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Home My WebLink About0742 • . . agreement or applicable law. BorroNe~ shall ~iay the amount o( all mortgage insurance premiums in the aunoer providtd undcr paragraph 2 hereoL ' Any atqounts disbursed by Lender pursuant to this pang?aph 7. with inte~est thereon, fhall become additional in• • debtedness ot Borrower stcurctil by this \torcqage. Unteu Borrower and l.ende~ agree to other terms of pa~ment, such amounts shall be payablc upon notice trom Lendcr to Botrower requesting payment thereof, and shall bear interest [rom ~he date ot d'ubursement at the rate payabic trom time to timc on outstaudiog principal under thc Noce unleu pa~lnent ut interest at such nte would be contrary to applicablt law. in which event such amounts shall bear interest at the highest ` ratc permissible under applicable law. Nothing conuined in this paraqcaph 7 shall requitc l.~ndcr to incur anY expense or ~ take any action henu~der. ! , 8. In~pettiou. Lender may makt or cause to be made reasonable entria upo~ and inspections ot the Property, pro ; ~•ided that Lender shall give $orrower notice prio~ to any such inspection speci(yinR reasonable cauu therefor telated to - Lendei s interest in the Property. 9. Condemnation. 'I'he proceecfs ot any award or claim tor damages, direct or co~sequential, in connection with any a condemnation or other uking ot the Property, or part thereof, or tor con~•eYance in lieu ot condemnation, are hereby as- ~ signed and shall be paid to I.ender. . ln the event of a tota! taking ot the Property, the procceds shall be applied to the sums secured by this ~tortgage, with the excess, i[ any, paid to BoTrower. In the e~•ent of a partial taking ot the Property, untess Borrower and Lender othen+ise aqree in writing, there shall be applied to the sums secured bv this ltor[gap,e such proportion ot the proceeds a= is equal to that proportion which the amount o( the sums secured by this 1lfortRage immediately prior to the date of taking bran to the fair market value of the Property immediately prior to the date oE taking, with the balance ot the pro- ; . ceeds paid to Borrowtt. If the Property is abandoned by Botrower, or iE, afcer notice by Lender to Borrower thac tht condemnor often to - make an awud or settle a claim [or damages, Borrower t~ils to respond to Lender within 30 days a[ter the date such notice is mailed. Lender is authorized to collect and apply the procecds, at Le~der's option, eithet to~ratoration or repair ot the Propetty or to ttie.sums secured by this ~fortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such appliation of proceeds to principal shall not ertend ~ or postpone the due date o[ the monthly installments re[etred to in paragraphs 1 and 2 heteoE or change the amount of ~ such installments. ' l0. SattoKtr R'ot Relea~ct. Er.tenaion of the ticac for pa;s~ent or moditication ot amortization of the sums secured ; by this ~iortgage granted bp Lender to any successor in interest of Burrower shall not opcrate to release, in any man~er. the liability ot the originat Bonower and Borrower s successor~ in interat. Lender shall. not tx required to commence proceedinqs against such successor or refuse to extend time for payment or otherwise modi(y amortization ot the sums se~ curecl h}~ this ~tortgaRe by reaci~n of anv demand made by the oriRinal Bormwer and BorroNer s successors in interest. 11. Forbeannce by Lendtr Not a Wairn. Any forbearance by Ixnder in exercising any right or mmecty hereunder, or otherwise a(forded by applicable lavc. shall not be a waiver c,i or preclude the exercise o( an~ such right or remedy. The procurement oE insurance or the payment oC taees or other liens or charRes b~• Lender shall not be a wai~•er of L.ender's ti riRht to accelerate the maturity oE the indebtedness secured b~ this \tor[gaRe. IY. Remedies C~mulati~e. All remedies provided in this \tortRaRe are distinct and cumulati~•e to am other riRh[ or ~ remedy under this ~tortqaqe or a[forded b} law or equity, and ma}• be eaercised concurrentl}~, independenth• or successieely. > 13. Succeuors and Asdgns Bound; Joint and Several Liability; Captions. The co~•enants and agreements herein $ contained shall bind, and the rights hereunder shall inure to, the respecti~'e succesx~rs and assigns ot Lender and Borrower, ' subject to the provisions ot paraRraph 17 hereof. All covenants and agreements of BorroMer shall be joint and seceral. The captions and headings of the paragraphs of this ~fongage are (or com•enience onh• and are noc to be used to interpret or define the provisions hereof. 14. Notice. Except ior anv notice required undtt applicable law to be gi~~en in aoother ma»ner. (a) am• notice to ` BorroNer pro.•ided (or in this ~Iortgage shall be gi~-en by mailing such notice b~• certified mail addressed to Borrovrer at ~ the Property Address or at such other address as Bonower map designate b~• notice to L.ender as procided herein, and (b) any notice to Lender shall be gi~•en bc certi(ied mail, return receipt requested, eo Lender's address stated herein or to such other address as I.ender may desiqnate by notice to Borro~ver as pro.~ided herein. An~~ notice proa•ided for in this ~fortgap,e F ; shall be deemed to hare been gi~~en to Bonower or Lender ~hen gi~•en in che manner designated herein. E 15. Unilorm Mortgag,e; +Gocerning Iaw; Severabiliq. This (orm ot mortgage combines unitorm co~~enants for na• ~ tional use and non-uniform co~•enants with limited ~•ariations bv juriuiiction to constitute a uniform securitc instrument " 5 co~~erinq real propert}•. Thic ~fortgage shall be qo~•erned by the la~+ o( the juriuiiction in Mhich the Propert~~ is located. ! In the ecent that an~ pro~•ision or tlause o( this ~tortRaqe or the ~ote conflicts with applicable la~+, wch con(lict shall not ~ affect other provisions o[ this L[ortyage or the \ote which can be Ricen ef(ect Nithout the conflictinR pro~~ision, and to € this end the pro~~isions of the ~tory{aRe and ehe Note are declareci to be severable. 16. Borrowrr's Copy. Borrower shall be furnished a c~nformed copy ot the \ote and of this ~(oriRaRe at the time ~ o( execution or atter recordation hereof. $ 17. Tranater of the Property; Asaumption. If all or ang part of the Propert}• or an intemst therein is sold or trans- ~ ferred b~ BonoMer without Lender's prior written consent, exduding (a) the creation of a lien or rncumbrance subordinate ' to this ~(ottgaqe. (b) the creation o[ a purchase money securitv interest for household appliances. (c) a trans(er b~ de~•ise. ~ descent or b? operation ot law upon the death of a joint cenant or (d) the Rrant of an}• leasehold inreresc of three ~ears or ~ ~ less not containing an option to purchase. Lender may, at Lender's option, dedart all the sums secured b~• this i[ortRage to ~ ~ be immediately due and payable. Lender shall ha~•e vraived such option to accelerate if, prior to the sale or transfer, Lender ~ ~ and the person to r+hom the Property is to be sold or transterred reach aRreetnent in Mriting that che credit of such penon i is satis(actor} to Lender and that the interest pa}~able on the sums secured by this ~tortgaqe shal! be at such rate as Lender ~ ~ shall requese. If I.ender has waived the option to accelerate provided in this paraRraph 17, and if Borrower's successor in ~ interest has executed a written assumpeion aRreement accepted in writinq by Lender. Lender shall release BorroNer trom 4 all obligations under this ;?iortgaqe and the :~ote. ~ ~ If I.ender exetcises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with ~ ~ paragraph 14 hereof. Such notice shall pro~•ide a period of not less than 30 davs from the date the notice is mailed within which Botrower may pay the sums declared due. If Borrower (ails co pay such sums prior to the expiration oE-such period. ~ ' Lender may, without turther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof_ i ~ NOii-UNIFOAM COYEDiADTIS. Borrower and Lender turther covenant and agree as follows: ~ I l8. Accelendon; Remedies. Ezcept as pro.ided in paragraph 17 hereof, upon Borrower's breach of any rnvenant or , ~ agreement of Borrower in thia Mongage, iacluding the covenmts to paf whrn due any sums xcured by this ~fortgage, , i ~ Lender prior to accclention s6a11 mail notice to Borrower ss provided in paragrapfi 14 hereof specifying: (1) the breacb; the ution required to cure suth breach; (3) a date, not kas than 30 clars from the date the notice is mailed to Borrower, ~ by which suc6 breach muu be cvred; and (4) t6ae (ailure to cwe such bnich on or betorc ~he daee specitied in the notice may L~, result in accelention of the sums secared br this 1lortgaqe. (oreclosuce br judia~l proceeding and rale of the Properq. The : ~ notice ihall [urther inEorm Botrower of tht right to reinstate a[ter aadention and tht right to assen in the (onclosure • ~ procteding the non-existenct of a detault or any other defense of Borrower to ucelention and (oreclosure. If the brnch is ~ not cured on or before the date speci[ied in the notice, Lender at Lender's opeion may dedare all of the sums ~ecvred br this ' ~ Mortgage to be immediately due and payablt without further demand and ma~ foreclose this Mortgage bv judicial proceed- ~ ing. I.ender ihaU be entided eo collect in wch proceeding all expen~ea of Eoreclosure, induding, but not limited to. reaaon- : ~ abk attorner's (ees, and wsts of docummtary t~idence, abstracts and tiik reports. ~ - p~/~[ ~ ~ r ~ ~ BUCK ~~/~/V tAYL ~ ~ ~ - - - - - ~ - ' - - - - . r.~ , - r.;~ ~ .~c. z~ ~3 ~ ~ ~ ~-~h~'ea'~;, _ ~ ~ . _