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Home My WebLink About0356 . . . I.ender's written agrcemcnt or applicable law. Borrower ahall pay thc amuunt ot all mortgage insurance prcmiums in the manner providai undtr puagraph 2 hercof. - Any ama~nts disbursed by l.cnJer pur~uan~ to this paragraph 7, with interest thereon, shail becomc additional inJeb~edness of Borrawer securcd by Ihis Mortgage. Unlea Bormwer anJ I.ender agtee to othe~ terms of payment, xuch amounts shal) be payabk upon nrnice from Lende~ to Borrower reyuec~ing payment thereaf, and shatl bear interest from Ihe date of disbursement at thc rate payable from timc to time on oulstanding principal under the Note unless payment of interest at such rete would be co~trary to applicablc law, in w~hich eveot xuch ameunts shall bea~ interest at thc highest rate permiuible under applicabk law. Nothing c~ntained in this paragraph 7 shal) require I.ender to incur any expense or take any action hercunder. ' S. Iaspectio~, i.ender may make or cause to be made reasonable entries upon and inspections af thc Propehy, pravided that Lende~ shal) give Borrower noti~e priar to any such inspection specifying rcascmable cause there(or related to l.ender's interest in the Property. • 9. Condemnatbn. The praceedc of any award or claim for damages, direc~ or concequential, in conneclion with a~y condemnation or othe~ taking of ~he Propeny, or part thereof, or for conveyance +n lieu of condemnation, are hereby acsigned and shall be paid to i.ender. In the event of a total taking oF the Properly, the proceeds chall he rpplied to ~he sums sec:orcd by this Mortgage. with the excess, if any, paid ro Borrower. 1o the event of a partial taking ot ~he Property, unlesc Borrower and I.ender otherwix agree in writing, therc shall be applied to the sum~ secured bp this Mortgagc such proportion of thc proceeds as ic equal to that proportian which the amount of ~he sumc ticcured by this Marigagc irrintediately prior ic~ i:`~c e~aic v€ taking txars to the fair market value of the Propcrty immediatcly prior ~a the datc of taking, with the balance of the proceeds paid to Borrower. ~ if the Property is abandoned by Bo~rower, or if. :~fter notice by I.ender to Bormwer that the condemnor oBers to make an award or xtUe a claim for damage~, Borrower faik to re~~nJ to I.ender wilhin l0 days aher the date cuch notice is mailed. Ixnde~ is authorized to collect and apply ~he proceeds. at 1_ender c option, either ta restoration or repair of the Propeny or to the sums secured by this Morlgage. Unless i.ender and Borrower othervvice agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installmenls rrferrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Rekased. Extension of the time for payment or modificatic?n of amortizalion of the sums secured by this Mortgage granted by I.ender t~~ any ~uccecsor in intere~t of Borrower shall not operate to release, in any man~er, the liability of the origina) Borrow•er and Borr~wer'c succescc~rc in interest. i.ender shall not he required t~ commence proceedings against such successor or refuce to extend time for payment or otherwice modify amortization of the sums secured hy thi~ Mortgage hy reaxin ~~f am• demand made by the orieinal Rorrower and Aorrower s successor~ in interest. 11. Forbtarance by I.ender Not a Waiver. Am~ forhearancr hy T_ender in etierci~ing any reght or remedy herounder, or othenvise afforded by applicahle law. shall not be a waiver o( or preclude the exercise of any such right or rcmedy. The procureme~t of insurance or the payment o( ~axes or other liens or charges by I.eoder shall not be a waiver of i.ender s right to accelerate the maturity of the indehtednecs ~ece~rcd hy thi~ Mortgage. 12. Remedles Cumulati~e. All remedies provided in thit Mortgage are distinct and cumulative to any other right or remeJy under this Mortgage or a(forded hy law or equit~~, anJ ma~• he exerciced concurrcnUy, independently or successively. l3. Successors and Assigns Bound; Joint and Sereral l.iability; Captions. The covenants and agreements herein contained sha0 bi~d, and ~he righ~s hereunder shall inure ta, the respective successors and assigns of Lender and Bormwer, subject to the provisionc. of paragraph 17 hereoi. All covenants and agreementc of Borrower shall be joint and several. "ll~e captions and headings oP the paragrapha of ~hic Morlgage are for convenience anly and are not to be used to interpret or define the provisions hereof. 14. Nolke. Except for any notice required under applicable law• to be given in another manner, (a) any notice to Borrower provided for in this Mor~gage shall be given by mailing curh notice by certified mai! addressed to Borrower at the Property Address or at wch other address as Bormwer ma~~ designate by notice to I.ender as provided herein, and (b) any notice ro Lender shall be given by certi6ed mail. retum receipt requected. to t.ender s address stated hercin or to such other address as Lender may designate b~• notice to Borrower as provideJ hercin. Any notice providecl for in this Mortgage shall be deemed to havc ~+een givcn to Borrowcr or 1_ender when given in the manner designated herein. 15. Uniform MoriRa~r. Govesnin~ Iaw; Se~~erabilit~. Thic (orm of mortgage combines oniform covenants for national use and non-uniform covenants v?ith limited variationc hy jurisdicUon to constitute a uniform security instrument covering I real property. This Mortgage shall be governed hy the law• c?f the juri~Jiction in which the Property is located. In the event that any provision or clause of 'ti~is Mortgage or the Nc.te conflicts ~•ith applicable law, s~ch conflict shall not afiect ' other provisions of thic Mortgage or the Note which can be given elTect w•i~hout the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are Jeclarcd to he ceverable. ' 16. dorro~+er's Copy. Borrower sh•rll be furniched conformed cop}' of the Note and of thic Mortgage at the time ~ of execution or after recordation hereof. ~ 17. Tra~fer of f6e Property: Assumption. 1f all or an~~ part of thc Propeny or an interest therein ic sold or transferred by Borrower without [.ender's prior wriuen co~.sent. exrluding (a) the creation of a lien or encumbrance subordinate to ~ thit Mort~gage. (b) the creation of a purchase money cecurit~• interest for househ<~ld appliances. (cl a transfer by devise. + descent or by operation of law upon the Jeath ~~f a joint tenant or (d? the grant of any leasehold interest af thrce years or less ~ not containing an option to purchase, I.ender may, at 1_ender'~ option, declare all the sums secured hy this Mortgage to be immediately due and payable_ I.ender shall ha~~e waivrd ~uch option to accelerate if, prior to the ~ale or transfer, Lender and the person to whom the Property ic to be sold or transferred reach agrcement in writing ihat the credit of such person is satisfactory to I.enJer and that the interest payable on the sumc secured by thic Mortgage shall be at such rate as I_ender shall reyuest. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interest ha~ executed a written assumption agreement accepred in writing by I_ender. LenJer chall release Borrawer from all obligations under this Mortgage and the Note. If l.ender exercisec such option to accelerate, I.enJer ~hall mail Borrow~er notice of acceleration in accordance with ~ paragra~h 14 hereof. Such notice shall pr~vide ~ perirxf of not Iesc than i0 dayc from the date the notice is mailed wiihin ~ which Borrower may pay the sums declarecl due. [f Borrower fails to pap such sums prior to the expiration ~f wch period. ~ 1_ender may, µithaut further notice or dcmand on Borrower. ~nvokc am• remedies permitted hy paragraph 1R hereof. ~ Norv-UtvtFOtetit CovFx~rv-rs. Borrower and [.ender further rnvenant and agree as follows: 18. Acceleratlon; Rcmedks. E:cep as provided in para~raph 17 hereof. upon Borrower's breach of any covenant or agrcement of Borrower le thls Mortgage, including tbe co~~enants to psy when due any soms secnred by this Mortgage, Lender , prbr to sccekntbn s6aU maU notke to Borrower as provided in paraRrapl~ 14 hcreof specifying: (1) the breacd; (2) tbe actbn a requ[red to cnre snch breach; (3) s dste. not less than 30 days from the d~ete the notke is maikd to Borrower, by wbkh snch i brescd must be enred; aod (4) that failure to cure snch breach on or before f6e dafe speci6ed ia the notke may resnk in - sccekratfan of tbe snms secnred by this Mort~age. forcclown by judkiad proceeding and sale ot t6e Property. 'ILe notke ~ shall fuirther inform Borrower oi the rfght to reinstate aEter sccelention and the right to a~sert ia tbe forecbsnro proceedin~ ~ the non-existeace of a defauM or any other detense of Borrower to accek~tbn and forecbwre. If the brescb is not cured on ~ or before tbe dste apecified in tbe ootke, Lender at Lender's option may dcclue aq of the snms secnred by thk Mo~a`e to be ~ immediatd dne and y paya6k witlwOt turiber demand and may foreclose this Mort~s~e by judicial proceedin~. Leader slWl ~ be eot~tled to coqect fa soc6 proceedlag all expensa of forecbsure, includin~. but aot limited to. reaeona6k attoraey's fees, . ~ aad costs of docnmeatary eridence, a6stracls sad titk reports. ' ~ 19. 8orrower'e Rigbt to Reinalate. Notwithslanding Lenckr s acceleration of the sums secured by this Mortgage. ~ Borrower shall have the right to have any proccedings begun by (_ender to enforce this Mortgage discontinued at any time ~ 80GA 2~6 ~a # 355 ~ ~ » K- - --.._s-~_ ~ - - - ~ . _ _ ~r . ~ ~~~~_.,l-~'~ 4 _ , . ~ ~ -