatian 1?ereaf_
<br />li. 'T'ransfer of the l?roperfy; Assumption. If all ar any part of the Property ar an interest therein is sold ar transferred
<br />ny Borrower without Lender's prior written consent, excluding (s} the i:reatian of a Lien or encumt,eance subordinate to
<br />this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by deviu,
<br />descent ar b}• aperatier. cf ]aw upon the dead[ of a joint tenant ar (dt the grant of any leasehold interest of three years or less
<br />oat containing an option to purchase, Lender may, st [.ender's aptian, declare all the sums secured by this Mnftgage to be
<br />itmediately due and payable. .ender shah have waived such aptian io accelerate if, prior to the safe or transfer, Lender
<br />and the ixrsc?n to wham the Property is to be sold or transferred reach agreement in writing that the credit of such person
<br />is satisfactory [o Lender and that the interest payable on the sums se.:urrd h} this Mortgage shall tx at such rate as Lender
<br />shall request, if Lender has waived the aptian to accelerate provided in this paragraph 17, and if Borrawer', successor in
<br />interesa has executed a written assumption agreement accepted in writing by Lender. Lender shall release Ban~awcr front sll
<br />ar•Iigat~any ,,.[.p this Ma ^.d u`~ Notg.
<br />rtgage.
<br />if Ienti,°r °. '°h cptiaa to accelerate. Lcndar shah mail Bartvwer nettle of accelcratian in accordavcc wish
<br />paragraph 14 hereat 3t[:I? notice shall provide a period of not less than 30 da;'s from the date the notice is mailed within
<br />which Borrawer may pay the sums declared due. if Borrower fails [o pnv sueh sorts prior io the expiration of such period,
<br />Lender may, without further notice ar demand on Barmwer, invoke any remedies permuted by paragraph 18 herc~af.
<br />Nary-ilN1F[tk~ ~'!LV><NSN'['c, Ra=..- .~. ..n~[ Lh.:...._r fn.tlwr r.i .c-..'ant ..^.ii -.. s3 rzrl!u~s.
<br />lei, At:eeter~ios; Renxdtes. Except ~ provided in paragraph t7 hercot~iupoa T3orrawlr's breseh of nay covcaant ar
<br />ngreement of Borrower is fhb l~/ortgage, irtelttdiog the coveuantc to pay whoa da! any cures secured 6y this 1llattgage,
<br />lCaeader prior fo accekeration shag mail uotice to lorrower as provided in paragraph 14 herea# speeifying: (I) the breach;
<br />(2) the action r~uired 4a cure saelr ixeaeh; {3) a date, trot less than 36 days tram the dme the naaice is mailed fo Borrower,
<br />by wbiclt sJeb breach must Lee cured; and (4} lhst faLLure to ours st~h brcaeb an ar bciore the date speeltied ie the notice
<br />may t~srtlt irr acecTeratkaa of tine corm secarcd by this Mar[gags, #oreai~ure b} judicial proceeding and sate al the Property.
<br />n4Lee a~ rtsrther iufor:u Berroxer of the right !o ea'raa~tate mrtlr acr~Flr'iaa dad etsz r~ht to assert io the farecLa,-tire
<br />' ptss~eeedit~ the clan-rr~.steuie of a defau;t or any other de#case of Borrawer to ~ceitration sod forerLosure. if tb! breach
<br />b tto4 cured on ar btt#ore the date specified in 4h! notice, Leader at Lender's option may declare aLl of the sums secured 6y
<br />tLrls A?ortgagt• to be immediakly dtro and payable without furttrlr detnaud sod may foreclose by judicial proceeding. Leader
<br />shell im entitled to coBlet in such proceeding sB axpettses of foreebsurc, 4tr#odiog, but cwt limited ta, cotes of documentary
<br />evidenee, abxl:sets sod title reporiF.
<br />°. Barrows: a L41~'ht :o ftait~. !Vatwifhsianding Lentki s accelzratiun of the sums se, ured by this Mortgsge.
<br />Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at env time
<br />
|