|
<br />Lender's writterz agreement or applicable law. Borrower shag pay the amount of al! mortgage insurance premiums in the
<br />manner provided under paragraph 2 htrerf.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon. shalt 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 [o Borrower requesting payment thereof, and shall bear interest from [he
<br />date of disbursement at the rate payable from time to time on outstanding principal under 4he Note unless -payment of
<br />interest at sucn rate would be contrary to applicable law, imwhicfi evens such amounts shalt bear interest at the highest rate
<br />permissible under applicable law. Nothing contained in this paragraph 7 shall require Lentfer to incur any expense or take.
<br />any action hereunder.
<br />8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br />that-Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to-Leader's
<br />interest in the Property.
<br />4. Cotrdtmnafion. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of the Property. or part thereof. or for conveyance in lieu of condemnation. are hereby assigiced
<br />and shall be paid fo Lender.
<br />In the event of a total taking of the Property. the proceeds shall he applied to the sums secured by this Mortgage.
<br />with the excess, if anv, paid to Borrower. in the event of a partial taking of the Propert}', unless Borrower and Lender
<br />otherwise agree in writing. there shall be applied to the sums secured by this Marteage such proportion of the pt+~eeds
<br />as is squat to that proportion which the amount of the sums seaved 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 />If the Property is abandoned by Borrower, or if. after notice by Lender to Burrower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower faiis.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 />Property ar 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 />such installments.
<br />10. Borrower Not Released. Extension of the time for payment ar mod*.fication of amortization of the sums secured
<br />by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner,
<br />the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
<br />proceedings aeainst such suceessor or refuse to extend time for payment or otherwise modify amortization of the sums
<br />secured by this Mortgage by reason of tins demand made by the original Borrower and Borrower's successors in interest.
<br />11. Forbearance by bender Not a Waiver. Any forhearancs by T coder in exercising any right or remedy' hereunder. or
<br />otherwise atForded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
<br />The procureme.^.t of insurance er the pa}•mtnt of taxes or other liens or charges by Lender shall not he a waiver of Lender's
<br />right in accelerate the maturity of the indebtedness secured by this mortgage.
<br />12. Remedies Cumulative. .411 remedies provided in this blurtgaee are distinct and cumulative to any other right or
<br />remedy under this 33ortgage or afforded by law or equi[v..md may he ccercised cancurrentl}•, independently or successively.
<br />13. Successors sad Assigns Bound: Joint and Several Liability; Capfions. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall inure to. the respective successors ant~~t~~der and Borrower.
<br />subject to the pmvi<.iuns of paragraph i? hereof. Ali eavereants and aGreements of ~`otrtpwer sha'1[ ~ mt and several.
<br />The captions and hcadir.;ts of the paragraphs ~'f this \fertgage are (nr ct?nvenir.~c;nnly t!d,arc rar~io bs used to
<br />interpret ar define the prov-lions hereof. ,~`~t.. .
<br />1A. Notice. Ex-ept for any nohec required under applicahl 1-w tt b l,tvep ter anttihetrdttiknner, f~,ji'nv notice to
<br />Borrow cr p~ovitied for ~, ~nis :tlrrrtcage ,halt he given by matiins, s,,..h n.,ti:.e h} -,.ert~ed i;taii=a#3r used -t Borrrnver ai
<br />the Propsrt}• Address ,+r at such other address as tlerruwer mut• designate by niyi~ $t~ Lentit~.;as nru'vidc~ herein, and
<br />fhl anv notice to f.snder sh„ll ha ,~n~en t+y eer4hcd mail, retnm recetpi requested,'9o`L.t:n~r's addresa~st herein ar to
<br />such other address as Lender may desiena[e hti notice to Borrower as provided h$~iti, ~lny notics`pmv~ed for in this
<br />Mortgage shall he deemed fo has-c been given to Bormwzr nr i ender when gn•en in ti~Ytr~tiiist°dtsigpa{~ herein.
<br />l;i. uniform Mortgage: Governing l.aw Severabilth This form nt nturtaax ccmitttfrifo` -tan; far nations!
<br />use and non-uniform covenants with limited variations to nuisdta a+n to comtuu a undorrtt~eC `t } instrument covenng
<br />real properr~. this Alartgage ,hall be ¢overned M• the ,aw• of the jurisdiction m which ihr Property r< hna!ed. in the
<br />event That :my provision or clause of this ~ortcuge ur the time amflicta with applicable law. such canilict shall nut aftccl
<br />ather pnn~tsiom of this Mortgage ,+r the Note which out he oven rticct without the a+ntlicune pmaidan, and to this
<br />end the pnn~isions of the nortgage and the Vats are declared «+ hr +everuble.
<br />16. Borrower's t:npy. Borrower shall he fnrnisheti :, conformed cnpv n! thz Vrr :md ,+f this A4ortt;agr :n the time
<br />of executian or alter recordation hereof.
<br />11. Transfer of the Propery: AssumpNOn. ii al{ or ant p;,n of the Pmpcny o.:+n utlere~[ therein ++>,~Id or transferred
<br />h}' Borrower without i.endcr's prior written consent. excluding +.,t the c:rration of a lion or eneumbran.e suhordinste to
<br />th+, Martgags. thl [hr creation o(a punhasr money a tint; interest for hnuuhoid apphance,, tcV ., transfer be devise,
<br />descent ur by operation e( law upon the death of ,-~ ;ono ten;mt or
<br />I_endet nrn}, at Lendet~s option, ciechtre :+il the ,um, locoed he thts Mortgage M be
<br />immediately due and payable. l~endrr shall base w•usa•d such epiton w accelerate tt, prior to the ;.+Ic nr transfer, I coder
<br />and the pet+on to whom the Property i+ t,+ he m>W or trnnsturcd reach eerrement in +s nv nf; that the urdtt of , :dt person
<br />is satisfactan~ n, i_en.7u and iftal the intere•,t p,e}ab& wt the own, -scored M ;iu. 'li ongage .i+.A! he tit s,.h talc ea i ender
<br />shall rcyrcest. If t ender has u:nveci the opnen «, xrre;ero!c pro.~dtd n+ chts )* aw'aph 1'-. .:nd i; Boroower, loses-<-+ur m
<br />interest has executed a w•riiten assumption agreement accepreal in e+nt!ng by I cosier. C.endrr ,hall release }inn+~wer from all
<br />obiigattans under this Mortgage and the Nete.
<br />+~
<br />If Lrniler eser.:ises +uuh opiwu to aecetera k•, I ~. ds•r ,+,dl m,ul Burrower r_ot::e ~-.t crlermun .. _,«ordance wrch
<br />paragraph ti hereof Puri uoUCe aha{i pn atdc a pe, e,+t , , , , , , ,,,,,,, ,tr , , -. t„ sue oats .,,~ ~ ,.~ ,~, •~,~ '
<br />w-hick Barrowar mat Pak the sums auiatsd due ii B,.rn~ ar Vntls -o pas sucn s ms prm t, t:,z vat -r i• .. , jai t'°r ad.
<br />Leader ma}'. avthaut fnrthcr notice at dent;+nd c+~~ Bo; rocet. im-,+hr .tin t=rencdtes ptrnnuu,i h.+ par.+traph 1.S hrte,~!
<br />Nov-U taros nt CeSV~vArv rfi- 13arrz~wer an,i 1 ender tanker naen,uu anal scree .,-, t+~ilnwa.
<br />18. Accelrratiuo; Rtmedira. Except as pew idrd in paragraph 17 herc•uf, upon Rorrowcr's breach of an} a nettant ur
<br />:rgreemeut of Harrower in ibis }tortgttge, inehrdiug the cuvruanh to pay when due am runts secured by dtis,iLvtgage.
<br />Fender prior m acce{eratiun shall mail notice to &umwer as pew idrd in paragraph ld hereof vpecifying: f tf the breach:
<br />i2) the action requ$ed ter cure such breach; t3) a daft. not less than 30 days frmn the date the notice is mailed lu Bonne cr,
<br />br which such btttte6 mutt bt cured; sad (4,1 that failure to avrC such hn~ach as or beinre the dote specified in the ttodce
<br />map result in acecitration of tha loins secured by this Ylortgagt, foreclosure by judiaia! prncerdinK and sole of the Prveperi}.
<br />The aotirr shag further inform Borrower oP the ritiht to rrimiatr aRrr accvicration uad the right to alert in Ibe Sorca~Lrsirrc
<br />pnxrtding tltr tine-rxictrncx oC a drfauh ar any other defense of Borrower [o ancleration and iorecio.ure. If the breach
<br />is nut cured tin or btFnre the date spra•iStx) in the notice, (,.ender at Lender'o optiutt mar desists +ilt of the sums secured ba
<br />this Aiur[gagr hr br iaimrdlatrl,+ due and payable without further detuaetd ant. may fcrrcctose b~ judicial pruceediny. Fenda•r
<br />steal! be entitled nr roBect in such procetding all expenses of Frrreclostue, inrtuiling, hat nut tHuitcd tn..ust> nt duauma•man
<br />r+idrricc, abstrucsa and ii13e raputt5.
<br />l~. °uorrnwrr"s I:g#ri in deituttaie. a-.w tthstar l...h ta,t.,:. ,... .. ,. .~ , .,., a.. .. ... - ~.~t..-
<br />t?nrrawer ;hail itzre the right to ha:r: nr5 f n acJmgt, Lc~un x _~+ ~. .-,., „_ .. ~~Vt .. ,. .~,,..+ ... ,.. ...,_
<br />
|