|
<br />Leader's written agreement or aopGcabte law. Borrower shall pay the amount of ail mortgage insurance premiums in the
<br />manner pravided under paragraph 2 hereof.
<br />Any amounts disbursed by Leader pursuant to this paragraph 7, wish iateresE thereon. shah become additional
<br />indebtedness of Borrower secured by this Mottgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shalt be payable upon notice from Lender to Borrower requesting payment thereof, and shalt bear interest from the-
<br />date of disbursement ai the rate payable from time to time on rnatstanding principal under the Note unless payment of
<br />inmrest 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 ?shall require Lender to incur any expense ar take-
<br />any action hereunder.
<br />8. inspection. Lender may make or cause to be made reasonable entries upon and inspections of ttse Praperry, ¢rovided
<br />that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />9. Condemnation. The proceeds e[ any award ar daim~ for damages, direct or consequential, in connection with any
<br />condemnation or other taking of the Property, ar Hart thereof. or for conveyance in lieu of condemnation: are hereby assigned-
<br />and shall be paid to Lender.
<br />In the event of a total taking of [he Property, the proceeds shall be 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 />otherwise agree in writing, there shall be applied m the sums secured 6v this Mortgage such proportion of the proceeds
<br />as is equal to that prooottion which the amount of the sums secured by this Mottga¢e 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 by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make -
<br />an award or sonic a claim for damages. Bortower fails to respond to Lender within 30 days after the date such notice is
<br />mailed. Lender is authorized :o collect and apply [he proceeds. at Lender's option. either to restoration or re¢air of the_
<br />Property ar to the sums secured by this Mortgage.
<br />L*nl=ss r ender ,,,,a w,rr~~ar eth~rw;se agree in >vriting. any such application of ¢rarecds to p.^' noipa, s o:l nat~~ztend
<br />or postpone the due~date of the monthly instal3ments referred to in paragraphs 1 and ?hereof or change the amount of
<br />such instaiiments.
<br />10. Borrower tint Rvfeased. Extension of the time for payment or modification of amortization of the sums secured
<br />by thts :vortgage granted by Lender to any successor in interest of Borrower shat( not operate to release. in any manner.
<br />the liability of the original Borrower and Borrower's successors in interest. Lender shalt not be required to commence
<br />proceedin¢s against Bach 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 Borrowers successors in interesn
<br />t t. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise atiorded by applicable 'aw, shall not be a waiver of or preclude the exercise of any such right or remedy.
<br />The~prosttrement of insurance ar the aayment of taxes or other liens or charges by Lender shall Hoc be a waiver of tender's
<br />right to.aaceierate-the-manaityof the indebtedness secured by this Mortgage.
<br />12: Rernxdies.Crm-rstarive. All remedies provtded in this 'mortgage are distinct and cumulative to any ether right or
<br />remedy urr'der rhi~ikiartgage-ar afforded by law or eGUity. and may be exercised concurrently. independently or successively.
<br />~'t 3. ~~$nccessrits- and Assigns Bound: Joint and Several Liability; Captions. The covenants and agreements herein
<br />contained shall bind. and the rights hereunder shat! route to, the r_-specuve successors and assigns of Lender and Borrower.
<br />subiect to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
<br />The caanans and headings ei the paragraphs of this 4(artgage are for canventence only and are net to be used to
<br />interpret ar deSne the provisions hereof.
<br />1~. 'Yotrce. Euept tar any nonce required :ruder applicable law to be given in another manger. fa) env notice to
<br />Borrower pravided for in :his Mortgage snail be ,oven bq mailing such notice by cettifled mini addressed to Burrower at
<br />the Property Address or at such other address as Burrower may designate by notic_ to Lender as provided herein, and
<br />Ib) any nonce to Lender snail be given by xrufied maxi. renim receipt requested to Lend°r's address stated herein oc to
<br />,ch other .,drtref< as Lod-_r m- ,._ nruce ,z Bor*nwer as order! hire: r:. >nv notice pravided for ~.. this
<br />i3ortgage shall be deemed te. haw' heeng;ven to Harrower or i..ender ~s•hen given in the manner designated hereui.
<br />-.... ti.ert~et .° - ,. ~Y2ial A;.r.. Thrs ' ..,, .., rigage tomban unifT°i eaVGnanis fur natt~riai
<br />Ube and nOP.„unifarm ~a'=enyr33 wilh •i.2t ed varlatA!7n.. F !ufi~dS4rion ii- _~^"etitlte ] !lm fatT=t s~-6!'it4' i~=tn!ment C^vt.^.ns
<br />real praperrt. This Mortgage snail be governed by the 4law of the ~unsdi^.uon ;n which [he Property~u located. In the
<br />event :hat any provision or clause of this ~tort¢age or the Noce conflicts ~.vith applicable law, such eanflict shall no[ affect
<br />other provisions of ;lily \lrtgage or the Vote w;uch can be arven effect wuhaut the conflicting provision. and ;o this
<br />end the provisions of the 1lortgage and the vote are declared 'o he severable.
<br />16. Borrower's Copy. Botmwer snail be furnished a .rniormed copy of the Vote and of +hts ~1ortgage at the rime
<br />of execution or alter recordation hereof.
<br />17. Transfer of the Property: Assumption. If all or any part of the Pro¢erty or an interest therein is sold or transferred
<br />by Borrower without Lender's attar wntten _r.nsen[. e.xckuding tai the Creation of a hen or encumbrance suberdmate m
<br />this .Llortgagc, ib) the creanon of a ourchnse money security interest far household appliances. tc1 a transfer by devise.
<br />descent ar by operaaan of few upon the death of a joint tenant er fdl the gram oC 3ny Inasenald interest of three veers or less
<br />nut containing an option to purchase, Lender coati. at Lender': opuon, declare alt 'he sums secured by ~hts 4to r[gage 'n i+e
<br />immediately due and payable. i.ender shall have waived such opuon 'o accelerate if. ~~nar ~o .he aide .+r transfer. Lender
<br />and the person to whom the PropCrty is to Fe seW or trsnsferrcd reach agreement in ~-v rrvng tout the .re;iu :?t su: Y, parson
<br />is satisfactory ro Lender and that the interest payable nn the sums secured r+y this ~lor[gaue +hall be at ui.h r,uc as i ender
<br />shall request. if tender has waived the opuon :o accelerate pravideJ ut !his paragraph i ,, and d Harrower s xic.essur in
<br />interest has executed a writtep assumption agreement acce¢red in w-Hung by Lender i.ender :hall reka.x Harrav-cr inxn ,ill
<br />obligations under this Mortgage and the Note.
<br />If 1_erder exercises such option to accelerate, Lender shall mail Borrower nonce of acceleraton .n accordance .vtth
<br />paragraph !+ hereot. Such notice shall pravtde a period e[ rwt less than 30 lass from !ha date the rotrca i., :nailed wuhu:
<br />rnl~- Bt3. r.+x j ~+a,` ,UiT'.S u.. :uteri J:Ve. 1 Bono.. e,- :3115 'J FaV a.. ,~ aJm. t?r~~l i, :nC 21pf ('a ,1~1 ,:,_i..
<br />Lender may, wt[haut furher ounce nr demand on itora~w er. n,so6e am rromcdrea penn~nco t,v ::ar ayrtph r, ,.~,cu C,`~
<br />NON-UNt~oaxt Covennti is. Borrower ,mJ Lender furher ~orenant and aerec as n?flows.
<br />1$. Acceleration; Remedies. Except ns provided in paragraph 17 hereof, upan Borrowers breach of any covenant ur
<br />agreement of Borrower in this Mortgage, including the covenants ro pay when due any neon secured by thin \lortgat:c.
<br />Lender prioe W acceleration shall mail notice to Borrower as prasirled in paragraph 1-0 hereof specifying: ill Cho breadu
<br />It) the action required to cure such breach; t3) :r dote, nor less than 30 days from the date the notice is moiled to Born>+. cr.
<br />by ;vbich such breach must be cued: gad N) that failure to cure such breach on ar hefore the Ja[e ~pceifivd in the notice
<br />Hwy rESUIt in acceleration of the sums secured by this Siartgage. Eoreclosurc h± judicial ¢rocceding anJ sole of lire Propern.
<br />"Phe notice shall further infaan Barrow-es of the right to reinstate after acceleration :mJ the n;au to avert in the foreclosure
<br />proceeding the non-exisfence of a default ur any other defense ut Bnrruw or to acceleration and furecloaurr. If the breach
<br />is not cured on oc txfore the duce speeihed in the notice. Lender at Lenders option may dedan• alt of the snots .cured M
<br />this 4lungage to be immediately due and pay ul)ie wiihuur further demand and may Ga redux• h} judicial proceeding. I ender
<br />shall he en@tled to coLect in sec!! proceeding al! expenses of foreclosure, inc!udtag, bat nor limited [u, cwt> of ducuourtary
<br />_x.ide_ re.:,~te,_. _.,., riela >..rr~
<br />1.9. Borrawrers Right rp) Reinstate. Vatw ithntanding [_c nJcr. .i..cter alien ... ..~ „His ,canted by ;,~•. ~loit_s~e
<br />Bnrrawer shall have the right to have soy ,n cecdm,'m ne:g~.m ~s tender ~. aitor.;e :n,s Atoi:g..gc .~i,,.,i,,,u,.~ :..~.~. __
<br />
|