|
<br />Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiarns in the
<br />manner pravidzd 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 terms of pavrnent, such
<br />amounts shat! be payable upon notice from Lender to Borrower requesting paymem thereof. and shalt bear interest fmm ilre
<br />date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
<br />interest at such rate would be contrary to applicable law, in which event such amounts shall brat interest at the highest t•a3e
<br />permissible under applicable law. Nothing rnntaincd in this paragraph 7 shall require Lender to incur any expense or take
<br />any actioe hereunder.
<br />8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br />that Lender sha8 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 of am award or claim for damages. direct or consequential, in connection wi*.h any
<br />condemnation or other taking of the Propem•. or part thereof. or for conveyance in lieu of condemnation. are hereby assigned
<br />and shall b paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by Phis Mortgage.
<br />with the excess, if arty, paid to Horcower. In the event of a partial takine 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 propottion which the amount of the sums secured b}' this mortgage immediately prior to the date of
<br />taking bears io the fair market value of the Propem~ immediately prior io [he date of taking, with the balance of the proceeds
<br />paid to Borrower.
<br />if the Propem is aoandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor otfers to makt
<br />ar. award or settle a claim for damages. Borrower fails to respond to Lender within i0 days after the date such notice is
<br />mailed. Lender is authorized to collect and apply the proceeds. ae Lender's option. either to restoration or repair of the
<br />Property or to the sums secured h7 this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such applicacinn of proceeds to princioal shall not extend
<br />or 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 />]0. Borrawer Not Released. Extension of the time €or payment or modification of amortization of the sums secured
<br />by this Mottgage granted by Lender to any successor in inerest of Borrower shall not operate to release, in any manner.
<br />the liability of the origirml Borrower and Borrov.~er's successars in ineerest. Lender shall not be required to commence
<br />proceedings against such successor or refuse ;o extend time for payment or atherxs•ise modifi• amortization of the sums
<br />secured be this Mottgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
<br />it. Forbearance by Lender Not a Wsirer. Any forbearance by Lender in exercising am• right ar remedy hereunder, or
<br />ethcrwist afforded by applicable law. shall not be a waiver of er preclude the exercise of any such right or remedy.
<br />The procurement of insurance or the pap:nent of taxes ar other liens or charges b}• Lender shall not he a waiver of Lender's
<br />right to accelerate the maturin• of the indebtedness secured by this Mortgage.
<br />12. Remedies Cumulative All remedies provided in this Mortgage are distinct and cumulative to any ether right c
<br />remedy under this Mortgage or afforded by law ar equin~. and may he exercised concurrentl7, independently or successively.
<br />73. Successors and Assigns Bound; Joint and Several i.iabitity: Capfions. The covenants and agreements herein
<br />comained shaii tind.~and the rights hereunder shall inure ro. the respec[i+'e successars and assigns of Lender and Borrawer.
<br />sub;cct to the pr~visinns of paragraph ", hereof. All covenants and agreements of Harrower shall be ioint and stvera}.
<br />The czptions and headings of the paragraphs of this Mert_gage are for convenience only and are not to be used to
<br />~nteryre[ or define the provisions hereof.
<br />14, Nsr*_ee Except f^_r any native required under applicable law to be given in anothz: manner. (a} any na'.ice to
<br />Borrower provided fcr in this Mortgage shall bt given by mailins such notice by certified mail addressed to Borrower at
<br />range?- .Addt-ess _„ ,_ _uch o?hzr address as Harrower may dts:gnatc b}; aatice to i..ender a° provided herein. and
<br />(tsj any notice to Lender shall be given by certified math return receipt requested, ro Lender's address stated herein ar to
<br />..,,.• r address as L r may desigratt by notice to Borrower as prostidzd herein,. Anp notice pravidcd for in ibis
<br />Morigagr sha!i F , d4tmed tc have been given to Borrawer ar Lender when given in the manner drsiFna!zd herein.
<br />15. Uniform Alortgsge; Governing Law: Severabiliq•. 'ibis form of mortgage combines uniform covenants for national
<br />use and non-uniform covenants with limited variations by iurisdiction to canstiune a uniform security instrument covering
<br />real property. This Mortgage shalt be governed by the law of the iurisdiction in which the Propem is located. In the
<br />event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such mnflir, shall not affect
<br />other provisions of ;his bfongage or the Nate which can he given effect withow the coniliaing provision, and to this
<br />end the provisions of the Mortgage and the Note are declared to he severable.
<br />26. Borrower's Copy. Borrowur shall be furnished a conformed copy of the Nate rand of this Mortgage at the time
<br />of execution or afmr recordation hereof.
<br />I7. Transfer of the Property; Assumption. I( all or any part of the Property or an imerest therein Es sold or transferred
<br />tfy Borrower without Lender's prior written consent, excluding (a) the creation of a lien ar encumbrance subordinate to
<br />this Mortgage, (b) the creation of a purchase money security interest fur household appliances, tc) a transfer by devise.
<br />descent or by operation of law upon the death of a joint tenant or (d) the grant of an}' leasehold inures! of three pears or less
<br />not containing an option to purchase. Lender may, at Lender's option, declare all the sums secured M• this mortgage to he
<br />immediately due and payable. Lender shall have waived such option ro accelerate iL prior io dre salt or transfer. Lender
<br />and thz person to whom the Property is to be sold or transferred reach agreement in writing that the credit cf such Pelson
<br />is satisfactory to Lender and chat the interest payable on the sums secured h}' this Mortgage shall be at such rate as Lender
<br />shall request if Lender has waived the option to accelerate provided in this paragraph 17, and i( Aorrower~s successor in
<br />interest has executed a written atsumption agrrement accepted in writing by Lender. Lender shall release Borrower (ram all
<br />obligations under this Moregage and the Note.
<br />It Lender exzrcises such option to acctiernte, Lender sha14 mail Borrower notice of acceleration in accordance with
<br />parag ph i= a'.~-z=.:~uc:: ° -..w prey;;- Perna of not Ems than ?Q days from the d-ate the nu3ice i> mailed ~xithtn
<br />which Borrower map pay the sums~dec~lared due.5 IC Borr owtr (ails ro pay such sums prior to the expiration of ..;~-~ irenod,
<br />Lender may, without further nonce or demand on Borrower. invoke any remedies permuted by paragraph I R hernuf.
<br />Ivox-U'wreoax Cavet.etvrs. Borrower and Lender further covenant and agree as (allows:
<br />18. Acceleration; Remedks. flrtepl ss provided in paragraph 17 hereof, upon Borrower's 6resch of any covenant or
<br />agreement of Borrower in tha MortgaPq including the covenaMS to pay when due any sums secured by this Mortgsge,
<br />Lsndsr prior !o ac€elrration shaft mat! mittiee to Borrower as provided in paragraph 14 hereof specifying: (1) the 6teach;
<br />f2) tha ac;ion re+yaired to enrr such bread , I3j a Bair, not less than 30 days from the date ibe notice is mailed eo Borrower,
<br />by which such breech must be cured; and (~) Ibat failure to cure such breach ors or before the date specified in the nv6ce
<br />rosy result in acceteratioa of the sutras secured by this M11ortKagq foreclosure by jodlcial proceeding and sale of the Property.
<br />The notice shsil further infotnr Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure
<br />proceeding, the non-existence of a default or any other defense of Borrower lu acctlrcation and foreclosure. tf the breach
<br />is rani cured on or ttefore the date spedfied in the notice, Lender at Lender's option eras declare all of the sums secured by
<br />ibis 143ortgage to be immedeekely due and payable without further demand and may foreclose by judicial procrediny,. Lender
<br />shall ~ rrtitl~ to callatt in such proteadiag al! expr:r3ts of toreclosurr, including, trot not limited tu, stets of documentan
<br />evids:ncr, a! ~traGS s:.d tlt~ rrpRS.
<br />%9. Borrower's Rtgbt to Reinstate. Notwi[hstandmg Lenders ac.cleratinn of the Winn secured by thn Mortgage.
<br />Borrower shall 'nave the nigh[ to have any proceedings begun by 1 ender rn enforce eius Mortgage discommued ai :: n- crane
<br />
|