|
8G-- ~I~'ii2S8
<br />Lender's written agreement or applicable law. Borrower shall pay [he amount of all mortgage insurance premiums in ihe.
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become addhional-
<br />indebtedness of Borrower secured by this Mortgage. Unless Borrower and ixnder agree to other ternns 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 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 law. Nothivg contained in this paragraph 7 shat] require Lender to incur any expense or take
<br />any action hereunder.
<br />g. Insperfion. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br />that Lender shall give Boroower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Condemnation. l7ic 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 thereof, or far conveyance in lieu of condemnation, are hereby assigned
<br />and ,hail he paid to Lender.
<br />In the even: of a total taking of the Property, the proceeds shall he applied to 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 Borrower and Lender
<br />othrwise egret in writing, ±here shall t+e applied to the sums secured by this Aortgage ~ucG proportion of the proceeds
<br />as is equal In that proportion which the ^mount 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 prior to the date of taking, with the balance of the proceeds
<br />paid to Borrower.
<br />If the Property is abandoned b7 Borrow'rr, or if, after notice by Lender to Borrower that the condemnor offers to make
<br />an award nr settle a claim for damages. Borrower fails to respond to Lender within 3o 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 repsir of the
<br />Property or to the sums secured 67 ;his Mortgage.
<br />[inlrss C_rnder and Borrower tuherwi:.e agree in writing, any such application of prr•reds to principal shalt 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 installments.
<br />10. Borrower Not Rdeasrd. Extension of the nme for payment or modification of amortization of the sums secured
<br />bq this M;--:*eagr g tr.tcd by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
<br />the liabilia, ;u the origmai 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 be this Mnrteagr by reason of any demand made by the original Aorrower and Borrower's successors in imerest.
<br />it. Forbearoace try fender \ot a tiaiver. .A m• forbearance h7 I_cnder in exercising any right or remedy hereunder, or
<br />a[heru~ise arfonied by applicable law, shelf net he a waiver of nr preclude the exercise of any such right or remedy.
<br />The prex.urement of insurance ur the payment of rases nr other liens or charges by Lender shall not tx: a waiver of Lender's
<br />right to accelerate the maturity of the mdehtedness secured by this Mortgaee.
<br />i2. Retnedees~Gmvu~Nve. All remedies provided in thi; Mortgage arc dis,inrt and cumulative to any other right or
<br />remeJy under this Mortg`ageror afforded ha taw or equity, and mac he exercised amcurrentl}~. indeptndtnily or successively.
<br />13. Successors and Assigns Bound; Joint and Several i.iabiBry; Captions. The covenants and agreements herein
<br />contahted shall hind, xnd the rights hereunder shall inure to, the respective sucacson and assigns of tender and Borrower,
<br />+ubjeta w the prooi~ions ,~f paragraph 17 hereof. All covenants and agmtments of Borrower shall t+e joint and several.
<br />"Cho ~apuons anJ headings Lu the paragraphs of this Mortgage are for cem~enience enh' and are not to t+e used to
<br />mrerprct or define the pro+isions hereof.
<br />i3. ratio. Extept for any notice reyuircd under applicable law to he given in another manner, {a1 env notice to
<br />Nn: r.~,wer nrxvidtd for' ~n this Mortgage shall he given by mauling such nM~ct by certified mail addressed to Bcrro+ver at
<br />the Pn,ptrn~ :~Jdrcss ;,r al ,uch other address as 6orraw~er may designate t±y notice to Lander =s provided herein, and
<br />rbi an+ nonce to Lcudcr +h:tli hr green by :ertifa;J mail, return receipt rtyterstcd. to I enders address stated herein ar to
<br />st,ch ,+ther :,ddrrs<.. s I.an_Ier may de-ignite by node to Borrower as pen vidert retr:. Any -Deice ;~=ovidcd :.. iu this
<br />ii gage ,it he ;loom-.t - ha'+r been givtu to Bortuwer nr LenJer when given in the manner designated hereinP
<br />". tinifaxr Mc:tgi;~e; f~overrsittg ;.aw: Srverability. I'ttie ft rot of mortgage comt+inrs uniform covenants for national
<br />anal ~„_r .- - -;nr- '~'tth l+n,ire;r t - 4 i.?ns t'-4 ~t -sdfe:ian ran3ri F;IFr a aart:f~t'rrt etc.r.t.• i:i5[r:rmCni fi?<-triflg
<br />real propc:~n ffiin-'Mortgage chal( he governed by the low a( the iurisdichon tit which du Property is located. In the
<br />event :hat any. provacion or clause of this Mortgage nr the Nate contiicts with applicable law, such eontiirt chail oat atTrct
<br />other pm~i,inm of th!, Pti,ngage or the Note which can he given effect without the conflicting pnn'iaion, and to this
<br />end the pt,n'isionc of 'hc >f ortgagc and the Note are Declared to be severable.
<br />t6. Borrower's Copy. Borrawti +hall he funtishrJ ^ conformed ropy of the Note anJ of thin Mortgage ac the time
<br />of rxccutlca cr ewer t+s~ardati2n herrnf_
<br />17. Trawler u( the Prnperry; Assumption. It all or any part of the Property or an interest therein is sold or transferred
<br />by Bnzn,w <•r w~ihout L<•nder s prior written consent, excluding lal the rn;atiou of a lien or encumt+rance sutxsrdinate to
<br />this Mortgage. ihi the :rrtuan of a purchase money security interest for household appliances, let a transfer by devise,
<br />deu:,tm ur by optrauon .,t ',aw upon the death of a joint [snout or M1 the grant of any leasehold inirtYSt of three years rte less
<br />not containing an option n, purchase, Lender may, at Lender's option, dreWre all the sums securr<! by this Mortgage to br
<br />imntedcicely due and payable. t ender chaff have waived such option w accelerate if. prior to the ;alt or transfer. Lender
<br />anJ the ptrsou io whom the Property i; to he sold or transferred reach agrormmn in writing that the arJrt of such prrxm
<br />is satisfactory to LenJer and that the interest payublr on the .urns atcured by this Mortgage shall he tit itch rant a; 1 ender
<br />shag rryuest. If Lender has waived the option to aicrlcrate provided in this paragraph 17, and if Barrowrt', .utttssor irl
<br />interest ha, rxecutrci a written assumption agreement accepted in writing by tender. LenJer shall release Burrower from all
<br />ubligtttinns ender this 4fortgage and the Note.
<br />If Louder exercises stx.'h oetk?n to aecrleratr, Ltndrr +hall mail Borrower notice of :tccritration in accordantr with
<br />paragraph IA hereof .*;uch notice +hall provide a period aY oat leaf. than ?0 days front the date fhr notice is ntailyd within
<br />+ahieit BGHt?a2f rota} leap tic =tortes drriarzM due. It Burrower fails ra paY such wrma prior to the expli'ali(ru of xuch {k"riJCt,
<br />Lcndrt may', w;thuut further newel ar +iemaad on I[orrowrr, inualr any rcutedic5 permitted by parngraph Ig hereof.
<br />NoN-i)rrrroxst Cove!c~Na's. tkttntwer and lender turthcr covenant and agree ae fellows:
<br />IB. Accekratiua; Rotnrdies, tiscept as provided ter paragraph i1 hereof, upon Borrowers 6rrac6 of auy covrnaot or
<br />ragreement of Borrower in this Mortgage, irvciuding the covenants to pay when doe any sours srrurerl by this niortRage,
<br />I•eader prior to accrknrtioa shag mail raNire to Berrewer as proridrd in paragraph lA hervxtf sperifyhrg: (i) the brracht
<br />f2? rho anion required to cure such breach: {i) a deer, tall less than Jtl days from the date the aolice Ls nlallyd to Borrower,
<br />by which such breach must be cured; and iii that failure to rare such breach nn or before the date sprailkd in rho notice
<br />may result in arcekroUon of the sums secured oy this Mortgage, [orrclosure by judirlai precerditrg and sale of fhe I'roprrty.
<br />'d'he notice sbaR further inform Borrower of the rifrht w reinstate after accrirration and the right W assert in fbe [orrclosure
<br />procording the ttaa-e:lsteacr of a default or any olhrr defense of Borrower to aceelrration aad fartchaure. It the brearG
<br />is riot tared oa or before the elate speriged in the notice, Lrndrr at f.endrr's option may declare ell of the sums secured by
<br />tbfs Mortgage to tx immediately due sad payabk without fnriher demxud and may forertose by judicial procredi~. Louder
<br />shod be ontitle,d fa collrcf in such procoeditrg ail expenses of foreclosure, inetuding, but not limited to, costs of dceumrntary
<br />avlderce, alAtra.is o•td titez exports.
<br />14, Borrewor's Right to Retostate. Notwithstanding Leader's acceleration of the swats set;w'ed 6v this Mor[gage,
<br />Borrower shall have the rieht to have aoy proceedings begun by Lender to enforce thi+ Mongsgc discontinued at auy time
<br />
|