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Home My WebLink About0519 agreement or applicable law. Borrower si~all pay the amoui~t of all mortgage insu~ance premiums in the manner provided unde~ paragraph P hereof. Any amounts disbursed by l.ender pursuaut to this pang~aph 7. with inte~est thereon, shall become additional i~- debtediiess ot Borrower secural by this \[ori~;aRc. Unless Borrowcr and Lender agree to othcr ternns of paymrnt, such amounts shall be payable upon uotice trom l.ende~ to Borrower requesting payment thereof, anct shaU brar interat Erom the date ot disbursement at the rate payable trom time to timc on oucstandinq principal w~der thc \ote unicss payment o[ intemt at such rate wuuld be contra~y to applicable law, in Nhich event such amounts stull bear interest at the highest ratc permissibte w~dcr applicable law. Nothing cootained in this paragraph 7 shall rcqui~e I.ende~ to incur any expense ur takc any action hereu~der. 8. Insptetioa. I.ender may make or cause to be made reasonable entries upon and inspectionc ot the Property. pra ridrel that Lender shall give Bottower notice prior to any sud~ inspection specifying reasonable cause therefor related to l.e~der's interest in the Property. , 9. Condemaation. The pracecis o[ any award or tlaim (or damaga, direct or cunsequential, in coonation with any condemnation or other uking ot the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby as- signed and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall b~ applied to the sums secured by this Atortgaqe, w~th the excess, if any, paid to Borrower. in the ea•ent of a partial taking o( the Property, unless BorroNer and Lender otherwise agree in writiog, there shall be applied to the sums secured by this ~lortgap,e such proportion ot the proceeds as is equal to that proportion which the amount o[ the sums secured by this ~tor[gaqe immediately prior to the date o[ taking bean co che fair marke[ ~•atue ot the Proper[y immcdiace:y prior to che date o[ taking, Mith ~he balance o[ the pro- ceeds paid to Botrower. If the Property is abandoned by Botrower, or if, after notice by Lendet to Borrower that the condemnor otters to make an award or settle a claim (or damages, Borrow~r fails to rrspond to I.ender within 30 da}•s atter the date such notic~ is mailed. Lender is authori:ed to collect and apply the proceeds, at Lender s option, either to restoration or repair of the Propeny or to che sutas secured br this ~iortgage. Unless Lender and Borrower otherwix ap,ree in writing, any suth application oE proceeds to principal shall not extend or postpone the due date oE the monthly installments re[erred to in paragraphs 1 and 2 hereof or chanqe the amount of such~ installments. 10. Borrowtr Not Rtleased. Extension of the timt tor pay~nent or modification of amorti:ation of the sums secured b} this ~fortgage granted b~ Lender to any successor in interest of Borrower shall not operaee to release, in any manner. the liabilit~ of the original BorroMer and Borrowei s successors in interest. Leoder shaU not be required to commence - proceedinRs aRainst such successor or refuse to extend time for payment or otherwise malify amortization ot the sums st- cureei by this ~iortqa~{e by reason of any demand made by the original Bonower and Borrowers successon in interat. 11. Forbearance br Lender Not a Waiver. Any Iorbearance by Lender in ecercising any right or remedy hereunder. or otherrvise af(orded by applicable law, shall not be a waiver o( or preclude the exercise o( an} such right or remed}'. The procarement of insunnce or the payment of taxa or other lieus or charRes b} L.ender shall not be a wai~•er of L.ender's riRht to accelerate the maturity of the indehtedness sectired by this ~iortgaRe. 12. Remedies Cumulative. All remedies pro~ided in this AtortRage are distinct and cumulati~•e to am~ other riRht or remecl~• under this ~fortRage or a(tordeei b~~ la~. or equity, and may be exercisect concurrendy, independentl~• or successi~•ely. 13. Successors and Aasigna Bound; Joint and Sereral Liability; Captions. 'I'he co~•enants and aRreements herein ~ contained shall bind, and the riRhts hereunder shall inure to, the respecti~•e successors and assigns of Lender ar.d Betro~vet. subject to the provisious ot paragraph 17 hereoL All m~•enants and aRreements of Borrower shall be joint and se~•etal. The caPtio~?s and headings of the paragraphs ot this \iortgaqe are (or con~~enience only and are not to be used to interpret or define the provisions hereof. . 14. Notice. Except for any notice required under applicable law to be qiven in another manner. (a) an~• notice to Borrower proeided for in this ~IortRage shall be pi~•en by mailinq such notice by certified mail addressed to Borto~+er at tl~e Propert} ~ddress or at such other address as Borrower may designate b} notice to Lender as pro~•ided herein, and (b) an~ notice to Lender shall be gicen by certified mail, return mceipt reques[ed, to Lencler's address stated herein or to suth other address as Lender may designate by notice to $orrorver as pro~~ided herein. Any notice pro~•ided for in this ~tortgage shall be deemed to ha~•e been qiven to Borrower or Lender when gi~•en in the ma:~ner designated herein. j I5. Uniform Mortgage: GOYtI'tllllg IAN; Sevmbility. This torm of mortgage combina uni(orm co~•enants for na- ~ tional use and non-uni(orm rn~•enants with limited ~•ariations by juriuliction to consti~utr a unitorm securit~• instrument I ~ co~•erinR real property. This ~tortgage shall be go~•erned by the law of the jurisdiction in srhich the Propert~ is located. In the e~ent that any proaision or dause of this ~tortgage or the ;~ote conflitts Mith applicable la~•, such con(lict shall not ! affect other prorisions of this ~fortRaRe or the ~ote ~+hich can be Riven e(tect ~ithout the contlictinR pro~•ision, and to this end the pro~•isions of ehe \(ortgaqe and the ~ote are declazecl to be se~•erable. 16. Borrower's Copy. Borrower shall be furnished a c~nformed copy of the \ote and of this ~tortqaAe at the time o( execution or after recordation hereo(. 17. Tnnsfer of the Property; A~umption. If all or any part of the Propert} or an interest thcrein is sold or trans- ferred bp BorroKer Mithout Lender's prior Mritcen consent, excludinR (a) the creation of a lien or encumbrance subordinate to this ~(ortgaRe. (b) the creation o[ a purchase mone} security interese for household appliances. (c) a trans(et b~• devise, descent or b?• operation of laM upon thc death o( a joint tenant or (d) thc Rrant of an~• leasehold interest of three years or less not co~taininq an option to purchase. Lender may, at Lender's option, declare all the sums secureei by this ~iortgage to be imtnediately due and pa~able. L.ender shall ha~•e waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be ~old or trans[erred reach aj{seement in Nriting that the credit of such person is satisfactory to Lender and that the interest pa~able on the sums secured by this ~tortRage shall be at sach rate as Lender shall request. If Lender has waived the option to accelerate provided in this paraRraph 17. and i( Borrower's successor in interest has executed a written assumption aRreement accepted in Nriting b} i.ender, Lender st~all release Borrower from ~ all obliqations under this ~tortgage and the \ote. If L.ender exercises such option to accelerate. Lender shall mail Borroher notice o( acceleration in accordance with ~ paraRraph 14 hereof: Such notice shall pm~•ide a period ot not less than 30 da}s from the date the notice is mailed ~+ithin ~ which Borrower ma~• pay the sums declared due_ If Borrower fails to pay such sums prior to the expiration o( such period. ~ I.ender may, without (urther notice or demand on Borrower, im•oke any remedies permitted by paraRtaph 18 hereof. ~s ~ ~O!~-U~IEOAM COVENAATS. Borrower and L.ender [urther covenant and agree as follow~s: ~ 18. Accetention; Remedia. Excepe as prov ided in pangraph 17 hereof, upon Borrower's breach of anv rncenant or ~ agreemrnt of Borrower in this Mortgage. induding tht covenants to par when due anp sums secured by this Mortgage, ~ Lender prior to accdention ahall mail notice to Borrower as provided in paragraph 14 herto[ speci[ying: (1) the brtach; ~ (2) the action required to cure wch breach: (3) a date, aot kss than 30 days from the date the notict is mailed to Borrower. ~ by w6ich such breach must be cvred; and (4) that tulure to eure such breach on or beforc the date specified in the notice may ~ result in aueleration of the sums secured br this Mortgage, forecloaure by judicia! proceeding and sale of the Propetty. ?he notice ahall [urt6er intorm Borrower of the right to reiristate a(ter accelrntion and the right to aseert in tht fotetlowre ~ proceeding the non~existence ot a detault or any other defense of Borrower to accelention and fomlosure. It the brnch is ~ not cured on ot before the date speci(icd in the notice, Lender at Lender's option may declare aU of the sums secured by this Mort~e to be immediately due and ~y~ble without farther demand and ma~ foreclose this l~tortgage by judicial proceed- ~ ing. Lender shall be entided to collat in such proceeding all ezpenses of (oredowre, including, but not limited to, reason- ~ abk attorne~s (ees, and costs of documenury e~~idence, abstracts and tide reports. ~ BuuK 27~ PAGE 518 ~ ~ , ; - - - - - ~ .Y-~ . , . . e