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Home My WebLink About1030 . . . . . . _ _ l 1 4-_~._ _ . . ~ • ` , ~ ' ~ • agreement or applicable law. Borrower shall pay the amou~t ot all mortgage insurance pretniums in the manner provided under pangraph 2 hereof. A~y amounts disbursed by Lender punuant to this paragraph 7, with inter~st thereon, slull become additional in- debtedness of Borrower secured by this ~iortgaqe. Unless Borrower a~d I.ender agree to other terau ot payment. such amounu ihall be payablc upo~ notice trom Lender to Borrower rcquating payment thereot, and shall bear interat fmm che date ot disbursement at the rate payable trom tiaae to timc on outstandinq principal under thr Note uoless payment oE interest at such rate would be contrary to applicable law, in which event such amou~ts shaU bear interest at the hightst ratc perniissible under applicable law. 1Vothing contained in this paragraph 7 ahall require Lendet to incur a~iy expense or take any action hereunder. 8. Ia~ection. Lender maq make or cause to be made reasonable entries upon and inspcctions. o( the Property. pro- vided that Le~der shall give Borrower notice prior to any suth inspection spcci[ying reasonable nuse therefor related to Lender's i~terest in the Propeny. 9. C.ondanmtion. The proceeds of any award or claim [or damages, direct or mnsequential, in rnn~ection with any condemnation or other taking o[ the Property. or part chereof, or for conveyance in lieu oi condemnaiion, are hereby as- signed and shall be paid to Lender. • In the event oE a total uking oE the Propeny, ttu proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any. paid co Borrower. In the event oE a partial taking oE che Propeny. unless BorroMer and Lender otherwix agree in writing. there shall be applied to the sums secured by this \tortgage such proportion of the proceeds a~ is equal to that proportion which the amouot of the wms secured by this 1?tortqage immediately prior to the dace of taking bears to the Eair market ~alu~ of the Propertp immediately prior to the date oE uking, with che balance of the pro- ' ceeds paid to Borrowet. If the Property is abandoned by Borrowrer. or iE. after notice by Lender to Borrower that the mndemnor otEers to make an awud or settlt a claim for damages, Borrow~r faiis to respond to I.ender ~rithin 30 days afttr the date such notice is mailed, Le~der is authorized to rnllect and apply the procteds, at Lender's option, eithet to ratoration or repair oE the Propeny or to che sums secured by this 1ltortgage. Unless Lender and Bornower otherwise agree in writing. any such application of proceeds co principal shall not extend or postpone the due date of the monthly installments re[errcd to in paragnphs 1 and 2 hereot or change the amount of sach installments. 10. Borrowrer Not Relea~ed. Extension of the time for payment or modi[ication oE amorti:ation oE the sums secured b} this \iortgage granted by I.ender to any successor ir. interest o[ Borrower shall not opente to release. in an} manner. the liability of the original Borrower and Borrower's successon in interest. Lender shall not be required to mmmence proceedings against such successor or re[use to extend time for payment or othen.ise modify amortization o[ the sums se- cured b~ this ~fortgaRe by reason o[ any demand made by the original Borrower and Borrower's successors in interes~ il. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or othen?ise afforded by applicable law, shall not be a waiver o( or preclude the erercise of any such right or remedy. The procurement of insurance or the payment o[ taxa or other liens or charges by Lender shall not be a wai~•er of I.ender s right to accelerate the maturity of the indebtedness secured by this ~tortgage. lY. Remedies (~unulati~e. All remedies provided in this ~Iortqage are distinct and cumnla[i~•e to any other right or remedp undet this 1ltortgage or a[torded by law or equity, and may be exercised eoncurrently, independentl~ or successively.. 13. Successo~s and A~sigas Bouad; Joint and Several Liabiliq; Captions. "The co~~enants and agreemenu herein contained shall bind. and the rights hereunder shall inun to, the respecti~•e succeswrs and assigns of Lender and Bonower. subject to the procisions of paragraph 17 hereoL All co~enants and agreements of Borrower shall be joint an3 several. The captiw~s and headings ot the paragraphs of this ??tongage are (or com•enience onlp and are not to be used to interpret or de[ine the provisions hereof. - 14. No[ice. Except for any notice required under applicable law to be gi~en in another manner, (a) anr notice to Borrower pro~•ided for in this ~tarcgage shall be gi~•en by mailing such notice by certified mail addreued to Borrower at - the Property Address or at such other address as Botrower may designate b}• notice to Lender as pro~•ided herein, and (b) any notice to I.ender shall be gi~en by certiFied mail, return receipt requesced, co Lender's address stated herein or to such other address as I.ender may designate by notice to $orrower as provided herein. Any notice provided for in this \tongage shall be deemed to have been given to Borrower or I.ender when gi~•en in the manner designated herein. 15. Uniform Moregage; Governing Law; Sererabiliq. This form oE mortp,age combines uniform co~~enants for na- tional use and non-uniform mrenanu with limited ~•ariations by jurisdiction to constitute a uniform securitc instrument co~•ering real property. 'This ~(ortgage shall be governed by tt~e law of the jurisdiction in Nhich the Property is located. In the event that any pro~•ision or dause o( this ~tortgage or the \ote conflicts with a licable IaN, such conflict shall not . PP a[[ect other pro~isions of thu h(ortgage or the \ote which can be gi~en e((ect without the conilicting Pro~•ision, and to ~ this end the provisions of the \[ortgage and the Note are dedared to be severable. 16. Borrower's Copy. Bonower shall be (urnished a con(ormed copy of the lote and o( this ~(ortRage at the time ~ ot execution or a[ter recordation hereof. E I ` 17. Transfer of the Propeny; Aaaumption. Ii all or an~ part of the Pmperty or an interest cherein is sold or trans- 4 ferred by Bonower without I.endet's prior wricten consent, accludinR (a) the crea[ion oE a lien or encumbrance subordinate to this 1(ortgage, (b) the creation of a purchase money securit~• interest [or household appliances. (c) a trans(er by de~~ise, ~ ~ descenc or by operation o[ law upon the death o( a joint tenant or (d) the qrant of am• leasehold interest of three ears or ~ less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured b~• this \tortgage to ~ be immediately due and payable. Lender shall ha~•e wraived such option to accelerate iE, prior to the sale or transEer, Lender ` and the person to whom the Property is to be sold or transferred mach agreement in MTiting that the credit of such person ~ ~ is satisfactory to Lender and that the interest pa}•able on the sums secured by this \iortgaqe shall be at such rate as Lender ~ shall reyuest. If I.ender has waived the option to accelerate pmvided in this paraqraph 17, and if Borrower's successor in interest has executed a written assumption aqreement accepted in writing bp L.ender. Lender shall release Borrower from all obligations under this Mortgaqe and the ~ote. € ~ If I.ender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance wwth ~ paragraph 14 hereof. Such notice shall pro~•ide a period of not less than 30 days (rom the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sume prior to ehe e~cpiration of such period. + Lender may, without further notice or demind on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ . NOf~-UNIFOR~t Cov~vwh-rs. Borrower and Lender further covenant and agree as follows: ~ i i 18. Acceleratioa; Ramedies. Eucept as provided in paragnph 17 hereof. upon Bo~rower's breach of any rnvenant or ~ agreement of Borrower in this Mortgage, induding tLe corenancs to pay w6en due anp wms secured by this Mortgage, Lender prior to acctlentioa ahall mail notice to Borrower as provided in ~ngraph 14 hereo[ speci(ving: (1) the breach; tLe ution required to aue such breach; (3) a date, not kas than 30 days fr~ the date the ao[ice is mailed to Borrower, ~ br ~vhic6 auch breach must be cured; and (4) that [ailure to cure such breach on"or before the date specified in the notice may ; r+esult in accelention of the sums aecured by this Mortgage, (oreclown br judicial proceediag and sale o[ the Property. The notice shall [unher inEorm Borrower oE the righe to reinstate after aocelention and tht right to assert in the [oreclosurr ~ proceeding the noa-exiseence of a default or anr other defewe of Borro~rer to uoelrntion and (oreclosun. if the breach is ~ not cured on or before the date specititd in [he no[ice. I.ender at Ltnder's option may declare all of the wms ~ecured by this ~ Mortgage to be immcdiately due and payabk without iurther demand and ma~ foreclo~e ehis Mongage by judicial proceed_ F ing. Lender shall be enticled to coltect in suc6 proceeding all e~cpenses of (oreclosurt, including, but not limited to, rtae~n- ~ ; abk attorntYs (ees, and costs oE documentary evidence, abstracts and tide reports. ~ l ! SJGK VW DACE~O~t ~ ~ ~ , ~ _ _ . _ _ _ . . - _ ~w~ K ~ ~ . _ ~ ~ - . ~