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Home My WebLink About0986 a~etment or applicable law. Borrower shall pay the amount o( all monqage insurance premiums in the manner provided under paragraph Y hercof. Anr amounts disburxd bY Lender pursuaot to this pangreph 7, with interest thereon, shall becom~ additional in- debtedness of Borrower securrd by this \iort~age. Unless Borrvwer and l.ender aqree to other terms o( payment, such amounts shall be payable upon nutice t~om Lender to Borrower requesting payment thcreo(, and shall bear interat irom the datc ot disburxment at the rate payable from time to timc on ouutauding principal under the Note unless papme~t o[ interat at wch nte would be contrary to applicablt law. in which evcnt such amounts shall bear interest at the highr~t ratc permissible under applicable law. I~othing cootained in this paragraph 7 shall require l.ender to incu~ any expe~se or ake any action hereu~der. 8. Iaspection. Lender may make or cause to be made reasonabte entries upon and inspcctions of the Propertr, pro- ~•ided that Le~det stult give Borrower notice prior to any such inspection specifying reasonable cause theretor related to Lender s interest in the Property. 9. Coademnatioa. The proceeds o[ any award or claim [or damages, direct or consequcntial, in connection with any condemnation or other taking o( the Property, or part thereof, or tor conveyance in lieu oi condemoation, are hercby as- signed and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured br this ~fortgage. Mith the excess, if any, paid to Borrowe~. In the e~ent of a partia! taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this \tortgage such proportion o( the praeeds a~ is equal to that proportion which the amount o[ the sums secured by this ~~ortgage immediately prio~ to the date of taking beus to the [air market value of the Property immediately prior to the date of taking, with the balance ot the pro- cted: paid [o Borro~rer. If the Property is abandoned by Borrower. or iE, a[ter notice by Lender to Borrower that the condemnor offers to make an awatd or setde a claim for damages, Borrower iails to respond to Lender within 30 days afcer the date such notice is mailed, Lender is authorized to mllect and apply the proceeds, at Lender s option, either to restoration or repair of the Property or to the sums secu~ed by this \fortgage. . Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date oE the monthly installmenu re[erred to in paragraphs 1 and 2 hereof or chanRe the amount of such installments 10. Borrewer Not Released. Factension of the time for pa~Tnent or modification ot amortization oE the sums secured b} this ~iortgage granted by Lender to any successor in interest o[ BotroMer shall not operate to relrasc, in any manner. the liability of the origi~al Borrower and BorroNer's successon in interest. Lender shall not be re~uired to commence praeedings aqainst such successor or re(use to extend time fot payment or otherr.ise modify amortization ot the sums se- cured by this ~iortqaRe by reason of any demand made by the original Borrower and Bonower s successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or mmedy hereunder, or otherwise a[forded by applicable law, shall noc be a waiver or preclude the exercise of any such right or remedy. The procurement of insurance or the payment o[ taxes or othet liens or charp,es by L.ender shaU not be a wai~•er of I.ender's riRht to actelerate the maturity oE the indebtedness secured bv this hfortgage. 12. Remedies GLmulative. All remeciies provided in this :~fortgaRe are distinct and cumulati~•e to an~ other right.or rcmedy under this ~tortRage or atEorded by law or equity, and map be exercised concurrently, indepencientl~~ or successively. 13. Succe~ors and Aasigns Bound; Joint and Several Liabilitp; Captiona 'The co~-enants and al{reements herein rnntained shaU bind, and the rights hereunder shall inure to, the respective successors and assigns of I.cnder and Borrower. subject to the provisions o[ paraqraph 17 hereof. AU coeenants and ap,reemenu o! BorroNer shall be joint and several. The captions and headings of the paragraphs of this ~fortgage are for con~•enience only and are not to be used to interpret or detine the pro~~isions hereo[. • 14. Notice. Except for any notice required under applicable law to be given. in another manner, (a) anc notite to i Borrower pro~•ided [or in this ~tortgage shall be given by mailing such notice bp certi[ied mail addresseci to Borrower at ~ the Property Address or at such other address as Borrower may designate by notice to Lender as pro~~ided herein, and (b) f any notice to Lender shall be gi~•en by certified mail. return receipt requested, to Lender's address stated herein or to suth ~ other address as Lender may designate b} notice to $orro~rer as provided herein. Any notice provided [or in this ~Iortgage E shall be deemed to have been given to Borrower or I.ender when given in che manner designated herein. ~ 15. Uniform Aiortgage; Governing Law: Secerability. This form o[ mortgage combines uniform cocenants for na- ~ tional use and non-uniform m~enants with limited ~ariations by jurisdiction to constiwte a uniform security instrument co~•ering real property. "This ~fortgage shalt be governed by the law of the jurisdiction in Mhich the Property is located. ~ In the event that any provision or clause o[ this ~tortgage or the \ote conflicts with applicable lah, such conflict shall not ` afiect other pro~isions of this Aiortgage or the \ote Nhich can be given ef(ect without the con[licting pro~•ision, and to ~ this end the pro~~isions of the \tortgage and the Note are dedared to be severable_ ~ 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and ot this ~tortqage at the time ~ of execution or after recordation hereof. 17. Transfer of the Property; A~umption. If all or an~ part o( the Propetty or an interest therein is sold or trans ferred by Borrower without Lender's prior written consent, exdudinR (a) the creation ot a lien or encumbrance subordinate to this ~tortgage, (b) the creation of a purchasc money security interesc tor houschold appliances. (c) a transter by de~•ise. descent or by operation of law upon the death of a joint tenant or (d) the Rrant ot an}~ leasehold interest of three years or less not containing an option to purthase. Lender may, at Lender's option, declare all the sums secured by this \iortgage to be immediatdy due and payable. Lender 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 sold or trawsEtrred reach agreement in writing that the credit oE such penon is satisEactory to Lender and that the interest payable on the sums secUred by this ;~tortgage shall be at such rate as Lender ~ shall request. If Lender has waived che option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a_ written assumption ay,reement accepted in wciting by Lender. L.ender shall release Borrower from ~ all obliga::~ns under this ~fortgage and the I~ote. If Lender exercises such option to accelerate, Lender shall mail Borrower notite of acceleration in accordance with ~ paragraph 14 hereoE. Such notice shall pro~ide a period of not less than 30 dafs from the date the notice is mailed within ~ which Borrower ma} pay the sums declared due_ If Borrower (ails to pay such sumx prior to the expiration of such period, ~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paraqraph 18 hereoi. ~ Nox-Uh~FOnM CovEtvwxrs. Borrower and Lender [urther covenant and agree as [ollows: - 18. Acceleration; Remedies. Fscept aa provided in pangraph 17 hereoE, upon Borrowe~s brach of anY co~enant or ~ agreemenc of Borrown in this Mortgage, induding the corenants to par whrn due any sums secured by chis Mortgage, ~ L.ender prior to accelention a6a11 mail notice to Borrower as provided in paragnph 14 hereof speu[~ing: (1) che breach; ~ the utiun requirod to cure wch breach; (3) a date, not kss than 30 dars from the date the nocice is mailed to Borro~ver. ~ ~r b~ which suc6 breach must be cur~ed; and (4) that failure to cure such breach on or befon che date specified in the notice may ~ result in accelmtion of the wms secured br this Mongage. foreclasure by judicial proceeding and aale o[ the Propert'. T6e notioe shall further inform Borrower of the rig6t to reinstate atcer aoceleration and the right to aaeer[ in t6t [orcclowre ~ praeeding the non-exiscence of a default or any aher defrnx of Borrower co amelmcion and toreclosure. IE the brach is not curcd on or before the date specitied in t6e nocice, Lender at Lender's option may declare all of che sums seturcd by this ~ Mortgage to be immtdiatel~ due and payable without fur~Ler demand and ma~ foreclose this Morcgage by judicial proc~ed- ~ ing. Lendet shall be entiQed co collcct in wch proceeding all expenas o[ foreclowre. including. but noc limited to, rea~on- ~ abk attorney's fees, and coW o[ documentary eridenct, absttuts and title reporta. ~ ~oRK2$1 pac~ 984. ~ ~