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Home My WebLink About0507 agrecment or applicable law. Aorrowe~ shall pay the amount ot aU mortgagc insurauce premiumt in thc ma~ner providec3 under paragraph 2 hereof. ~ Any amounts disbursect by I.ender pursuant to this puagraph 7, with interest thereo~~, shall becomc additional in- debtedness o[ Borrower secura) by this ~tortgage. Unless Borrnwer and l.endcr a~ee to other terms o( payment, such amounts shall be payable upon uotice t~om Lender to Borrower requestiug payment thereo(, and shall bear interest Erom the date ot disbursement at the rate payable (rom time to timc c~n outstat~ding principa) under the l~ote unlcss payment ot interest at such rate would be contrary to applicable law, in ~hich e~~ent such amounts shall bear interest ae the highest r~te permissible under applicable law. Nothing co~tainecl in this parap,raph 7 shall re~uire I.ender to incur any expense or take any action hereunder. . S. laspection. Lender may make or cause to be made reasonable entrics upon and inspections o[ the Ptoperty, pro- vided that Lender shall give Bonowet notice prior to any such inspectiori speci[yinR reawuable cause theretor related to l.ender's interest in tht Property. 9. Condemnation. The proceeds o[ any award or daim for damages, direct or consequential, i~ com~ection with any condemr~ation or nther taking o[ the Property, or part thereof, or (or con~•eyance in lieu o[ condemna~ion, are hereby as- signed aod shall be paid to Lender. In che event oE a total taking ot the Property, the proceeds shall be applied to the sums secured by this :~fortgaqe. ~ Mith the excess, it any, paid to Borrower. In the e~•ent o[ a partial taking ot the Property, unless BorroNer and Lcnder otherrise agree in writing, there ~hall be applied to the sums secured by this \tor~gage such proportion o( the proceeds a~ is equal to that propottion which the amount oi the sums secureci by this \tortgaqe immediately prior to the date of takii~g bears [o the [air market ~•atue o[ [he Property immediately prior to the dace ot taking, with ehe balance of che pro- ceeds paid to Borrower. It the Property is abando~cd by Borrower, or if, aiter notice by Lender to $onower thae the condemnor of[ers to make an award or setde a claim for damages, Borrower faiis to respond to Lender r ithin 30 days alter the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, eithet to restoration or repair o[ the Property or to the suma secured by this ~tortgage. Unless Lender and Borrower othenvise agree in writino, any such application ot pr«eects to principal shall not extend ur postpone the due date of the monthly installments reierred to in paragraphc 1 and 2 hereof or chanRe the amount of such instaUments. 10. $orrower Not Rekaxd. E.rtension of the time for pa~~nent or moditication o( amorti~ation of the sums secured bc this \fortgage granted by Lender to any successor in interest o( Borrowcr shall not operate to release, in any manner. ehe liability o( the oriqinal Borrower and Borrower s succe~.sors in interest. Lender shatl not be required to rommence prcxceciings aqainst such successor or refuse to extend time for pa}Tneni or othet~vise m~xlify amortization of the sums se- cured b~ this UortqaRe bp reau~n of am• demand made by ehe original Borrower and $orrower's succesu~rs in interest. I1. Forbeannce by Lender Not a Waivtr. Any forbearance by Lender in exercising any right or remedy hereunder, ~ or othenvise attorded by applicable laN, chall not be a wai~•er o( or preclude the exercise o( an~~ such right or remedy. The procuremene of insurance or ehe pa}~tnent ot taxes or other liens or charRes b~~ Lender sh:~l1 rioi be a Hai.•er of Lender's riRht to accelerate ehe maturity of tf~e indebtedness secured b~~ this Mor~ga~e. 12. Remedies Gtimulative. ~VI remedies pro~•ided in this ltortRaRc are distinct and aimulati~•c to am other riRht or - remeci)• under this TfortRage or affordecl by 1aw or equity, and ma} he exercised concurrenth•. indr~~e~~dei~tlc ~~r successivel}'- t3. Successors and Assigns Bound; Joint and Several LiabilitY; (:aptions. The co~•enants and agreements herein coritainecl shall bind, and the riRhts hereunder shall inure to, the respecti~•e successors aud assiRns of Lender and Borrower, subject to the pro~•isions o[ paraRtaph 1? hereof. All co~•e~unts aud ay,reements oi Borr~~w'er shall be joiut and se~~eral. The i captions and headinps of the paragraphs of this ~tortgage are for corn•erzience onlv and are not to be used to interpret or de(ine the provisions hereot. ~ i4. Notict. Except [or aoy notice required undet applicable law to be ~icen in another manner. (a) am notice to ~ BorroMer pro~ided for in this ~Iortgage shall be gi~en by mailing such uotice b~• certi[ied mail addressed to BonoMer at I the Propert~ Address or at such other address as Borrower may designate b~ notice to Lender as pro~•idecl herein, and (b) any notice to Lender shall be gi~•en b}• certified mail, return receipt requested. to Lender's address seated herein or eo such other address as Lender may designate by notice to $orrower as pro~•ided herein. ~m• notice provided (or in this \tortgage ~ sha11 be cteemed to ha~•e been gi~~en co Borrower or Lender ~hen gi~•en in the manner desiqnated herein. ! 15. Uniform Aiortgage; Governing Law; Severability. This totm of mortqaRe combines unitorm co~•enants for na- ~'i tional use and non-uniform corenants Nith limited ~•ariations b}~ jurisdiction to constitute a uniiorm serurit~• instrument cocerinR real propert). This itortgage shall be gorerned by the la~e ot the j~risdiction in which the Propert~~ is located. In the ecent that an}• pro~~ision or dause of this ~tortRaqe or the \ote conflicts with applicable laH-, such conflict shall not af(ect other pro~•isiors of this ~~ottRaqe or the \ote Nhich can be Ri~•en et(ect ~ithout tt?e confiicein~ pm~~ision, and to this end the pro~•isions o[ the ~IortRaRe and the :~ote are declareci co be severable. j 16. Borrower's Copy. BorroMer shall be (urnished a c~nformed copq oE the \ote and of this \1ort~a~e at the t~ime ~ ot execution or atter recordation hereof. i 17. TransEer of the Property; Assumption. If a1! or an}~ patt of the Propert~• or an interest therein is sold or trans ~ ferred by Rorrower M•ethout Lender's prior Mritten consent, excludinR (a) the creation of a lie~i ~r encumbrance subordinate ~ to this \torty,aqe. (b) the aeation o( a purchase money securitc interest for household appliances. (c) a tran~fer by de~•ise, , i descent or b~ operation ot Iaw uPon the death o( a joint tenant or (d) the ~;rant of anc leasehold interest of three ~eats or E less not containinR an option to purchase. Lerider may, at Lender s option. declare all ~he sums secured b~• this ~fortqage to ! be immediatel}' due and payable. Lender shall ha~•e waived such optinn to accelerate if, prior to the sale or vans[er. Lender and the person to whom the ProPerty is to be sold or trans[erred reach aRreement in Nriting that the credit of such petson i is satis(actorJ• to Lender and that the intetest pa~able on the sums secured b}• this ltortRaRe shaU be at such rate ac Lender ~ shall request. If [.ender has k•aived the option to accelerate provided in this paraRraph 17, and i[ AorroMer's successor in interext has executed a written assuroptior~ aRreement accepted in writinq b~• L.ender. Lender shall release Borrower irom ; all obligations under this ~tortgaqe and the :~ote. I[ Lender exercises such option to acceierate. Lender shall mail Borroxer notice of acceleration in accordance with paragraph 14 hereoL Such notice sha11 pmti•ide a period of not less than 30 da~s (rom the date the notice is mailed within which Borrower mac pay the sums dedared due. If Borrower (ails to pa~~ such sumc prior to the erpiration of such period. Lender may. Nithout [urther notice or demand on Borro~+er, in~•oke an}• remedies permitteci b~- para~raph 18 hereof. KON-U~IFOR~1 CO~'ENAATS. BOTiOWfi and Lender further covenant and agre~ as foltows: 18. Accelrntion; Remedits. Except as provided in paragraph 17 hereof, upon Borrower's breach ot any co~enant or agreement oE Borrower in this Mottgage, inctuding the covenants to pay whrn due any sums xcured by this Atortgage, I.ender prior to accetention shall mail notice to Borrower as provided in paragraph 14 hereot speci[}•ing: (1) the breach; (2) the action required to cute such breac6; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such breach muse ~r rured: and (4) that failure to cure such breach on or before the date specitied in the notice map nsult in aadention of t6e aums secured by this itoregage. toreclosure br judicial proceeding and sale o( the Proprtty. The notice shali turther in[orm Borrower of the right to reinstate atter acctltration and the right to assert in the [oredosure proceeding the non-txiatence of a default or any other defenae of Borrower to acceleration and (oreclosun. If the breach is not cured on or be[ore the date specified in tht notice, Lender at Lender's option mav declare a!1 of the sums secured by this Mortqage to be immediately due and pavable without further demand and may foreclose this 1ltort~age bv judicial proceed- ing. Lender shall be entitled to collect in such proceeding all ex}xnses o( foreclosure. including, but not limited to, rtas~n- abk attorney's (tes, and costs o[ documentary e~•idrnce, abstracts and title reports. aoc~ ~86 ~cE ~I~