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Home My WebLink About0389 agreement or applicable law. Bortower shall pay the amou~t o( ap mortgage i~surance premiums in the manner provided under paragraph Y herrot. ~ Any amounts disbursed by Lender punuaot to this paragriph 7, with intcrat thereon, shali become additional in- debtedness of BntroMrer secured by this MortRage. Unleu $ortower and Lcnder agree to other terms ot payment, such ~ amounts shall be payable upon ~otice trom Le~~de~ to Borrowcr requtsting parment thereot, and shati bear intcrest from ; che date ot d'ubu~~ement at the rate parablr [rom tinue to time on outstanding principa! under ihe Note unless paymtat ! ot interat at such nte would be contnrY to applicable law, in which evcnt such amounts shall bear interest at the highat ! ratc permiuible undcr applicable law, Nothing contained i~ this paragraph 7 shall require LtndeT to incur any expense or i take any action hereunder. . 8. Iu~ectioa. I.ender may make or caux to be made reasonaDle entria upon and inspcctions of the Property. pro- f vided that Lender shall give Borrower notice prior to any such inspcction spccitring reasonable cause there[or telated to l.ender'a interrst in che Property. • 9. Coodannatioa. The proceeds of any awatd or claim [or damaga, direct ot rnnsequential, in connection with any ~ condemnation or other taking oE the Property, or part thereof. or tor conveyance in litu ot condemnation, are'hereby as- ~ signed and shall be paid to Lender. . In the eveat of a toal taking of the Propertjr, the praeeds shall be applied to che sums secured by this Mortgage: i with the excess; it any, paid to Borrower. In the event of a p~rtial taking of the Propeny, unless Borrorver and Lender t otherwise agree in writing, chere shall be applitd to the swes xcured br this 11(ortgage such proporcion o[ the pra~eda i a~ is equal to that proportion which ehe amount ot the sums secvred by thia Mor~gage immediately prior to the date of ' takii~g bears io che tair mukec value oE the Propercy immediattly prior to the date of taking, with the balance of the pro- a ceeds paid to Sorrorver. ~ 1[ che Property is abandoned by Borro~ver, or if. after notice by Lender to Borrower that the condem~or otEen to make an awud or settle a claira tor damages. Borrowtr tails to tapond to Lendei within 30 days atter the daee such notice i is mailed, Lender is authorized to collect and app17 the proceeds, at L.ender's option, eithe! to ratoration or repair of the ~ Property or to the sums secured by this ~ior[gage. Unless Lender and Borrower othetwise agree in writin~. my such appiication o! proceeds to~principai shall not extend or postpone the due d:te of tht monthly installments referred to in pangnphs 1 and 2 hereof or changt the amount of ~ such installments. ~ 10. Borrm?er Not Aeka~ed. Extensio~ of the time for payment or modification oi amorti:ation of the sums secuied b~ chis ~fortgage grantM by Lendcr to any successor in interat of Bonower shall not opente to release, in any manna. - { the liability of the original Bonower and Borrower's suctessors in interat. Lender shall not be requi:ed to commence ' proceedin~;s against such succeuor or retuse to extend time for payment or otherwise modi[y amortization oE the sums se- i cured by this ~tortgaqe by reason ot any demand made bp the origiml Borrower and Borroweis wccesson in interest. ~ ' 11. Forbearance bp 1,eader Not a Wai~er. Any torbeannce by I.ender in exercising any right or remedy hereunder. ; or otherwise aitorded br applicable law, shall not be a waiver o[ or preclude the exercise o[ any such right or remedy. The ~ procurement of insunnce or the payment of taxes or, other~ liens or cturges by Lender shal! rwt be a waicer of l.ender's ~ right to accelerate the m~turity of the indebtedness secured bi this 11~ortgaqe. ~ 12 Reraedies GL~sulati~e. All remedies provided in this 11lortgage are distinct and cumulati~•e to anp other right or ~ reroed~ under this ~fortgage or aEforded by law or equit~, and may be exercised concurrently, independently or successively. ~ 13. Succe~srs and Aarians Bound; Joint and Se~erai I,iability; Captiona. "The co~•enants and agteements herein ~ contained shall bind, and the rights her~under shall. inure to, the respective successors and assigns ot I.ender and Borrowtr. ~ subject to the provuions of paragraph i7 hereot. A11 covenanu and "agreements of Borrower shall be joint and several. The ~ captions and headings of the paragraphs oE this 1liongage are lor.convenience only and are not to be used to interpret or ~ define the provisions hereof. ~ j 14. No[iae. Except for any notice required under applicable law to be given in another manner> (a) any notice to ~ Borrower pro~ided for i~ this rtortgage shall be given by mailing such notice by certitied mail addressed to Borrower ae the Property Address or at such other address as Borrower may designate by notite to Lender as pmti•ided herein, and (b) r any notice to Lender shall be given by certifiM mail; return receipt requested, to Lender's address stated herein or to such ; other address as Lender may designate by notitt to $orro~vet as provided hertin. Any notice provided [or in this ~iortgage ~ sha11 be deemed to have been given to $orxower or [.ender Mhen gi~en iq the manner designated herein. ~ l5. Un$orm Mortgage; Goveruing Iaw; SeverabiL"tp, This form of mortgage combines uni[orm co~enan[s for na- ~ tional use and non-uni(orm mvenants with lemited ~ariaeions by jurisdiction to constitute a uniform security instrument ~ co+•cring real property. This ~iortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any pto~ision or dause ot this ~tortgage or the Noee conflicts with applicable 1aM, such conQice shall not a([ect other provisions oE this Mortgage or the Note which can be gi~•en efiect without the con(licting pro~•ision, and to ~ this end the pro~~isions of tlit liortgage and the Note are dedared to be severable. _ 16. Borrower's Cop'. Borrower shall be furnished a conformed copy of the lote and of this \tortgage at the time oI execution or ~fter recordation hereof. 19. 'I'*anaEer of the Troperq; Assumpcion. If all or any pan of the Property or an interest therein is sold or trans- fened by Borrower wiehout Lender's prior written consent. accluding (a) the creation of a lien or encumbrance subordinate to this ~forepage, (b) the aeation of a purchase moneY seturity interest for household appliances. (c) a transfer by devise, ` descent or by operation of law upoo the death ot a joint tenznt or (d) the grant of an~ leasehold -interest o[ three years or ° less not containing an option to purchase, Lender n?ay, at Lender's option, declare all the sums secured by this ~fortgage to i be immediately due and payablt. I.ender shall have waived auch option eo accelerate if, prior to the sale or transEer, I.ender ; and the person to whom the Property is to be sold or transferred reach aqreement in writing that the credit o[ svch person ~ is satisfactory to Lender and that the interest payable on tht sums secured by thu Afortgage shall be at such rate as Lender ; shall request. lE Lxnder has waived the option to accelerate provided in this paragraph 17, and iE Borrower s successor in £ interest has executed a written assumption agreement accepted in writing by I,ender, Lender shaf! nlease Borrowet lrom ~ all obliga[ions under this Mortgage and the A'ote. . . ' . ; If Ltnder txercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with ~ pangraph 14 hertof. Such notice shall provide a period oE not tess than 30 days trom the date the notice is mailed within which Borrower may par the sums declamd due. If Borrower fails to pay such sums prior to tF~e expiration of such period, ~ Lender may, without further notice or demand on Borrower, in~~oke any remedia permitted by paragraph 18 hereof. ~ NOJ~i-UNIFOIIM Coverrwrrrs.. Borrower and Lender furthrr oovenant and agree as foAows: ~ IS. Accetention; Remedia. Faccepe a~ provided in p~ragra~h 17 hereof, upoa Borrower's breacb of any covenant or ~ aareement oE Borrower in this Mortgag,r, including the rnnnwts w pay ~rhrn due Yny sums secured by this Mortgage. Lendu prior to aadentiou shalt mail notice to Borra~?er as prorided in puagnpL 1~ 6ereof specifYing: (1) the breach; ~ (1~ the ucion required co cure wch brcuh; (3) a date. not leis than 30 days Emm t6e da[e the notice u mailed [o Borro+rer, . ; br which wch breach m~at be cured; and (4) [hat failwe co cure such br+each on or before the da:e sperified in the notice ma~ rewlt in acceleration ot tbe wms securcd b~ this MortRage, torecloaure b~ judicial praeeding and sale of the Propertt. The notioe ~halt further infonu Borro~rer oE tLe right to reinstate after aocekracion and the right to a~en in the toredowr~ proceeding ths non-exi~tence of a deiault or any o[ber defen~e of Borrower to acoderition and foreciown. IE the breach it not curcd on or belore che date speciiitd in the nocice, Lenda at Ltader's option ma~ drelare all of t6e sums serurrd by this Mortgage to bt unmediatd~ due and pa~abk withaut Eurther demand and may foreciox this Mortgage by judicial proceed. # ing. Lrnder ahall be entitled w collat in wc6 proceeding all txpenses of foreclosure, including, but not limited to, reason- ~ able attorne~s fees, and w:ta of documentary evidence, a6ttracts and title reporta BOGK ~ ° k ~88 PA~F 387 ~ - ~ . . - •--r-. ~ # . ----~=g==