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Home My WebLink About0072 ~ a~eement or applicable law. Horrower shall pay the aawu~t ot all mortqage insurance premiums in the manne~ providecl unde~ pangraph 4 hereol. ' Any amounts disbursed by Lender punuant to this puaRraph 7, with interest the~con, shall become additional in- ~ debtedness of Borrower secureci by this :1lortq-age. Unleu aorrower and l.ender agree to other terms of payme~t, such ; amounts shall be payable upon notice (rom Lender to Bnrrower requtsting paym~nt therco(, and shall bear i~terest Irom ~ ~h~ datc ot disburxment at ~he rate payable trom time to timc on outstanding principal under the tiote unlrss payment of interest at such nte would be contrary to applicable law, i~ which evcnt auch am~unts shall bear interest at the highest ratc permissible under applicable law. Nothing contained in this pangraph ? shall require Ixnder to incur any expense or take any action henunder. . 8. Ia~pectioa. Lender mar make or cause to be madc reasc>~able entria upon and inspcctions ot the Property. pro- vided that Lender shall give Borrower notice prior co anr such inspection specityinR rtawnable tause therel~r related to Lender's incereu in the Property. 9. Condemnatlon. The proceecls ot any award or claim tor damages, direct or co~sequential. in connection ~vith any condemnatio~ or ot~her uking o[ the Property, or part ~hereof, or tor conveyance in lieu ot condemnation, are hereby as- signed and shall be paid to l.ender. In the e~eot ot a total taking ot the Property, the procecds shall be applied to the sutas xcured by this Nortgaqe, with the excess, if any. paid to Borrower. In the evt~t of a partial taking ot the Property, unless BorroNer and Lender otherwise agree in writing, there shall be applied to the sums secured by this Tlortgage wch proportion oE the praetds a; is equal to that proportion which the amount o[ the sums secured by this \~ortqagc immecliately prior to the date of taking bean to the [air market value o( tht P~opcrty immediatclr prior to the date o( taking, w~th the balance of the pro- ceeds paid to Borrowet`. _ If the Property is abandoned by Borrower, or if, atter notice by Lender to Borrovrer that the condemnor o(ten to make an awud or xttle a claim [or damages. Borrower fails co respond to I.ender within 30 days atter che date such notice is mailed, Lender is authorized co collect and apply the praecds, at Lender's option, either to restoncion or npair of th~ Property or to the sums secuted by this ,tortgage. Unless I.ender and Borrower otherwise agrce in writing, any such application o[ praeeds to principal shall not extend or postpone the due date of the monthly installments re[erred to in pangraphs 1 and 2 hereof or chanqe the amount o[ such in:tallments. 10. Borro~rer Not Releand. Extension of the time (or payment or tnodification ot amortitation of the sums secured by this ~fortgage gnnted by Lender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrovrer and BorroMei s successorn in interest. Lender shall not be required to commenct proceedinqs against such succcssor or refuse to extend time for payment or otherwisc modity amortization o[ the sums se- cured by this ~tortqaRe by reason of anr demand made by the original Borrower and Bormwer s wccessors in interes~ 11. Forbearance br I.ender Not a Waiver. Any torbearance by Lender in exercisinq any right or remedy hereunder, or otherwix attorded by applicable laM, shaU not be a wai~•er or preclude the exerci~c ot any such right or remedy. ?hc procurement of insurance or the payment oE taxes or other liens or charRes by Lender shall not bc a wai~•er of Lender's riRht to accelente the maturity of the indebtedness secured bv this ;liorcgaRe. lY. Remedid Gtimulati~e. All remeclies provided in this ~tortqagc are distinct and cumulati~•e to any other riqht or rcmedy under this Mortgage or aiforded b~ law or equity, and may be exercised concurrentl~•. independently or successively. ' 13. Sucteaeors and A~sigtu Bound; ]oint and Sneral Liabilitr; C~ptions. "The covenants and aqreements herein rnntained shall bind, and the rights hereunder shall inure to, the respective succeawrs and assigns ot Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenanu and aqreements of Borrower shall be joint and sc~•eral. Tht captions and headings of the paragraphs of this Mongage are tor com•enience only and are not to be used to interpret or d~(ine the provisions hereof. 14. Notect. Except [or anv notice rcquired under applicable law to be qiven in another manner. (a) an}' notice to BorroNer prorided for in this ~fortqage shall be given by mailing such notice by certified mail addressed to Bonower at the Property Address or at such other address as Borrower may daignate by notice to Lender as provided herein, and (b) any notice to Lender shall be gi~•en by certitied mail, return receipt requested, to Lender's address stated herein or [o such other address as Lender may daignate by notice to $orro~ret as provided hcrein. Any notice pro~•ided tor in this ~fongage shall be deemed to have been qiven to Borrower or Lender when gicen in the manner designated herein. ~ 15. Uniform Mortgage; Go~erning Law; Se*erabiliq. This torm of mortgage combints uni(orm co.~enants for na- i tional use and non-unifortn covenants with limited v~riations by jurisdiction to constitute a uniform securit~• instrument ~ co~~erinq real property. This \tortgage shall be go~erned by the law o[ the jurisdiction in which the Property is located. f In the event that any provision or dausc ot this ~tortgage or the Note conflicts with applicable laM, such conflict shall not ; affect other provisions of this ~tortgage or the \ote which can bt given effett without the conQictinq pro~•ision, and to ~ this end the pro~•isions o( the ~lottgage and the :\'ote are declared to be severable. ~ 16. Barrower's Copr. Borrower shall be (urnished a contormed copy o( the lote and o[ ~his \fortRage at the time ot execution or a(ter mordation hereof. ~ 17. Trander of the Properq; A~sumption. I[ a11 or any part of the Propett}• or an interesc therein is sold or trans- ferred by Bortower without Lender's prior written consent, txcluding (a) the aeation of a lien or encumbrance subordinate to this ~tortgage. (b) the creation ot a purchasc money security interest Eor household applianccs. (c) a trans[er by de~•ise, descent or b}• operation o[ law upon thc death of a joint tenant or (d) chc Rrant of an} leasehold interest oE three years or less not containing an option to purchase. Lender may, at Lenders option. dedare all the sums securcci b~ this ~tortqaqe to be immediately due and payable. Lender shall ha~•e ~+aived such option to accelerate if, prior to the sale or trans[er. I.ender and the person to whom the Property is to be sold or transferrcd reach aqreement in writing that the credit o( such person is satisfactory to l.ender and that the interest pa}•able on the sums secured by this ~tortgaqe shall be at such rate as Lender shall request. If Lender hu waived the option to accelerate provided in this parap;raph 17, and if Borrower's successor in interest has executed a written as,wmption aqreemenc accepted in writing .by Lender. Lender shall release Borrower from all obligations under this Mortgap,r and the Note. If I.ender txercises such option to accelente, I.ender shall mait Borrower notice of acceleration in accordance wich ~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 dars irom the date the notice is mailed within which Borrower may pav the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. ~ I.ender may, without [urther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereo[. ~ ~ Nox-UNtFaew Cov~rw.~rrs. Bortower and L.ender [orther mvenant and agree as follows: ~ 18. Accelrration; Remedia. E:cept as provided in paragraph 17 hercof, upon Borrower's bmch of an~ co~enant or ~ ~ agrremeat o[ Bomower in this Mortgage. induding che rnrenanu to pay w6rn due any sums ~ecured br this Mortgage. ~ Lender prior to aaeleratioa a6all mail notict to 8orrower as prorided in parigraph 14 herco[ specifying: (l) che brracL; ~ the xtion nquired to cure acb breach; (3) a date, aot leu cLw 30 days from t6e date the notice is mailed to Borrowet, ~ by ~r6ich wc6 breach mu~t be cnred: and (4) that (ailurrto cure such brrach on or be(ore the date specified in the notice may result in acoelrration o[ tbe a~ms secured br this Mortgage. foreclaurc by judicial praeeding and ale oE the Property. The notioe a6a11 (urthn intorm Borrower of the rig6t to reinstate after aocelentioa and the right to assert in the [oredosnre proceeding tlu non-e:i~ttnce of a default or any other dt(enae of Borrower to ucelrntion and foreclo~urc. If ~he brcach i~ not cured on or be[ore the date speciti~d in the no[ict, Lrnder at Lender's option may declare all of the aims secured b~ this ~ Mottgagt to be immediatdr due and pa~abk without furtber demand wd may foreclo~e this Mortgage br judicial proceed- ing. Lender ~6a11 be entitled to rnllect in wcb proceediog all ezpenus of (weclowre, includiag, but not limited to, rtaion- able attoraer's fees, and cons o[ docomenury eridenu. abtrxu and cit{e revorts ~ i••~ PAGE ~ ' " ~?65 _ - - - , . ~