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Home My WebLink About0080 , . . J R . _ • • ' f . 1 . T 1 1_encler's wriuen agreement o~ applirable law. Borroa~cr shs?11 pay thc amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amou~ts disbursed by I_ende{ pursuant to thia parag~aph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mongage. Unless Borrower and t.ender agFee to olher terms of payment, such amounts shall be payablc upoo noticc fram I_cnder ta Borrowrr ~equesting payment thereof, and shall bcar interest from the date of disbursement at the rate payable from time to time on outstanding principal under thc Note unless payment of interest at such rate would be contrary ta opplicable law, in which event such amounts shall bear interest at the highest rate permissible under applicablc law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Iaspectiop. Lender may make or cause to be made reasonable entries upon and inspertions of the Property. pravided that I.ender shall give Bonower notice prior to any such inspection specifyiRg rcasonable cause therefar related to Lender's t interest in the Property. 9. Condemnaation. The proceeds ~f any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of ihe Propeny, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned ` and shall be paid to Lender. In ~he event of a total taking of the Properly, the proceeds shall he applied to the cums secured by ihis I~tortgage. with the excess, if any, paid to Borrawer. In the event of a partial taking of thc Property, unless Borrower and Lender othervvix agree in writi~g. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equa) to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of ihe Property immediately prior to the date of taking, with the balance of the proceeds • 1 paid to Borrower. if the Property is abandoned by Borrower, or if. after ootice by i.ender to Borcower that the condemnor ofiers to make an award or setNe a claim for damages, Borrower fails to respond to 1_ender within 30 days after the date such nMice is ~ mailed. Lender is authorized to collect and apply ~he proceeds, at I.ender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unl~ss Lender and Borrower otherwise agree in w•ritine. any such application ot proceeds to principal shall nat extend or postpone the due date of the monthly installmcnts referrcd to in paragraphs 1 and 2 h~reof or change the amount of such ins?.allments. - ' 10. 8orrower Not Rekased. Extension of the time for payment or modification of amortization of the sums secured by this Moctgage granted by I.ender to any successor in interest of Borrower shall not operate to release,~ in any manoer, the liability of the original Borrower and Borrower s successort in interest. i_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherw~ise modify amortization of the sums secured by this Mortgage by reason of any demand made b}• the oriqinal Borrow•er and Borrowers successors in interest. Il. Forbearance by Ixnder Not a Waiver. Am~ forhearance by I_cnder in exercising any right or remedy heretmdcr, or o~herwise afforded by applicable law, shall nat t~e a waiver of or preclude the exercise of any such right or remedy_ The procurement of insurance or the payment of tazes or other liens or charges by i.ender shall not he a N•aiver of Lender s right to accelerate the maturity of the indebtedness cecured h~~ this Mortgage. i l2. Remedles Cnmulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afTotded hy law• or equity. and ma~• be exercised concurrently, independently or successively. 13. Snecessors and Assigns Boand; Joinf and Se~•eral I.iability; Captions. The covenants and agreements herein contained shall bind, and the righls hereunder shall inure to. the rcspective successors and assigns of l.ender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and severaL ~ The captions and headings of the paragraph~ of this Mortgage are for convenience only and are not to be iised to interpret or. define the provisions hereof. 14. Notice. Except for any notice required under ~pplicahle law to be given in another manner. (a) any notice to Borrower provided for in this MortKage shall be given hy mailing wch notice by certified mail addressed to Borm~ver at the Property Address or at such other addrezs as Borrower may designate by notice t~~ 1_ender as proviJed herein, and (b) any notice to Lender shall be given by certif~ed mail. return receipt requested. to I.ender s address stated herein or to such other address as Lender may designate by notice to Borrow~er as provided herei~. Any notice provided for in ihis Mortgage shall be deemed to have been given to Bc?rrowe~ or Lender when given in the manner designated herein. 15. Uniform Mo~tRage; Governin~ Law; Seserabilify. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations b~• jurisciiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed h}• the law~ of the jurisdiction in which the Property is located. 1n the ; event that any provision or clause of this Mortgage or the Note rnnflicts a•ith applicable law, such conflict shall not affect ~ oiher provisions of this Morigage or the Note k~hich can tx: given efiect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are Jeclared to he severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time i of execution or after recordation hereof. - ~ 17. Traosfer of the Property: Assumption. if all or an~~ part of thc Property or an interest therein is sold or transferred i by Borrower without L.ender s prior written consent. excluding (al the creation of a lien or encumhrance subordinate to ~ € this Mortgage, (b) the creation of a purchase money zecurity interest for household appliances. (c) a transfer by devise, ~ descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interest of threc years or less ~ not containing an option to purchase, I.ender may, at l.ender'c option. declare all the sums secured by this Mortgage to be s immediately due and payable. Lender shall ha~~e waived such option to accelerate if, prior to the sale or transfer. I_ender ~ and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person ~ is satisfactory to Lender and that the interest payable on the sums secured by this '~tortgage shall be at such rate as Lender ~ shall request. If Lender has wai~~ed the aption to acceler.~te provided in this paragraph 17, and if Borrower's successor in ' f interest has executed a written assumption agreement accepted in writing by I.enJer. 1_ender shall release Borrower from afl f ~ obligations under this Mortgage and the Note. ~ ~ If Lender exercises such option to accelerate_ 1_ender tihall mail Borrow~er notice of acceleration in accordance with = paragraph 14 hereof. Such notice shall provide a pericxl of not Iest than 30 days from the date the notice is mailed within f ~ ~~hich Borrow~er may pay the sums declared due. tf Borro~~er fails pay such sums prior to the expiration of tuch period. ~ Lcnder may, wilhout further notice or demand on Borrowcr, imokc am~ remedies permitted by pacagraph 18 hereof. - : Nox-UxtFORtit CovetvetvTS. Borrower and I_ender funher covenant and agree as Eollows: 18. Acceleration; Remedies. Excep as provided in paragraph l7 hercof. upon Borrower's breach of any covenaot or ' agreement of Borrower in thk Mortgage, including tde co~•enants to pay when due any snms secured by this Mortgage, Leader g prior to acceleratbn shap mail notice to Borrower as prorided in paragraph 14 hereof specifyiog: (1) the breach; (2) t6e artion required to curc such breacb; (3) a date, not less than 30 days from the date the aotice k mailed to Borrower~ by vrhich such breach must be cnred; and (4) that failurc to cure such breach on or before the date specified ia the notice msy resdt in acceleration of the snms secnred by this Mortgage. foreclosurc by judicial procteding aod sale of the Property. 'Il~e notice ~ ; shaU further inform Borrower of the right to reinstate after ncceleration and the right to asxrt in the foreclosure proceediag # ~ the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. (f the bresech is not cund on ~ ~ or beforc the date specified ia the notice, Leader at Leoder's option may dccltue all of the sums securcd by thes Mortgage to be ~ ~ immedlatcly due aad payable wit6ont fuNher demand and may forcclose this Mortgage by judicial procceding. I.ender shsdl t ~ be entitled to collect in snch proceeding all e:peous of foreclosure, including. but not I~mited to, reasoaable attorney's fees, ~ and cosls of documentsvy e~idence, abstracts and titk reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. ° Borrower shall have the right to have an}~ proceedings begun by l.ender to enforce this Mortgage discontinued at any time s scoK~~7 Pa~ ~ ~ ~i ~ ~ ~ ~'Rwa ..W 5 . . G - '3^'' . ~.i Sr rx s...~:...z.. ~ . . . . ~ . ZT~