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Home My WebLink About0925 - , t i ~J~. agretment or applicable law. Bonowcr shall pay the uaou~t ot all mortgage insurance premiums in the manner provided wider patagtaph Y hereof. Any amc~unts disbursed by Lender pursuant to this paragraph 7, with i~terest thereon, ahall become a~dditional in• , debtedness ot Borrower securect by this \tortq~agc. Unless Borrower and l.ender agree to other ternu ot payment. such amounts shall be pa)able upo~ notice trom Lendc~ to Borrower requating payment thereo(, and shall bear interest from die date o[ d'ubursement at the ratc payable irom time to timc on ouuu~iding principal under ~hS Notc unlrss. paymer?t ot interest at such nte would be contrary to applicable law, in which e~ent suth amounts shall bear interest at the highest t ratc permiuible under applicable law. l~othing contained i~ this paraqraph 7 shall require l.ender to incur any expense or take a~y action hereunder. , ~ g, Iaspectiouu. I,ender may makc or cause co be made reasonable entria upon and inspections of the Property. pro- ~~~ided t~at Lender shalt give Borrower notice prior to any such inspection speci[ying rcasonable cause therefor related to Lender's interest in the Propeny. _ 9. Condemaation. The proceais of a~y award or daitn for damages, ditect or consequential, in connation with any condemnation or ocher wking o[ thc Property, or part thtreot, or [or conve~ance in lieu of condemnation, are henby as- signed and shall be paid to I.ender. In che event of a total taking of thc Property, the proceeds shaU be applied to the su~ns secured by this riortgage, Mith the excess. i[ any, paid to BorroMer. In the e~~ent oE a partial taking of the Property, unless Borror.er and Lender otherwise agree in rvriting, there shall be applied to the sums secured by this ~iortgage such proportion o( the praeeds a~ is equal to that proportion which the amount o[ the sums secured by this Atortgage immediatel} prior to the date oE taking bean to the [air market value of the Property immediately prior to the date of taking, with the balauce oE tlie pro- ceeds paid to Borrower. If the Property is abaadoned by Borrorver, or if, after notict by Lendet to Borror.er that the condemnor ofiers to make an awud or setde a claim [or damages, Borrower fails to respond to I.ender a ithin 30 days a[ter the date such notice is mailed. I.endet is authorized to'mllect and apply the proceeds, at Lender's option, eithet•to restoratioo or repair. o[ the Property or to the sums secured by this ~tortgage. Unless I.ender and Borrower otherwise agrte in writing, any such application of proceeds to ptincipal shall not extend or poscpone the due date of the monthly inswllmencs reEerred to in pangraphs I and 2 hereof or chanqe the atnount of such installments. 10. Borrower Not Released. Extension of the time for payznent or tnodification of amortiration of the sums secured b~ this \lortgage granted by Lender to an} successor in interest o[ Borrower shall not operate to release, in any mannet, the liability of the original Borrower and Borrower s suctesson in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums se- cured by this `tortqap,e by reason of any demand made by the original Borrowet and Bormwer s successors in interest. 11. Forbearance b~ Lender Not a Waiver. Any torbearance by I.ender in exercising any right or mmedY hereunder, or otherwise afforded by applicable law. shall not be a waiver o[ or preclude the exercise of any such right or remedy. The procumment oE insnrance or che payment ot taxes or oeher liens or charqes bv Lender shall uot be a wai~•er o[ Lender s riRht to accelerate the maturity of the indebtedneu secured bv this ~tortgaqe. . 12. Remedies Cumul~tive. All mmedies pm~•ided in this ~tortqage are distinct aud cumulaei~•e to any other riRht or • remed?• w~der this \tortgaqe or a[[orded by law or equity, and ma? be exercised mncurrentl}•, independend~• or successi~•ely. 13. Successors and Aesigns Bound; Joint and Several Liability; Captions. 'I'he coceuants and agreements hetein coutainec! shall bind, aod the righu hereunder shall inure to, the respecti~•e successurs and assigns o( I.ender and Borrower, subject to the pro~•isions o[ pangraph 17 hereof. All co~enants and agreements oE Borrower shall be joint and se~•eral. The cap[ions and headings of the paragraphs of this ~tortgage are (or con~-enience onh• aud are not to be useci to interpret or de(ine the pro~•isions hereoE. 14. Notice. Except for any notice required under applicable law [o be Ri~•en in another manner. (a) an~• notice to Borrower pro~~ided Eor in this \lortqage shall be given bp mailu~g such t~otice b~ certified-mail addressed to Borrower at the Propert) Address or at such other address as Bonower may designate b~ notice to L.ender as proeidccl hcrein, and (b) any notiSe to Lender shall be gi~•en b) certi(ieci mail, return mceipt requested, to i.ender's address stated herein or to suth I~ othet address as Lender may designate by notice to Borrower as pro~•ided herein. :ln~• notice. pro~•idcd for in this \tortgaRe j shall be deemed to have been gi~en to Borrower or Lender Nhen gi~~en in the mauner designated herein. € 1'S. Uniform Mortgage; Governing Law; Severability. This (orm of mort~aRe combines uniform co~•enauts (or na- > ' f tional use and_ non-uni[orm co~•enanu with limited cariations by juricdiction to constitute a uni[orm secunt~• insttument ~ co~•ering real propert~. This ~(ortgage shall be qo~•erned b) tl~e law of the juriuiiction in Mhich the Propert~ is located. ~ In the e~•ent that•any proeision or dause of this \(ortpa~e or the':~ote conflicts Hith applicable lat~, such conflict shall uot affect other pro~•isions oE this ~IortRaRe or the \ote which cau be given eHect ~•ithout the con[IictiuR pro~~ision, and to ~ this end the provisions of the ~tortRaRe and the \o~e are declared to be se~•erable. 16. Borrowei'a Copy. Borrower shall be (urnished a conformed cop)' oi the Kote and of this \fort~a~e at the time ot execution or after recordation hereot. 17. Transfer of the Propert~: Assumption. If all or any part o[ the Propern~ or an interest thcrein ic so;d or trans- ferred by Borrower without I.ender's prior ~rritten rnnsent, excluding (a) the creation ot a lien or encumbrance subordi~:ate to this ~tortgage. (b) the treation o[ a purchase money securit~• interest for household appliances. (c) a transfer b~ decise. descent or b} operation of IaN upon the dcath o( a joint tenaot or (d) the Rrant of am• leaschold interest ot chree pears or less not containing an option to purchase. Ixnder may, ac L.ender's option, declare all the sums secured by thi~ ~tortqage to be immediately due and payable. Lender shall ha~~e waived such option to accelerate i(, prior to the sale or transter. Lender and the person, to whom the Propert} is to be sold or transferred reach aRreement in writing that the credit of such person . is satisfactory ,to Lender and that the interest pacable on the sums secured by this ~tortgaRe shall be at such rate as I.ender shall request. IE I.ender has waived the option to accelerate pmvided in this paral{raph 17, and it Borrower's successor in interest has executed a written assumption agreement accepted in writing by i.eneter. Lender shall release BorroMer from all obligations under this :~tortgage and the ?~oce. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall procide a period oE not less than 30 da}s trom the date the notice is mailed within ~ which Borrower may pay the sums declated due. It Borrower tails to pay such sums prior to the expiration oi such periad. I.ender may, without furthet nocice or demand on Borrower, inroke any remedies permitced by para~raph 18 hereof. ~ Nox-LTntFOrt~t CovEtvwxrs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 lureof, npon Borrower's breach ot any covenant or agrcanent o( Borrower in this Mortgage, induding the covenants to pap whrn due any sums secured b~ this ~fortgage, ~ Lender prior to accelention shall mail notice to BorroM?er as pro~ided in pangn~~h I4 hereo[ speci(ying: (1) the breach; ' ~ the ution rcqnired to aue wth brach; (3) a date, not kis than 30 days from the date the notice is mailed to BorroMer, ~ by which such breach must be cvred; and (4) that failure to cure such breach on or be[ore the date specitied in the notice may ~ rault in acceleration o~ ~he sums secured by this ~iortgage, torectasure br judicial proceeding and sale of the Property. The notice shall funher inform Borrower oE the right to ninst~te after accdention and the right to usert in tLe [oreclosure proceeding the non-ezistrnce of a de[ault or any other defense of Borrower to accelention and foralosun. the breach is not cured on or lxfore the date specified in the notice. Lendtr at Lender's option may dedue all of the wms secured bv this ~ Mortgage to be immediatdy dae and payable without further demand and may foredose this Mortgage by judicial proceed- ing. Lender s6a11 be cntieled to collect in such proceeding all expenses oi [oreclosure, including, but not limited to, reason- abk attorney's tees. and coas o( documentary e~•:drnce, abstracts and title reports. ~ ' ~ $~o~ ~ 9 5 ~~F ~4 ~ ~ _ _ . _ _ ~ . ~ _ ~