|
$1....., i.lll~6~be
<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 Borrower secured by this Mortgage. Unless Borrower and Lender agree to other Perms of payment, such
<br />amounts shall be payable upon [[price from Lender to Borrower requesting payment thereof, and shall hear interest from 4he
<br />date of disburcetrtent at the rate payablt from time to time on otristanding 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 law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any action hereunder.
<br />& 7mpectlon. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br />[fiat 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. Cortdemnatlon. The proceeds of any award or claim far 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 />anti shall be paid to Lender.
<br />1n 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 />athtrwise agree in writing, tFtere shall be applied to the 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 valt[e of the Property immediately prior to the date of taking, with the balance of the proceeds
<br />paid to Borrower.
<br />if ter Pmnerto s 3handnned by Borrower or if, after no±ice by Lender to Borrower that the condemnor offers to male[
<br />an award or settlt a claim far damages. Borrower fails to respond to Lender within 3G days after the date such notice is
<br />mailed, Lender is authorized to collect and apply the proceeds, at under i option, either to restoration or repair of the
<br />Prolx-rty 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 pastpont the due date of the monthly installments referred to in paragraphs 1 and Z hereof or change the amount of
<br />such instaflmrnts.
<br />1®. Borrower Not Releared. Extension of [fie time for payment or modification of amortization of the sums secured
<br />by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner.
<br />the fiabi)ity of the original Bortvwer and Borrower's successors in interest. Lender shall not be required to commence
<br />proctedengs 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 Borrowers successors in interest.
<br />11. Porfieararce by Lends Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwice afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
<br />The procurement 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 aceelerate the maturity of the indebtedness secured by this Mortgage.
<br />12. Reo•edies Cttmalaflve. 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. independently or successively.
<br />13. Saeeeasora std Aamiy[s Bourtd; Joint and Several Liability; Captions. The covenants and agreements herein
<br />contsintd shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower,
<br />subject to the provisions of naragraph 17 hereof. Alt covenants and agreements of Borrower shall be joint and stvet__
<br />`tlte captions and headings of the pazagraphs of this Mortgage are far convenience only and are no[ to be used to
<br />interpret ar define the provisions hereof.
<br />li. Notice. Except for any notice required under applicable law to be given in another manner, (a} any notice fo
<br />Borrower provided for in this Motgage shall be given by mailing such notice by certified mail addressed to Borrower at
<br />the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
<br />(b) any notice to Lender shall be given by certified mail. return receipt requested. to tender's address stated herein or to
<br />such other address as Lender 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 ar Lender when given in the manner designated herein.
<br />15. Uniform Mortgage; Governing Law: Sevrrability. This form of mortgage combines uniform covenants for national
<br />use and non-uniform covenants with 1tmited variations by jurisdiction to constitute a uniform security instrument covering
<br />real property. This Mortgage shall be goverrxd by the law of the jurisdiction in which the Property is located. In the
<br />event that any provision or clause of this Mortgage or the Nate conflicts with applicable law, such conflict shall not affect
<br />other provisions of this Mortgage or the Note which can he giver. effect without the conflicting provision, and to this
<br />end the provisions of the Mortgage and the Note 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 />t7. Trander of tht Property; Asanmptiou. if al! or any part of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior written consent, excluding ta) 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 operation of law upon the death of a joint tenant or tdl the grant of any leasehold interest of three years or less
<br />rmt containing an option to purchase, Lendtr may, at Lender's ap[ion, declare all the sums secured by this Mortgage to be
<br />immediately due and payablt. Lendtr shat! have waived such option to accelerate if, prior to the sale or transfer, Lender
<br />and the person [o whom the Property is to be sold ar transferred reach agreement in writing that the 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 rate as Lender
<br />shall request. If tender has waived the option [o accelerate provided in this paragraph 17, and if Borrowers successor in
<br />interest has executed a written assumption agreement accepted in writing by i_ender, Lender shalt release Borrower from all
<br />obligations under this Mortgage ate the Note.
<br />If Leader exercises such option io accelerate. Lendtr shall mail Borrower notice of acceleration in accordance with
<br />paragraph 74 hereof. Such notice shall provi3t a period of ^ot less than ?0 days from the dart fhe notice is mat7ed within
<br />which Borrower may pay ehe sums dtxlared due. If Borrower fails to pay such sums prior to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br />Nate-UTtIF(1RM CovEnxrrrs.' Borrower and Lender further covenant and agree as follows:
<br />18, Aeceh:rtrtion; Rem. 8acept as provided is paragrapb 17 hereof, upon Borrower's breach of any roveeaat or
<br />aereemoat of Borrower is this Mortgage, iacludntg the coseaauts to pay when due any stints secnred by this Mortgage,
<br />Lender prioa m acceleration shag mail wotice to Borrower as provided in paragraph 14 hereof sptcifyi~: fl) the breach;
<br />(Z} the rtcUoa tequirsd to tare such breach; {3) a date, not less than 30 days from the date the notice is mailed to Borrower,
<br />by ttrlich sucb blench [[[trot be roved; and (a} thce fadtue to care such breach o0 or before the date spetiSed in the ttofkc
<br />mqy rpWt h atYehraHon of the auras second bq the Mort~e, foreclasnre by jadki~ proceeding and sale of the Property.
<br />Tire notice shag further berm .Borrower of the right to reiasWe alter accekratioa sari the r~ht to rrrsert ie the foreclosure
<br />procaedl~ the aoa~etelptaace of a 6efatdt or say other defence of Borrowte to accekratioa and forecloeunr. If the breacA
<br />k sot cured oa ar herons the daM specified is ehr notice, Lender a1 Lender's option may declare aV of the sums secured 6y
<br />this Mar(;a({e b be itwaredh[teiy due and payable whbout further deutaad and may foreclose 6y judicial proceediaB. Leader
<br />shag !tr esfiBad W eoBact ~ latch proeeedi;tg aB c:peaces of foreclosure, lucludie~, Intl raN timhed to, costs of docutrteatary
<br />evldaate, abWrath sari title repoAe.
<br />1$ Rot'rrtwer5t R~ht to RaiVastatt. Notwithstanding Lender's acceierauon of the sums sstiurtd by this Mortgage,
<br />Ssrrrowtt shrill have else right to have any proceedings hegun by Lendtr to enforce this Mortgage discantimtrtl a[ any time
<br />
|