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80-:~~~
<br />~ender~ written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance
<br />remium
<br />i
<br />h
<br />p
<br />s
<br />n t
<br />e
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon
<br />shall become addition
<br />l
<br />i
<br />,
<br />a
<br />ndebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment
<br />such
<br />,
<br />amounts shag be payable upon notice from Lender to Borcowcr requesting payment thereof, and shall bear interest from the
<br />date of disbnrsemenf at the rate payable from time t
<br />ti
<br />o
<br />me on outstanding principal under the Note unless paytnen[ of
<br />interest at such rate would be contrary m applicable law
<br />i
<br />hi
<br />h
<br />,
<br />n w
<br />c
<br />event such amounts shall bear interest at the highest rate
<br />permissible under applicable law
<br />Nothin
<br />co
<br />t
<br />i
<br />d i
<br />.
<br />g
<br />n
<br />a
<br />ne
<br />n this paragraph 7 shall require Lender to incur any expense or take
<br />any action hereunder.
<br />8. Inspection. Lender may make or cause to 6e made reasonable entries upon and inspections of the P
<br />i
<br />roperty, prov
<br />ded
<br />that fender shall give Borrower notice prior to any such inspection specifying reasonable cause theref
<br />l
<br />d
<br />L
<br />'
<br />or re
<br />ate
<br />to
<br />ender
<br />s
<br />interest in the Property.
<br />9. Condemnatbn. The proceeds of any award or claim for damages, direct or mnsequentiat, in connection with an
<br />cond
<br />i
<br />y
<br />emnat
<br />on or other taking of the Property. or part thereof, or for conveyance in lieu of condemn
<br />ti
<br />h
<br />b
<br />a
<br />on, are
<br />ere
<br />y assigned
<br />and shall 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
<br />if any
<br />aid to Bo
<br />I
<br />,
<br />. p
<br />rrower.
<br />n the event of a partial taking of the Property. unless Borrower and Lender
<br />otherwise agree in writing. there shall be applied to the sums sec
<br />d b
<br />hi
<br />M
<br />ure
<br />y t
<br />s
<br />ortgage such proportion of the proceeds
<br />as is equal to that proportion which the amount of th
<br />e sums secured by this Mortgage immediately prier to the date of
<br />taking bears to the fair market value of the Pro
<br />i
<br />perty
<br />mmediately prior to the date of taking, with the balance of the proceeds
<br />paid to Borrower, -
<br />If the Properh• is abandoned by Borrower, or ;f. after notice by i_ender to Borrower that the condemnor offers Lo
<br />k
<br />ma
<br />e
<br />an award or settle a claim for damages, Borrower fails tc respond m Lender within i0 davs after the date such notice is
<br />mailed, Lender is authorized to colle
<br />t
<br />d
<br />h~
<br />c
<br />an
<br />app
<br />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 oat extend
<br />or pos[pore the due date of the monthl
<br />i
<br />t
<br />ll
<br />f
<br />y
<br />ns
<br />a
<br />ments re
<br />erred to in paragraphs t and 3 hereof or change the amount of
<br />such installments.
<br />10. Borrower Not Released. Extension of the time for payment or modification of amortzation of the sums secured
<br />by this Mortgage granted by Lender to an
<br />succ
<br />i
<br />i
<br />y
<br />essor
<br />n
<br />nterest of Borrower shall not operate to release. in any manner,
<br />the liability of the original Borrowe: and Borrower'.
<br />i
<br />successors
<br />n interest- i_endzr shall not he required to commence
<br />proceedings against such successor or reface to extend time for payment or oihe
<br />a~i
<br />dif
<br />r
<br />se mo
<br />y amortization of the sums
<br />secured by this Mortgage by reason of any demand made by the original Borrower and Bnrrnwer's
<br />i
<br />i
<br />successors
<br />n
<br />nterest.
<br />11. Forbearance by Lender Not a Waiver. .Aoy forbearance hg Lender in exercising env right nr remedy hereunder, or
<br />otherwise afforded by applicable law
<br />shad not he
<br />i
<br />f
<br />,
<br />a wa
<br />ver o
<br />or preclude the exercise of anc such right or remedy.
<br />The procurement of insurance or the payment of taxes n
<br />h
<br />li
<br />r ot
<br />er
<br />ens ;,r charges by (_ender <hail not he a [salver of Lender's
<br />right m accelerate the maturity of the indebtedness cecurcd t,y th;s S1nnea¢e
<br />.
<br />12. Remedks Cumulative. All remedies pmaided m this \tort~aee arc distinct and rumulativc m env other ri
<br />ht
<br />or
<br />g
<br />remedy under this Mortgage or afforded by law ;,r equttx'. and may he exercised concarren *.Iy, independentl}• or successively.
<br />t3. Successors and Assigns Bound; Join[
<br />d S
<br />an
<br />everal T.iability: Capfions. The cesrnants and agreements herein
<br />contained shall bind, and the rights hereunder shall
<br />h
<br />inure to. t
<br />e n:cpecr.re successors and assigns of Lender and Borrower.
<br />subject ,o the precisions of paragraph 1' hereof. Ail covenants and sereement;
<br />f B
<br />o
<br />orrower shall he joint and several.
<br />712e captions and headings of the paragraphs of this hlaagage are for conv
<br />i
<br />l
<br />en
<br />ence on
<br />y and are rot to he used to
<br />interpret or define the provisions hereof.
<br />14. Nofke. Except for amp notice required under applicable law to he given in another manner, (a! any notice to
<br />Borrower provided for in this Mort
<br />a
<br />e
<br />h
<br />ll h
<br />g
<br />g
<br />s
<br />a
<br />e ,aver. by marling such notice h}' certified mail addressed to Borrower at
<br />the Property Address or at such other address as Borrower m
<br />d
<br />-
<br />ay
<br />esignate h}
<br />notice to Leader as provided herein, and
<br />(b) any notice to Lender shall he gtyca h}' certified mail
<br />return
<br />e
<br />'
<br />,
<br />r
<br />ceipt requested. to Lender
<br />; address stated herein or to
<br />such other address as Lender may designate b}' notice to 8orrower as provided herei
<br />A
<br />i
<br />n.
<br />ny not
<br />ce provided roe m this
<br />Mortgage shat! be deemed to have }seen gtven to Borrower or i.ender when given in the manner designated ::
<br />i
<br />gro
<br />n.
<br />I5. L.niform Mortgtyte; Governittq taw; Sererabi6h'
<br />The. form
<br />f
<br />.
<br />o
<br />mot rgage combines uniform covenam: snr national
<br />use and non-uniform covenants with limned variattons by lurisdictinn m consnnne a uniform
<br />'
<br />cocoon
<br />msrrument sverina
<br />real propern`. This Mortgage shat; he governed by the law of the iur~sciictinn ~n which the Property ~, located
<br />I
<br />th
<br />.
<br />n
<br />e
<br />event that any provrvon nr eiause of this \iorteage or the Note condirts ~.vith applicable law, such rnntliei shah not affect
<br />other provisions of the SSott
<br />aEe sr the N
<br />h
<br />g
<br />ote sa
<br />ach can be arven etteC uithrnrt the :ondictine provision. and u~ ;his
<br />end the provisions of the Mortgage cad the tote am declared to be severable
<br />.
<br />15. Bonrowtrs Copy. Borrower shall be furnished a conformed coi*.y s=; the Note and of this A1ort~agc at the time
<br />of execution ter alter recordation hereof.
<br />17. 'IYausfer of the Property; Assumpfion. If a!I or am part o1 the Property cr an interest therein is sold ;+r transferred
<br />by Borrower without Lender's
<br />i
<br />i
<br />pr
<br />or wr
<br />tten rnnsent, excluding tat the creation ;,1 a )!en ., enatmbnixc ,nhorcimate to
<br />[his Mortgage, tbi the creation of a purchase mone
<br />s
<br />i
<br />-
<br />y
<br />rcur
<br />n
<br />interest for household apphanccs. !ct .; !ran,fer M- devise.
<br />decent or by o
<br />erati
<br />f l
<br />p
<br />on o
<br />ac upon the death „f >. ~o;m tenant or - ' - _
<br />Lender n:ay, at Lender', ,,piton, declare ail the +ums weaved by ;h;s 11orteage to he
<br />immediately due and payable Lender sizail hax•_ ;c
<br />d
<br />arve
<br />,uch opunn ro accz ierate :i. Rrior ro the .a3c a,r transicr. Lcncier
<br />and the person to whom the Propern• is in he sold <ir [ransterred reach
<br />;a
<br />re
<br />~
<br />.
<br />g
<br />ement in
<br />.s rit:ne that :hc credit of ,uch person
<br />is satisfaclon• to Lender and that the interest asyab?e nn the scams centred hs this vt
<br />h
<br />'
<br />I ~
<br />ongage ,
<br />a
<br />.
<br />,: ~u such rate :n Lender
<br />shall request. If (.ender has waived the npnon m accelerate pmasded in thi,
<br />ra ragraph i'
<br />anc:; i3orrow
<br />r'
<br />i
<br />i
<br />,
<br />-
<br />c
<br />s ,uccessnr
<br />n
<br />nieres[ has exei;uted a written assumption agreement accepted in ~.. ritmR by Lender. I_enJer .hail release Borrower from all
<br />obligations under this Mortgage and the Note
<br />.
<br />If Lender exercises such option to accelerate. Lender .hall mail Borrower mince ,d -, ~~_eleratnn ; ;~.:nrdance with
<br />paragraph 14 hereof. Such notice shall
<br />rovid
<br />i
<br />p
<br />e a per
<br />od nt not Less ;ban ~0 days irr,m the slate the notice ~, mailed •.c ith;n
<br />which 8orrower may pay the sums declared due. If Horrewer tails ~ was ,c
<br />h ,
<br />r
<br />c
<br />um. p . _. the cxptrauon ,:f ~ ich paned,
<br />Lz-nder may, without further notice ar demand on No
<br />-
<br />r
<br />rrou
<br />er.:nvo(.c
<br />ani remedies otrm;t!e,i
<br />n. narigraph i ~ hereof.
<br />Nox_Utvtroant CovE?van is. 8orrower and Lender further c„xenent :arid :t
<br />;ree a
<br />!nll
<br />w
<br />-
<br />t
<br />s
<br />o
<br />s
<br />18. Acceleration; Remedks, Except as provided in
<br />h 17
<br />'
<br />paragrap
<br />hereof, upon Borrwver
<br />s breach of env covenant nr
<br />~ree
<br />ment o[ Borrower in this NortRaar, in+dudittK the rovrnanls t
<br />h
<br />~
<br />o pay ..
<br />en due am .urns secured by this ylorlt;age,
<br />prior to accekrrrtion shah mail notice t
<br />B
<br />o
<br />orrower as procidrd in paragraph 31 hereof specifyingr: tI) the breach;
<br />(2) the action required to tyre such breach; f3) a date
<br />t l
<br />h
<br />Jtl
<br />, tw
<br />ess t
<br />an
<br />days from the, date Ihr notice is mailed to Borruwrr,
<br />by which strch brwch mutt be cured; and t4) the[ failure !o cure such breach nn or before the date specified in the
<br />epli
<br />r
<br />er
<br />may result ie acceleration of the sums secured by this ~tor[gage, forecMsure by judicial proc~rdinK and sale of she Property.
<br />The notice shag Ftuther inform Borrower of the right to reinstate aNer accel
<br />ti
<br />era
<br />on and the right to assert in the foreclosure
<br />proceednq the non-exfRCnre of a defwlr or any other def
<br />f B
<br />ense o
<br />orrower tp acceleration and foreclosure. If the breach
<br />is cal cured on or before the dtde specified in the notice, Lender at l,e[aier's o
<br />tion
<br />d
<br />l
<br />ll
<br />p
<br />may
<br />ec
<br />are a
<br />of the sums secured by
<br />this MortBaee to be immediafety due and payable without further dem
<br />d
<br />d
<br />an
<br />an
<br />ma_y foreclose by judicial proceeding. Lender
<br />shalt he enlNkd to eolkct in such proeeedittg all ex
<br />enses
<br />f &
<br />l
<br />p
<br />o
<br />irec
<br />oserr, includink, but not limited to, costs of doc-umrntarv
<br />erideuce, abstracts and title reports„
<br />19. BOrrowds Risht to RriRCtatt. Notwithstanding t_c nder'c aeeele; auvn nt ;he ,urns nrcaurd by the, 'yt ortgage.
<br />8orrower shall have the right to have a
<br />di
<br />ny procee
<br />ngs tx~un by i e•nder t; ,•auor~~ ih;, hlongat;c Jn.on;+nued -;, any ama
<br />
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