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Home My WebLink About0286 . . agreement or applicable law. Borrower shall pay the amount ot all mortgage insurance premiums in the man~er provided unde~ paragraph Y hereot. Any amounts disbursed bp l.e~der purswnt to this paqg~aph 7, with interest thereon, shaU becomc additional in- debtedn4ss of Borrower xcurecf by this ~tortgagc. Unleu Borrower and Lender aqree to o~hcr ternu o( payment, such amounts shall be payable upon notice t~om l.a~cier to Borrower requestinR payment thereo(, and shall bear interest Irom the date o[ disbursement at the rate payable (rom time to timc on ouutanding principal under the Note unless parnent o[ interat at such ratt would be contrary to applicable law, in which event such amounts shall bear interest at the highat ratc permissible under applicable law. Nothing contained in this paragraph 7 shall require l.endcr to incur any expenx or wke aoy accion henunder. 8. Iaspection. Lender may make or cause to be made reasonable entria upon and inspections ot the Property, pro vided that Lender shall give Borrower notice prior_ to any such inspectiot~ specitying reasonable cause thercfor related w . _a~ ti. n......~.... a.r..-..~.'s i.-.:~,~.a. :r. u.a. . ,u~..~...1. 9. Coademnation. The proceeds ot any award or daim tor damaga, direct or consequential, in connection with any co?edemnation or other uking ot the Property, or part thereof, or for conveyance in lieu of condemnation, are herebr as- signed and shall be paid to Lender. In the event oE a total taking ot the Property, the proctecis shall be applitd to the sums securcd br this Mortgaqe, with the excess. if any. paid to Borrower. ln the e~•ent oi a partial taking ot the Property, unless Borrower and Lender othtnvise aqrte in writi~g, there sha11 be applied to the sums secvred by this \tortgage wch proportion o( the prateds a; is equs! to that propottion which the amount ot the sums secured by this Atortgage immediately prior to the date of taking bean to the fair market value o( the Property immediately prior to the date of taking, with the balance oi the pro- ceecls paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that ehe condemnor o[fers to make an award or settle a daim tor damages, Borrower fails to respond to Lender within 30 days atter the date such notice is mailed, I.ender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair ot the Property ot to the sums secured by this 1lfortgage. Unless Lender and Borrower otherwise agree in writing, any such application of pr«eeds to principal shall not extend or postpone the due date of the monthly installments re[erred to in pangraphs 1 and 2 hereof or change the amount of such installments. 10. Borro~ver Not Relea~ed. Extension o[ the timt for payment or modification o( amortization of the sums secured by this \tortgagt granted by I.ender to any successor in interest of Bonower shall not operate to release., in any manner. the liability oE the original Borrower and Borrower s successors in interest. Lender shall not be required to commence proceedings against such successor or n[use to extend time for paymene or oeherrvise modi[y amartiration oE the sums se- cured by this ~tortqage by reason oi any demand made by the original Borrower and Borrower s successors in interest. 11. Forbearanae bJr I.ender Not a Wairer. Any torbeannce by I.ender in exercising any right or remedy hereunder. or otherwise a[torded by applicable laa, shall not be a waiver o( or preclude the exercise of any such right or remedy. The procurement of insunnce or the payment ot taxa or other lier~s or charges by Lender shall uot be a wai~•er of I.ender's riRht to accelente the maturity ot the indebtedness secured by this MortgaAe. 12. Remedies (~tmulati~e. Al! remedies provided in this A~ortgage are distinct and cumulati~•e to any other right or remedy under this ltortgage ot a[(orded by law or equity, and may be exercised concurrently, independently or successively. 13. Succeadors and Aadgns Bound; joint and Se~eral Liability; Captions. 'I'he co~~enants and agreements herein . - • , „ - - . • ~ . . . wuaa~ncu ai~au u~uu. anu u~r i~guw uc~cuuuc~ ~~au wu~c w, u~e rraNec.u~r su«rssur~ auu asa~g~u u~ i.ruurr auu nurruwCr, subject to the provisions of paragraph 17 hereof. All rnvetunts and aRreements ot Borrower shall be joint and several. The captions and headings of the paragraphs of this Aiortgaqe are tor com•enience only and are not to be used to interpret or detine the provisions hereof. 14. Notioe. Extept [or any notice required undet applicable law to be given in another manner. (a) any notite to BorroNer pro~•ided for in this \tortgage shall be gi~•en by mailing such notice by certified mail addressed to Borrower at z the Propertp Address or at such other address as Borrower may designate by notite to Lender as provided herein, and (b) ; any notice to Lender shall be giren by certified mail, return receipt requested, to Lender's address stated herein or to such i other addreu as L.ender miy daignate by no[ice to Borrow+tr as provided herein. Any notice provided (or in this ~fongage ~ € shall be deemed to have been given to Borrower or I.ender when gicen in the manner designated herein. ~ ~ 15. Uai[orm Mortgage; Governing Law; Sererability. This form oE mortgage combines uni(ortn co~•enants for na- ~ tional use and non-uniform mvenanu with limited variations by jurisdiction to constitute a uniform security instrument ~ corering real property. This \tortgage shall be governed by tl~e law of the jurisdiction in Mhich the Propertg is located. i In the event that any pro~ision or dause ot this ~tortgage or ehe l~ote conElicts with applicable laM, such con(lict shall not ` ~ affect other provisions o[ this lfortqage or ehe \ote which cau be given eftect without the conflictin¢ proeision, and to this end the pro~•isions of the ~tortgaqe and ehe Note are dedarcd to bc severable. ~ 16. Borro~rer's Copy. Borrower shall be furnished a conformed copy o( the Note and o[ ehis \iortqage at the time i of eaecution or after recordation hereo(. ~ 17'. Tnn~er of the Properq; A~mption. If all or any part o[ the Propertp or an interest therein is sold or trans- , ferred by Borrower Mithout I.ender's prior written tonsent, exduding (a) the aeation ot a lien or encumbrance subordinate to this ~tortgaqe, (b) the creation of a purchase money security interest [or household appliances, {c) a transter by de~~ise, i descent or by operation o( law upon the death of a joint tenant or (d) the Rrant of am• leasehold interest of three years or ~ less not containing an option to purchase. Lender may, at Lender s option, dedare all the sums secured by this ~tortqage to ~ be immediately due and payable. I.ender shall ha~•e Maived such option to accelerate i(, prior to the sale or transter. Lender ~ and the person to whom the Property is to be sold or tnnsferred reach aqreement in writing that the credi[ of such person ; is satisfactory to Lender and that the interest payable on the sums secured by this lfortgage shall be at such rate as I.ender - shall request. If I.ender has wair•ed the option to accelerate provided in this paragraph 17, and iE Borrower's successor in ~ interest has executed a written assumption aqreement accepted in writing by L.ender. Lender shall release Borrowec from ~ all obligations under this !ltortgage and the Note. ~ If Lender exercises such option to acceleraee, Lender shall mail Borrower notice ot acceleration in accordante with ~ patagraph 14 hereof. Such notice shall pro~•ide a period of not less than 30 days from the date the notice is mailed within # which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. ~ Lender raay, without further notice or demand on Borrower, im•oke any rernedies permitted by paragraph 18 hereof. - ~ NOAi-UAIFOR~t COVENAMS. Borrower and L.ender turther rnvenant and agree as [ollow-s: ~ 18. Acceltration; Remedies. E:oept as provi+iod in pangnph 1~ hereof. upon BorroMre~'s breach of an~ rn~enant or ~ agretment of Borrower in this Mortgagt. induding the covenants to pay whm due any sums iecured by this 1lfortgage, ~ I.ender prior to acceleration ~hail mail notice to Borrower as pmvided in paragraph 14 hereot specifying: (1) the breach; s ~ the action required to aut wch breac6; (3) a datt, not kas than 30 days from t6e date the notice ia mailed to Borrawu, : ~ b~ w~6ich wch breach mwt be cured; and that tailure to cvre such brcach on or beforc t6e date specified in tht notice may ~ reault in accelmtioa of the sums stcured br this Mortgage, [oreclowre by judicial proceeding and anle of the Property. The ~ notice shall funher in[orm Borrower of the rig6e to reinstate after accekntion and the right to assen in the foredowre ~ praceeding the non-eziseena d a deiault or any other de[ense oE Borrower to acorlention and EorecMsure. If the brach is ~ = not twed on or btEore the date specilied in t6e notice, I,ender ac Lender's opcion mar dedarr all oI the sums aecLred by this ~ Mortgage to be immediacdy due and parabk ~vit6out Eurther demand and may [oralox ~his MortgaRe by judicial proceed- ' ing. I.ender shall bt entitled to collect in wch proceeding all expenses oE (oreclosure, including. but not limited to, reabn• ~ abk attorner's fees. and coas of documentary evidrnce, abstracu and title reports. Bo~K 269 ~a~~ 28fi ; ~