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Home My WebLink About0466 ~ • , Lender's w~ittcn agrae~ne~t or applicablc law. Borrower shall pay thc amount of all mortgage insurance prcmiuma in 1he manner provided uoder paragraph 2 hereof. . Any amounts disbursed by Lender punuant to this paragraph 7, with interest thereon. sh1~U beconie additio4al indebtedness of Bor~ower securcd by this Mortgage. Unless Borrower ~and L~nder agrce to other tetms of payment, such amou~ts shall be payable upon notice from [.cnde~ to Borrower requesting payment thercot, and shall bear interest f[ota the date of disbursement at the rate payable from time to time on outatandtng pri~cipal under the Note unless paymeot of interest at such nte would be contrary to applicable law, in which event such amounts shall bear interest at ihe highest rate permissibk under applicable Iaw. Nothing contain~d in this paragraph 7 shull require Lender to incur any expeme or take any action hcreunde~. 8. Iospectiop. Lender may make or cause to be mack reaso~able entries upon and inspections of the Property, provided that I.ender shall give Borrower notice prior to any such inspection specifying reasonable cause there~u~ ~~lated to Le~der'a. i~terest in the Property. _ 9. Coademaatba. The procecds of any award or claim for damages, dircet or consequential, in connection with any condemnation or other taking of the Property, or paK thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. In the event of a total taking of tl~e Propeny, the proceeds shall be applied to the sums sccurcd by this Moctgage. with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secu~+ed by this Mortgage such proportion of the proceeda as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediatcly prio~ to the date of taking, with the bala~ce of the procads paid to Borrower. 1f the Property is abandoned by Borrower, or if, after notice by Lender to Bomower that the rnndemnor offers to m~lce an award or settle a claim for damages, Borrower fails to respood to Lender witfiin 30 days after the date such notice is mailed, Lender is authorized to collect and apply the procecds, at I.ender's option, either to ratoration or npair of the Propeny or to the sums securcd by this Mortgage. Unlas Lender a~d Borrower othenvise agrce in writing, any such application of proceeds to principal shall not extend or pcutpone the due date of the monthly instaqments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Rekased. ExtensiQn f_th4 ime for payment or modiflcation of amortization of the sums securcd by this Mortgage granted by Le~der to ab' s cCessoi in interest of Borrower shall not operate to release, in any manner, the iiabiliry o! the original Borroiver a~~`~ ~t'~y~ successors in interest. Lender shall not be requircd to commence roceedin s ainst such successor toit {~~~~~1 e~tend time for a ment or otherwise modi amortization of the sums P B a8 . P Y fY secured by this MoRgage by reason of any demand made by the original Bonower apd Borrower's successors in interest. ~ ll. Rorbeuance by Lender Not s Waive~. Any fort~earance by Lender in exercising any right or remedy hereunder. or othen~rise afforded by applicable law, shall not be a waiver of or preclude the exercix of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of i.eoder's right to accelerate the maturity of the indebtedness secured hy this Mortgage. i~. iceme6ies i:umnaii~e. i~?ii remedies proviaed in cnis iviortgage are distinct and cumulative to any other right or remedy u~der this Mortgage or afforded by law or equity, and may be exercised concurr+ently, independently or successively. 13. Soccessors aad A~ns Bound; Joint and Severd T.tability; Capdons. The covenants and agreements horein contain~d 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 agrcements of Borrower ahall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience oaly and are not to be used to interpret or define tho provisions hereof. I4. Notice. Except foF any noiice required under applicable law to be given in anoth~r manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Propeny Address or at such other address as Borrower may designate by notice to Lender as provided herein, and ~ (b) any notice to Lender shall be given by certified mail, return receipt requested. to i.ender s address stated herein or to such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this ~ Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated heroin. IS. Uniform Mortg~e; Govemiu~ Iaw; SeverabWty. This fo~m of mortgage combines uniform covenants for national use and non-nniform covenants with limited variations by jurisdiction to constitute a uniform security instrvment covering real property. This Mortgage shatl be governed by the law of the jurisdiction in which the Property is iceated. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect ; 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. aormwer's Copy. Borrower shall be~furnished a conformed copy of the Note and of this Mortgage at the time € of e~ceeution or after recordation hereof. - € 17. Transfer of tlie Property; Assumption. If all or any part of the Pmperty or an interest thercin is sold or transferred ; by Borrower without L,ender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to f this Mortgage. (b) the crcation of a purchase money security interest for household appliances, (c) a transfer by devise. E descent or by oper~tion of law upon the death of a joint tenant or (d) the grant of any leasehold interat of three years or less F not cantaining an option to purchase. Lender may, at Lender's option, declare all the sums secured by this Mortgage to be ~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sak or transfer, I.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person ~ is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ~ shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interat has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all E obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with # paragraph 14 hereof. 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 faits to pay such sums prior to the expiration of such period, : Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Nox-UxrFOarK Coverv,?rrrs. Borrower and Leoder furtt~er covenant and agree u follows: 18. Acceleration; Rea~edks. F~ccept a~ provided im pars6nph 17 6ereof, u~oa Eorrower's breaci of uy co~eoant or agreemcat of aorrower ia t`b Morla~e, Including tbe coreaaab to pay whes de~ ~y soms secared by ti~s Mor~a~e, i.eader prbr to sccekratbg s6d! mdl aotice to Sorrower as pr+orided ia paratr~6 l4 bereoE p) fl~e breacb: tbe sction > nqoircd to cars wch bresc6: s date. not less tban 30 days from tbe date tbe eotice r n~led to dorrower. b~' w1~icL ~ breacM mu~t be cnred; aod (4) t6at hilmt to eure soch breach oe or beEore t~e date specl8ed b tLe ~otlce atay ~esrlt ie 's sccekrsdoa ot the sam~ iecend by this Mortaa~e. forecbsure bY P~~~L aod sde of tre Properly. 'Itie ~otke shall Portber ioform Borrower of the ri~bt to reinatah sEter accekra8on aod tl~e ri~6t to aMerf ia the tortebnre proe~ ~ t6e non-e:istence of a defaalt or anr ot6er deEeuee of Borrower to acceleratio~ sai foralosore. it tLe bracY M eot c~red on - or betore tbe ds/e apeci&d io tbe noNce. Lender at Leeder's optbn a~ay declare aA of t6e sams sec~ral by tbi Mort~e b 6e ; immediatdy doe and payabk rritboat fnrther demsnd aad may foreclote thi~ Morf~e by 1~k~ P~L• ~ ? be entttled to collect la suc~ proceedisa a8 e:pesses of toreclosere, inctndia~, bot ~ot lidted to, reasooabk attorse~'s tea. ~ aad eests of docamentary evideace, a6stn~ctr and tltle reporb. t 19. dorruwe~'s Rigbf to Rein~tate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Bonower ahall have the right to have any proceediogs begun by Lender to enforce this Mortgage discontinuod at any time il ~ aDCt~~s ~ ~ ~ ~ . - . _ - - ~ . . ~ ~