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Home My WebLink About1949 • ,.,r ~w agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided under paragraph 2 hertrof. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. shall become additional in• debtedness of Borrower secured by this \lottgage. Unless Borrower and !.ender agree u, other terms of payment, such amounts sftall be payable ulx,n notice from !.ender to ROrrowCC requraing payment then•of. and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Xotr unless payment of interest at such rate would be u,ntrary p, applicable law, in ts•hich event such amounts shall bear interest at the highest rctc Ix•rmiuible under applicable law. Nothing contained in this paragraph 7 shall regain, Lender to incur any expense or take anv action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, pro- aided that Lender shall give Borrower notice 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 conycyance in lira of condemnation, are hereby as- signed and shall be paid to Lender. In the event of a total taking of the Propern•, the proceeds shall be applied to the sums secured In• this \lortgage, with the excess, it anv, paid to Borrower. In the event of a partial taking of the I'rolx•rn•, unless Borrow-cr and fender otlcCrwise agree iu writing, there shall be applied to the sums securer! by this Mortgage such prolx,rtiou of the proceeds as is equal to that proportion which the amount o[ the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immcdiatch• prior to the date of taking, with the bal:utce o[ the pro- cecels paid to Borrower. 1f the Property is abandoned by Borrower, or i(, after notice by Lender to Borrower that the condemnor otters to make an award or settle a claim for damages. Borrower fails ;o respond to Lender within 30 dacs alter the date such notice is maile<t, lender iy authorized to collect and apph• the proceeds, at Lender c optimr, either 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 crf proceeds to principal shall not extend c,r Ixstpone the due date of the monthly installments referred to in paragraphs 1 and ~ hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured he this Mortgage granted by Lender to any successor in interest of Borrower shall ant operate to releax, in anv manner. the liability of the original Borrower and Borrower's successors in interest. Lender shall not lx required to commence prrxtrdiugs against such successor or refuse to extend time for payment or otherwise mcxtih• amortisation of the sums se- cured by this \lortgagc• by reasrm of any demand mule by the original Borrower and Born,wer s suecess.,rs in interest. 11. Forbearance by Lender Not a Waiver. :~uv forbearance hs• Lender in exert icing any right or remedy hereunder, or otherwise afforded by applicable lave. shall not be a waiver c.l or prechtde the exercist• of any such right or remedy. 'The, procurement of insurance nr the pacmeut n( taxes or other lien, or charges by Lender sh:Jl not )x• a waiver of Lender's right to accelerate the maturity of thc• indebtedness secured by this Mortgage. 12. Remedies (:emulative. :VI remedies provided in this Mnrtgaec arc distinct and cumotac~c~ t., -;;!;r; :SS':; :•T t~???,,i: nonce ti?is :yortgage• or altnrdecl by law or equity. and may be exercised concurn•ntlc, iudrlx•ndc•ntly nr successiyel}•. 13. Successors and Assigns Bound; Joint and Several Liability; t:aptions. -The mceuants and agreements herein contained shall hind. and the rights hereunder slrall inure to, the rrsl>ectiye succt•sN,rs and as.igns of Leudc•r and Borrower, urhjt•ct a, the provisions of paragrapl? 17 hereof. :ill covenants and agreements of Burnnse•r shall be joint ;u,d several. •I-he captions and headings of the paragraphs of this Mortgage are for ennseuie•nce ooh :nut arc not to i,e used to interpret or define the provisions hereof. 14. Notice. Except for any entice required carder applicable law to be given iu another manner. (a) am notice to Borrower pn?cideel for in this ~lortgage~sha)1 l,e given by mailing wch n„ticr 1?c certified mail :uldressrd to Borrower at the I'rol,erty :address or at such other address as Borrower mac designate by notice to Le•ncter as provided herc•iu.:urd (b) any notice to Lendt'r shall be given by certified mail, return receipt requested. to I.e•ncler's address stated herein nr to such other address as Lender may designate by notice to Borrower as pn,cic~cd herein. :any notice prneidc•d for in chi, ~fnrtgage• shall be deemed to have been given to Borrower or Lender y: hen given iu the m:urner designated herein. I, l5. Unifotzn Mortgage; Governing Law; Sn•erability. "This form of mortgage mmbiues uni(onn cmenants for na- tinnal uu• and nrnr-uniform ccnen:utts with limited variations be jurisdietirn, to cnnstitutt- :r unilnnn ~ecuritc instrument j covering real property- ,This \Iongage shall be gmenred by the lass, of the juriseliction in which the 1'rnperty is located. In the es•ent that any provision nr clauu• of this Mortgage or tht• \nte• trndlicts s.•ith applicable I;ny. such conflict ,call not affect other proyisior?s n{ this \(nrtgagr nr the \ntc• which c:ui be given effect ss•ithnut tht• eorrfluting provision. anel to this end the provisions of the Mortgage, and the \ote are declared u, he severable. 16. Borrower's Copy. Rnrn,a•er shall he furnished a c,mfnrmed cope of the \nte and of this \Inrtgage at the time of execution or after recordation hereof. 17. Transfer of the Property::~sstrmption. I( all or any part of the 1'ropcrtc nr an interest tht•re•in is sold nr trrns- ~ fc•rred bs• Borrower without Lender's prior written consent, excluding (a) the, creation of lien nr t•ncunrbr.~nce +ufmrdiuatr ~ to this \Iurtg:+ge. (b) the creatirn, c?f a porch:+sr ntnnc•v security interest for household appliances. (c ~ :r rranslt•r be devise,. decent nr by ol,eratinn of law ulxm the death .d a joint tenant nr (dti the grant of any Ic•:+st•hnld iuten•st of three years nr Irss not containing an nptinn to purchase,. l.enelc•r may. at Leudc•r's nptinn. declare all the cams senue•d be this Mortgage to I,e immediately due and payable. Lender shall have yvaiyed such nptirnr to accelerate if. print to the sale nr tr:nnfer. Lerdcr j and the person to whom the Property is to be s+,)d nr transferred reach agreemcrrt in writing that the credit of such peru,n 3 is satisfactory to Lender and that thc• interest parable ens the sums secured by this \fnrtgagc• shall be at sorb rate as Lender E shall request. If Lender has waived the option tr, accelerate prr?cided in this paragraph 1'. and i( Borrower'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 \nte. - If Lender exercises such option to accelerate. Lender shall mail Borrower nntite of acceleration in acrnrdance with paragraph 14 hcreoL Such notice shall provide a hericxl of not Ies. than $t? days from the date the notice is mailed within which Borrower may pay the, sums declared dec. If Borrower fails to pay such sums prier to the expiration of such period. Lender may, without further notice nr demand nn Borrower. invoke any remedies pe•rmittecl be paragraph IR hereof. Nox•l°strotest C:oyf\A\75. BOirONer and Lender !nether covenant and agree as follows: 18. Acceleration: Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of anv covenant or agreement of Borrower in this 3ortgage, including the covenants to pay when due am sums .xcurecl by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof sl?ecifving: (1) the breach; (2) the action required to cure such breach; (3) a date, no[ less than 30 dacs from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach mr or fxfore the date slxYifird in the notice may result in acccl~ration of the sums secured by this Mortgage, foreclosure by judicial proxeeding and safe 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 nonexistence of a default or any other defense of Borrower to acceleration and foreclosure. If the f?reach is ( not cured on or before the date sl,ecifiecl in the notice, Lender at Lender's option ma}- declare all of the sums secured by this i 3tortgagr to be immediately der and payable without further demand and may foreclose this Mortgage by judicial pr«eed- ing. Lender shall Ix entitled to collect in such proceeding all ezl,ensey of foreclosure, including, but not limited to, reayoun• able attorney's lees, and cents of dexumentan evidence, abstracts and title reports. ;nnr_