|
~0--~~531.4
<br />[.cadet's written agrcemrnt or applicable law. Borrower shall pay the amount of all mortgage irsurance premiums in the
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shalt become additional
<br />indebtedtxss of Borrower securer! by ibis Morigage. Unless Borrower and Lender agree io other terms of payment, such
<br />amounts-shag be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
<br />data of disbursement at the rate payable from time to time an outstanding principal under the Note unless payment of
<br />interest at such rate woaid be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
<br />permissible under applirable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any u6on hercnnd~.
<br />8: larpeellos. Lander 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. Cosiemnttlbn. 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 this Mortgage,
<br />with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrower and Lender
<br />otherwist agree in writing, there shall be applied to the some 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 vshre 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, or if, after notice by Lender to Borrower that the condemnor offers to make
<br />art 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 or to the autos 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 imctallmrnts referred to in paragraphs ! and 2 hereof or change the amount of
<br />snob installments.
<br />21. ilaetowtr Net Rderd. Extension of the time for payment or modification of amortiza:ion of the sums secured
<br />by tltss Morigsge granted by Lende_ to any sttccesscrr in interest of Borrower shall not operate to release, in any manner.
<br />the liability of rite original Borrower and Borrower's successors in interest. Lender shalt 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 mason of any demand made by the original Borrower and Borrower's successor in interest.
<br />11. Frrrarssee by Lestler Not a Waiter. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />etherwist afforded by applicable taw, sha)1 not be a waiver of ar preclude the exercise of any such right or remedy.
<br />'the prowre~rt 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 aeceierate the ma[ttrity of the indebtedness secured by this Mortgage.
<br />12 Rseip CtM6tl-e. Ali remedies Provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently. independently or successively.
<br />13. Ssecemrm std Amiga[ Bend; Joist std Serecal [.IabBiq: Captions. The covenants and agreements herein
<br />coetaitted shah bind, and the rights hereunder shah inure to, the respective successors and assigns of Lender and Bonawer,
<br />subject to the prorisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be faint and severest.
<br />The options and headings of the paragraphs a€ this Mortgage are fur convenience only and are oat to be used to
<br />inMrptet or define the provisions hereof.
<br />1{. Nrffa. Except for any ttotitt ttquirtd under applicable law to be given in another manner, ta) any notice to
<br />Borrower provided for in this Mortgage shall br given by mailing such natiu by certified mail addressed to Borrower at
<br />the Property Address or at arch other address as grower may designate by notice to !..ender as provided herein, and
<br />(h) any ttotitx to Lender shall be given by certified mail, return receipt requested- to Lender's address slated herein or to
<br />such other sddteffi as Letder may designate h}' notice to Bor•rowtr as provided herein. Any noiitt ~mvided for in this
<br />Mort;age shall be deemed to have bern givtu to Borrower or Lender when given in the manner designated herein.
<br />li. (ittirsati Motf~ Corenrtg Law: Sevenrilty. This farm of mortgage rnmbines uniform covenants for national
<br />use and thin-uniform cmenants with limited variations by jurisdiction to carotitute a uniform security instrumtnt covering
<br />teal property. 'Kris Mortgage shall be governed by tlx law of the jurisdiction in which the Property is located. In the
<br />teen[ riot arty provision or clause of this Morigage or the Note conflicts with applicable law, such conflict shall not affect
<br />otrlr provisioes of this Mortgage or the Noce which can be given effect without the conflicting provision. and to this
<br />erd ere provisions of the Mortgage attd the Note are 6eciartri to be severable.
<br />li. llaetoner'r Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
<br />of exeeetion ~ after recordation hete~.
<br />17. 1Yattlter of tfYe ifitiprt~y: Aa~aspfirs. If all or any part of the Property or an interest therein is sold or transferred
<br />by Bttrrowtr withatt Leader's prior vrritten consent; excluding (a) the creation of a lien or encumbrance subordinate to
<br />[iris Mottgrje, (b? [be crcatiots of a purchase trtattty security interest far hottsehoid appliances, (c) a transfer by devise,
<br />dmceni or by Etperatinn of law upon the death of a joint tenant or td> the grant of any leaxhold interest of throe years or less
<br />trot txtotainirtg as opting to purchase, Lender may, at [.cttder's option, dceiare all the sums secured by this Mortgage to be
<br />itetneditttely due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, [.ender
<br />asd ere person to when the Proputy is to be sold or transferred reach agrcement in writing that the credit of such person
<br />h satisfactory to Lender std tha; the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
<br />sra6 rogttett, [f Lender has waived the option to aceekratt provided in this paragraph 37, and if Barrawu's su.^.cessor is
<br />interest has esecuaed a written assumption agratornt accepted in writing by Lender, Lender shall release Borrower from all
<br />o6liptiotts ttrtdra thk Mottgaye std the Notes
<br />1.f I.atdar exercises such option to aettkrate, Lender shall mail Borrower notice of arti'eieration in accordance with
<br />prrttpaptr it ttetno£ Such rodtt staff provide a peria i of rut less than 30 days from the dart the notice is mailed within
<br />which Borrower may pay the stems dtteiaced due, If Borro»cr fasts to pay szz.-tt vtms prior to its expiration aY such period,
<br />Laesdeli may, without ftrrthu notice or demand on Borrower, invde any remedies permitted tsy paragraph I g hereof.
<br />Nots.(Itst~aaat CbvltiN~trn. llorrotver and Leader further eavetrant and agree as failpws:
<br />IG, lttumMlFrr. ~ s pttwiid r patgryr 19 rererr, tspn lrrrotrers Mtadt or asy corratrat or
<br />ttpfamaait oi' yes l6M tilrrfpp, iacrsiia{ tie crrestartta b pry tvMa sae say sums secured ry [tilt Mortgage.
<br />ltnirslsirr M aegirsaYr~aW aril ttrlice b Mnrarrr as proriitti iw prssgrgtr li rererr spceifyistgt (I) ere brercr:
<br />(;iflfe rYalktigtfllai M few-tart rraaei; f2) a dM, art lets tfas ~Y titys from flee dale rte aWk: b ttmild to lrrsrweq
<br />1~ ttiitil*attch ironer-urt M teak tttei (i) [rat ['aiae k cacr sacY rseacr a or rrrore ere Rate specified is the notice
<br />>~ gull i1 amlapYaa ~ lies sorts rsrwri r7 tri 'Morfgap, rrtscksttre h' 1~'~ procer~kt red ark n( ere Peopedy.
<br />'1lsall~paaMlB lrlr4rla/rr-llsss~rwt~t of 1re.rigrt to rsimttata r[fer accderaliow atri efte right to amen 6r err farecfnssare
<br />p/~eM~ fig rrssai~lsm d a tlrtaallt ar soy. olim drtraae of lrrrew~ le seceietatfas asd tottederare. It rte Drench
<br />V ftati tttttai as rr iafrraaia 4ap yeelir! L err ttrffce. [xsirr at lendr's optics tray deckre aY et ere sumr secured M'
<br />flit ilar~plge M 4 iatrrMrlNy rise ttatl pttyaMe trNrruF frrlrer destasd asd Bury forectrsc DY ht+k~ tom' I~rr
<br />riaM ~a.retlYlafl is eoeier4 fie .ati- ptttasaiitta aY a:pews*s d roretWwrw tadadfag, rrt set MLJted to, coals or Aact+meatary
<br />trttlrlraes. tQrlurr,tM-filit,rMwfa.
<br />1}. lararrra Ri>~ fs lRairahls trotwitttstanding Lttder's acc.-eleratian t~f the sums secured by then Mortgage.
<br />BtttrowCt wait rave fDt il~Fn to haves any ptocoedrngs begtat by [.tndtr to tnfcxce this hfartijage disconanutd at any unto
<br />
|