|
<br />Lender's written atgrt;ement c;.r alrpiica3;le ia,sw. Borro~h•er sh,a11 pary' tNt¢ artaunt of all mortgage insurance premxsams i.^ tl:e
<br />manner prea•icled urrtlcr tsaral;rraph 2 Inen*of.
<br />Any arncunts disisatr ed b,,+ g.,ender p~srsurnt to this paragra;•ih 7. iNEth interest therm, shall became add_=fional
<br />indebtedness c f Borrower :echoed' by this1,9'vrtgage. Unless Barro~.srer and Lrtnder agree to ether terms of payment. such
<br />amounts shat! be payable open ^atice frcm Lender to Borrower reyuesting payment thereof, and shall bear interest from the
<br />date of disbursement at the rate payable from time to time on outstanding principa! under the Note unless payment of
<br />interest at such rate would be canL-ary to applicable law, in which event such amounts shill bear "snrerest at the highest rake
<br />permissible under applicable law. Nothing contained in this paragraph 7 shall requsre Ixnder to incur any expense or take
<br />any aciian hereunder.
<br />8. Inspection, Lender may make or cause to he made reasonable entries upon and inspections of the Property, provided
<br />that Lender shall give Borrawer notice prier to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Coademnation. The proceeds of an}• award ar claim for damages. direct or consequential, in connection with any
<br />condemnation cr ether taking of the Property, or part thereof, or for cameyance in lien of condemnation, are hereby assigned
<br />znd shall be paid to Lender.
<br />Cn the event of a total takine of the Prcperty. the proceeds shall be apnlicd to the sums s¢curcd by this Mortgage.
<br />with the excess, if any. paid to Barmwer. in the event of a partial taking of the Property. unless Borrower and Lender
<br />otherwise agree in writing, there shall he applied to the sums secured by this Mortgage such prcportion of the proceeds
<br />as is equal to that pmpartian which the amount of the sums secured by this Riorteage immediately prior to the date of
<br />taking bears to the fair market value of the Property immediateh• prior to the date of taking, with the balance of the proceeds
<br />paid to Barrower.
<br />If the Property is abandoned by Barrower. or it. after notice by Lender to Borrower that the condemnor offers to make
<br />an award or settle a claim far damages, Borrower tails ro respond ro L.ender 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 or repair of the
<br />Property or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, am• such application of proceeds to principal shall ^ot ~• znd
<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 installments.
<br />iQ. $ons>:ver Nut Released. Extension of the time for payment or modification of amortization of the sums secured
<br />by this Mortgage granted by Lender to any successar in interest of Barrower shall net operate to release, in any manner,
<br />the liability cf the original Borrower and Borrower's successors in interest. Lender shall not be 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 by reason of any demand made by the original Borrower and Borrower's successors in interest.
<br />ii. Forbearance by igrtdnr NoE a wstv¢r Any farlr.arance by Londe,- in exerisng ar,y r,'ght yr remedy hereunder. ar
<br />otherwise afforded 6y appticable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
<br />The procurement of insurance or the payment of taxes ar other liens or charges by Lender shall not he a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies Cumulativ¢. All remedies provided in this Riortgage are distinct and cumulative to any ether right or
<br />remedy under ibis Mortgage ar afforded by law or equity, and may he exercised concurrently, independently or successively.
<br />i3, Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein
<br />contained shall Hind, and the rights hereunder shalt inure te, the respective successors and assigns of Lender and Borrower,
<br />subject to the provisions of paragraph I i hereof. Ali 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. ?VOtice. Bxcept for any notice required under applicable law to be given in another manner, ta) env notice to
<br />Borrawer provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Rorrower at
<br />the Property Address or 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 certified mail, return receipt requested, to Lender's address stated herein or to
<br />such other address as Lender may designate by notice to Borrower as provided herein. Any notice urovided for in this'
<br />Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated 'Herein.
<br />35• uniform Martg~e; (wserning Lsw; Secerability. This form of mortgage combines uniform covenants far national
<br />use and Han-uniform covenants ;with limited variations by jurisdiction to constitute a uniform security instnment covering
<br />real nrae=rty. This Mattgatte shall h€ governed by the law of th•, jurisdiction ir: which the Property is lacate~. Ip the
<br />¢veHt that any prev:saan ar clause of this htartgage ar the Nara conflicts with applicable taw, such conflict shall oat afFecY
<br />ether = o'-`> __ns `,f i >.-<~:=Sage ;:r t e Nate which can be given ctTect without the conilictirs prevision. aria *._ =.his
<br />end titerprovisions of the ~iaetgaee and ~thc Nate are declared to be severable.
<br />ifi. i;ooreawer?s %op}. Borrawer shall he furnished a cenfarnted copy of the Note and of this Mertttage at the time
<br />of exectrtian or after recardafian tteeeef.
<br />i7. Transfer of th¢ Property; Assumption. If al! or any part of the Property or an interest therein is sold ar transferred
<br />by $arrower without Lender's prier written consent, exe[uding (a) the creation of a lien ar encumbrance suho~dinate to
<br />this Mortgage. (b) the crc_+tinn of a purchase money security interest for household appliances. (c1 a transfer by devise,
<br />descent ar by ap<,,ration of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three years ar less
<br />not captaining an optior. to purchase, Lender may, at Lender's optiar, declare alt the sums secured by this Mortgage to be
<br />immediately due and payable. Lender shalt have waived such option to accelerate if, prier to the sale ar transfer. Lender
<br />and the person to whom the Prcperty is to be Bald or transferred reach agreement in writing that the credit of such person
<br />is satisfactory to 1.•ender and that the interest payable an the sums secured by this Mortgage shall be at such rate ac Lender
<br />shall request. if L-.rider has waived the iaption to accelerate provided in this paragraph 17, and if Borrower's successar in
<br />in!eresi has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from alt
<br />abligntions under this Mortgage and the Note.
<br />If Lender exerdses such option to accelerate, Lender shall mail Barrower notice of acceleration in aecardance with
<br />paragraph 14 hereof. yuck notice shall provide a period of not less than 30 days from the date the notice is mailed within
<br />which Barrower may pay the sums declared due. If Borrcwer fails ro pay such .urns prior 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 />Nort-Uratroat`t Cuv>:rtnNrs. Borrawer end Lender further covenant and aeree xs fellows;
<br />IB. Ac€eleeatlon; Remedies. Rxcept as provided irc paragraph t7 hereof, etpon Ikrrrawer's breach of any covenant or
<br />agreensent of Barraaver in firs Mortgage, including the covenants to par when due any SUmS scented by this Mortgage,
<br />Leader prioe to acceleration shall maq notice to Borrower as provided in paragraph i4 htrenf specifying: (i) the breach;
<br />(2) the action required to cure such breach; (3) a date, not less than 18 days from the date the notice is mailed to Borrower,
<br />by which snch breach mast be cured; and (4) that far7urc to cure snch breach oa or before the date specified in the notice
<br />may result in acceleration of the sums secured by this Mortgage, fomtoaure by judiciail proceeding and safe of the Property.
<br />The notice shat[ further inforar Barrowr: of the right to reinstate after acceleration and the right to assert in the forectasore
<br />proceeding the ten-existence of a default or any other def¢nse of Borrawer to acceleration and foreclosure. If the breach
<br />iv rwt cured on or before the date specified in the notice, Lender a! Lender's option may declare all of the sums secured by
<br />this Mortgage to be immediately doe and payablt without fur•liter demand and may forecl~e by judicial proceeding. Lender
<br />shag be entitled to coHeM in snch proceeding ail expenses of foreclosure, including, but not limited to, costs of documentary
<br />evidence, abstracts and title reports.
<br />!q. Borrower's Right to $elas#atg, Natwiths.anding Leader's acceleration of the sums secured by this ,',iortgage,
<br />Borrower shalt have the right to have any proceedings begun bq Lender to enforce flats bortgage discontinued at any time
<br />
|