|
81-t) C~;? 1.4'7
<br />Lender's written agrcement or applicable law. Borrower shall pay the amount of uIl mortgegt insurance premiums in the
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disburxd by Lender pursuant to this paragraph 7, with interest ehereon. shall become additional
<br />indebtedness of Borrower xcured by this Mortgage. Unless Burrower and Lender agree to other terms of payment, such
<br />amounts shall be payable upon notice from Lender to Horcowcr requesting payment thereof. and shall bear interest from the
<br />date of disburxment at the rate payable from time to time on outstanding principal under the Nate 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 law. Nothing contained in this paragraph 7 shall require Lender to incur any expet[se or take
<br />any action hereunder.
<br />8. iospectlen. 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. Coodemnatlon. 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 be paid to Lender.
<br />Tn the event of a total taking of the Property, the proceeds shall be npptied to the sums xcured by this Mortgage.
<br />with the excess, if any, paid to Borcower. in the even[ of a partial taking of the Property, unless Borrower and Lender
<br />otherwix agree in writing. there shall be applied to the sums secured by this Mortgagt 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 Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make
<br />an award or settle a claim far damages. Borrower fails to respond to Leader within 30 days after the date such notice is
<br />mailed, Lender is authorized to collect and apply the proceeds. at [_ender's option, either to restoration or repair of ilia
<br />Property or to the sums secured b}' 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 installments referred to ir. paragraphs I and 2 hereof or change the amount of
<br />such installments.
<br />10. Bortower Not Released. Extension of the time for payment or modification of amortization of the sums secured
<br />by this Mortgage granted by Lender [o any successor in interest of Borrower shall not operate to release. in any manner.
<br />the liability of the origins! Borrower and Borrower's successors in interest. Lender shall not he 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 Borrower's successors in interest.
<br />il. Forbearance 6y Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law. shall not he a waiver of or preclyde the exercise of any such right or remedy.
<br />The pra:urement 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 accelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
<br />remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently, indcpendentiy or successively.
<br />13. Successors and Asagns Bound; Joint and Several Liability; 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 Borrower.
<br />subject [o the provisions of paragraph 17 hereof. .All covenants and agreemenn of Borrower shall be joint and several.
<br />The captions and headings of the paragraphs of this Mortgage are for convenience only and are no[ to be used to
<br />interpret or define the provisions hereof.
<br />14. Notice. °xcept for any no[ic~ required under applicable law to be given m another manner, (a) any notice to
<br />Borcower provided €or in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
<br />the Property Address or at s::ch other address as Borrower may designate by notice to i_ender as provided herein, and
<br />(b) any notice to Lender shall be given by certified mail, re[um receipt requested. to Lender's address stated herein or to
<br />such other address as Leader may designate by notice to Borrower as provided herein. .Any notice provided for in this
<br />Mortgage shall be deemed to have been given to Borrower or lender when given in the manner designated herein.
<br />15. Uniform Mortgage; Governing Law; Severability. This firm of mortgage combines uniform covenants for national
<br />ux and non-uniform envenoms with limited variations by jurisdiction to constitute a uniform securty instrument covering
<br />real property. This Mortgagt shall be governed h}' the law of the 'urisdietion in which the Property is located. In the
<br />event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not at~ieet
<br />other provisions of this Mortgage or the Note which can be given elect without the conflicting provision, and to this
<br />end the provisions of the Mortgage and the Nole are declared to be severable.
<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 after recordation hereof.
<br />19. Tn~er of the Property; Assumption. If all or any part of the Propcrey or an interest therein is sold or transferred
<br />by Borrower without Lender's prior written consent, excluding la) the creation of a lien or encumbrance subordinate to
<br />this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
<br />descent or by operaUOn of law upon the death of a joint tenant or (dt the grant of any leasehold interest of three years or less
<br />not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be
<br />immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
<br />and the person to whom [he Property is to be sold or transferred reach agreement in writing that [he credit of such person
<br />is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rats as Lender
<br />shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
<br />interest has executed a written assumption agreement accepted in writing by Lender. Lender shalt release Borrower from all
<br />obligations under this Mortgage and the Note.
<br />If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph t4 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
<br />which Borrower may pay [be sums declared due. If Borrower fails to pay such sums prior [o the expiration of such period,
<br />Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br />Nor[-UNtpoatf Covt:rtnr[TS. Borrower and Lender further covenant and agree as follows:
<br />1& Acceleratbo; Remedies. Fscept ats provided in paragraph 17 hereof, upon Borrower's breach of any covesast or
<br />»Zr~ut of Borrower is Ibis Mortgsge, including the covenants to pay when due any sums xcored by this Mortgage,
<br />Leader prior to scmkntion shag mail notice to Borrower as provided in paragraph 14 hereof specifyiug: (1) the breach;
<br />{2) the action required to cure sue6 breach; t3) a date, not less [has 30 days from the daft the notice is mailed Io Borrower,
<br />by which loch breach must be curedl asd (4) that failure to cure such Meech oa or before the date specified in tht notice
<br />cosy rnult in accekratfoa of the sums secured by this Mortgage, forecMsure by judicial proceednae and sale of tM Pmperty.
<br />The oatke aha8 (rather ieform Borcower of the right to reinstate after acceleration and the right to assert in the foreclosure
<br />paoceedieR the oau-exfrttace of a dsEault or any ocher defense of Borrower to accefeesttioa and €precioaure• If the breach
<br />b nOt cured oa ar before the dtde specitied is the notice, l,endeP At Lendtr'S fiption may declare ail of tilt sums xCUred by
<br />ANs MattBge to be iouoediatdy d~ and payable without further demand and may foreclose by judicial proseed[sg. Lender
<br />stall 6e estNled to collect in such proceeding alt expenses of foreclosure, Mcludbrg, buf rent limited to, torts of documentary
<br />evidtact, atistracfs and tick rtports.
<br />l4, BMrowes's RIgW to Reiostale. Nutwitbstanding I_itlder's acccitrat,cn of the sums secured by° [his Mortgage.
<br />Borrower shall bout the right to have any proceedings txgun by i_rndcr to enforce this ~{ortgagc disci,ntiautd at any time
<br />
|