|
h ~/y'.~y~~t~j
<br />80- ~AV • X/V
<br />Lenders written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest [hereon, 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 />daze 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. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any action hereunder.
<br />8. Inepectloa. Lender may make or cause to be made reasonable entries upon and inspections of the Propeny, provided
<br />that Lender shall give Bottower notice prior to any such inspection specifying reasonable cause therefor related so Lender's
<br />interest in the Property.
<br />9. Condemoatlon, The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation. or other taking of tfie Property, or par[ thereof, or for conveyance in lieu of condemnation, arc hereby assigned
<br />and shall be paid to Lender.
<br />in the even[ of a total taking of the Propeny, the proceeds shall be applied to the sums secured by this Mortgage,
<br />with the excess, if any, paid to Borrower. In the even[ of a partial taking of the Property, unless Bonawer and Lender
<br />otherwise agree in writing, there 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 [he sums secured by this Mortgage immediately prie- -~ 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 by Borrower, or if. after notice by Lender ro Borrower thaf the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fails to respond to Lender within 3(1 days after the date such notice is
<br />mailed, Lender is authorized to collect and apply fhe proceeds. at Irnder's option, either to restoration or repair of the
<br />Propeny or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal 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 />sucfi installments.
<br />]0. Borrower Not Rekased. Extension of the time for payment or modification of amortization of the sums secured
<br />by this Mortgage grantad by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
<br />the liability of [he original Borrower and Borrower's successors in interest. Lender shalt 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 Eorrowers successors in interest.
<br />ll. Forbearace by Lender Not a R'aiver. Any forbearance by Lender in exercising amp right er 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 />The procurement of insurance or the paymem of taxes or other liens or charges by Lender shall not 6e a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies Gtimralative. AIt remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively.
<br />13. Successors and Assigns Iloattd; /oint and Several i,iability; 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 Burrower.
<br />subject to the provisions of paragraph 17 hereof. A}1 covenants and agreements of Borrower shalt be joint and several.
<br />The captions and heading of the paragraphs of this Mortgage are :ar convenience only and are not to be used to
<br />internrct or define the provisions hereof.
<br />14. Notice, Exttpt for any notice required under applicable law [o be given in another manner. tat am notice to
<br />Borrower provided for in this Mortgage shalt be given by mailing such notice by certified mail addressed to Borrower at
<br />the Property Address or at such other address as Burrower may designate by notice to Lender as provided 'Herein, and
<br />(b) any notice to Lender shall be given by cernfied 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 provided for in this
<br />Mongage shad be dammed io have been given to Borrower or Lender when given in the manner designated herein.
<br />IS- Uniform Morla~e; Governing Law; Severability. Tf,u form of mortgage combines unifor-n cavcHants for national
<br />use and non-uniform covenant,, with limited variations by jurisdiction to constiurte a uniform seairin- invrument cavering
<br />real progeny. This Mortgage shall be governed by the law ut the jurisdiction in ;vhich the Property ~. located. In tfie
<br />event that any provision or clause of this Mortgage or the Mete rnnfticts with applicable law. such canftict shat! oat affect
<br />other provisions of this MorIgage or the Note which can be given effect without the conflicting provision, and to this
<br />end the provisic>ns of the lufongage and the Vote are declared to be severable.
<br />16. Eorrovvera Copy. Borrower shall be furnished a conformed cagy of the dote and cf this Mortgage at the time
<br />of txtcution or after recordation hereof.
<br />77: Transfer of tk Property; Asnvmpooa. If all or any part of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior wriuen consent, excluding tat the creation of a lien or encumbrance subordinate to
<br />this Mongage, (b) the creation of a purchase money security interest for honsehald appliances, icl a transfer by devise.
<br />descent ar by operation of law upon the death of a joint tenant ar
<br />Lender may, at Lender's option. declare all the sums secured by this Mortgage to he
<br />immediately due and payable. Lender shall have waived such option tc accelerate if. prier to the ,ale ar transfer. [_ender
<br />and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such pt rsan
<br />is satisfactory to Lender and that the interest payable en the sums secured by this hlartgage shell he at such rate as !-ruder
<br />shall request. if Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower'; successor in
<br />interest has executed a written assumption agreement sccepted in writing by Lender, Lender shall release Borrower from alt
<br />obligations-under this Mortgage cad the Note.
<br />If Lander exercises such option to acmlerate, Lender shall mail Borrower noose of aseleradon m accordance u'uh
<br />paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the naiec is mailed within
<br />which Bormw•er may pay the sums declared due. if Borrower fails to pay such sums noun to the expiration of inch period,
<br />Ltxtder may, washout ftarther notice ar demand ern Borrawcr. mvol.e crap remedies perm~ned ht' paragraph I Q hereof.
<br />Nov-UNIFORM CaYENANTS. Borrower and L.eHder further covenant :rod agree as tollown:
<br />1(t. Accekration; Remedies Fattpl as provided in paragraph 1~ hereof, upon Borrower's breach of any covenant ar
<br />apeenrent of llbrrower is this Mertstge, iaclodioY the cocenrgis fo pay when due am sums secured 6y this h(onRaRe.
<br />Lender prior to actxkratioa shay mail notke to Borrower as prorideil in paragraph 14 hereof specifying: (1) the breach;
<br />(7) the aelidn rewired fo can srch breach; {31 a date, not teas than 30 days from the date the notice is nwiled to Borrower.
<br />hS whkh srrelr breach mtrt be cared; cad tell tha/ faitrre to core such breach on nr before the date specified in the notice
<br />tray rtwk iA accdetation of the cams secated by this Mortgage, foreclosure by judicial proceeding and sale of the Property.
<br />Tie notice slraB Ymlher iaftum borrower of the right to reindlate after acceleration and the right to assert in the foreclosure
<br />pwceedir~ the aqn-e~iAtnce of a defsalt or nay other defends of Borrower to acceleroU~n and foreclosure. If the breach
<br />,ia cwt cord on ~ before the dNe specified is t-e notice, Ixroter at (xnder's option may declare all of the sums sscurcd by
<br />thiY Mpri~ag Io bs inrwedhtely due and payabk without further demand and may foreclose by judicial proceeding. Lender
<br />shalt he satilkd to eoBerf in such proceeditte all escpeases of foreclosure, including, but not limited to, costs of Documentary
<br />svidswce, abalracu cad talk reports.
<br />1!, llorrower'a Ri~Yf to RtiaWalt. Notwithstanding Lender's accelcrauon of the sums secured by this Mortgage.
<br />Harrower shall have the right to have any proceedings begun by t,cnder to enforce thts hlangagc 4liscouunucd at cup time
<br />
|