|
80-.~G~9J~i
<br />[.ender's written agreement or applicable law. Borrower shall pay the amount of alt mortgage insurance premiums in the
<br />manner provided under paragraph 2 hereof. - .
<br />Any amounts disbursed by Lender pursuant to this paragraph ?, with interest thereon, shall 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 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 under applicable taw. 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 he 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 Propcrry.
<br />9. CondemnaHan. '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 />Tn the event of a total coking of the Property, the proceeds shall be applied to the sums secured by this Mortgage. -
<br />with the excess, if any, paid to Horrnwer. In the event of a po[nial taking of the Property, unless Borrower and Lender
<br />otherwise agree in writing, there shall be applied to the sums secured 6y [his Mortgage such proportion of the proceeds
<br />as is equal to that proportion which [he 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 tat Borrower.
<br />if the Property is abandoned by Borrower, or if, after native by Lender to Borrower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fails M respond [n Lender within 30 days after the date such notice is iip.l~,+,
<br />mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration ar rcpeir of the 'I~. ~:II I,',
<br />Property or ut the sums secured by this Mortgage. iii'!I I'~,
<br />Unkss Lender and Borrower otherwise agree in writing. any such apptiruian of proceeds to principal ahail not extend ','
<br />ar pcrs[pone the due date of the monthly installmems referred to in paragraphs 1 and 2 hereof or change the amount of ' i„ I',,~,.
<br />such installments.
<br />10. Borrower Not Released. Extension of the time for payment or modification of amortizalinn of the sums secured I i '~.
<br />by this Mongage granted by Lender to any successor in interest of Barcower shall not operate to release, in any manner. ~ it ~ i ~,
<br />the Ii¢hiliiy of the original Horzower and Borrower's successan in interest Lender shall not be required to commence II,~, I,
<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 Borrower's successors in interest.
<br />t 1. Forbearance by [.ender Not a Waiver. .4ny forbearance M• Lender in exercising any right or remedy hereunder. or
<br />otherwise atfarded h7 applicable law, shall not hr a waiver of or preclude the exercise of any such right or remedy.
<br />The procurement of insurance or the paymeut of taxes or other liens or ch¢rges by Lender shall not be a waiver of Lender's
<br />right to accelerate the maturity of the indebtedness secured by this Mongage.
<br />12. Remedies Cumuls9ve. All remedies provided in Chic Mortgage are distinct and cumulative to any ether right or
<br />remedy under this Mortgage or afforded by law or cyuit}•, and may be exercised concurrently. independently or successively.
<br />13. Successor and Assigns Bound; Joint and Several i.iabHlty; Captions. The covenants and agreements herein
<br />contained shall hind. and the rights hereunder shall inure to. the respective successors and assigns of Lender and Harrower,
<br />uhiect to rt+e provision. of paragr ph i7 hereof Ali eevenants and agreements of Borrower shall he joint and several.
<br />The captions and headings of the paragraph, of this Mortgage err for convenience unl}' and are not Co t,c ttssd to
<br />interpret ar define the provisions hereof.
<br />!#, Notkr. Escrpt for env nonce requirsd under applic-arhlti• law io ha given in another manner, ta} any notice to
<br />Borrewrr provided for ha this \1nr[gagr shall he given hg mating such nonce by ccrt:ficd mail addreswd ro Horrowrr at
<br />th¢: Pepe^ ,dddress or 6u;:it other a.Wfzs as Borrower may drF;Qnata by notice io Lender as provided herein, and
<br />th} any natter to Lender vhall he given by eertiflrl mail. return rccclptl requrstcd, to Lender's address stated herein of to
<br />;uch cnher address :,- r.cndcr stay designarr h}' notice to Brarnwrr as. ,provided herein. hey noriez Arty°idrd fur iu this
<br />Mortgage shalt t+} de~mrd te? have ??ern g:vrn to Burrower nr l.endrr when given in the mannner designated herein.
<br />13. Uniform Muttgagr: Governing Law; Sevr:ability. This forrn of mnngage comhinn uniform covenants for national
<br />use and non-unicorn[ covenants with IimiteJ v;viuuons by junxiictiun to constitute a uniform cenmty instrument covering
<br />real property-. This bfortguge shall tae governed by the low of the jurisdiction in which the Proprrt}' ~s Irx:ated. In ihr
<br />event that any provision or clause of this Mortgage or the Note conflicts with appliaehle law, such conflict shall not atTecl
<br />a her pmnsions of this Mongage or the Note which can he given effect without the conflicting provision and to this
<br />end [hc provisions of the Mortgage and the Nair ure declared to hr severable.
<br />16. Borrower's Copy. Borrower sh:dl he furnished a contnnnrd copy of the Nutr and of this Mongage at the time
<br />of execution ur after recordation hereof.
<br />17. Tratra[rr of the Property; A~[rmptbn. If all or any part of the Proprrrv nr an mterest therein is .old or iransferrr:l
<br />by Horrowrr without Lender's poor wriurn ums+nt, excluding cal the creation of a lien or encumbrance wlwnhnate u.
<br />this Mortgage. ih[ [hr ,rcatron of a purchase. money security interest inr household appliances, ice a transtrr tn• devise.
<br />descent or by oprrauat aE low upon the death of a jumt tenant ar Ids the grant of ant Ir-aaehold uurrrst of three vcurs or Irss
<br />not ennWinmg :m option to purchase, lender may. at Lrndrr'v option, declare all the cams sr vied by rhis Mongage to hr
<br />immediately due and payahk, I ender shall have warved +uch option m uccrlertle if. prior to the sale or trwtsfer. Lender
<br />ens! thu Ina sun to whom the Pmprn} i, to hr wld ..r transtcrrrd reach agreem.•ur w wrung thtu tttr credit oI ,u_h person
<br />is satisfactory to L.endrr and [hat ihr intrust payat+Ie on the sums scored by chi, Murtgngr shall t>r at such rasa ;n Lender
<br />shall request. If Lmtdre hue waived the opton la arcei+. rate provided in this punigraph 17. and it Hurcower's successor m
<br />interest has executed a written assurnpuan agrrrmrnt w:cepted in writing by Lc-ndrr. 1-ender shall roleuse Horrowrr from all
<br />uhlignunns nndrr this Mortgage and the Nntr.
<br />If Lender rxercrscs such opnnn to accrlrratr, I ¢mkr shun mail &trniwcr nonce of aselerauon ~n acautlance with
<br />paragrrph la hE:E f. z+ ::v nn[ec-c atoll prnviefr a pennd .ri ant less than "4rl data from rbr data [fie m+tice is mailed within
<br />which $orr;nvrr may irate the cams declared d•.ie ti Hn~rnc rr fads to pay atc6 sums prior to the ex Pirmu+n ..t su.h ^=n+rd.
<br />Lender maY. wrthewt further non.r or demand on Horrowrr. mvnkr any remedies permuted by par.[gt¢ph IB herrrn
<br />NoN-t!Niroant t'ove NnlV rs &+rrnwer .end I.enstrr funnel coyrnant and agree as follows:
<br />18. Arceleratbu; Remedies. Except m provided is paragraph 17 hrrntf. upua Borrower's hreaa•6 0l my rarsnrnl w
<br />agmrmsnt of Borrower fn thk Mungagr, ineludlag ihr cuvrnaols to yay whoa due any sump secured 6y tbia llarlgagr.
<br />Lepdsr prier to acrekralimt shall mall twttkr fn Horrowrr as pros-idrd in paragraph i4 hereof grerifying: ti} ihr breach;
<br />(2i the netian rryuitxd to curs ouch breach; t31 a date, met teaa than 311 days from the dale the nwicn is mailed to 8rrrrowcr,
<br />by whlrh wch breach must be cored; and t4) that failure to cum such breaa•h an ur before the date vpediied is the mttlcr
<br />utgv resufl in nrelsntloer of the sums secured by This Mortgage, fomlusurc by judicial proeredittg and salr a( Ihr Property.
<br />7M aodte ahaB turthvr iafutm Burrower of ihr right to rrinelate after arrelsrW Wn amt the right hs assert in Ihr fur[a•H»ura
<br />ptvrerditrg the two-eziatence nt a default ur any caber rMfraae of &rrruwer to werlsrathut and forerktaurc. If the 6marh
<br />is nut cured an ur before the dais sprci®rd Iu the mHke, Lender al Lrtrdrr'x aptirm may declare all of the sums secured by
<br />tbia 1lfortltattr t© be imttrrdfately due end payable wi[hanr further detnarnl aad may [oresha+[e by judlrirl pnrartdlq. l.endrr
<br />eha!! be estitks! !c e.•rd!set la assn pnYe~Bug al! ezprmres uE furrrlsaure, lnalurHrrg, but not IlmNed ta, croaTa of dceumtutary
<br />arWencr, abattarls amt tltle reports,
<br />14. Borrower's Right to Reirotate. Notwithstanding Lenders uccrlerauc+n of the Burns secured by this Mortgage,
<br />Borrower snail have [he eight is have any prnceedingx itegun by Lrndrr io enlaces this Mortgage sliscunfinurd at any urns
<br />
|