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Home My WebLink About1488 , ~ ~ agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph Y hereof. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additional in- debtedness of Borrower secured by this \fortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from fire date of disbursement at the rate pa}•able from time to time oft out-standing principal under the Dote unless payment of interest at such rate would be contrary to applicable law. in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property. pro- vided that Lender shall give Borrower notim prior. to. any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby as- signed and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking n[ the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds a; is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior. to the date o[ taking, with the balance of the pro- coeds paid to Borrower. I[ the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, eithe! to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend c,r postpone the due date of the monthly installments referred to in paragraphs 1 anel 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time [or pa}•ment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower sFrall not operate to release, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for pa}•ment or otherwise mrxlify amortisation of the sums se- cured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising. airy right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver or preclude the exercise of an}• such right or remedy. The procurement of insurance or the pa}-ment of taxes or other liens or charges by Lender shall not be a waiter of Lender's right to accelerate the maturity of the indebtedness secured bs• this Mortgage. 12. Remedies Gtirmulative. :ail remedies pms•ided in this Mortgage arc distinct and cumulative to anv other right or remedy under this Mortgage or afforded by law or eYluity, and may br exercised mnnarenth•. independently nr successively. ' #~`i 13. Successors and Assigns Bound; Joint and Several Liability; Captions. "I'he cosenants and agreements herein t (Anta,ned shall bind, and the rights he•reuuder shall inure to, the respettice successors and assigns of lender and Borrower, s I subject to the pmvisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. "I~he t captions and headings of the paragraphs of this \lortgage are for convenience onh• and arc not tc. fie used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) anv notice to s ~ Borrower provided [or in this Jortgage shall be Risen by mailing such notice be certified mail addresed to Borrower at the Property Address or at such other address as Borrower ma}• designate by notice a, !.ender as pnnidcd herein. and (b) am notice to Lender shall be given M• certified mail, return receipt requested. to Lender's address stated herein nr to such ( ~ other address as Lender may designate by notice to Borrower as provided herein. :1n.' notice prosided for in this Mortgage ~ shall be deemed to hate been gis•en to Borrower or Lender when Riven in the manner designated herein. 15. Uniforrp mortgage; Governing Law; Severability. This form of mortgage combineti ur,i(nrm n,ycnants for na- i [ions! use and nonuniform cm~enants with limited sari:rtions bs• jurisdiction to rnnstinue a unif„rm security instrument covering real proper[}-. This Jortgage shall be goyen,ed by the laa• r,f the juriwlictiuu in which the Property is located. In the event that any provision or clause of this ~fortgaQe or the \ote conflicts s.•ith applicable lay., such cc,nflict shall not ~ affect other provisions of this Mortgage or the \qte which can I,e Risen effect without the u,nflicting pn,s•ision, and to ~ this end the provisions of the Mortgage and the \ote are decl:rrrd u, be severable. 16. Borrower's Copy. Borrower shall be furnished a crnrformed copy of the \ote and of this \Inrtl;aGe at the time ( of execution or after recordation hereof. 17. Transfer of the Property; Assumption. I[ all or any part of the Property or an interest thrrcin is u,ld or tnns- t [ (erred by Borrower without Lender's prior written consent, exc lading (a) the creati„n of a lien or encumbrance subordinate ( to this Mortgage, (b) the creation of a purchase money security interest for houuhnld appli:uues. (c i :r transfer by ciesice. descent or by operation of law ufx,n the death c,f a joint tenant c,r (d) the grant of ant lea~c•hadd interest ~,f three years or 3 ~ less not containing an option to purchase. Lender may, at Lender's option, declare all the sums senrred by this ~fortgagc to be immediately due and payable. Lender shall have waived such optirn, to accelerate if, prier to the s:de c,r transfer. Ler:der and the person to whom the Propern• is to be x,ld or transferred reach agreement in writing that the credit c,f such person is satisfactory to Lender and that the interest payable nn the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph li, and if Borrmver's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. s If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 1.4 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may. without further notice or demand on Borrower. invoke an}• remedies permitted b}• paragraph 18 hereof. NON-CTNIFOR>t COYENAI'fS. BOTTOwer and Lender further coveriant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement o[ Borrower in this Mortgage, including the covenants to pay when due any sums secured b}~ this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (I) the breach; 1 (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 (4) that failure to cure such breach on or before the date specified in the notice mas• cowl[ in acceleration o[ the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure praeeding the non-existence of a default or any other defense of Borrower to acceleration and foreclowre. I[ the breach is not cured on or before the date specified in the notice, Lender at Lender's option map declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this :lfortgage by judicial proceed- ing. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reason- ab4 attorney's fees, and costs of documentary evidence, abstracts and title relx,rts. 9UCr. 310 ?AGE 1488