|
<br />Leader's written agreement or applicable law. Borrower shall pay the amotmt of alt mottgage insurance premiums in the
<br />marmer provided under paragraph 2 hereof,
<br />Aay 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 agrr to other terms of pavmrnt. such
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall beaz interest from the
<br />date of disbursement ax the rate payable from time to time on otmtanding principal under the Note tmless paymrnt of
<br />interest at such rate would be contrary to applicable law. in which event such amounts shalt bear interest a[ the highest rate
<br />permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or :eke
<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 r_asonable cause therefor related to Leader's
<br />interest in the Property.
<br />9. Condemnation. 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. arc hereby assigned
<br />and shall bt 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 even[ of a partial taking of the Property, unless Borrower and Lender
<br />otherwise agree in writing, there shall be applied to [he 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 dale of taking, with the balance of the proceeds
<br />paid to Borrower.
<br />Tf the ?'~=~r:y is abandoned by Borrower, or if. after notice by Linder to Borrower that the condemnor offers to make
<br />an award or settle a claim ,roe 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 or 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 postaont the due date of the monthly installments referred to in paragraphs i and 3 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 this Mortgage granted by Linder to any successor in interest of Borrower shall not operate to release. in any manner,
<br />the liability of the original Borrower and Borrower; 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 or any demand made by the original Borrower and Borrowers successors in interest.
<br />_ y~g5g+~.~-L,~ Not a Waiver. Any forbearance by Linder in exercising any right or remedy hereunder, or
<br />o _ m iddNidrlgjrv Ijgtt~, w, shall not be a waives o[ or preclude the exercise of any such right or remedy.
<br />Toe ~e payment of taxes or other liens ar charges by Lender shall not be a waiver of Lender's
<br />n e indebtedness secured by this Mottgage.
<br />12. Remedfn Cumolatbe. All remedies provided in this Mortga¢e are distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equity, and may be exercised concurnntly, independently or successively.
<br />13. 3ttccesars and Assfgrs Baund; Joint and Several L.iabiilty; Cagdons. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall inure to, the respective successors and assi¢ns of Lender and Borrower.
<br />subject to the provisions of pazagraph i', hereof. All covenants and agreemrnts of Borrower shall he joint and several.
<br />The cautions and headings of the paaagraphs of this Mortgage are for convenience only and are not to be used to
<br />interpret or define the provisions hereof.
<br />IIv. Notice. Except for any notice required under spplicabie law +o be given in another manner tat any notice to
<br />Borrower provided tx in this Montzage shall be given 6y mailing such notice by reran"ed mail addressed co Borrower at
<br />the Property .Address or at such other address as Borrower may designate by--,oticc to Linder as provided herein, and
<br />Eb) an r Lender shall ~ ¢iven by certiFed mail. return recetct requested. to Lender'; addrt:ss stated herein ~ ro
<br />such otEteraddress as Lender may dsignate by notice to Borrower as provided herein. Any no?ice provided for in this
<br />Mortgage shall 6e deemed ?e have been given to Borrower or Lender when given in the manner dnignated herein.
<br />15. Uniform Mortgage: Governing Law; Severatrility. This form of mongege combines uniform covenants for national
<br />use and non-uniform covenants with limited variations by jurisdiction to constituw a uniform security instn+ment covering
<br />real pcopeny. This Mortgage shall be governed by the law of the ;urisdiction in which the Property a iucared. Tn the
<br />event that any provision or clause of this Mortgage or the Vote eonflics with applicable law, such conflict shall not affect
<br />other provisions of this Mortgage or the Nott which can be given effect without the conflicting provision. and ro this
<br />zed the provisions of the Mortgage and the rote are declared to he severebie.
<br />16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
<br />of execution or otter recordation hereof.
<br />17. Transfer of the Property; Assumption. Lf all or any patt of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior written consent, excluding lal the creation of a lien or zncun.brance subordinate to
<br />this Mortgage. ib) the aeatien of a purchase money security interest for household appliances, +cl ^ transfer by devise.
<br />descent or by operation of law upon the death of a joint tenant or Idl the grant of any leasehold interest of throe years or less
<br />nor containing an option to purchase. Linder may, at Lender's option. declare all the sums secured by this ltort¢age m be
<br />immediately dot and payable. Linder shall have waived such option to accelerate if, prior to the sale or transfer. Lender
<br />and the ptrsun ro whom ehe Property is to be sold or transferred reach agreemrnt in wttin¢ that the credit of such ,,^,zrson
<br />is satisfactory' to lender and that the interest payable on the sums secured by [his Mortgage shall 6e az such rare .u Lcndtr
<br />shall request. tf Lender has waived the option to accelerate provided in this paragraph 17, and it Borrower's succtssor in
<br />interest has executed a written Asumpnon agreement accepted in writing by I_tnder. Lender shall release Borrower from alt
<br />obligations under this Mortgage and the Now.
<br />'f f.tndtr excreist< such .+pfion to accelerate, (.ender ;hall mat! Berrewtr notice .f acctleratinn in accordance ~.vith
<br />paragraph to hereof. Such notice :hall provide a period of nut less than )0 days from the date Iht notice is mailed within
<br />which Borrower may pay the sums declared dot. If Borrower fails 'o pay such sums prior to the rxpirauun ,~[ ash porn>d,
<br />Lender may, without funher nonce or demand on Borrower, mvokt any remedies perm+aed by paragraph !' uereof.
<br />Nov-UNIFOR?1 L"ovennr+TS. Borrower and Ltndtr further covenant and agree as is+(lows:
<br />18. Acceleration; Remedies. Et[cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant nr
<br />agreement of llorrawer in this llartga$e, including the covenants to pay when due any sums colored by this tlor[gage,
<br />Lcndtr prior to acctleradon shall mail notice to Borrower as provided in paragraph 14 hereof specifying: I U the breach;
<br />(2) the action required to cure such breach: t3) a date, not less than 30 days from the date [he notice u mailed to Borrower.
<br />by which such breach must be vred; and (i) that failure to cure such breach on or before the date specified in the notice
<br />may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proctzding and sate of the Property.
<br />The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure
<br />proceeding the non•exis[er+ce oC n default ur any other defense of Borrower to acceleration and foreclosure. (f the breach
<br />is apt cured on or before the date specified in the notice. Lznder at Lender's option nmy deciarx ;ill of the sums secured by
<br />this ~lprtgs~t to he im:nediate!v d~~e and payable without funher demand and may foreclose by judicial proceeding. Lender
<br />she![ be entitled to cailzct in sudt proceeding all tspensrs o[ foreclosure, including, but apt limited to, .:psis of documentary
<br />evidence, aWtracls end title reports.
<br />19. isortowtrs Right [o Rzittsta[z. ~oriv rthstanding LtndtrS acctierauon o[ the Bums stcu2d by this Mortgage.
<br />Borrower shall have ehe right m have any proceedings begun by Lender to ~~n tone ;hw Mortgage oiscunuoutd at any erne
<br />
|