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Home My WebLink About0927 l.ender'.s writlen agrecment or applirable law. Borrower shall pay the amount of all motigagc insurancc prcmiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by l.ender pursuant ~o this paragraph 7, with interest thercon, shall become additional indebtedn~~ss of Borrawer secured by this Mongage. Unletc Ba~rower a~J l.enJer agree to other terms of payment. such amounts shall t~c payablc u~n no~ice fmm I.ender ta Borrowcr ~eyuesting paymcnt thercof, and shall hcar interest from the Jatc M disbi~rsement at the rate payahlc fmm time to time on outslanding principal under the Note unless payment of • intercst at such rate w~ould be contrary to applicable law, in which eveot such amaunts shall txar interest at the highest rate permissihle under applicable law. Nothing contained in this paragraph 7 chall require I.ender to i~cur any expense or tske any action hereunder. 8. laspection. Lender may make or cause to be made reaeonahle c~tries u~x~n and inspections of ~the Property. pravided that l.ender shall give Borrower ~otice prior to any such inspectioR specifyin~,reasanablt'cati* fherefor related to I_ende~'s interest in the Pmperty. ~ 9. Coademaatioo. The proceedc of an~• aw•a~d or claim for elamages, dircct or consequential, in cannection with any condemnation or other taking of the Property, ~~r part t?~e~rnf, or for c~nveyance in lieu of rnndemnation, are hereby assigned and shall hc paid to l.endcr. In ~he event of a tMal taking af thc Pro~;rty. thc prckceJs thall bc applied to the s~ims secured by this Mortgage. w~i1h the ex;,ess, if any, paid to Burrower. In ~hc event of a partial taking of the Property, unlesc Bormwer and Lender otherwisc agree in wrilinR. there shall he applied to Ihe cumc ~ecured M~ this Mortgage such pmportion of the proceeds ; as is equal to that pro~rtion vrhich the amount o( the cumc ~cured by thic 1liortgage immediately prior to the date of . taking hcars to the fair market valuc of the Pmpcrty immrdiatcl}• prior to thc date of taking, v?•ith the balance of the proceeds paid to Borrower. ' If the Property is abandoned by Borrow•er. or if. aher notice hy l.ender to Borrower that the condemnor offers to make _ an award or setNe a claim for damages, Bormwer fail. t~. rrspc•nd t~ I.cnder within i0 days after the date such notice is • mailed. I_ender is authorized to rnllect and apply ~he prc?ceeds_ at Lender's option. either to restoration or repair of the ~ Propcrt~~ or to the sums sccured hy this Mortgagc. : Unless I.ender and Borrower otherW~ise agree in w ritinc. am• such application of proceeds to principal shall not extend ~ or post~ne the due date of the monthly installmcnt~ rcferred to in paragraphs 1 and 2 hereof or change the amount of + ; such installments. ~ . [~3. Sorrowe~ Not Released. F.xtension ~f the time for p~yment or Modification of amortization af the ~ums secured by this MortFage gran~ed by i.ender to am• ~ucceca~r in interc~t of B~rrower thall not operate to release. +n any manner. the liability of the ori¢inal Borrower and Bormw•rr'~ succestic~rs in interect. 1_ender shall not he required to commence proceedings against such successor or refu~e to crtend time for payment or ~then+•ice modify amortization of the sums secured b}• this Mortgage by rea~n of am• demand madc b~• tlx orieinal BorroHCr and Borrower s successors in interest. 11. Forbearance by I.ender rot a ~1'ai~•er. Am• f~~nc~aranre by l.ender in erercising am• right or remedy hereunder, or otherwise afTordecl hy applicable law, shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares or other liens ar charges by i.ender chal) nat he a~•aiver of [_ender s right t~ accclerate the maturily of thc indehtcdne~s terured ht• thic Mortgage. - 12. Remedies Cnmulative. All remedics pm~~idcd in this M~irtgage are distinct and cumulativc to any other right or remedy under this Mortgage or afiorded by law or equit~~. anJ may he r~erciud concurrenU}•. independendy or succecsively. 13. Successors and AssiRus Bound: Joint and Severnl i.eability; Captions. 'il~e covcnants and agrcements herein • rnntaincJ shall bind, and the rights hercunder shalt inure to. the rgspective succecsors and as~igns of t_ender and Borrower, .ubject to the provisions of paragraph 17 hereof. All covenants and agreements of Bormwer shall he je?int and severa{. The captions and headings of the paragraph~ of this Mar~gage are for comenience only and are not to be used to intcrpret or define thc provisions hereof. ~ 14. Notice. Except for any notice reyuircd under applicable law~ to be given in another manner. (a) any notice to Rc~rrower provided for in this Mortgaee shal) he givrn hy mailing tuch notice by certified mail addrected to Borrower at the Pmperty Address or at such other addreec as Borrow~er may designate by notice to 1.ender as provided herein. and i (b) am~ notice to Lender shall he given by certified mail, return receipt requested. to I.ender s address stated herein or to ; 'I si~ch other address as I.ender ma~• designate b}• notice t~~ Bormw•er as provided herein. Any notice pmvidecl for in this vlo~tgagc shall be deemcd to have been g~ven Io Borruwer or t.cnder w•hcn givcn in thc manner designated herein. 15. Unitorm Mort~age: Governin~ Law; Se~~erability. This form of mortgage rnmbines uniform covcnants for national j use and non-uniform rnvenant~ with limited variationc h}~ jurisdiction to constitute a uniform securit} instrument c~vering ~ real property. This Mortgage shall be governed h~~ thc law• of the junsdiction in which the Property is located. In the i event ihat an~• provision or clau~e of thic Mortgage ~r the Note rnnflicts with applicable law, such conflict shaD not afiect { other pmvisions of this Mortgage or the Note ~hinc ~an be given effect without the conflicling pmvision, and to ihis - ~ end thc pmvisions of the Mortgagc and the Note are declared to he ceverable. ' i 16. Bomov~er's Copy. Borrow•er shall be furnished a conformed copy of the Note and of this Mortgage at the time i ~~f e~ecution or aiter recardation hereof. ~ 17. Transfer of tbe Propert~•; Assumption. If all ~r am part of the Property or an interest thcrein is sold or transferred E by Borrowcr without I~nder's prior written cansem. excluding (al the creation of a lien or encumbrance subordinate to ~ thi~ Mortgage. Ib1 the creation of a purchase money cecurity interest for household appliancec, (c) a transfer by devise. descent or by operation of law• upon ?hc dcath of a joint tenant or (dt the grant of any leasehold interest of thrce years or less ~ n.n rnntaining an option to purchase. I.ender may. at 1_ender's opti~~n, declare all 1he sums secured by this Mortgage to be ;mmeciiately due and payable. I_ender shall have waived such option to accelerate if, prior to the sale or transfer. I_ender anJ the peru~n to whom the Property is to be sold or transferrcd reach agreement in wnting that the credit of such person is satisfactory ta l.eoder and that the interest papable on the sums secured by thit Mortgage shall be at such rate as Lender ~h;~il request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ ~ neerest has executed a written assumption agreement acee~+ted ::.iting by i_ender. Lender shaU release Borrower from all ~ k ~'~~ations under this Mortgage and the Nate. ~ If i.ender exercises such option ta accelerate. 1_enJer ~hail mail Bormw•er notice of acceleration in accordance with ~ aragraph 14 hereof. Such notice shall provide a pcricxl of not less than 30 da~•s from the date the notice is mailed within :?i -h Borrower may pay the sums declared duc. I( Rorrower fails ro pay such ~ums prior to the eapiration ~~f such period. ,_i~r may. without furlher notice or demand on Borrower, im~oke an}~ rcmedies permiucd b)~ paragraph IR hereof. ~JoN-UrnFORi?t CoveNeNTS. Borrower and [_ender further covenant and agree as follows: 18. Accelcratan; Remedies. E:ce~rt as provided in parag~pb 17 hereof. upoa Borrower's brcsch of any covenant or a~reement of Borrower in this Mortg~e, includin~ Ihe covenants to pay when dne aay soms secured by t6is MortSage, Leader ~ prior to sccekration s6a11 mail notice to Borrower as provWed in paragrsph 14 hereof spccifyia~: (1) the breub; (2) tbe actioo ~ required to cure soc6 breac6; (3) a date, not less than 30 days from the date the notice is mailed b BoROwEr, by w6kh suc6 a breach mnst be cnred; and (4) that fpilure to cure such breach on or befors the d~e spcei6ed in t6e notice may rrsolt in ~ 9ccekratan of t6e saa~s secured by ihis Mortgage. foreclosure by judicial proceedin~ aad sale of t6e Property. 'ILe ootice - shall further inform Borrower of the ri~ht to rcinstafe afler acceleration and the right fo aseert tn t6e forec{osore proceedia` ~ tLe oon-existence ot a defauk or aoy other defense of Borrower to accekratbn and forecbwrr. If the breac6 b aot c~red oa or before the dste specified in the notice, Lender at i.endePs optan may declare aD of the sams secured by th~s Morf~e b be immediatdr due and paya6k withont further demaad and may foreclox this Mort~a~e by jndkial proceedin~• Leader sbalf : ~ be cntiUed to collect ia sacb proceeding ap e:penses of foreclosure. including. but nM limited to, na6onsble sttorner's [ea, ~ aod costs of documeotary evidence. a6strt~cts aad title reports. ~ 19. Bormwer's R166t to Re~st~te. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. : ~ Borrower shall have the right to have any proceedings i~egun by Lender to enforce this Mortgage discontinued at any time ; ~ ~ . ~ . ~ 254 PacE 9~ ~ ~ - ~ - ~ ~ . . - __W~~