|
Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
<br />moaner provided under paragraph 2 hereof.
<br />Any arnounts disbursed by Lender pursuant to this paragraph 7, with interest thereon. shall become additional
<br />Ei7 indebtedness of Borrower secured by this Mortgage. Unless Borrower and t-ender agree to other terms of payment, such
<br />CG amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
<br />{~ date of disbursernent at the rate payable from time to time on outstanding principal under the Note unless payment of
<br />~ interest at such rate would be contrary to applicable law; in which event such amounts shall bear interest at the highest rate
<br />® permissible under applicable la~.v. Nothing contained in [his paragraph 7 shall require Lender to incur any expense or take
<br />any action hereunder.
<br />g. Inspection. fender 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 />r interest in the ?roperty.
<br />9. 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 part [hereof. or for conveyance in lieu of condemnation, are hereby assigned
<br />and shall be paid ro Lrndcr.
<br />In the event of a total taking of the Property, the proceeds shalt be applied [o the sums secured by this Mortgage.
<br />with the excess, i( any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
<br />otherwse agree in wrong. them 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 !vtnrtgage immediately prior to the date of
<br />taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
<br />paid m Borrower.
<br />if the Property' is abandnnca by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
<br />an award or scale a claim for damages, Borrower fail: to respond to Lender within ?0 days after the date such notice is
<br />mailed. L.rndrr is authorized to collect and apply the proceeds. at Lender's option, either ro restoration or repair of the
<br />Profx•rn' or u, the sums secured by this btorigage.
<br />Pn!c~~.~ ! c:r~rr and Berroa~cr ~.thn,wisc a • in writing. any such application of proceeds to principal shall not extend
<br />nr postfxmr the clue dote of the rnnnihly installments rcfermd M in paragraphs 1 and 2 hereof or change the amount of
<br />such msudlmcnh.
<br />to. Borrower Not Released. Extension of the time for payment or modification of amnrtizminn of the sums secured
<br />by this Morteagr granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
<br />the irahilitc of the original Borrower and Borrower's successors in interest Lender shat! net he required to commence
<br />proceedings against such successor or refuse to exrend time for payment nr otherwise modify amoruzanon of the sums
<br />secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in ineerest.
<br />tl. Wnrbearaner by Lender Not a Waiver. Any forbearance by [.ender in exercising anv right or remedy hereunder, or
<br />othrrxisr „fforded ht applicable low, shall not he a waiver of or preclude the exercise of any such right or remedy.
<br />The prop ~•rcmeni 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 ¢he maturity of the indebtedness secured M' this Mortgage.
<br />f2. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remc~h' under this Mortgage or afforded by law or equity, and may he exercised concurrently. independently or successively.
<br />SJ. Successors and Assigns Bonnd; Joint and Several i.iabt43ty; Captions. The covenants and agreements herein
<br />contained shaft bind, and the rights hemunder shall inure to, the respective successors and assigns of Lender and Borrower,
<br />subject to the provisions of paragraph I7 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 />t4. Notice. Except far any notice required under applicable law to be given in another manner, (al am• notice to
<br />Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at
<br />the Pn+peny Address or at such other address as Borrower may designate b}' notice to Lender as provided herein, and
<br />th) any notice to Lender .hall he given by certified mail, renitn receipt requested. tit Lender's address stated herein or to
<br />such other address as lender may designate by notice to Borrower as provided heroin. A;- 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 />t5. 1'nifnrm Marteaee; C,overnine Law; Severobility. This form of mortgage combines uniform covenants far national
<br />use and non-uniform envenoms with limited varia[inns by jurisdiction to constitute a unifomt seeunty mstn+mrnt covering
<br />real pr:}nst}, TTtis Mortgage shall ix governed by the law of the jurisdiction in w•hieh the Property is (prat€d. to the
<br />event +hat atrq pro~nsiott nr chase of this Mortgage or the Nptr conflicts with applcable law, such conflict shalt not affect
<br />tither provisions of this Ad~,rtgage nr the Nntc which can be given effect witi+nni the cunilicting provision. and to this
<br />-end tt+€: pre,.-+si<~r+s i~r !hr Riortgage anJ the 4~e ;ire eeclared to he reverahfe.
<br />16. Borrower's Copy. Burrower shall he furnished a conformed copy of the Notc and of this Mortgage at the time
<br />of execution nr after n•cnrdation hereof.
<br />t7. Transfer of the Property: Assumption. if all or any part of the Propcrn• or an interest therein is sold or transferred
<br />by Aorn,wer withow Lender's prior written conunt. excluding (:0 the emotion of a lien nr encumbrance sulxxdinatr to
<br />this Mortgage. th) the creation of :+ purchase money security interest for household appliances, (cl a transfer by devise,
<br />descent or by oprr,,cn,n of taw upon the death of a joint tenant or (d) the gram of any leasehold interest of three years or frss
<br />not containing an option t,, purchase. Lender may.. at Lender's option, declare, all [hr sums secured M• this Mortgage to tit
<br />immediately due and pavuhle. Lrndcr shall have waived such option to accelerate if, prior to the salt or transfer I_cndtr
<br />and the per+un to whom the Prnprrq i, to br sold nr transferred reach agreement in writing that the credit of such prtxnn
<br />is satisfacwn- to i ender .tad than the interest payable on the sums secured h}' this Mortgage shall he at such rate as Lender
<br />shall request. 1[ t ruder ha, waived the opium to nccclrr;dc provided in this paragraph t7, and if Borrower's successor in
<br />interest has execurod a wnttrn aswmption agrermrm accepted in writing by fender. Lender shall release Bnrrowrr from all
<br />obligations under this Mortgage and fire NMe.
<br />If Lender rxerenes such opnou to accelerate, fender shat! mail Bnrrowrr notice of acceleration in accordance with
<br />paragraph 14 hereof Such nonce shall provide a pxrind of not Irss Ihan 10 days from the date the notice is mailed within
<br />which Bun'vwer may pa} +hr cams declared due. tf Borrower fails u+ pay' such sums prior to the expiration of such period,
<br />Lender Wray', without further nonce or demand un Born+wer, awoke any remedies permitted by paragraph 13 hereof.
<br />Nort-i.'tirr-cant t'r,vt -tai ra, t~nrrnwzr and t.endrr further vovenani and agree, as follows:
<br />18. Accekrattan; Remrdks. except as provided in paragraph 17 hereof. ItpoN BarFOwtj9 breach of any eovtwant or
<br />agreement of Borrower in this Marigage, buluding the covrnanh to pay whru due any sums secured by Ibis Mortgage,
<br />Leader prior to arrrkr+dlon shall mall notice to Borrowee ac provided in paragraph 14 hereof specifying: !t) the breach;
<br />t1) the action required to tore sorb breach; (3) a dale, not less than JO days from the date the ttotke b mailed to Borrewer,
<br />Dy which such breach must be cured; and (0) that fa8ure Iu cure such breach oa or before the dale specified in the rtoiicr
<br />may result in acceleration of the sums secured by this Mortgage, forecbsurc by }udkial proceeding and sale of the Pttspeety.
<br />The notice shtdl further inform Borrower of the right to reiratak after acceleration and the right fo assert in Ihr [orer•bsure
<br />proceeding the non-exbtence of a default or any other defense of Borrower to acceleration and [oreciosure, If the breach
<br />- b not raced on or before the date specified in the notice, Lender at I.emler's option may declare ail of [bC antes serUrcd Dy
<br />fhb Mortgage to be immediately due and payable without further demand and may foreclose by judicial proceeding. Lent!er
<br />shall Dr eotitted to collect in such proceeding ail expenses of Foreclosure, including, but oaf limited to, costs of docuroentary
<br />evidence, abstracts and title rcpurM.
<br />19, Borrower's Right to liriestate. Notwithstanding Lender's acceleration of the sums secured by this htortgagr.
<br />Burrower shall have the right to have any proceedings begun by Lender to enforce this Ixtortguge discontinued at any time
<br />
|