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Home My WebLink About1672 _ I 1 i I.enJer's written agreement or applinah~c. - Burrower shall pay the am.nmt of :ell mortgage insurance premiums in the manner pn+vidcJ under paragraph 2 h f ~ tt I f Any amounts Disbursed by (.ender p rsuant ~+`t~~ar;,graph 7. with interest thereon, sh;Jl become additional ! inDehtcJness of Borrower secured by this Mortgage. ('elect &~rrower anJ 1 cnDer aetre to other Ierms of payment,, such amounts shall l+c payahte ulx+n notice from 1-ender to Borrower requesting paymm~t therec+f. and shall hear interest from the date of Disbursement at the rate payahlc from lime to time on outstanding prine:ipa) under the Note unless payment of interest at such rate scoulJ he comrary to applicable law, in which event such amougts shall bear interest at the highest rate - ~ permissihlc under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take j any action hereunder. _ ! 8. Inspection. 1_cnder may make or cause to he made reasonable entries upon and inspections of the Property, provided that Lender shall give Bl1rrOWtr IIV1Ke' t)i,+lf to ADy such ini+d;~t,u„ ~tn:~~tyu~~ icdSvi~u~ic i:•~::f,:; ~;;;~~3 s.~-i_~'s interest in the Property. 9, Condemnatbn. The proceeds of any award or claim for Damages, direct or consequential. jn rnnnection with any condemnation or other taking of the Property, or part therrnf, or for conveyance in lieu o }ond~p~ti n. arc hereby assigned anD shall be paid to i.ender. ~ • J t) ; - ~ In the event of a total taking of the Property. the proceeds shall he applied to the cumc secured by this Mortgage. ? with the excess. if any, paid to Borcower. In the event of a partial taking of the Property. unless Borrower and Lender ~ otherwise agree in writing. there shall be applied to the sums secured by this Mortgage curb proportion of the proceeds as is equal to that proportion which the amount of the cumc secured by this titortgage immediately prior to the date of taking hears.to the fair market vah,e of the Property immediately prior to the Date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by (.ender to Bormwcr that the condemnor offers to make an award or settle a claim f.~r Damages. Borrower fails to responD to (.ender within 30 days after the date such notice is mailed, lender is authorized to rnllect and apply the proceeds, at 1.ender'c option. either to restoration or repair of the ti Property onto the sums secured by this 1lfortgage. Urr;esc [.ender and Bormsver otherwise agree in writin,,. anv such applination of proceeds to principal shall not extend or postpone tFn: due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ 3 such installments- 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured ~ - hy this Mortgage granted by (.ender to any successor in intemst of Borrower shall not operate to release, in any manner. the liability of the original Bormwcr and Borrowers suncescorc in interest. Lender shall not he required to commence . pmceeJings against such successor or refuse to extenD time for payment or otherwise modify amortization of the sums .enured by this Mortgage by mason of any demand maDe by the original Borrower anD Borrowers successors in interest. 11. Forbearance by Ixnder \ot a Wai~•er. Any forhear.,nre hs' Lender in exercising any right or remcdr hereunekr, or otherwise affordeJ by applicable I1w. Shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes o[ other liens or charges by Lcndcr shall not he a wais•er of Lenders right to accelerate the maatrih• of the inDehtcdnecs tenured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this mortgage arc Distinct anD cumulative to ans• other right or remedy under this Mortgage or affordeJ by law or equity. anD may he cxerciuD concurrently, independently or surnessively. 13. Successors and Assigns Bound: Joint and Seseral liability; ('options. Thc covenants and agrecmcnts hcrcin nrnrtaineJ chali hind. and the right. hereunder shall inure to. the resp;nti:•c e:rccs~^.rs sr:cl sssig.^.s of 1-er:der aid Borrower. subject ro the provisions of paragraph 17 hereof. All rovcnants anD agrccmcnK of Borrower sh;dl he joint and several. The captions ;,nJ headines of the paragraphs of this 'Mortgage arc for convenience only anD arc not tc• he used to interpret or define the proeicions hereof. 14. Notice. Except for any notice required -under applicable law to be given in another manner. (al anv notice to Rormw•er nnx•ided for in Chic Mortgage shall he given by mailing sunh notice by certified mail addressed t++ Borrower at. the Pnpem• Address or at such ether address as Borrower may Jesignatr by rn+tine t.+ 1 ender as pnwideJ hcrcin. anD th1 am goticr to Lcndcr shall he given by cerNfi.:D mail. return receipt nquesteJ. to 1 ender'. address stated herein or to such other address as I ender maj• Desi¢nate h}- notice to Bormeser as prc.videJ herein. Any notirc proviDrJ for in this - Mortgage shall he Deemed to have been gis•en to Borrower or I ender ..hen given in the manner Designated hcrcin. 1S. Uniform Mortgage: Coi-ernin>~ Taw: Se~•erabilit}. Thi. f.+rm of mortgage combines uniform rnvenants for national use and non-uniform rns•enants with limited s•ariationc hs• jurisdirti.+n to constitute a uniforni security instrument covering reai properly. This I?lor[gage shall he governed by the law of the juriselictiun in which the Property is kxatcd. In the es•ent that am• provision or clause; of this Mortgage or the ?~~+te conflicts ith applicahlr law•, such rnnflict shall not affect other pn+yisions of this Mortgage or the Notr which ran tx: given effect witho?,t the conilirting provision. anD to this ~I, end the provisions of the Mortgage anJ the \ote arc declared to he ceverahle. 16. Borrower's Copy. Borrower shall he furnished :onfnrmrD rc.py of the \ote :rod of this Mortgage at the time _ +f execution or after rernrdation hereof. j 17. Transfer of fhe Propert}:Assumption. If all ,+r anv p:,rt of the Propert~• or an interest therein is sold or trancferreJ by Borr.iwrr without Lender's prior written consent. excluding f:,? the creation of a lice or enrumhrancr sutx?rJinate to this Mortgage. thl the creation of a purchase money srrurity intemst for houscholD appliances. (cl a transfer hs• devise, Descent ur by operation of l:+w upon the death of joint tenant or fd, the grant of any Ieaschold interest of three years or less not rnntaining an option to purchase. Lender m:n•. at LenJcr'. option. Dec!arr all the sums secured by this Mortgage to be immeJirteh• due and payable. Lender shall have ~y:uyeD sunh option to accelerate if. prior to the sale or transfer, Lender ancf the person to whom the Property is to be soh( or transferred reach agreement in writing that the credit of such person ~ :s satisfactory to i.ender and that the interest payahlc on the sums secureD by this Mortgage shall be at such rate as Lender shall request. If (.ender has waived the option t~~ ;,ccelerate proviDeJ in this paragraph 17, and if .Borrower's successor in ,nterest has cxecuteD a written assumption agreement ancrpteD in writing by J-enDcr. Lender shall release Borrower from all I obligations under this Mortgage and the Note. If tender exercises such option tc. accelerate. Lender sh:dl mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 3b Days from the date the notice is mailed within s which Borrower may pay the sums DeclarcD due. If Borrower fails to pay wnh wms prior to the expiration rf such period. 1_ender may, without further notice or Demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. Nov-Uhtt=oRi?t CovF*;rtvrs. Borrower and 1_ender further rnvenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this ~fortga;;e. including the cotenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach: (2) the action regnirod 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 cnred: and (4) that failure to cure trash breach on or before the date specified in the notice may resell ierF acceleration of 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 proceeding the non-existence of a default or anv other defense of Borrower to acceleration and foreclosure. If the breach it not cnred on - or before the date specified in the notice. Lender at Lender's option ma}• declare all of the soma secured by this Mortgage to be immediatdy due and payable without further demand and may foreclose this Mortgage by judicial proceeding.- [,ender shall be entitled to collect in such proceeding aB expenses of foreclosure, including. but not limited to, reasonable attorney's fees, and costs of docnmenttta•y evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I_enJer s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time Bt;7K 314 P~~E 1665