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Home My WebLink About0924 i.ender i written agrcement or applicable law. Borrowe~ shall pay the amou~t of all mori~age insu~a~ce ptemiums in the ~ manner provided unde~ paragraph 2 hereof, , Any amounta disburud by i.ender pu~iuant to thi! ~a~graph 7, with interest thereon, shal) become additional indebtedneu of $orrower secured by this Morigage. Unless Borrower and Lende~ agrce to othe~ terms of payme~t. such amounts shall be payable upon notice trom I.ender to Borrower rcquesting payment therzof. aod shall bear intercst from the date of disburscment at thc ntc p$yable from time to time on ouistandIng p~incipal under th~ Nate unless paymeat of ; intercst at :uch rute would be contrary to applicable law, i~ which event such amounts. t at the highest nte i u permissibk under applicable law. Nothing contained in this paragraph 7 shall requice L~ to~ ncu~ any expense o~ take ~ a~y action hereunder. S. Inspecdoa. Lende~ may make or cause to be made reasonabk entries upon a~d inspections of the Property, pmvided that I.ender shall give Borrowe~ notice prior to any such i~spection speciFying reuon~ble cause thetefor.related to Lende~'s interat in the Property. ~ 9. Coademaatba. The proceeds of any award or claim for d~mages, dircct or consequential, in rnnnection with any f condemnation or other taking of the Property, or part thercof, or for conveyance in lieu of condemnation. are hereby assigned ~ and shall be paid to Lender. ; in the event of a total taking of the Propeny, the procceda shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. 1n the event of a partial takiRg of the Property. unless Borrower and I.ender othervvise agree in writing, there shall be applied to the sums secured by this Morigage such proportion of the proceeds ~ as is equal to that proportion which the amount of the sums ucured by this Mortgage immediately prior to the dste of = taking bears to the fair market value of the Propert~~ immediately prior to the date of taking, with the balance of the proceeds ' ! paid to Borrower. . ~ If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the rnndemnor offera to md~e an award or uttk a claim for damages, Borrower fails to respond to Lender within 30 days after !he date such notice is mailed, Lender is suthoriud to collect and apply the proceeds, at I.ender's option, either to ratoration or repair of the : Propeny or to the sums secured by this Mortgage. ~ Unless Lender and BorroW er otherwise agree in writing, any such application of proceeds to principal shall not extend ; or postpone the due date of the monthly installments referred to in paragraphs 1 a~d 2 hereof or change the amount of ; ~ such installments. ' 10. Borror?er Not Released. Extension of the time for payment or modification of amortization of the sums secured ~ by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner. ' the liability of ihe original Borrower and Borrower's successors in interat. Lender shall oot be required to commence = proceedings against such successor or refuse to extend time for payment or othenvise modify amortization of the sums secured by this Mortgage by reason of any demand made by the oriqinal Borrower and Borrower s successon in interest. : 11. Forbearaace by Lender Not a Wdver. Any forbearaoce by L4A~er in exercising any right nr remedy hercunder, ar otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. ~ The procurement of insuraoce or the payment of taxa or other liens or charges by Lender shall not be a waiver of Lender's ~ right to accelerate the maturity of the indebtedness ucured hy this Mortgage. ~ 12. Remedies Cnmulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or ? remedy under this Mongage or-afforded by law or equity, and may be exercised concurre~tly, independently or successively. 13. Smcessors and Astigat Bou~d; Joint and Sereral i.iaM'lity; Gptions. 'll~e covenants and agreements herein ~ contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shal) be joint and several. ' ~'il~e captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to ~ interpret or define the provisions hereof. ~ 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to } Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Bonower at , the Propetty Address or at such Mher address as Borrower may designate by notice to i_ender_ as provided herein, and t (b) any notice to Lender shall be given by certified mail, return receipt requested. to t.ender's address stated herein or to : such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this ~ I Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated h~rein. ~ ~ 1S. Unfform Mo~tgage; Governln~ Law; Severabilin. This form of mortgage combines uniform covenants for national ` use and non-uniform covenants with limited variations b} jurisdiction to constitute a uniform security instrument covering ~ real properry_ This Mongage shall be governed hy the law of the jurisdiction in which the Property is located. In the ~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law,.such conftict shall not atfect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ` end the provisions of the Mortgage and the Note are declared to be severable. ~ 16. Dorrowe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17. Transfer of t6e Property; Assumption. If all or any part of the Prope~ty or an interest therein is sold or transferred by Horrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interat for household appliances. (c) a transfer by devise. _ d~scent or by operation of law upon the death of a joint tenant or (d) ihe grant of any leasehold interest of three years or less ; not containing an option to purchase. I.ender may, at Lender's option, declare all the sums secured by this Mortgagt to be ' immediately doe and paya~le. Lender shall have 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 transferred reach agreement in wreting that the credit of suc6 person ; ~ is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at auch rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has exceuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all ; obligations under this Mortgage and the NMe. ~ ~ tf Lender eaercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with ~ ~ paragraph 14 hercof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. if Borrower fails to pay such soms prior to the expiration of such period, ~ Lender may, without further notice or demand on E3orrower, invoke any remedies permitted by paragraph 18 heroof. ; - NoN-UNtFORtK C9vErt,?rrrs. Borrower and Lender further covenant and agree as follows: ~ ~ 3 18. Accekrstbo; Ren~edks. E:cept as provided io p~rs~np6 l~ hereof, npoa Borrower's bre~ of aey coveaaat or Y ~ a6reemeat ot Borrower ia t6k Mo~sse, inclndiu~ t6e co•eaants to pay wbeo doe s~y snm~ secered by t6is Mori~a~e, Lsider ; ~ prbr to accderatba sba~ a~ aotice to 8orrowcr as provided ie pars~raph ld hereof specif~: (1) tre bra~cb+ ti~e actioa ' t reqaired to core socti.breacb: (3) s date, not las than 30 days Erom t6e date tbe notice it maikd to Borrower, by wtiich ~ocM ? ~ bresch mwt be cered; aod (4) t6~ fWlnre to cnre soch breach oa or befors t6e date specl6ed io tbe ~otlce auy res~lt ~ ~ ~ sccderatbn ot the sato~ iaured by tbb Mort~sge, Eoreclosure by judkial proceedin6 aod sak of ibe Property. 'ILe notke I ~ sball fnrtber inform Borrower oE the rig6t to reiastate after accekra8on snd the ri~t to a~ert ie tbe fonclosare procee~~ tbe noaezistence of s defauk or any ot6er defea~e ot Borrower to accekratioo and farec{osare. tt fbe breac~ L eot corej on ~ or before t6e dste speci&d ia tbe eotke, Leader at Lender's opHon may declare a9 oE the mm~ secored by t6is Mo~a~e to be ~ Lnmedistd due aod wkboot fart6er demaad ~ed may forecbee t6b Mort~sse by jodkW ~roc~. L~~der ~6aU ~ y~ Y P~ ~ be eeWkd to coUcet ~ wc6 proccedius aq espee~es of foreclowre, includiog, but wot limited ta, reatooable adw~e~s tees, i and cosb ot docameetary eddeoce. abstracls asd l~ie reporb. ' ~ 19. Borrower's Ri~ht to Re~tate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. ~ Borrower shall have the right to have any proceedings begun by Lender to enforce thia Mortgage discontinued at aay time ~ ~ EeoK296 P~cE 922 ~ ~ ~ ~ - - . .-s,a.- ~ a _ _ _ _ , ~ _ ~ r~"±~ „ , . _ . _ - •