|
,, - ~~
<br />Lender's wri~n agreement or applicable law. Borrower shall pay zhe 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 thereon. shall become additional
<br />indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other teems of payment, such
<br />amounts shat be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the-.
<br />date of disbursement at the rats payable from time to time on outstanding principal under the Note unless payment af,
<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 ]aw, Nothing contained in this paragraph 7 shall require Lender to-incur any expense or~takr
<br />any action hereunder.
<br />8. Inspectiot.. Lender may make nr cause to 6e made reasonable entries upooand inspections of the Property, provided
<br />that Lender shall give Borrower notice prior to any such inspection specifying reasonable-cause therefor related to Lender's-
<br />intertst in the Property. -
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in.cnnneetion with any
<br />condemnation ar other taking of the Froperty. or part thereof, or for conveyance in lieu of condemnation, are hereby rtssigned
<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 Mortgage.
<br />with the tscess, if any, paid ro Bottower. In 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 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 [he Property immediately prior to the date of taking, with the balance of the proceeds
<br />paid to Borrower.
<br />If the Propert}• is abandoned 6y Borrower. or if. after notice by Lender to Borrower that the condemnor offers to retake
<br />an award ar settle a claim for damages, Borrower faits to respond to Lender within 30 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 repair -, of the
<br />Fraperty or to tiro sums secured by this Aortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shat) not extend
<br />ar postpone the due date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of
<br />such installments.
<br />10. Borrower Not Released. Extension of the time for payment ar modification of amortization of the sums secured
<br />by this Mortgage granted by Lender to anp successor in interest of Borrower shall not operate to release, in any manner.
<br />the liability' of the orieinal 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' amortitatian of :he sums
<br />secured by this D'fortgage by reason of any demand made hp the original Borrower and Borrowers successors in interest.
<br />11. Forbearance by Lender Nnt a R'aicer. Am' forbearance 6y Lender in exercising am• right ar remedy hereunder, or
<br />otherwise atTerded 6v applicable tax. shall not ht a waiver of or preclude the exercise of any such ri¢ht or remedy.
<br />The procurement of insurance or the pa7mtnt of taxes or other liens ar charges by tender shall not he a waiver of Lender s
<br />right to accelerate the maturity of the indebtedness secured by this Ivtor;gage.
<br />12 Remtdies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right nr
<br />remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
<br />13. Suecesson and Assigns Bound; Joint and Several [.iabitity; Captions. The covenants atd agretmenzs herein
<br />contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of tender and Borrower,
<br />subject ro the provisions at paragraph 1? hereof All covenants and atreements ar Bnrrawtr shall bt joint and severe}.
<br />The captions and headings of the naracraphs of this Mongnet art for canvenienet only and are nut to }~ used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicable law to be given itt another manner, ta: any ntstiee to
<br />Borrower , rovidcd for in this M.,rtgnge s_ha!! he tivtr. Dy mailing such t.., ire by certified r~~? ttdses.=.cd to Harrower at
<br />.he Property Address or at such other addr€ss as Borrow€r mau designate b}• ne*.ice to Lrndtr as provtdtd herein, and
<br />., - --..-- -. i_=.- - :-- . ;' :?IS C..^, `^ - ~~r;:fic~ inaii, r-- .., :rcr: p: :ett'neS:: u, ~^.CC: 5 .ld^'r.45 Stated .'itrtin itr ;7
<br />such.other address as Lender ma}' designate by natict to Borrower as arovulcd herein. any notice pmetdtd for in this
<br />'=S _,rinegc a.^.ai€ ne trt:neo e h.=.f•t oee.^, given :o iiarrnwe€ or i_rnder u~htn tr<~eft i't the manner ac~s~nair-d beta=in.
<br />-' lttifarr:s '~art>;«gt; Cru.Y,~r-ini; `i.aK: Sertrabiiirr. This ice-ern of ruert> wRe cnmt~nes rnifcrnt r -.rcnants tnr national
<br />ast and non-uniform covenants with limited variations by jurredictinn to tunstiunc a uniform +ecunty~instrumrnt covering
<br />real praptny. ~f?us Mangage shall he governed by the law of the jurisdiction in which the Proptrtv is located. In the
<br />event that any provision nr clause of this ~fongage or the Note conflicts with appltrablt law. such cant7ict shall oat affect
<br />other provisions of chi, Mortgage nr the Vote which can he given edect without the conilic[ing provision. and to this
<br />end the previsions ^f the Mortgage and the Note are declared to he severable.
<br />Sb. Borrower's Cnp}•. Burr-pu=rr shall he furnished a ec ntnrmed copy of tht *%ote ;.nd of this Mortgage at the time
<br />of execution nr after recordation hereof.
<br />1'. Transftr of iht Property; Assumption. I( al! or any part oY the Proprrt~' or an intcrrst therein is Bald ur transferred
<br />by Borrower without Ixnde~ s prior writnn cunsem, excluding tat the creation of ;i hen or eneumbranct >uburdinatc to
<br />this Mortgagr, fZ+l the creation of a purchase money sncurit}• interest for household ::ppliancrs, tc) a transfer b}' devise,
<br />descem or by a,paratimt of law upon the death of a ioint tenant or Id) the Grant of env leasehold interest of three years nr less
<br />not containing an option to purchase, Lrndtr rnay, at Lender's option, drelair all the sums srwred by this Mnrtgage to ht
<br />itnmciiiamlp due and pa}'able. Lender shall have w-eivtd wch opuc~n to acenlaratr !f, prior In the sale or transfer, Leader
<br />urtd the t~rsun io whom the Property is to be said or transferred reach ugrrtment in wert,ug that the credit of su~•h person
<br />if satisfacton• to Lrad€r sad that the intttest payable on rhr sums secured by this Dtortgagt shall ha ai such rate us Lrndtr
<br />shall rtqutst. if Lrndtr has waived the option to accelerate ptovidtd in this paragraph 17, and if tlorrower`s successor nt
<br />inltrtst has exrrutrel u written assumption agrermtnt accepted in writing Dy Lender, Lrndtr shall release Honnwer from all
<br />obligations under this Mortgag€ and the Mute.
<br />If Lrndtr exercises such option to acetltratt, Gender shall moil Iturtewer notice ua~ ,icrekration in aarordancr with
<br />paragraph In htrenf. 5uc}t nntirt shaii provide a txtr'iod of not less than ?0 days front the date the natict is mailed wkhin
<br />which Bnrrswer may pvY the sums dtctarcd due. It Horruwer fails to pay a-uch sums p.rinr to the rxpiratinn of such lrer:nd,
<br />Lender ma}•, without Cunhtr nou>=r yr demand nn Aorrowrr, invoke nnY remedies prrnnucd by purag,raph t k heron(.
<br />NoN.•Unttr'uaM Covennr:rs. Harrower and Lrndtr further covenuut and agree. ua follows;
<br />1R. .1.cetleratiun; Remtdies, Farept as provtdtd in paragraph 27 hrrtuf, upon Iforruwtr's breach of am cuvtaotW or
<br />ttgreeuttnt of Hnrravrtr 6n this R9artga„t, hrcludirtg the covenants to pay when dot uuy sums secured by this '.llurtga; e,
<br />I,tndtr prior to x€eltratiun sha31 retail rwtirt to Bnrrnwtr as presided in paragraph I;r htrtuf sptrifyittg: (t) the Drerrrh;
<br />(2) the action requltred to cure such breach; IJ) a date, cwt teas than 30 days from the dolt the natict is moiled to BurraNtr,
<br />4Y which such breach tbust be cured; and lA) that failure to rare such Detach ore or he[urt fhe date sptrified in the rwtict
<br />bray resalt in orceieratiun of the suns stcurtd b~~ this ~#artgagt, foreclosure by judicial proceeding and sate of the Property.
<br />'iDt trutkt shall €urthtr infortu Herruwtr of Iht right ro reinstate after arreleration and the right to osstrt in the t'orrrtcqurt
<br />pratttding the twrt-az`~ftnre of a default or anY other defense of liorrowtr to arctttratiun and furrriasurt, If the Drearh
<br />[5 nut cured on or btfort the dolt spee}Htd in the notice, Leader ai Lrndrr's option may dtctare all of the sums secured by
<br />this fltongage to bt lrnbtediaieiy dot and payable without further datuand and may forcclust by judicial proceeding. Lender
<br />shelf txt enittled to rattler in such ptaetedtng aft expenses of foreclosure, including, but nut limited to, costs aI docutnentarv
<br />:°"u,.,r,;;:vt:.~ls,`.t to ° .,,att. Notwithstanding l.rndtr's acre-Ierauon of the sums nod by this Mnrtgar,
<br />Horrouer shall hove the right to have any prootedengs frtgun by Lender as rniorcr this Mortgagcv discnutinurd at any nine
<br />
|