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Home My WebLink About0880 . ~ \ l rndcr's N~rittcn agrcrmcn~ or applirabte laH. tiarrowcr shall pay thr amuum ~~f all mortgagc insurancc prcmiums in thc • mannrr p~ovidcd undcr parugraph 2 hereof. Any amounts dishursed by l.endcr pur.uant tu this paragraph 7, w~ith intcrest thercon, shall t~ecomc additional in~kb~ednrss uf sorrower secumd b}• this Mortgage. Unle~. Borru~~er aiid I.en.ler agrce to othcr ternts c~f payment, ~uch amaunts shall he payablc upc?~ notice from I cndcr tu Borruwcr rey!~c.ting paymrnt thcre~~f, t~nd sh:tll hcar interect from the datc of dicbursement at the ratc payahle fr~m timc to ~imc on outstanding principal undcr the Note un)c~c payment of interest at such rate aould be contrarv to applicable laH~, in ~chich event cuch amounts shall bear interect at the highect rate permissible under applicable law. Nothing contained in this paragraph 7 shall requirc l.ender ta incur any expenu or take :~ny action hcrcundcr. 8. Inspection. Lender may make or cause to he madc reaconaMe rmrieti u~n a~d in~pecti~•n. of the Pro~xrty, provi~ied tha~ l.ender shall give Barrower notice prior to any siich ins~ction specifying rcamnable cause therefor related to T.ender's • intcrcq in the Propcrty. ~ 9. Condemnatbn. 'i?~e proceedc of am• award or claim for damaccs, direcl or cuncequenlial, in conneclion with any candemnation or other taking of Ihe Property, ur pan thereof, or for a~nveyan~e in lieu of c~ndemnation. are hemhy acaigned and .hall hc paid to i_endcr. Tn ihe event of a total takine of the P:opcn~~. the ~rcxeeds ~hall he ~pplied to the ~ums sccured by thic Mortgage. ~~•ith the ercess. if any, paid to Borrower. In the evem ~?f a partial taking of the Property, unlesc Bormw~er and i.ende~ otherwi~e agree in writing. there shall be applied to the sumc u;curcd b~~ thi~ Morteage turh pro~rtion of the proceeds as ic equal to that pro~hion which the amount of the sum~ ucured by this \lortgage immedi~lety~ pri~~r tu the date of taking hears to the fair market value of the Pmperty immrJiateh• prior ta the date of ~aking, w•ith the balance of the proceeds paid to Borrower. If the Property is abandoned by Borroveer, or if. after notice h~~ i_ender to Bormwer that the condemnor aBers to make an aw~ard or settle a claim for damages, Borrower f:~il~ t~• re,~nd m I.ender ~~~ithin 30 da~•s afte~ the date such notice is - mailed, i.ender i~ authorized to collect and apply the procecdc, at 1_ender's option. either ta restoration or repair of the Propert~~ or to the sums secured by this Mortgage. - Unles~ I.ender and Borrower olheru~ise agree in ~~ritine. am~ tiuch applirali~n ~f prcxeed~ to principal ~hall not extend or postpone ihe due date of the monthl~• installmcnts referrcd ta in paragraphc 1 and 2 hercof o~ change thc amount of such installments 10. Borrower Not Released. F~tension Qf~i~e time for pa~~ment ar modification of amortization of the suma secured hy thic Mort~age granted by Lender t~~ am~ succeswr in interc~t ~?f Borro~cer shall not operate to mlease. in any manner, tfie liabilit~~ af the original Borrower and BorroH•er'~ surcesc~,r~ in interest. 1_ender ~hall not he myuired to commence nroceeJings against such cuccecs.~r or refu~e to ertend time for pa}~ment ~x otherw~ice modif~• amortization nf the sums Secu~td bt• thic Mortgage hy -rea~.n of an~• demand made b~• the i•ri~inal Borrow~er and Barrower s surceti~ort in interest. il. Forbearance by I.ender Not a Wai~•er. Am• fi~nc~aranrc h~- l.rnder in c~crcising am• right or remedy hcreunder. or otherwise. atTorded h~~ applicab!e la~~. sh~ll not Fx a waiver of or preclude the exercise of am• such right or remedy~. The procurement of insuranee or the payment of ta~ec or other liens or chargcc bp I.ender thall not he a waiver of I_ender's right to accclerate the maturity of the indebtednets .ecured M~ thit Mortgage. 12. Remedies Cumulati~e. All remedies pm~•ided in this ~lortgage arc distinct and cumidative to anp other right or remedt~ under this Mortgage ar afiorded M• law• .~r eyuit~•_ and ma}• he c~ercised roncurrentl~•, independenth• or succetsi~~el~~. 13. Successors and Assigns Bound: ~oint and Se~eral I.iabilit~~: (`aptions. The covenants and agreements herein con~aineJ shall bind, and the rights hercunder shall inure to. the respectire succe~sors and assigns of I_ender and Borrow~er. ,ubjeet to the provicionc of paragraph 17 hereoL All co~~enan~s and a¢reementc of Borro~~~er shall he joint and teveral. The raptions and heading~ of the para¢raphc ~f thic Mortgagc are for com~enience only and are not to he iised to intcrpret ar define thc pmvicions hereof. 14. Notice. Except for any notice rcquircd under applicahlc lau• ta be given in another maoner. fa) an~• notice to Rurraw~er provided for in this Mortgage shall he givrn h}• mailing ,urh notice b}• ccrtified mail addresced to Borrow•er at the Property Address c,r at such uther addre~, as Borre?W~er ma~~ decignate h~• notice to l.ender as prrn~iJeJ hercin. and Ib) am~ notice ro Leniler shall be gi~•en M• certified mail. r~turn rec~ipt requested. to Lende~c adJress stated herein or to cuch other addrest as I.ender ma~• desi¢nate by noti.e tc• Borrc.wer as pmvidc~l herein. Am~ notice pro~ided for in this ~lortgage shall be decmed to ha~•e lxen gi~•cn to Borma~r ~~r l.ender when ei~~cn in the manner de~ignated hcrcin. I5. t?niform ~1oriRa~e; C,overnin~ IaN; Se.•erabilih•. Thi~ f~rm of mortgage comhines uniform covenants for national ~ use and non-uniform crn•enantc w•ith limited ~•ariati~~ns h~• juri~dirtion te• rnnstitute a uniform secu~itt~ instniment cm•ering ; real property. This ~iortgage shall he govcrned h~• the IaH ~f the juritiJiction i~ w•hich the Propert}• is l~xatcd. In the event that am' provision ~~r claux of thit htorteage ~~r the '~~~t~ conflictt ith applicahle la~•. such conftict shall not afiect ~ other pro~~isions of this l~tortuage or Ihr Notr ~hich can be gi~en efiect w~ith~ut the conflicling pmvition, and to this ~ end the prrnisi~~ns of the ~4ortgage and the \otc are ~leclared to he ceverable. ~ 16. Borrower's Copy. Borrow~er tihall ~ furni.heJ cc.nformed rop~• o( the Note and of thic ~14orteage at the time ' uf execution or after rccordation hereof. ~ 17. Transfer of the Propert~~: A~sumption. If all i~r an~ rart of thc Pn,pert}~ or an interest thercin i~ sold ar tran~ferrcd ~ by Borrower w~ithout Lender's prior w~rittrn conxnt. e~cludine I:il the crcation of a lien ~~r encumhrance sutx~rdinate to ~ thi~ Mortgage. (h) the creation of a parcha~: monc~ securit~• interest f~r househ~~ld applianees, (e) a tran~fer b~~ de~~ise.. ~ descent or b}• opcration of la~ u~n the death i~f :i j~~int tcnant ar I~i~ the erant of .~m• lcasehold interest of threc }•cars or less ~ not containing an option t~ purchase. I.ender ma~~. at 1_rnder'~ c~pti~~n. declare all the sums sec«red M~ this .ltortgage to be immediatel}• due and pa}•able. [.cnder shall have w:~i~'ed wch i~ptian to accelerate if. prior to the ~ale ~r transfer. I.ender ~ an~l the person t~~ whom the Pmpert~~ ic to be sol~l or transferrcd reach agreement in ~•riting that the crcdit of such pet~on 4 ic saticfacton' to Lender and that the interrst ~+a~~able un the sumti ~erured h}~ thi~ ltortgage ahall be at such rate as I.ender ~ shall request. If Lender has waived the option to accrler.~te pr~~•ided in this paragraph 17. and if B~rr~N•er s successor in ~ interest hati e!cecuted a w•ritten assumption agreement acrepled in ~~riting M• I_en~ler. I_ender shall releace Borrow•er from all ~ obligations under this Mortgage and thc Note. ri If l.ender exercises such option to ac.:elerate. Len~ier ,h.ill mail Borro~er notice ~f acceleration in accordance w•ith ~ paragraph 14 hereof. Such notice shall providc a perii~d «f n~~t less than 3(1 da~•c fn•m the date the notice is mailed within x w~hich Bormw~er ma}• pa}~ the sums declare~ due. If Borro:~er f:iil. to pac sunc ~ums prior t~ the rxpiration i~f ~uch peri~~d. ~ Lender ma~•. without further notice or Jemand on 13~rr~~wer. ~m•~l~c am r~medies permitted by paragraph IR hereof. rt . Nox-(1;.~FORri Cove;v~xTS. Borrower and Lender further cm~enant and agree as follows: ; 18. Acceleration; Remedies. Except as prorided in paraRraph 17 hereof. upon Borrower's breach of any co~•enant or agreement of Borrorser in fh~C Afortgage, induding the co~~enants to pa}• when due any sums secured by this Mortga(;e. Lender r prior to acceleration shall mpil notice to Borrower as pro~•ided in para~raph 14 hereof specif~ing: (1) the breach; (2) the action : required to curc such breacb; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such ~ breach musf 6e cured: and (4) that failure fo cure such breach on or beforc the date specified in the notice may result in _ acceleration of t6e sums secured by this Mortgage. forcclosure by judicial proceeding and sale of the Property. 'Il~e notlce ~ shall further inform Bormwer of the right to reinstate after acceleration and the right fo assert in the foreclosure proceedin~ - = the non•existence of a default or anv other defense of Bonower to acceleration and foreclosure. if the breach is oot cured on or before the date specified in the notice. l.ender at Lender's oplion may declare all of the sums secured by this ;Nortgage to be immediately due snd payable without further demand and ma~~ foreclose this Mort~a~e by judicial proceeding. Lender shall ~ be entitled to co11eM in such proceeding al) expenses of foreclosure, including. but not limifed to, reasonable attorney's fees. ' and costs of documentary e~~idence, abstracts and title rcports. ~ 19. Borrowe~s Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. ~ Borrower shall have the right to have any proceedings hegun by Lender to enforce this Morigage discontinued at any time ~ s ~ ~ ~ ~ 3U5 ~A~~E 879 ~ gOGK ~ ~