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Home My WebLink About1648 1 1 1 agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided ut?der paragraph 2 hereof. ` Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, stall become additional in- debtedness o[ Borrower secured by this Mortgage. Unless Burrower and Lender agree to other terms of pa}•ment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thercul, and shall bear interest from the date of disburxment at the rate payable from time to time ou outstanding prinril,al wider the \otc unless payment o[ interest at such rate would be contrary to applicable law, in which event such amounts shall Ixar interest at the highest ! r•,te permissible under applicable law. Nothing contained1 in this paragraph 7 shall require lender to inner any expense or t take arty action hereunder. , 8. Irtslxctioa. Lender may make or caux to be made reasonable entries upon at?cl it?spections of the Property. pro- vitled that Lender shall give Borrower notice prior to any such inspection specifying reasroable cause therefor related to Lenders interest in the Property. 9. Condemnation. ?he proceeds o[ any award or claim for damages, direct or consequential, in connection with any t condemnation or other taking of the Property, or part thereof, or [or conveyance in lieu of condemnation, are hereby as- signed sad shall be paid to Lender. F In the event o[ a total taking of ehe Property, the proceeds shall be applied to the sums secured by this Mortgage, ~ with the excess, if any, paid to Borrower. In the es•ertt o[ a partial taking of the Property, unless Borrower at?d lender otherwise agree in'writing, there shall be applied to the sums secured by this \lortgage such proportion of the proceeds y a; is equal to that proportion which the amount o[ the sums secured by this Mortgage immediately p: ic?r to the date of j takir?g bean to the fair market s•alue o[ the Property immediately prior to the date of takirtq. with the balance of the pro- i cecds paid to Borrower. j If the Property is abandoned by Borrower, or if, after notice by Lender to Bormwer that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to lender within 30 days after tt?e date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's optio». either to restoration or repair of the Property or to the sums secured by this ~[ortgage. t)nless Lender and Borrower othen?ix agree in writing, arty such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 ar?d 2 hereof or charge the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower sl?all not operate to release, in env manner. the liability of the original Borrower and Borrower's successors in interest. Lender shall not t,e required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortisation of the sums se- cured bs• this Mortgage by reason of any demand made by the original Bormwer and Borrower's ,ucce+sor+ in interest. , 11. Forbearance by Lender 'Not a Waiver. any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a wais•er r.f or preclude the exercise of any such right or remedy. The 1 procurement of insurance or the payment of taxes or other liei?s or charges by Lender shall not Ix• a waiver of Lender's ~ right to accelerate the mantrity of the indebtedness secured by this Mortgage. ; 12. Remedies Cumulative. :VI remedies pmyided in this Mortgage arc distinct and cumulative to ans• other right or r n•mcdy under this Mortgage or afforded by law or equity, and mas• be exercised mncurrenth•. iudcl,endenth~ ur succeuiyeh•. 13. Successors and Assigns Bound: Joint and Several Liability: (:aptions. •1•he covenants and agreements herein contained shall bind. and the rights hereunder shall inure to, the respcctia•c +uccrswr+ :uul as+igm of Lender and Borrosycr. subject to the provisions of paragrapl? 17 hereof. :VI covenants :uul agreements of Borrower shall he joint and several. -I~he captious and headings of the paragraphs of this Mortgage are for convenience only :uul are not to he used to interpret or _ define the provisions hereof. 14. lotice. Except for any notice required under applicable law to t>e given in another manner. (a) :?nv notice to Borrower provided for in this Mortgage shall t,e given b}• mailing such notice by certified mail addressed to Burnnyer at the Property :\ddress or at such other address a+ Borrower mar designate by notice to tender as prmidrd herein. and (h1 any notice to Lender shall be given br certified mail. return receipt requested. to Lender; address sr.?ted herein or to sud? other address as Lender may designate by notice to Borrower as provided herein. .~1n+ notice provided for in chi, Mortgage shall be deemed to have been given to Borrower or Lender schen given in the m:uurer design:?tcd herein. 13. Uniform Mortgage; Governing Law: Severability. "This form of mortgage n,mbines unif~,nn a,yenants for na- i tional use and non-uniform covenants with limited variations I,y jurisdiction to constitute a uuihnm •x•curirc instrument covering real property. This Mortgage shall he goyen?ed by ehe• lea- of the juri~eiicri,m in which the Pmpertc i, located. s ' In the event that any pros•ision or claux of this Mortgage or the \ute conflicts s.ith applicable lass. such cunftict shall nut affect other pro+isions of this \(ortgage or the \ote which c:u, he given effect syithout the ec,nffictiny; pruvisiou. and to } this end the provisions of the ~Iortgagc and thc• dote are declared u, be severable. t 16. Borrower's Copy. Borrower shall be furnished a ua,(ormed copy of the \ute and of this \lunga~~e at the time E of execution or after recordation hereof. 17. Transfer of the Property::~sst?mption. 1f all or anc part of the Property nr an interest therein is sold or tran4 (erred by Borrower without Lender's prior written consent, excluding (a) the crruinn of a lien ur eneumbrame suix?rdiuate to this Mortgage. (h) the creation of a purchase money security interest for houst•huld appliances. rc i tran+ler t» des ise. descent or b}' operation of law ulx,n the death of a joint tenant ur (d) the grant of anc Ieasehuld interest of tluee years or less not containing an option to purchase. lender may, at Lender's option. declare all the ,ums +ecurc•d by this \fortgagr tc, be immediately due and payable. 1_ender shall have waived such option to accelerate if. prier to the sale nr truisfer. Ler:der ' and the person to whom the Property i+ to t,e sold or transferred reach agreement in s.•riting that ehe• credit of such peru,n is satisfactory to Lender and that the interest payable on the sums secured by this \Iortgagc• shall be at such rate as Lender shall request. If Lender has wais•ed the option to accelerate provided in this paragraph I'e. and if Borroscrr's succesu?r iu interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the tote. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance ss•ith paragraph 14 hereof. Such notice shall pro+•ide a period of nut less than 30 days from ehe• date the notice- is mailed within s which Borrower may pay the sums declared due. I( Borrower fails to pay such sums prior to the expiration of such period. -r Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Nor-11:~IF'ORyt (:ovetier-rs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, ul,on Borrower's breach of am• covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured be this \lortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach: (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (9) that failure to cure such breach on o- before the date sl?ecificd in the notice mar ~ result in acceleration o[ the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further in[otirt Borrower of the right to reinstate alter acceleration and the right to assert in the foreclosure praeeding the non-existence of a default or any other defense of Borrower [o acceleration and foreclosure If the breach is not cured on or Ixfore the date specified in the notice, Lrnder at Lender's option may declare all of the sums secured by this :1ortgage to be immediately due and payable without further demand and may foreclose this ;•[ortgage by judicial proceed- ing. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reason- able attorney's fees, and cosu of documentary evidrnce, abstracts and title reports. ~oo,r 304 ~.ac,E 1645