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Home My WebLink About0960 . • • ~ - aqreemcnt or applicable law. Bonower shall pay thc amount of all mortqagt iresurance premiums in the mannet provided under paragraph 2 hereof. ? Any amounts disbursed by Lencie~ pursuanc to this puagraph 7, with intere+t thereon, shall become additional in- , debtedness of Bonowe~ securai by this ~tort~age. Unless $orrower and I.ender agree [o other tenns ot pa~~ment, suth ~ amounts shall be payable upon notice (rom Lendcr to Borrower rtquesting payment thereo(, and st?all bear i~terat irom cl~e date of d'ubursement at the rate payable trom time to timc on outsta~dinq principal under the \ote unlcss payment of intertst at such rate would be contrary to applicable law, in which e~•ent such amounts shall bear interest at the highat rate pcrmissible undcr applicable law. Nothing conuined i~ this paragraph 7 shall require l.ender to encur any cxpcnsc or take any accion henunder. ; 8. Tpspectioa. Lender may make or cause to be made reasonable entries upon and inspectio~s oE the Property. pro- ° ~~ided that Lender ahall giv~ Borrower notice prior to any such inspection specitying ~easonable wuse therefo~ rela[ed to l.ender's interest in the Propertr. , 9. Condemaation. The proccecls of a~y award or daim [or damagts, dirat ot consequential, in connection with anr , condemnation or othet takiog of the Property, or part ihereo(, or for conveyaace in liee~ of couclemnation, are hereby as- siqned and shall b~ paid to Lender. ' In the event oE a total taking of the Property, the proceeds shall be applied to the sums secured by this \fortgage, aith the excess, iE any, paid to Borrower. In the e.•ent o[ a partial taking of the Property, unless Borroaer and Lender otherwise agree in wTiting, there shatl be applied to the sums secured by this \fortgagt such proportion ot thc ptocceds ' a; is equal to that proportion which the amount of the sums xcured by this ~tortgaqe immediatel~ prior to the date oE takii~g beats to che [air market value of the Propcrty immediately prior to the date of taking. Nieh [he balance of the pro- ceeds paid to Borrower. ; If the Ptopertr is abandonee~ by Botrowcr, or if, after notice by Lender to Borrower that the condemnot of[en to . make an award or settle a claim [or damages, Borrower fails to respond to Lender within 30 da~•s after ehe date such notice ~ is mailed. Lender is authorized ~to collect and apply the proceeds, at Leader's option. eithe~ to restoration or repair o[ the Propere) or to che sums secured by chis ~torcqage. ~ ~ Unless l.ender and Borrower otherr?ise agree in wreting, any such application of proceeds to principal shall not extend ; or postpone the due date of che monchly inscallmenes re[erred co in paragraphs 1 and 2 hereoF or chanRe ~he amount of . such installments. l0. Borrower Not Released. Extension of the time for pa~~tnent or modification oi amortization of the sums secetred b}~ this \(ortgage granted by I.ender [o any successor in interest of Borrower shall nc,t operatr to release, in an~ manner. the liability ot the original Ronorcer and Borrorcer s successor~ i~i interest. Lender shall not be required to commence = proceeciiny,s aRainst such successor or refuse to extend time for pa}'ment ot otherMise m«iify amorti:ation of the sums se- cured by this ~IortRaRe b~ reason o( am~ demand made by the ~riginal Bormwet and Borrok•ers successors in interest. , 11. Forbeannce by Lender Not a Wai~er. An} forbearaoce b~ I.ender in exercising an}• right or remedy hereunder, - or otherr. ise afforded by applicable law, shall not be a wai.•er a! or predude the exercise of any such right or mmedy. The ~ procuremrnt of insurance or che pay~ment o[ taxa or other lie~is or charRes bv Lender shall ~iot he a wai~~er of l.ender's riRht to accelerate the maturity oE the indebtedness secured bv this \tortgaRe. ; 12. Remedies Gtimulative. All remedies provided in this ~tortRaRc are disti~ut and cuinulati~~e to am• other riRhc or ~ remed. under chis l~tortqay,e or a[(orded b}• law or eyuity, and ma~• be exercised conrarrrnth•, indepei~dendy ~r successivel}. 13. Successon and Assigns Bound; Joint and Sereral Li~bility; (:aptions. "1'hc cot•er~ants and aRreements herein containect shatl bind, arid the rights hereunder ~ha11 inure to, the respectiae success+~rx aud assigns o( I.ender and BonoNer, subject to the provisions of paraRraph 17 hereof. All co~•enants -rod aRreements ot Aorrower shall bc joinc and sc~•eral. The captioos and headings of the paragraphs ot this ~tortgage are for con~•enience onh• and are not to be used to inter~ret or detine [he provisions hereof. 14. Notice. Except tor an~ notice required under applicable law• to be Riven in another manner. (a) an~~ notice to 3 $orroKer proridetl for in this ~fortgage shall be gi.•en by mailinR such notice b~• certified mail addressed to Bonoxer at ~ the Property Address or at such other address as Borrower-ma~• designate b}~ notice to Lender as pro~•idecl herein, and (b) z any noiice to Lender shall be gi~•en b~ certi(ied mail, remrn mceipt requested, to L.ender's address stated herein or to such other addreu as Lender may designate b~~ notice to $orrower as proti~ideci herein. Any notice pro~•ided for in this ~(ortgaRe shal! be deemed to ha~•e been Ri~•en co Borrower or Lender ~hen gi.•en in the manner desiRnated herein. I5. Uniform ]?foregage; Governing I.aw; Sererabilicy. This form o[ mortgage combines uuitorm cocena»ts for na- tional use and non-uniform cocenants with limited variations by juriidiction to constitute a uui(orm ~ecurit~ instrument co~•erinR real proPerty. This \(ortgage shafl be Rocerned by the law of the jurisdiction in evhech the Propert~ is located. In the ea•ent that an}' pro~'ision or dause of this ~tartRaRe or the lote conflicu Mith applicable laH, wch mnflict shall not a(tect other pro~•isions of this ~fortRage or the ~ote Mhith (an be given etfect without the COll~~llUhR PTO\'IS170, and to this end the pro~•isions of the ~(ortRage and the ~ote are decYared to be severable. 16. Borrower's Copy. Borrower shall be furnished a crn~formed cop}~ of the lote and oi this \IortRa~;e at the time - of eaecution or after recordation hcreol. 17. Transfrr of the Property; Assumption. If ail ar anc part of the Property or an interest therein ic sold or trans- . ferred bt• Barrow•er k•ithout Lender's prior Mritten consent, excludinR {a) the creation o[ a lien or encumbrance subordinate to this ~tortgaRe, (b) the creation of a purchase monr} securit}~ interest for household a~~pliauces. (c) a tram(er b~• de~•ise, destent or by operation of laM upon thc death o[ a joint tenant or (d) the Rrant of an~• leacei~~~id interest ~f three cears or less. not containing an option to purchace. Lender may, at I.ender's o~tion, dedare aU the sums secured bp this ~tortgaRe to be immediately due and payable. Lender shall ha~•e wai~•ed such option ~o accelerate it, prior to the wle or-transter, Lender and the person to whom the Property i~ io be sold or transEerted reach aRreement in writing thae the credit of su~h person is satisfactory to Lender and thae the interest pa~~able on the sums secured by this \fortRaRe shail F?c at such rate as I.ender shall request. If Lender has waived the option to accelerate provided in this paraRraph 17, and it BorroHer's successor in interest has executed a written assumption ap,reement acceptecl in writing by [.ender, Lender shall release $orrower from all obligations under this ltortgage and che No~e. I( I.ender exercises such option to accelerate. Lender shati mail Borrower notice of acceleratinn i~ accordance Nith paraqraph 14 hereot. Such notice shal] proti•ide a period of not less than 30 days lrom t}~e date the ~~otice is mailed Nithin Mhich Bonower may pay the sums declared due. If $orrower fails to pay such sumc prior to the expiration ot such period. Lender may. without [urther nocice or demand on Borroker, inr•oke any remedies permittecl by paraqraph 18 hereof. NbN-Ltt~lFOA~i CovExwr~rs. Borrower and I.ender further covenant and agree ac tollows: 18. Acceleration; Remedia. Except u provided in pangraph 17 hereot, upan Borrower's breach of anv co~enant or agreemem of Borrower in this Mortgage, including th~ covenants co pay whert due any snms xcured b~ this lforegage, Lender prior to acccleration ahal) mul notice to Borrower as procided in pangnph 14 hereo~ s~xcitying: (1) the breach; the action required co ture sucb breath; (3) a date, not kas than 30 days irom t6e date the notite is mailed to Borrower, br whicL such breach must be cvred; and (4) that hilare to cure wch breach on or befo~e ~6e date speci[ied in the notice ma~ nwlt in accelention of the aums secured by this Hortgage, ioreclosure by judicial proceeding and sale of tbt Property. The notice shall turther in(orm Borrower of the right to reinstate after aatleration and the right to assert in ~he foreclosurt praeeding the nontzistence ot a de[ault or anp other de[enae of Borwwer to acoeieruion and (oredosure. I[ the breach is not cured on or be(ore the date speciEied in the notice, I.ender at Lender's option Triay decim att o( the sums accured b~ thu Mortgage to be immediately due and payable without further demaod and mar foreclox ehis Noregage by judicial proceed- ing. I.ender sha11 be entitled to collect in such ptoceeding all expenaes of foredowrr, including, but not limited to, reapn- abk attorner's [ees, and costs of documenur} e.•idrnce, abstracts and tide reports. 3~k±! J~0 PAGf 9~