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Home My WebLink About0697 . , • j , • ~ ~Y ? . ~ ~ ~agrcement or applicable law. Borrower shall pay the amount of all mortgage..iMUrance premiums i~ the manner provided under pangraph Y hereof. A~y aaaunts disbursed by Lender punwot to this parag~aph with intenst the~eon, shall become additional in- debtedness ot Borrower secureci by this \fortgage. Unless Borrower and l.ender agree to other terms o( payment, such amounts shap be payable upon notice (rom Lender to 8orrower requesting payment thereot, and shall bear interest irom cho date oE dubursement at the rate payable from time to timc on ouutanding principal under the Note unless payment o( interat at such rate would be contnry to applicable law, i~ which event such amouots stuU bear interest at the highat ratr permiuible u~der applicable law. Nothing conuined in this paragraph 7 shall require Lender to incur any expense or takc aoy action hereunder. 8. IaspecUon. Lender may make or cause to be made reasonable entria upo~ and inspections of che Property, pra vided that I.ender shall give Borrower notice prior to any such inspection speci[ying reasonable uuse theretor related to I.ender'a interest in the Property. 9. Condemaation. The proceeds o( any award or daim tor damages, direct or consequential, i~ connection with any condemnation or other taking of the Pioperty, or part thereof, or [or conveyance in lieu ot condemnation, are hereby as' signed and, shall be paid to Lender. in the event oE a towl taking ot the Property, the proceecis shall be applied to the sums sccured by this \tortgage, v?ith the excess, if any. paid to Bonower. In the e~•ent ot a partial taking of the Property, untc~ss Borroher and L.ender otherwise agree in writing, there shall be applied to the sums secuted by this \Iortgage such propottion of the proceeds as is equal to that proportion which the amount o[ the sums secured by this \tortgage immcdiately prior to the date of taking bean to the tair market value of [he Property immediately prior to che date ot taking, wich ehe balance o[ the pro- ceeds paid to Borrorret. I( the Property is abandoned by Borrower. or if, a[ter notice by Lender to Borrower that the rnndemnor offen to make an awud or setde a daim for damages, Borrower fails to respond to Lender within 30 da}~s atter the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, eithe~ to restoration or repair oE the Property or to the sums secured by this riortgage. ~ Unless Lender and Borrower otherwise agree in writing,.any such application of proceeds to principal shall not extend or postpone the due date oE tht monthly installments re[erred to in paragraphs I and 2 hereof or chanqe the amount oE such installtnents. 10. Borrower Not Releaxd. Extension of the time for pa~~ment or mociification o[ amortiration o[ the sums secured b~ this ~tortgage granted by Lender to any successor in interest of Bonower shall not operate to releasr, in any manner. the liability oE the oriqinal BonoNer and Borrower s successor~ in interest. I.ender sha11 not be required [o commence praeedings aqainst such successor or re(use to extend time for pa~~nent or otherwise mc~ciity amortization of the sums se- cured by this ~iortgap,e by reason of any demand made by the origina! Borrower and BorroMers successors in interaG 11. Forbearance br Lenda Not a Waian. Any forbearance by Lender in exercising any right or remedy hereundtr, or otherrvise at[orded by applicable law, shall not be a waiver of or preclude the exercise ~t any such right or mmedy. Tht procurement of insunnce or tht payment oi taxes or other liens or charRes by l.ender shall not be ~~+ai~~et of Lender's right to accelerate the maturicr oi the indcbcedness secured by chis ~torcqage. 12. Remedies Gtimulative. All remedies provided in this \tortj;age are distinct and cumulatice to any other riqht or - remedp under thes rfortgage or aUorded by law or equitv, and ma} be crercisect concurrently, indepenclentl~~ or suctessi~~ely. 13. Successors and A~tigns Bound; Joint and Several Liability; Captions. The covenants and aqreements herein mntained shall bind, and the rights hcreunder shali inure to, thc respecti~e successors and assigns ot Lender and Borrower. subject to the prorisions o( paragraph 17 hereof. All co~•enants and agreemenu of Bonower shall`be joint and sereral. Tht captions and headings o[ the paragraphs of this. !~tortgage are tor com•enience only and are not to be used to interpret or define the provisions hereof. ~ 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to BonoNer pro~~ided for in this ~tortgage shall be gi~•en by mailinR such notice b}• certitied mail addressed to Borrower at the Property Address or at such other address as Botrower may desiqnate bp notice to Lender as pro~•ideci herein, and (b) any notict to I.ender shall be gi~~en by certified mail, return receipt requested, to Lender's address stated herein or to suth other address as I.ender may designate by notice to Borrower as pro~•ided herein. Any notice pro~•ided for in chis ~tongage _ shall be deemed to have been qicen to Borrower or I.ender when gi~•en in the manuer designaced herein. ' 15. Unifo~m Mortgage; Governing Iaw; St~erability. This (orm oE mortgage tombines uni[orm co~•enants for na- ~ tional use and non-uniform mvenanu with limited ~~ariations by jurisdiction to constitute a unitorm securit}• instrument ~ co~•erinq real property. This ~(ortgage shall be go~•erned by the IaN of the jurisdiction in which the Property is located. ~ In the event that any provision or dause of this ~tortgaqe or the :~ote conflicts with applicable laN, such con[lict shall not ~ af[ett other pro~•isions oE this Mortgage or the \ote ~hich ca~~ be Ri~•en e[tect without [he conflicting pro~•ision, and to ~ this end the provisions of the ~tortgage and the• Note are declared to be severable. ~ 16. Borrower's Copy. Botrower shall be furnished a conformed copy o[ the ~ote and of this ~(ortp,aRe at the time ~ of execution or after recordation hereoF. 17. Trana[er of the Property; A~umption. If all or any part of the Property or an interest therein is sold or trans ferred by Borrower without Lender's prior writtem m~sent, exduding,(a) the creation of a.lien or encumbrance subordinate to this ~tortgage. (b) the creatian o[ a purchase money securit~ interest for household appliances, (c) a trans(er by de~•ise, descent or by operation of law upon the death o( a joint tenant or (d) the qrant ot an~ leasehold interest of three years or less noc coneaining an option to purchase. Lender may, ac Lender s option, declare all the sums secureci by this :?fortgage to ~ be imtnediatelp due and payable. I.ender shall ha~•e waived such option to accelerate if, prior to the sale or [rans[er, Lender and the person to whom the Property is to be sold or trans[erred reach aRreement in writing that ehe credit of such persoir is satisfactory to Lender and that the interese payable on the sums secumd bv this \tortgat{e shall be at such rate as Lender shall requesG If Lender has waived the option to accelerate pro~•ided in this paraRraph 17, and i[ Borrower s successor in interest has executed a written assumption agreement accepted in writing by I.ender. L.ender shall tdease Borrowet from ~ all obligations under this Mortgage and the Noce. - IE Lender exenises such option to accelerate, Lender shall mail Borrower notice oE acceleration in accordance with ~ paragraph 14 hereof. Such notice shall pro~~ide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declamd due. If Borrower fails to pay such sums prior to the expiration of such period, ~ I.ender may, without fnrther notice or demand on Borrower, invoke any remedies permitted by parap,raph 18 hereof. ~ NoK-UHtFO~ CovFavwnrrs. Borrower and Lender turther covenant and agree as follows: ~ 18. Acoeleration; Remedies. Ezcept as prorided in paragraph 17 htteof, upon Borrowet's brrach of any covenant or agreem~nt of Borrower in this Mortgage, including the rnvenants eo pay when due an~ sums ~ecured by this Mortgage, Lender prior co accelention ihall mail notice to Borrower aa pmrided in pangraph 14 hercof specifying: (1) the breach; ~ the action ,required to aue such breach; (3) a date, not kss than 30 dars Irom e6e date the notice is mailed to Borrower, by which such bnach must be cund; and (4) [hat failure to cure wth breach on or befon the date speci[ied in the notice may ~ rault in aooelention of t6e s~uns secured b~ this Mortgage, foreclowre by judicial proceeding and rale of the Properq. The notioe ~all funher intorm Borrower of the right to ninstatt atter uuleration and the rig6t to asert in the [orecloaure procetding the non-eaistena of a default or any other defense of Borrower to ucrlrntion and toreclowre. If the brac6 is ~ not cured on or before the date specif'ud in the naice. Lender at Lender's option mar dedur all of the aums secured bT this Mortgage to be immediately due and payabk witho~t funher demand and may Eoreclox this Mortgage by jadicial proceed- ing. Lender shall be rntitled to collect in wch proceeding aU expen~es of toreclosure, including. but not limited to, rason• able attorner's [ets, and oow oE doctimeatar~ evidence. abstracts and titk teports. 800R ~ir~71~ PA~E - - ~ r, r~ ~ ~ . - - r ~.r;~~;~ ' ~ , s _ :