|
~~~- ut~~732
<br />Lender's written agreement or applicable law. 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. wish interest thereon, shall become additional
<br />indebtedness of Borrower secured by this Mortgage. Unless Rorrower and Lender agree to other terms of payment, such
<br />amounts shalt be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
<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 bear interest at the highest rate
<br />permissible ender applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />-env 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 Lender's
<br />interest in the Property.
<br />9. CondemnnNon. The proceeds of any award or claim foe 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 he 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 any, paid to Borrower. In the event of a partial taking of the Property, unless Rorrower 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 />If the PraN..rty is abandoned by Borrower. or if, after notice by Leader to Borrower that the condemnor offers to males
<br />an award or settle a claim for damages, Borrower fails In respond [n Lender within 30 days after the date such notice is
<br />mailed, Lender is authorized to collect and apply the prae:eeds. at Lenders option, either to restoration or repair of the
<br />Property or to the sums secured by this Morgage.
<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 or modification of amortization of the sums secured
<br />by ±his Mortgage granted by Lender to any successor in interest of Rorrower 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 against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
<br />secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest.
<br />il. Forbearance by Lender No[ a iVaiver. Any forbearance by Lender in exercising am• 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 he a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mortgage.
<br />l i'. Remedies Cumoialive. Ali remedies provided in this Mortgage are distinct and cumulative m any other right or
<br />remedy under this Mortgage or afforded by law or equity, and may he exercised concurrently. independently or successively.
<br />]3. Sarcessors and Assigns Bound: Joint and Several i,iability; Captions. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Aorrower.
<br />subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
<br />The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to he used to
<br />interpret or define the provisions hereof.
<br />13. NoNer. Except for any notice required under applir;abie law n, be given in another manner. ta) any notice to
<br />Rorrower provided for in this Mortgage shall he given b}' mailing such notice by certified mail :+ddressed to Borrower at
<br />the Pmperty Address or :u such other address as Borrower may designatu by notice to i_ender as provided herein, and
<br />(,hl any notice in Lender shall he given by certified mail. velum receipt requested, to [ cedar's address stated herein nr to
<br />such other address as Lender may designate M• notice to Aorrower as provided herein. Am• notice provided £or in this
<br />Mortgage shall he deemed to have been given to Burrower or Lender when given in the manner designated herein.
<br />15. tlnifurm Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national
<br />use and non-uniform covenants with limited variations by jurisdiction m constitute a uniform security instrument covering
<br />real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
<br />event that any provision or clause of this Mortgage or the Nate contiicts with applicable law, such conflict shall not affect
<br />other provisions of this Dlorgage or the Note which can be given effect without the conflicting provision, and to this
<br />end thu provisions of the Mortgage and the Note are declared to he severable.
<br />16. Borrower's Copy. Borrower shall he furnished a conformed copy of the Note and nF this Mortgage at the time
<br />of execution or after recordation hereof.
<br />17. Transfer of the Property; Assumption. I( sit or any part of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior writen consent. excluding (a) the creation of a lien or eneumhranee subordinate to
<br />this Mortgage. (h) the creation of a punhase money security interest for household appliances. (c) a transfer by devise,
<br />descent or ny operation of law upon the death of a joint tenant or (dl the grant of any leaaehnid interest of three years or less
<br />not containing an option to purchase, Lender may. at I cedar's option, declare ell the sums secured by this Mortgage to be
<br />immediately due and payable. Lender shall have waived such option to nccclerate if, prior to the sole or transfer, Lender
<br />and the person to whom the Property i, to he sold or transferred reach agreement in writing that the credit of xuch prison
<br />is satisfactory to Lender and that the interest payable on the runts secured by this Mortgage shall he at such rate as Lender
<br />shall request. If Lender has waived the opton to :acelerate provided in this paragraph 17, and if Aorrower's successor in
<br />interest has exccutcd a written assumption agreement accepted in writing by Lender, Lender shall release Aorrower From all
<br />obligations under this Mortgage and the Note.
<br />if Lender exercises such option to accelerate. Lender shall moil borrower notice of acceleration in accordance with
<br />paragraph i3 fiereot. Such nonce shall provide a period of not leas than i0 days from the time [he nmice is mailed within
<br />which Borrower may pay the sums declared due. If Qon~ower toils to pay such sums prior to the expiration n..uch period,
<br />Lender may, without further notice or demand on Borrower, invoke any remedies pennrtted by paragraph 18 hereof.
<br />Non-Urvt>:oant Covisrvsa'rs. Rorrower and Lender further covenant and agree as follows;
<br />i$. AccekrHion; Remedies. Except as provided is paragraph !7 hereof, upon Borrower's breach of any covenant or
<br />trgreemeni of Harrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage,
<br />Leader prior to accekraHan shah mail notice m Burrower as provided In paragmph 14 henrof specifying: (1) the breach;
<br />(2) the Acton required to cure such breach; (31 a date, trot less than 10 days from the date the notice is mailed to Borrower,
<br />by whkh sack breach must be cured; and (4) chat Failure to cure such breach on ur before the date sped8ed in the notice
<br />may result in acceleration of the saws secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.
<br />The notice shall further inform Borrower of thv right to reinstate after acreleration and the right to assert in the foreclosure
<br />proctedieg the rroro-existerrce of a defauB ar any other defame of Borrower fo acceleration aad foreclosure. if the breach
<br />fi net cured on ur before the date speeifled in the notice, Lender ai Leader's option may deriare all of the suttrs secured by
<br />this Morlq(agx to be immediately due tired payable without farther demand and may foreclose by judcial proceeding. finder
<br />shall be ent]ded to coAect in such proceedirg ail expenses of foreclosure, including, 'vat not limited fo, costs of ducumen[ary
<br />avtdence, abstracts and title reports.
<br />14. Borrower's Right to RdnsUle. Notwithstanding lender's acceleration of the sums secured by this Mortgage.
<br />Borrower shalt have the right to have any proceedings begun by Lender an enforce this Mortgage discontinued at any time
<br />
|