|
+~~•,~
<br />Txndrr's written agreement or applicable taw. Borrower shad pee the amount of ail mortga¢e insurance premiums in the
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, x•ith interest thereon, shad become additional
<br />indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms- of payment, sixh
<br />amounts shall lm payable upon notice from Lender to Sarrower-requesting payment thereof. and shalt bear interest from the
<br />date of disbursement at the rate payable from time to time on outstanding principal under the No[e 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 Lake
<br />anv_ action hereunder.
<br />8. ~ Inspection. Lender may make or cause [o be made reasonable entries upon and inspections of the Property, provided.
<br />that Lender shall give Borrower notice prior to any such inspection specifying esasonabte-cause therefor related to Lender's.
<br />interest in the Property. -
<br />4. Candemna4ion, The proceeds of any award or claim for damages, direct-orconsequentiah in connection with any
<br />condemnation or other taking of the Property, or part 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 the Property, the proceeds shall be applied to the sums secured. by -this bortgage.
<br />x•ith the excess, if any, paid to Borrower. In the cent of a partial taking_of the-Property, unless Borrower 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 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 />Tf the Propert}• is abandoned by Borrower. or if: after notice by Lander to Borrower [hat the condemnor offers to make
<br />an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is
<br />mailed_ Lender is authori~d to called and apply th'e proceeds, at Lender's option, either to restoration or repair' of the
<br />Properly ar to the sums secured by [his A3nngage. - _
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br />or pastpane the due date of the monthly installments referred to in paragraphs i and Z' hereof or change the amount of
<br />such installments.
<br />10. Sarrower Not Released. Extension of the time far payment or modification of amortization of the sumrsecured
<br />by this Mortgage granted tp Lender to anv successor in interest of Borrower shall not operate to 'release, in any manner,
<br />the liability of the a-iginal Sarrower 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 ?his Mortgage by reason of am' demand made by the original Borrower and Borrower's successors in interest.
<br />27. Forbearance by Lender Not a Waiver. Anv forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afrarded by applicable law, shall no[ 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 be a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />22. Remedies Cumulative. Ail remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy :order this Mortgage or afforded by law ar equity. and may be exercised concurrently, independently or successively_
<br />73. Successors and Assigns Bound; Soint and Several i,iabiiih•; Caprions. 'Ilre covenants and agreements herein
<br />contained shall bind, and the rights hereunder shad inure to. the respective successors and assi¢ns of Lender and Borrower,
<br />subject to the provisions of paragraph 77 hereof. .All covens^[s and agreements of Borrower shall be joint and several.
<br />T'ne captions and headings of the oaragraphs of this Mortgage arc for convenience only and are not to be used to
<br />interpret or de,`,ne the provisions hereof.
<br />14. Notice. Except for any nonce required under applicable law to be given in another manner, (a) any notice to
<br />Borrower provided for in this Mortgage shall he given by mailing ..<.uch notice by certified mail addressed to Borrower a[
<br />the P*aperty Address or at .such ether address as Borrower may designate by notice to Lender as provided herein, and
<br />(bI ar.>~ notice to r end^.r shall t+e given by car?ified mail, return receipt reques?ed, *.o I.ende~s address Stated herein er to
<br />such other address as Lender may designate by notice to Sarrower as provided herein. ,Any notice provided for in this
<br />+•Icrtgage s.._.. he ~ _med ?e :._ve .,__. rn to Sarrower or ..nd.. whet. - _., .,... man..ar designtited herein.
<br />7S. 1]vifarm ;L2artnaget Gaceming^l.aw; $ev¢r2bttitv'. This farm of mortgage combines nnif.~rm covenants for national
<br />use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
<br />real properq'. This '.Lortgagc shall he governed by the law of the jurisdiction in which the Property is located. In the
<br />event chat any provision ar clause of this Mortgage ar the Note conl1icts with applicable lax', such conflict shall not afftet
<br />other provisions of this Mortgage ar the Nate which can be given effect without the conflicting provision, and to this
<br />end the provisions of the Mortgage and the Note :ve declared to be severable.
<br />]ti. Bormwer's Cop}'. Borrower shall he furnished . canfermed copy of ?he Nute and of this Mortgage at the time
<br />of esrcution or niter recordation hereof.
<br />1.7. Transfer of the 1'ruperty; Assumption. If ail ar any part of the Propertt• or an interest [herein is sold ar transferred
<br />hp Borroucr without tender's prior written consent, excluding (al the creation at a lien or encimtbranec subordinate to
<br />this Mortgage, ib) the creation of a purchase money severity interest fee hatsehoid app)iances, tc) a transfer 6y devise,
<br />descent or by apeeation of law upon the death of a jumt tenant or (di the grant of any leasehold interest of three years rn' less
<br />nut containing an option to purchase, I_cnder may, at Lender's option. declare all the sums secured by this Mortgage to be
<br />immediately due and payable. Lender shall have waived such upuon m accelerate ii, prior io the gale or transfer Lender
<br />and the person to whom the Property is to be Bald or transferred reach agreement in writing that the credit of such person
<br />is satisfacton• to Lender sad that the interest pa}•able on the snots secured by this ~langage shall be at such rate as Lender
<br />shall request. If Lender has waived the option to accelerate provided in this paragraph 37, and if Borrower's successor in
<br />interest has executed a +vritten assumption agrcemetu accepted in writing by Lender. Lender shall release Borrower from all
<br />ofaligations under this Mortgage and the Note.
<br />If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in ::etx>rdance x:jth
<br />paragraph 74 betas[. SnCh notice shall provide a period of oat less than ~0 days from [he date the n<?ticc is tntdied within
<br />which $orrower may pay the sums declared due. If Borrower tails is nay such ,ums none to ttte pxpita[ion of such per~ad,
<br />Lzndar may, without funher notice or demand on Borrower, ~^voke any remedies permuted M• paragraph I g hereof.
<br />NoN-Ur.iFOxxt Covt:;annrs. Borrower and Lender further covenant and agree as lallax•s:
<br />t8. kcceleralion; Remedies. EXCept as provided in paragraph 17 hereof, upon Borrowers breach of any cavenanl or
<br />agrcenrent of Borrower in this Mortgage, }ncinding the covenants to pay when due nay sums secured by this Mortgage,
<br />T,epdtr prior to uct~teration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach;
<br />(2) the action required to cute such breach; (3) a date, not less than ail days from the state the notice is mailed w liorrowcr,
<br />by which such breach must 6e cured; and (41 that failure to cure such breach on ur before the date specified in the notice
<br />may result in aeeeleration of the sums secured by this A7artgaRe, foreclosure by judicial prureedin>; and sale of the Pu,pcrfy.
<br />The notice shall funher inform Borrower of the right to reinstate after acceleration and the rigid to assert in the. foreclosure
<br />grtu:eadtng the tsan•extstence oC a defaui! or any other defense oC ltorwwer to aec•rleralinn and foreclosure. !f the breach
<br />is oat cured on or intore the date speciCted in the Holier, Lender at T,rnder's option may declare ail of the sums secured by
<br />this i5ortg,age to be immediately due and payable without iurtber demand and may fareciose by judicisi proceeding. Lender
<br />shelf be enfiiied to eaiiecf in sorb proceed'eng all expenses of #orecdosnre, including, 6uf +wt 1'tnrite+i [o, costs of dacunten[art
<br />evldeeece, ~hhiracts and title rr~?res.
<br />79. Lbsrro>k~~'s Refit to T?sftas±nt^~ Netwith5r~nding Lender `a teicrata+n .+f the v:m: wonted by this Mortgage.
<br />Borrower shall have the right to have any proceedings begun by Lender n cntcr.'r ihu Mortgage drsconunued ut um t,me
<br />
|