|
$0-- l~ s' •~ 410
<br />Lender's written agreement or applicable taw. Borrower shall pay the 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 Ixnder agree to other terms of payment, such
<br />amounts shall be payable upon notice from Linder to Borrower requesting payment thereof, and shall bear interest from the
<br />date of disbursement ai 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 taw, 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 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 there€or related to Lender's
<br />interest in the Property.
<br />9. Condemnaton. 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 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 Mortgage.
<br />with the excess, iF an}•. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Ixnder
<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 />If the Property is abandoned by Borrower. yr if, after notice by Ixnder to Borrower that 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 authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the
<br />Property yr ro 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 tv in paragraphs I and 2 hereof or change the amount of
<br />such installments.
<br />10. Borrower Not Released. F_xtension of the time for payment or modification 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 IiabiGty of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
<br />proceedings against such successor ur refuse to extend time fur payment or otherwise modify amortization of the sums
<br />secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
<br />77. Fnrbearaoce by Lender Not a "sVaiveo .4 ray forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any such right or remedy.
<br />The procurement of insurance or the payment of taxes or 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 Mortgaee.
<br />7>. Remedies Cumulative. .All remedies provided in this Aiurtgage are distinct and cumulative to any other right or
<br />remedy under this Mortgage nr afforded by taw or equity. and may he exercised concurrently. independently ur successively.
<br />Y3. Successors and Assigns Round; Joint and Several Liahility; l'apfions. The covenants and agreements herein
<br />wntained shall bind. and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower.
<br />subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shat! be joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for convenience only and tin: not to he used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice reyuired under applicable law to he given in another manner, fa) any notice to
<br />Harrower provided (vr in this !u^•tgage shall he giver, by mailing such nvtlcc by ceaified tnaii :.dd: ezsed tB Burrower at
<br />the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
<br />tt>7 any notice m Lender shad be given by certiflni mad, remm receipt requested, m Lenders address stated herein nr to
<br />such other address as Lender may designate by notice to Borrower as provided herein. ,4ny notice provided for in this
<br />Mortgage shall be deemed to have been given to Burrower or Lender when given in the manner designated herein.
<br />75. Uniform Mortgage; Governing Law; Severability. -this term of rnvrtgage combines uniform covenants for national
<br />use and non-uniform covenants with limited variations by puisdietiun to constitute a uniform security instrument covering
<br />real property. This Mortgage shall be governed by the law of [he jurisdice~on in which the Property is Icxa[ed. In the
<br />event that any provision or clause o! this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
<br />other provisions of this Mortgage ar the Note which can he given e!fect without the mnBicting provision, and to this
<br />end the provisions of the Mortgage and the Vote arc declared to he severable.
<br />16. Borrowers Cupy. Borrower shall he furnished a conformed copy of the Nute and of this Mortgage at the time
<br />of execution or after recordation hereof.
<br />77. Transfer of the Pmpem; Assumption. If alt nr any part of the Property nr an interest therein is sold nr transferred
<br />by Bar rower :vithc,u Lens.'-zr's prior wri[izn consen4 eaa•iuding la) the creation of a lien or encumbrence subordinate to
<br />this Mortgage, fh) the creation of a purchase money security in Brest for household appliances, (c) a transfer by devise.
<br />descent or by operation of law upon the death of a j.unt tenant or 1t11 the grant of any leasehold interest of three }ears or less
<br />no[ containing an option to purchase, l.endcr may, at Lender's option, declare sit the sums secured by this Mortgage to be
<br />immediately due :end payable. Lender shall huVe w'ielred vieh option to accelerate iL prior tv the ,ale nr transfer, Lender
<br />and the person to whom the Property i. to be soW or transferred reach agreement in waling than the credit of such person
<br />is satis(actury to Lender and that the interest payable on the sums secured by this Mortgage shall he at such rate :u Lender
<br />shall request. If Linder has waivt;f the option to accelerate provided in this ryuragraph 17, ;rod if Borrower's successor in
<br />interest has executed a written assumption agreemnn[ atccpttd in writing by Lender, Leader shall release Borrower from ail
<br />6bligatii3na undei' thYS MGftgag2 sad F7eC ^i lSfC.
<br />tf Lender eserciscs such option to accelerate. Lender ,hall mail Borrower notice of acceleration in aceord.,nce wuh
<br />paragraph Iw heremf. Such notice shall provide ~ penod of nut Irss than 30 days from the dote the notice is mauled within
<br />which Borrower may pay tyre wins declared due, It Burrower rails ~o pay such sums prior to the expiration of such perwd,
<br />Lender may, without further noice or demand ou Burrower, invoke any remedies permined b}' paragraph IR herevt.
<br />Not+-UtvteoaM Coververvrs. Borrower and I-ender further covenam and agree as follows:
<br />F>3. Aeceleraf#tn; REmediea. Except as provided in paragraph 77 hereof, upon Borrower's breach of any covenant or
<br />agreement of Borrower io this Mortgage, including the covenants to par when due any sums secured by thht Mortgage,
<br />Lender prior to acceleration shall mail nolire to Borrower as provided in paragraph 14 hereof specifying: 111 the breach;
<br />(2) ".he action required to cure sash breech; 13) a dale, trot less than 30 days from the date the notice is mailed to Borrower,
<br />by which such brenh moat be cured; and (4) that failure to rare such breach tin or before tde date specified in the notice
<br />may result in aecekralion of the sums secured 6y this Mortgage, foreclosure by judicial pmceeding and sale of the 1'mperry.
<br />The notice shalt further inform Borrower of the right to reinstate after acceleration and the right !o assert in the foreclosure
<br />proceeding the rmn-exiNeoce of a default of aay other Aeferux of Borrower to accnMrai~n :+nd fnrcclosurc. If the brcxh
<br />is ncY ccrEd ur. ar hxfare Yha deie spec3lled la the notice, IRadei et 1.Cndei'5 apiiua rosy declare all of the sums secured by
<br />fhb Martg. ~e to A- it•.e:nxdialxly dare sled paraW.e wltfeout further demand and may fureritxsr by judicial prureediag. ixader
<br />shall he enfitied to co0ect in such proceeding aB expenses of Foreclosure, includfog, bin nut limited to, aoets of docunrealary
<br />eridencq shsfrarts and title reports.
<br />14, Borrowela Right to Reiostale. Notwithstanding lender's arceleruuon rat the ,ants a wed by iMs Mortgage,
<br />Borrower shall have the right to have any proceedings bogus by Lender to enforce dv, Sinrtgage Jiscontmu.•d at any time
<br />
|