|
(-
<br />80.~ ooslo4
<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, with interest thereon, shall become additional
<br />indebtedness of Borrowtr secured by this Mortgage. Unless Borrower and Lender agree to ether terms of payment, such
<br />amounts shall be payable open nMice from Ltnder to Borrower rtquesring payment thereof. and shall lacer interest from the
<br />date of disbursement at the rate payable from time to time on outstanding principal under the Nate unless payment of
<br />interest at stmh rate would be contrary to appticabte taw, in which event such amounts shall hear 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. iarpectbn. Lender may make err cause to be made reasonable entries upon and inspections of the Property, provided
<br />that Lender shall give Borrower natice prior to any such inspection specifying reasonable cause therefor related to Lender's
<br />interest in the Property.
<br />Sl. Contletutnthn. 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 far 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 [his Mortgage,
<br />wish the excess, if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
<br />otherwise agree in writing, them shall bt applied to the sums secured by this Mortgage such proportion of the proceeds
<br />as is equal to that proportion which the amount of ;he sums secured by this Mortgage immediately prior ro the date of
<br />taking beats to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
<br />paid to Borrowtr.
<br />If [he Property is abandoned by Borrower, err if, after notice by Lender to Borrower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fella to respond m Lender within 3t) da}•s after the date such notice is
<br />mailed, Lender is authorized to colitct and apply the proceeds, at Lender's opt'~n, either to restoration or repair of the
<br />Property or to the sums secured hs' this Rortgage.
<br />Unless Lender and Borrower ntherwist agree ir, writing. any such application of proceeds to principa{ shalt not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs i and 2 hereof nr change the amount of
<br />such installments.
<br />10. Borrower Not Released. Extension of the time fn. payment err mndificatinn of amnrtizatirna of the sums secured
<br />by this Martgage ,granted by fender to any successor in interest of Borrower shat! not operate to release. in an}• manner,
<br />the liability of the original Borrower and Barrawzs'=. successrrs i n ,,,,~,~,,. Under shall not ce required to commence
<br />procttdings against such successor err refuse to extend ume for payment or otherwtse modify amortization of the sums
<br />secured by thts Mortgage by reason of any demand made by the original Barmw•er and Borrower's successors in interest.
<br />11. Forbtaraact by {.coder Not a Waiver. Anv forbearance by [,ender in exercising env right err remedy hereunder, or
<br />athe[lVigt atfdrded by applicable taw. shall not he a waiver of or preclude the exercise of env such right err rtmedv.
<br />' llie~~ttncurement of insurance or the payment of taxes or other Gens or charges 6y Lender shall oat he a waiver of Lender's
<br />riglv:Ytl.accelet~aktflie titaturity of the indebtedness secured by this Mortgage.
<br />'- -•15,~~7hAteiiet.Gis~hflte. AlI remedies provided ir, this ?4orgage are distinct and cumulative ro any other right or
<br />remedy under this Martgage err a$arded by law or equity, and may be exercised concurrently, independently or succzssivz!v.
<br />1S- Saeeessars acrd Assfsas Eonnd: Joint and Se.•eral Liability; Captbtns. The rovenants and agrcements herein
<br />contained shall bind, atsd the rights hereunder shall inure to. the respective wcczssnrc and assigns of i_ender and Borrower,
<br />subject to the pro4~sions of paragraph 17 h~eaf. Alt covenants and agreements of Borrower shat! be joint and several.
<br />The captions and headings of the paragraphs of this Martgage ,.re for convenience only and are not to be used to
<br />interpret or define the prnvisioas hereof.
<br />11. Notice, Except for atrv notice required under applicable taw to be given in another manner, (al any notice to
<br />Borrowtr provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
<br />the Property Address or at such ether address as Barrnwer map des,gnate by notice to Lender as provided herein, and
<br />fb) any notice to fender shall be given by certified math reutrn rece,pt requested. to Lender's address stated herein or to
<br />such other address as Lender may dtsignafe by entice to Borrower as pravided herein. Any notice provided for in this
<br />Martgage shalt be deemed to Itas~e beta given to Borrowtr nr Lender when given in the manner designated herein.
<br />IS. Uafor' Mortgalte; Goverttieg taw; Severability. This (orm of mortgage combines uniform anc•nants for national
<br />use aml non-uniform covenants with limited variations by }unsdiction to eonstimte a uniform security instrument covering
<br />real properly. This Mortgage shalt be governed by the taw of the jurisdiction in which the Property is located. In the
<br />event that an}' provision or clause of this Martgage or the Nate cnnilicts with applicable law, such conflict shall not affect
<br />other provisions of this Mortgage or the Katz which can b: given effect :vithaut the conflicting provision, and ro this
<br />end the provisions of the Mortgage and the Natt are declared to he severable.
<br />Itf. Eorrower's Copy, Bartxawtr shalt he furnished a mnfarmed copy of the Nate and of this 'vlarteage at the time
<br />of ercecution or after recordation hereof.
<br />17. Traarttr of for Property; Assatiptiee- If atl nr any part of the Prapen}• err an interest therein is sold or transferred
<br />by Borrower without Lender's grior wrinen consent, excluding (af the creation of a lien err encumbranet subordinate to
<br />this Mortgage, (},) the creation of a purchase money stcurin into:rat for household appliances, icl a transfer by devise,
<br />desetni or b}' operation of taw upon [he death of a joint tenant err fdt the grant of any leasehold interest of three years or less
<br />trot containing an option to purchase, Leader may, at Ltnder~s npunn. declare all the sums secured by this Mortgage to be
<br />imtttedia[eiy dtx and payable. Lender shall have wal4td such opuon to accelerate if. prior to the sale or transfer, Lender
<br />attd the person to whom the Property is to be sold err transferred reach agreement in writing that the credit of such person
<br />is satisfactory to Lender and that the interest payable an the sums secured h}• this Martgage shad be at such rats as Ltnder
<br />-shag rtgixst. ]f Letrder has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
<br />intertat has executed a written assumption agreement acrepttd in writing by Lender. Lender shall release Borrowtr from ail
<br />obligations under-this Mortgage and the Nat.
<br />If -Lender exercises such option to accelerate, Ltnder shall mail Borrower natice of accettratian in accardanct with
<br />paragnph I4 heneaf. Such notitt shall provide z pztiad of oat less than 30 days from the date the notice is mailed within
<br />whrch $orrawa may pay the wins dtxiared due. If Borrowtr (ails to pay such sums prior to the expiration of such period,
<br />Lender may, without fttrtixr notice o< dema.•td an Barraw•zr, invoke any remedies permitted by paragraph 1 S hereof.
<br />Nett-UNtFO1IM COY£NANrS. Borrower anti Lrndtr further rcrvenani and agree as fellows:
<br />li. AccderAtloA; Reaeiiea, ~~ w provided ~ peraC~ 17 hereof, opon 6arrawtr's brac6 of any coveewt or
<br />~tastAaat of 6rrewer ~ chit Morf~c, incltditK the COYeiantx to pay when due asY sums securrd by this MorYSaRe,
<br />Lwiar Nior p KoaltwtlaA tdW evil troller to Borrowtr as provided is paragnirb (i hereof specifyint: 11) the brush;
<br />(g'3 ~-aniaA rs~4sd. N clue web btr'arb; (3) a dale, not ixa thew 3i) days frow fbe daft the sotict fc rnaikd fo Borrower,
<br />b!' stitch web'bvNrit /Art bt eArtak aid (4) that faBrre to curt sac6 breach on or beforr rbe date specified in the rwtice
<br />lrgy ttawM fi acarhrrttirrr N ttte attic ttcured by tbk Morlgaat, foreclosure by judicial proreedityl and sole o[ the Property.
<br />71r.tralkt trYart (ArtdKr iafatti Jtarrower of tbt right to reiastale steer acnkratioa aid tbt right to assert irr the forecMsurt
<br />pl7eaadll~lit iaR•are a[ a defaWt nr say other defence of Borrowtr Yo scca~rsliow and foreclosure. tf else breach
<br />i au eir~i sa err Mefeae Ile date speelped br Me trotice, Leader at i.etr/eYs optics stay declare all of the autos secured by
<br />M,kMirf(,r~r-to k bftiYaNrlriy die and ptrytrWr witborrt frtrtber deauid sad auy foreekrse by judkia( prorttditrg. Lender
<br />aMr ie arMiHN k eafieet is web praceedirg ~ txpetttres of foreclosure, lttcludiig, but nut lirfted to, costs of docaotrxtarv
<br />es~idxAee, aiMetteae aid IWe rgtirM, .
<br />1!. iarr+e-er's Ra~irl N 1RNaafaf<. Notwithstanding Lender's acctleraunn of the stares secured by this Martgage.
<br />Borrower rrltalf bare thts~rl<ht to have snv pra;.cediags begun by Lender to enforce thts Mortgage ctixcununued at any time
<br />
|