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Home My WebLink About0279 . agreement or applica~le law. Bor~ower shall pay the amount ot all mortgage insurance prcmiums in thc manner provided unde~ paragraph 4 hereof. Any amounts disbursed b~ l.ender pursuant to this paraRraph 7. with interest chereon, shall become additional i~- debtedness ot Borrower xcu~ect by this ~lortgage. Unless Borrower and Lender agree to other ~erm~ o! E~ayment, such amounts shall be payable upoo uotice trom Leude~ to Botrower ra~uesting payment thrrrot, and si~aU bear inter~st from the date of disbursemetu at the rate payable (rom time to timc o~~ outstandinq principal under the tiote unlcss payment ot interest at suth tate would be contrary to applicable law, in Mhich event such amounts shall bea~ intercst at the highest ~atc prrmissible under applicable law. Nothiug containecl in this paraqraph 7 shall require l.ender to incur any expenx or take any action hereunder. 8. Ia:pectiou. Lender may make or causc to be made reasonable e~itries upon and inspections o( the Property, pro- ~•ided that Lender shall give Borrower notitc prior to auy such inspection speti[ying rcasonable causc therefor related to Lender s interest in the Property. 9. Condemnation. The praeecls ot any awatd or claim (or damaga, direct or co~isequential, in connection with any ~ondemnation or other taking of the Property, or part thereof, or for con~•eyance in licu of condcmna~ion, are hereby as- signetl and shall be paid to Lender. ln the tvent o[ a total takinq ot the Property, the praeeds shall be applied to the sums secured by this ~tortqaRe. with the excess, if any, paid to Borr~wer. ]n che event of a partial taking of the Property, unless Borror.er and Lender othenvise agree in writing, there shall be applied to the sums secured by this ~tortgage such proportion o( the proceeds a, is equal to that propottion which the amount of the sums secured bp this \tortgage immediately prior to the date of taking bears to the Eair market ~~alue o[ the Property immediately prior to the date ot taking. with the balance ot the pro- ceeds paid to Borrower. lf the Property is abandoned by Bortower, or if, after notice by Lender to Bonower that the condemnor ofters to make an award ot xttle a daim Eor damages, Botrower fails to respond to Lender within 30 days a[tcr the date such notite is mailed, Lender is authori:ed to collect and apply the procecds, ac Lender's option, either to restoration or repair o[ th!' Property or to the suins secured by this ~tortgage. r tlnless Ixnder and Borrower otherwise agree in writing, any such application of pr~xeeds to principal shall not extend or postpone the due date o[ the monthly inscallments referred to in paragraphs 1 and 2 hereo[ or chanRe the amount of such installments. 10. Botrower Not Releated. Extension of the time for pa~~nent or moditication ot amortiration ot the sums secured b~ this ~io~tgagt granted by Lender to any successor in interest of Borrower shall not opcra[e to relcase, in any manner, the liability of the original Borrorcer and Borrower's successors in interest. Lender shall not be required to commence . proceeciinRs against such successor or re[use io cxtend time for pa}~nent or othen+ise moclify amortitation o[ the sums se- cured b~~ this ~tortqaqe by rcason o( an~~ dcmand made by the oriqinal Borrower and Rorrower s successors in interest. 11. Forbtannce by Lender Not a Waiver. Any forbearance by Lender in exercising any right or rcmedy hereundtr, or otherwise a[torded by applicable IaN, shall ~ioc be a wai~•er or preclude the erercisc o( anr such riRht or mmedy. The procurement of insurance or ehe payment of taxes or other lieuc or charRes by Lender chall not be a waieer of l.ender's riyht to accelerate the maturity ot the indebtedness secumd bv this \lortgage. 12. Remedies Glimulative. All remedies pro~~ided in this liortRaRe are distiact and cumulatice to anc other riRht or remeciv under this ~tory{age or atforded by law or equity, and may be exerciced concurrendr, independentl~• ~r succrssi~•ely. 13. Successors and Aasigns Bound; Joint and Several Liability; Captions. 7'he co~~enants and aRreements herein contained shall bind, and the rights hereunder shall inure to, the respectire cuccessors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. Al! co.~enanu and ay,reemenes o[ Rorrower shall be joint and se~•eral. The captions and headings ot the paragraphs of this ~lortgage am for com•enience onh• and are not to be useci to interpret or define the provisions heteof. 14. Notice. Except tor any notice requireci under applicable law to be Riven in another manner, (a) any notice to BorroNer procided for in this \tortgage shall be gi~•en b~ mail:nq such notice by cereified mail addressed to Borrower at thc Property Address or at such other address as Bortower map designate b) notice to l.ender as pro~•ided herein, and (b) any notice to Lender shall be giren by certified mail, return receipt requesteci. to Lender's address seated herein or to such other address as I.ender may designate by noeice to Borrower as provided herein. An.• notice pro~•ided tor in this \tortgaRe shall be deemed to ha~•e been gi~•en to Borroaer or Lender Mhen t;i~en in the manner deciRnated herein. ! 15. Uniform Mortgage; Governing I.aw; Severability. This (orm of mortgage combines uniform co~~enauts for na- ~ tional use and non-uniform co~~enants with limited ~•a~iaeions by juri~diction to constitute a uniiorm securin~ instrument ~ co~•ering real property. This ~tortgage shall be go~•erned by the laM ot the jurisdiction in rrhich the Propert~~ is located. In the e~~ent that any pro~•ision or dause o( this ~fortRaRe or the lote conflicts Mith a~plicable law•. such con(lict shall not ~ affect other provisions of this ~tortRage or the \ote which cau be gi~•en effect Mithout the con(IictinR pro~•ision; and to ~ this end the pro~~isions ot the \(ort~aRe and the 1\ote are declared to be severable_ _ l6. Borrower's Copy. Borrower shalt be furnished a con[ormed cop}' of the Aote and o( this ~(ortRaRe at the time of execution or a[ter mcordation hereof_ - 17. Transfer of the Property; Assumption. I[ a11 or any part of the Property or an interest therein is sold or tranf ferred b~ Borrower without Lender i prior written consent, exdudinR (a) the creation of a lien or encumbrance subordinate to this ~IortgaRe. (b) the creation of a purchase mone} securit~• interest for household appliancrs. a transter by de~~ise. descent or b}~ operation of law upon the death o( a joint tenant or (d) the Rrant of an~• leaschold iaterest oi three y~ears or less not containing an option to purchase. Lender may, at Lender s option, declare all the sums secured l~y ehis ~tortqage to be immediately 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 transfernd reach ap,reement in Nriting that the credie of such person is satisfactory to Lender and ehat the incerest pa~able on the sums secured by this ~iortRaRe shall be at such rate as Lender shall request. If L.ender has waived the option to accelerate provided in this parat{raph 17, and if Borrowers successor in interest has executed a written assumption aRreemei~t accepted in writinq by L,ender. Lender shall release Borrower from all obligations under this :11ort~nge and the :~ote. If Lender exetcises such option to accelerate. Lender shall mail Borrower notice ot acceleration in accordance with ~ parap,raph 14 hereof. Suth-notice shal) provide a period of not less than 30 days (rom the date the notice is mailed within which Borrower may pay the sums dedared due. If Botrower fails to pay such sums ptior to the expiration of such period. _ I.ender ma}'. without further notice or demand on Borrower, in~•oke any remedies permitted by paraRraph 18 hereof. ~ Nor-UhtFOR~t Covexwr'rs. Borrower and Lender [urther covenant and agree as tollows: ~ ~ 18. Accelention; Remediea. E:cept as provided in pangnph 17 hereoE, upon Borrower'a breach of anY covenwt or _ agreement ot Borrower in this Mortgage, induding the rnvenants to pay when due any sums aecured bv this liortgage. ~ Lender prior to accelention shall mail notice to Borrower as provided in pangraph 19 hereo[ s~xcitying: (1) the breach; ~ the action tequired to cure wch breach; (3) a date, not kas than 30 days irom the date the notice is maileci to Borro~+er. br w6ich auch bmch must be cvred; and (4) that (ailure to cure s~ich breach on or befort ~he datt specitied in the notice ma~ ~ _ result in acceleration of the sums secured by this 1ltortgage. [ortclosure br judicial proceeding and sale ot the Propert~+. The notice shal) [unher inform Isorrower o[ tht rig6t to reinstate after acceletation and the right to a~etrt in the toreclowre praeeding the non-ezi~rnce oi a detault or anr other de[enae oi BorroMrer to accdtration and (oredosurc. I[ the breach is ~ not curtd on or before the date specified in tht notice, I.ender at Lender's option may declare all ot the sums tecured by this Mort~aqe to be immediately due and payable without [urther demand and ma~ [oreclose this 11~ort~e br judicial proceed- ing. Lender shall be entitlcd to collect in such proceeding all expenses of fortclosure, including, but not limited to, raion- able attorne}*'s fees, and cow o[ documentary e~•idrnce, abstraca and ~ide reports. ao~K284 P~~ 27~9 ~ _ . ~ ~ . . _ _ . - - - ~s _ n.~a~~