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Home My WebLink About0292 agreeme~t or applicable law. Borrower shall par the amou~t o( all mortgage insurancc premiums in the manne~ provided under pangraph Y hercof. Any amou~ts disbursed by Lender punuant to this pangraph 7, with intemt thereon, shall become additional in• debtedness of Borrower secured by this Atortgage. U~less Borrower and l.endcr a~ee to other terms o[ payment, such amounts shall be payable upon notice trom l.ender to Borrower requesting payment thercof, and shall bear interat {rom the date o( disbursement at the rate payable trom time to timc o0 outstanding principal under ihe I~ote unless payment of interest at suth pte would be contrary to applicable law, in which e~ent such amounts shaU bear interest at the highest ratc permissible under applicable law. I~othing contained in this paraqraph 7 shalt require l.ender to incur any expense or nke any ac[ion hereunder. 8. Inspection. Lender may makt or cause to be tnade reasonable entries upon and inspections ot [he Property, pra cided that Lender shall give Bnrrower notice prior to any such inspection specifying reasonable cause therefor related to Lender s intenst in the Property. 9. Condemaation. The proceeds ot any awatd or daim (or damages, direct or consequential, in connection with any condemnation or other taki~g of the P~operty, or part thereof, or tor com•eyance in lieu of condemnatioti, are hereby as- signed and shall be paid to Lender. . ln the event.ot a total taking ot the Property, the praeeds shall be applied to the sums secured by this 1ltortqaqe. with the excess, iE any. paid to BortoMer. ln the e~•ent of a partial taking of the Property, unless Borrower and I.ender otherwise aRree in writing, there shall be applied to the sums secured by this ~tortgage such proportion o( the proceeds a; is equal to that proportion which the amount of the sums secured by this Atortgage immediately prior to the date of taking bears to the tair market ~•alue oE the Property imm~diately prior to the date o[ takinq, with the balance oE the pro- ceeds paid to Borrower. • lf the Property is abandoned by Borrower, or if, after notice by Lender to Bonower that the condemnor oE[en to make an award or setde_a claim Eor damages, Borrower lails to respond to Lender within 30 days atter che date such notice is mailed. Lender is authorized to collat and apply the procecds, at Lender's option, either to restoration or repair of the Property or to the sums secured tiy this liortgage. Unless Lender and Borrower otherwise agree in writing, any. such application of procecds to principal shall ~ot extend or postpone the due date of the monthly installments reterred to in paragraphs 1 and 2 hereof or chanqe the amount of such installments. 10. Borrower Not Releascd. Extension ot the time for payment or modiEication of amortitation of the sums secuted b~• this \tottgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borror?er and Borrower's successors in interest. I.ender shall not be required to commence proceedinys aqainst such snccessor or refuse to extend time for pa}Tnent or othen+ise modifv amortization of the sums se- cured by this ~iortgaRe by reason o[ anv demand made by tht original Borrower and Bormwer s successors in interest. 11. Forbaranct by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherNise ai[orded br applicable lavr, shall ~oc be a waiver o( or preclude the exercise of an? such right or mmedy. "The procurement ot insunnce or the payment of taxes or other lic~~s or charges by Lender shall not bc a wai~~er of Lender's right to accelerate the macurity o( the indebtedness secured bv this MortgaRe. _ 12. Remedies Gtimulative. All remeclies pro~•idcci in this AfortRagc are distinct and cumulati?•e to auy other riqht or remedy undcr ~his ~tortgagc or aEfotded b~• law or equity, and ma}• bc cxercised concurrently~, independently or successi~ely. 13. Succta~ors and Aasigns Bound; Joint and Several Liability; Captions. "I'he co~•enants and agreements herein contained shall bind, and the rights hereunder shall inure to, thc respecti~e successors ancl assigns of I.ender and Borrower. subject to the pro~~isions oE paraRraph 17 hereot. All co~•enant~s and agreements of Borrower shall be joint and several. The tap~ioi~s and headings o( the paragraphs of this \tortgal;e are (or con~•enience only and are not to be used to interpret or define the pro~•isions hereof. I 14. Notice. Except for any natice required undet applicable law to be y,i~en in another manner, (a) an~~ notice to i BorroMer pro~•ided for in this \(ortgage shall be gi~•en by mailing such notice b} certified mail addressed to Botrower at the Property Address or at such other address as Borrower ma}~ designate b~ notice co L.ender as procidecl herein, and (b) anY notice to Lender shall be gi~•en by certi(ied mail, return receipt requesteci. to I.ender's address stated herein or to suth other address as Lender may designate by nocice to Borrower as pro~•ided herein. An}' notice pro~•ided for in this ~tortgage shall be deemed to have been gi~•en to Borrower or Lender when gicen in the manner desiqnated herein. 15. Unifotm Mortgage; Go~erning Iaw; St~erability. This form of mortgage combines uniform co~~enants for na- tional use and non-unitorm cocenants with limited ~•ariations b~ jurisdiction to constitute a ~ni(orm securit~• instrument co~•erinR real property. This Atortgage shall be go~•erned by the Iaw of the jurisdiction in which the Property is located. In the e~•ent that any procision or dause of this ~tortgage or the'.~ote conflicts Mith applicable law, such conflict shall not . a([ect other pro~•isions of this \~ortRage or the ~ote which can be Ricen e([ect ~+ithout the conflictinp pro~•ision, and to this end the pro~-isions of the ~(ortRaqe and the Note are declarecl to be severable. 16. Borrower's Copq. Bonower shall be (urnished a con(ormed cop}~ of the \ote and of this \tortqaqe at the time of execution or after recordation hereof. 17. Tnns[er of the Property; Assumption. If all or any part ot the Property or an interest therein is sold or trans ferred by Borrowet without Lender's prior written consent, txcludinR (a) the creation of a lien or encumbrance subordinate to this ~[ortgage, (b) the creation of a purchase money security interest for h~usehold appliances. (c) a transter b}' decise. descent or by operation o[ 1aw upon the death of a joint tenant or (d) the Rtant of an}• leasehold interest of three years or less not tontaining an option to purchase, Lender ma~, at Lenders option, dedare all the sums secureci by this ~fortqage to be immediately due and payable. Lender shall ha~•e xaived such option to accelerate i(, prior to the sale or trans(er. I.ender and the person to whom the Property is to be sold or transferred reach aRreement in Mriting that the credit oi such person is satisfactory to Lender and that the interest pa~•able on the sums secured by this ~tortRaRe shal) be at such rate as I.ender shall request. If I.ender has wai~~ed the option to accelerate provided in this paray,raph 17. and if Borrower's successor in interest has executed a written assumption at;reement accepted in writing by I.eneier. L.ender shall release Borrower from all obliqations under this :~iortgage and the \ote. ~ ~ If L.ender exercises such option to actelerate. Lender shall mail Borrower notice of acceleration in accordance with paraqraph 14 heree(. $uch notice shaU provide a period of not less than 30 da~s from the date the notice is mailed within which Borrower may pay the sums dedared due. If Borrower (ails to pay such sums prior to che expiration o[ such period. I.ender may, without further notice or demand on BorroMer, invoke any remedies permitted by para~raph 18 hereof. No~-U~iFOR~i CovExwR-rs. Borrower and Lender further covenant and agree as tollow~s: 18. Acceleration; Remedies. E:cept as provided in pangrap6 17 hereof, upon BaTOwer's breach of anv covenant or q agreement o[ Borrower in this Mongage, including the covenants to pay when due any sums secured by this Aiortgage, ' Lender prior to accelention ahall mail notice to Borrower as provided in paragraph 14 hereo[ specifying: (1) the bteach; (2) the action required to cure such breach; (3) a date, not ksa than 30 d~ys irom the date che notice ia mailed to Borrower. ~ b' whic6 wch breach must be cured; and (4) that [ailure to cure such breach on or before the date speci[ied in the notice may g ~ rcwlt in acceleration of the wms aecured br this Nortgage. toreclosure br judicial proceeding and sale o[ the Property. The ; notia shal) turther inform Borrower of the right to ninstate a[ter atceleration and the right to asxrt in ~he foreclosure ~ prateding the non-existence of a de[ault or any other de[enx of Borrower to accelmtion and (oteclosure. i[ the breath is ' not cured on or betore the datt specified in the notice, Lendet at Lender's option mav dedare all of the sums secvred by this 1ltortgage to be immerliatdy due and pa~able without fwther demand and may [oreclox this Aforegage by judicial proceed• s ing. I.cnder shall be entitled to collect in wch proceeding all ezpenses o~ [oreclowre, including, but not limitcd to, rea~oa- able attornty's fees, and costs of documentary evidence, abstracts and titk reports. ' # ~ ~ ~~~Ry ~ ~9 ~ 291 ~