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Home My WebLink About0016 .~K~eement or applicabie law. F3orruN•rr shall ~wr the amount o[ all mortRaRt insur:~uce premiwos in ~hr manur~ pru~ided uncle~ parag~aph 2 herrot. :1uy amounts disbursed by Lendrr purswnt to this Para~r:~~h 7, witi? intemst therron. +haU t~rcome additioual in- drbcccfneu o( Borrower serurc~l 1» Tii. ~loriKaKe. Unlrsc Rorr~?wc~ and I.ender aRrec to othcr ccrms c?( ~>a~ment, such amuunts shall be payabie u~wa notice from Lcncler to Borrow•er rryucs~ing payment ~herrot, and +hall brar interest irom ihe date ot disbursement at d?e ~ate pa~able Irom time to timi• on outstandinR princi~,al under ihc ~~ie uiiles, ~,ayment ot interest at such rate Mould be contrary to applicable law, in which e~•en[ such amouuts shall Ix•ar inierest at ttie highest r.~te Fxrmiuible under applicable lah•. KuthiuR containeel in ~hic paragraph 7 shal) require l.en<!er to incur auy expense or take any action hercunder. 8. Inspection. Lender may make or cause to be made reasonable entriec u~n and inspections o( ~he Property, pra vided tbat Lender shall give Borrower uotice prior tu a~~~• such inspection cpecif~~inR rrau~usble cauce there(or related to Leuder's i~uerest in the Property. 9. Condemnation. The proceecis of any award o~ daim tor damaRes, direct or consequential, in connection with any c~~ndemnation or other takinR of the Property, or part thereof, or [~r com•e~•ance i~t lieu of cundrmnati~,n. are hereby as- siRneti and shall be paid to I.ender. • ln the e~•ent o[ a total takinR o[ the Propert~~, the proceecis shall be applied to the sums secured by this ~(ortRaRe. with the excess, i[ a~~~•, paid to Aorrower. ]n ihc evenc o[ a partial taking o( the f'roprrty, uuless BorroN•er and Lender otherwise aRree in Mriting, there shali t~e applieci to the sums secured br this ltortKage such pro~rtion o( the proceeds a~ is equa! to that proportion which the amount of the sums tecurecl b}• this \fortRage immediatel}• pri~r to the date oE taking bears to the fair market value o[ ~he Property immcdiatcly prior to tt~e date uE taking. Nith che baLu?cc o[ the pro- ceeds paid to Borrower. If the Property is abandoned by Borrow•er, or if, a[ter nntice b}• Lender to Borrower chat the condemnor o([ers to make an award or settle a claim for damages, Borrower tails tu respoi~d to I.ender N ithin 30 da~•s aftrr the date such notice is mailed, Lender is authorized to collect and apply the procecdc, ae Lender's option, eithrr to ~estoration or repair ot the Property or to the sums secured by this ~fortgage. Unless l.ender and Borrorer othet~•ise agree en writing, any such a}~plitation of prcxeeds to ptincipal shall not extend r,r postponc the du,~ date ot the monthly installments referred to in paragraphc 1 and 2 hereof or chanpe the amount o[ such installments. 10. Borrower Noc Relea~ed. Extension ot the time for pa~-ment or m«iiticacion of amortiiation of the sums secured b}• this \tortqaqe granted b~• Lender to any successor in interest a( BorroH•er sl~a!! not o~erate to rele:ise, in any manner, the liabilin• o[ the oriRinal $orroher and AorroHCr's success~rn in interest. Lender +hall ~~ot I~e required to commence pnxeeclinRs aRainst such successor or retuse to extend time [or pa~•ment or otherwise m<x1i(y amortization ot the sums se- cured i>v this \tortRaqe b}• reau~n of ao}• clemand made by the ori~inal Borr~nr•er and Bc~rrower c tiuccescnrs in interest. 11. Forbearanct by Lendet Not a Waiver. An~• forbearance b~• I.ender in e~ercising an~• right ~r remeciJ hereunder, or otherHise a((orded by applicable laH, shatl not be a wai~•er or predude the exercise of an~• such ri~ht or remed~•_ The procurement af insurance or the pa~•ment o( taxes or other lienc or charRe. by Lender sh.~ll not t~e a~•aiver ot Lender's riRht to accelerate the maturit}• of t1~e indcbtcciness secured b~• this ~1nrtRaRc. 12. Remedies (~mulatice. All remeelies provided in this ~iortRaRe arr dictirict aud cumulati~~e t~? am~ other riRht or remeci}~ u~~der this ~tortga~e or affotdecl b~• lah or ec~uit~, and mac be ceercised concurreuti}~, independrntl~~ or successi~~elr. 13. Successors and Assigns Bound; Joint and Several Liability; Captions 't'he co.ena~~es aud aRreements herein ~ontaineci shal( bind, and the rights hereunder shaii inure to, the res~ecti~•e se~ccewus and assigns o( I.ender and BarroNer, subject to the pto~•isions of para~raph 17 hereof. .~ll co~•enants and a~reemrnts of RorrnHCr shall be joint and se~~eral. "I'he captio~~s and headings of the paragraphs o[ this ~(ortgaRe are for concenience nnh• and are not to be uud to interpret or detine the pro~~icions hereof. ! 14. Notice. Except (or any notice requireci uoder applicabte law to be Rieen in another manner, (a) anr riotice to BorroNer pro~~ided [or in this ~tortgage shall be Riren by mail:np such notice b~• certified mail ~ddressed to BorroNer at the Pro~rt}• :tddress or at such other address as Bottower ma~~ designate b~• noticc to Lender as pro~idcd herein, and (b) ; am• notice to Lender shall be gi~~en b}• certified mail, return receipt requested. to Lender's addrecs ctated 1?erein or to such j othet address a~ Lender may desiqnaee b}' uotice to Borrower as pro~•ideu herein. An}• notice pro~ ided (or i~~ this ~tortRa~e ; shall be dcemed to ha~•e been gi~•en to Borrower ot Lender ~rhen qi~•en in the manner desiRnated herein. ~ I5. Uni(orm btortgage; Gorerning Lax: Ses•erabilitp. ~'his form of mortgaRe combines uniform co~enants for na- tional use and i~on-uniform cocenants Hith limited eariations b~• juriuliction to constitute a unif~~rm securi~c instrument corerinR real propert}•. This \(ortRaRe shall be g~~~erned by the laH of the juriuiiction in Nhich the i'ropern• is tocated. , In the e~ent that an}~ pro~•ision or clause of this ~fort~aRe or the :~ote con[tictc N•ith applicabfe la~., sunc ~onflict sha11 not affect other procisions of ttiis VortpaRe or the \ote ~•hich can be Ri~~en e(tect N ithout the c~~ntlicti?iR pro~ ision, and to this et~d the pro~•isions of the \IortRapc and the \ote are declared to be severable. 1S. BorroMers Copy. Borrower shall be furnished a conformed cop}• oi the \nte and of thic \tort~aRe at the time ; of execution or a(ter recordation hcreof. ' 17. TransEer of the Property: Assumption. If all or an~- part of the Propert~• or an interest therein it sotd or trans- ferred b~• R~rroNer without Lender's prior ~ritten consent, excludinR (a) the creacion of a lien or encumbrar~ce subordinate to this ~(ortRa~;e. (b) the creation oi a purrhase money securit.~ interest for househoid appliances. Ic) a tramfer b}• clecise. 4 deuem or bv operation of IaN upnn the death o( a joint tenant or (ct) the Rrant of anc Ieatehold interest ot three }'ears or less not containing an option to purchace, Lender ma}'. at Lender's option, dedare all the sums secured F»- thi+ \(ortgaRe to be immediatel~• duc and payable. Lender shall ha.•e Nai~~ed such optinn co accelerate if, prior to the sale ~r transfer. Lender and the person to whora the Propert~• ic to be u>1d or transferred reach aRreement in Hritinq that the credit ot such person is satis[acton• to Lender and that the interest pa~able on the sums secured by this ~fortRa~e shall he at such rate as Lender shall request. If Lender has wai.~ed the optian to accelerate pro~•ided in this paraRraph 17, and if Borro~er's successor in interest has executed a written assumption a~reement accepted in H•riuny, by Lender. Lei~der shall release Borrower from ` all obliy,ations u~~der this ~fortgage and the :~ote. ` If Lender exercises such option to accelerate. Lender shall mail BorroHer notice aE acceleration in accordance with paraRtaph 14 hereof. Such notice shall procide a period of not less than 30 da}•s from the ciate the notice is mailed K•ithin W hich Borrower ma~~ pa~ the sums dedared due. If BorroH•er (ails to pa~• such sumc prior to the expiration of such FPriod. Lender ma}•, without further notice or demand on Borrower. im~oke an}• remedies permitteci bp para~raph 18 hereof. TO\-II~tFOR~f COVE1Ah-!'S- B07lONC! and Lender further co~~enant and agree as folio~s: ~ 18. Aceelrration; Remedies. Eacept as pro~•ided in paragraph I7 hereof, upon Borrower's breach of an~ cos•enant or agreement o[ Borrower in this Nottgage, including the covenants to pap when due anY sums securecf b~ this ~fortgage, Lender prior to acceleration shall mail notice to Borrower as pro~•ided in paragraph 14 hereof s~xcifcing: (1) the br~ach; (2) the action required to cure such breach: (3) a date, not teg than 30 clar~ [rom the date the notice is mailed to Borrower, by which such breach must be cured: and {4) that (ailure to cure such breach on or be(ore the date s~~ecifiecf in the notice may result in acceleratioo ot the sums secured by this ~tortgage, foreclosur~ 6y judicial proceeding and sale o( the Propertv. The notice shall further inform Borrower of the right to minst~te after acceleration and the right to aasert in the foredosure proceeding the non~existence of a detault or anr other aefense oE Borrower to accrlention and foredosure. If the breach is not cured on or be[ore ~he date specified in the notice, Lender at I.ender's o~tion may declare all of th~ sumi secured by this Mortgag~ to be immediately due and pa~-able ~rithout [urther demand and may foreclose this 1lortyage by judicial proceed• ing. Lender shail bt entitled to collect in such proceedin~ all exprnses o[ foreclosure, including,. but not limited to, reason- abk attorne~'s (ees, and costs of documentary evidence, abstracts and title reports. . .$uQ1~~~ii{.i 'f~1~ ~ G f ~ _ ~ _ - ~