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Home My WebLink About0224 agreement os applicable law. BonoNer shall pay the unount ot all mortgage insurance premiums in the manner provided undcr paragnph Y hereof. Any amounu disbuntd by Le~der punuant to this puagraph 7. ~vith interat thereo~, shall become additional in- debtedness o( Borrower secured by this 1lfortgage. Unleu Borrower and Lender agree to other tenas of payme~t. suth amounts shall be papable upon notice trom Lendcr to Borrower requcsting payment thereof, aod shall bear interest from the date ot disburseme~t at the ratc payable trom time to timc on outstanding principal under the Note unleu pay~nent of intetat at such rate would be contrary to applicable law. io which cvent such amounts shall bear interest at the hiqhest ratc permissible under applicable law. Nothing contai~ed in this pangraph 7 shall requirc I.ender to incur anr experue or take any action hereunder. 8. Inspettion. I.erider may make or cause to be made rexsonable entria upon and inspections o[ the Proptrty. pro- vided that Lender shall give Borrower notite prior to any such inspection spccitying rtasonable cause theretor related to l.e~der's intertst in the Property. 9. Condaanation. The praeeds oE any award or daim for damaga, direct or mnsequencial, in conncction with any condemnation or other ukiog ot the Propertr. or part thereot, or tor conveyance in lieu of condemnation, are hereby as- aigned and shaU be paid to Lender. In the event ot a total taking of the Property, the proceeds shall bc applitd to the sums secured br this Mortgage. with the excess, iE any. paid to Borrow~r. In che event oi a partial taking of the Propercy, unless Borrower and L.toder otherwise aRree in writing, the~e shall be applied co the sums secured by this Mortgage such proportion o[ the proceeds a; is equal to that proportion which th~ amount o[ the sums sscurtd br this 1ltortgage immediately prior to the datt of taking bears to the [air market value of the Propeny immediately prior to che date oE taking, wich the balance oE the pto- , ceeds paid to Borrorver: I( the Property is abandoned by Borrower. or if, after notice by Lendet to Borrower that the tondemnor otfers to make an award or settle a claim for damagts, Borrower fails to respond to Lender within 30 days atter the date such notict is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to ratoration or repair ot the Property or to the sums secured br this Mortgage. Unless I.e~der and Borrowet othetwise agree in writing, any such application o[ pr«eeds to principal shall not extend or postpone the due date of the monthly installments reEerred to in pangnphs l and 2 hereoE or change the amount of wch installments. 10. Borrowet Not Reka~ed. Extension o[ the time for payment or modification of amorti:ation of the sums secured by this \tortgage gnnted by I.ender to any suaessor in interest of Bonower shall not opente to release. in any manner. the liability o[ the origiml Borrower and Borrower s suctessors in intetest. Lender shaq not bt required to commence proceedings against wch successor or retuse to extend time [or payment or otherwise modifr amortization of the sums ae- curecl by this ~tortqage by r~ason of anr demand made by the original Borrower and Borrower's successon in intera~ , 11. Forbannce b~r Lender Not a Wai•er. Any torbeannce by Lender in exercising any right or nmedy hereunder. or otherwise a[fordtd by applicable law, shall not be a waiver ot or preclude the erercise of any such right or mmedy. The procurcment ot insurance or the payment o[ taxes or other liei~s or charqes by Lender shall not be a wai~•er o[ L.ender's right to accelerace che maturity of che indebtedness sccured by this Morcgage. IY. Remedies GLmulati~e. All remedies provided in this Mortqage are distinct and cumulati~~e to any other right or rcmedy under this 1ltortqagc or aE(orded by law or equity, and may be exercised rnncurrently, independently or successively. 13. Succe~eora and A~sigas Bound; Joint and Several Liability; Captions. "fhe co~•enants and agreements henin contained shall bind, and the rights hereunder shali inurc to, thc respective successon and assigns o[ Lender and Borrower, subject to the provisions of patagraph 17 hereof. Ap co~~enanb and aqreements o[ Borrower shall be joint and several. The captions and headings o[ the paragraphs of this ~iortgage are tor com•enience only and are not to be used to interpret or , deEine the provisions hereof. - 14. Notice. Except (or any notice required undet applicable law to be given in another manner, (a) any notice to Borrower pro~ided Eor in this ~lortgage shall be given by mailing such notice by certi(ied mail addressed to Borrower at the Property Address or at such other address u Botrower may daignate by notice to L.ender as provided herein, and (b) anr notice to Lender shall be given by certified mail, return receipt requested, to Lender s address stated herein or to such other address as Lender may designate by notice to Borro~ver as provided herein. Any notice provided tor in this ~tortgage shall be deemed to have been gi~en to Borrower or Lender when given in the mar~ner daignated herein. ~ 15. Unifotm Mortgage; Go~erning Law; Se~?eribility. This (orm of mortgage combines uniform covenants for na- ~ ; tional use ~nd non-uni(orm covenants with limited ~~ariations by jurisdiction to con3titute a uni(orm securitr• instrument co~•erinq real property. This ~tortgage shalt be got•erned by the law of the jurisdiction in which the Property is located. ln the event that any provision or clause of chis ~fongage or the Note conflicts with applicable larc, such conflicc shall not af[ect other pto~•isions of this Mortgage or the Note which can be given etfect withoot_ the conflicting pro~ision, and to ; this end the pro~•isions of the ltortgage and the Note are declared [o be severable. 1 i 16. Botro~ver's Copy. Botrower shall be furnished a conformed copy oi the 1~ote and of this ~(ortRage at the time ~ of execution or after recordation hereof. ~ 17. Transfer oE the Properq; Aieumption. If all or any part of the Property or an interest therein is sold or tnns ~ fened by Borrower without Lender's prior written conssnt, excluding (a) che creation o( a lien or encumbrance subordinate ~ to this ~iortgage, (b) the aeation of a purchase moner security interest for household appliances. (c) a transfer by devise, descent or by operation of law upon the deach of a joint tenant or (d) the Rrant of any leaschold interest of three years or less not containing an option to purchase, Lender may. at Ltnde~'s option, declare all the sums secured by this :liortgage to be immediately due and payable. I.ender shall have waived such option to accclerate if, prior to the sale or transter, Lender and the person co whom the Property is to be sold or transferred reach aqreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured br this ~iortqage shall be at such nte as Lender shall ttyuest. IE Lender has waived the option to accelerace provided in this paragraph 17, and it Borrower's successor in ~ intertst has euecuted a written assumption agreement accepted in writing by L,ender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lendet shall mail Bonower notice of acceleration in accordance with ~ puagraph 14 hereof. Such notice shall provide a period of not less than 30 days from che date the nocicc is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration ot such period. ~ I.ender may, without [urther notice or dtmand on Borrower, invoke anr remedies permitted by paragraph 18 hereot. NON-UNIFOR1t Cov~wxrs, Borrower and I.ender Eurther covenant and agrce as follows: € 18. Acceleration; Rancdies Except as provided in paragnph 17 hereof, upon Bo~rower's brach of any rnvenant or ' agreeioent of Borrower in this Mortgage, including the covenanu to pa~ w6rn duc any sums secvred by [his Mortgage, ~g Lender prior to aadention ~hall mail notice to Borro~++er as providcd in paragnph 14 hereoE speci(ying: (1) che bnach; t tLe action requircd to aue wc6 bmch; (3) a date, not k~ than 30 days from che dact t6e notia is mailed to Borro7ver, ~ by xhich such breach must be cvred; and (4) that faitwe to cnre wch breach on or be[ore the date specified in the notice mar o rewlc in accelmcion of the sums secured by ~his Mortgage, fomclosure br judicial proceeding and nle of the Properq. T6e ~ ootioe a6a11 turther in(orm Borroaru o[ the rig6t to reinstate after aocelentioo and tl~e right to aaeen in the foreclowre proceeding the noo-eziitence of a de[ault or anr other ddense of Borrower to aacleratioa and forecMsun. If the brach is ~ not cured on or be(ore the date spetificd in the notioe, Leoder at Lender'a option mar declue all of the sums secured by this ~ Mortgage to be immediatd~ due and pay~bk withont further demand and ma~ forccloae this Morcgage by judicial prooeed. ~ ing. Lrndtr ~6a11 be entitled to rnllect in such proceeding all ~penus of forcclowrc, including, but not limited to, rpson- abk attorne~s f~es. and cwu of doctimentary evidence, aburxts and titk reporta. ~ : ~ . . 6ooK 271 Qa~E 224 - _ _ _ - _ - - y~- -