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Home My WebLink About2007 • o s ` ` s • ~ t it Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by 1_ender pursuant to this paragraph 7. with ;igteteft thereon, shall become additional indebtedness of Borrower secured by this Mortgage. 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 the date of disbursement at the rate payahk from time to time on outstanding principal under the Note unless pa'ymatt 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 expetne or take any action hereunder. g. Iagectlow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cosdetwsatios, The proceeds of any award or claim for damages. direct or consequential, in oonrtection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc hereby assigned 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 of 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 prooeeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the Properly 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 Lender to Borrower that the condemnor oRer to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such ttotioe a mailed, Lender is authorized to collect and apply the proceeds, at Lender's option. either to restoration or repair o[ the Property or to the sums secured by this Mort Rage. i:Jnless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such irutallrnents. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sutras aectrred by this Mortgage granted by Lender to any successor in interest of Borrower shall 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 rehtse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successor in interest. 11. Forbearance by I.esder Not a N?aivcr. Any forhearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. 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 or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Retseis Cwsnlatlse. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by taw or equity. and may be exercised concurrently, independently or successively. 13. Ssccessoa and Asdgss sound: Joht asd Several I.iabiHfr; Cspdars. The covenants and agrcctnents herein contained shall bind, and the rights hereunder shall inure to. the respective successor and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join] and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and arc not to tk used to interpret or define the provisons hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to ~ Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to lender a: provided herein, and ! (b) any notice to Lender shall he given by certified mail. return receipt requested, to Lenders address Gated herein or to i such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Usitortw Mortgage; GovcruieR Law: Serenbility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. in the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. 16. Borrower's Cory. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time t of execution or after recordation hereof. 17..Trssder of tfie Property: Assoenptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or. transfer. Lender and the person to whom the Properly is to be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that fix imenwt payabie on ire sums secured by this irfortgagc shag bt atsit~h ratF as Lerrde: shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all oblisations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordanc.~ with patsgraph 14 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 arch sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remodies permitted by paragraph 18 hereof. Nor+•Utvtrortnt CovEHerns. Borrower and Lender further covenant and agree as fdlors: 10. Aetdaatlos; Re¦teifes. >?xce}t as rrovNed i• puagrarM 17 fbercd. uron Bornnret's MraeM d asr eetesast K apressest d Berertiwer fi tits Mecigage. IseirdMtg the corettsttfs to ray woes ire asr starts secsred rj tits Mortgage. I.asdetr rrletr t~ acceieratlos Bias ~ .otlce to Borrower as rro•fdd is NngmM 14 iereot srceliriag: (1) tie 6rteaei: tie rtetisw rgied a ewe ssei bresci; (3) s ire. woe less tiaw 30 days trowr the date tie sofke fa staBci a Barrewer. ~ whist sse# bresclr rsrt be esrsd; asd (1) tAat taiare N ewe asst breaei a K before tie date aretfied m tie sotiee star resrit iw seederatles d tie tatasa aeesred b7' tits Mortgage. torectostare by jaAkW rrvesedittg asd sale d tie rt+operfr. Tie sotiee . sir isrtier fistorttt sorrsiwer d the right to ref•date after aeeelerMbs asd tie right to atscA i• tie toretioswe rroeeeig tie sow~e:Metsee d s ddsslt or asr outer detesre o/ Borrower to aecekratbs asd toncloattre. N the breach V set owed a or bderre the dMe geeiied fi tie ¦otiee. Lewder at I.esders optfow mar declare r d the sear sscwsd br lifs MoAgage Is be i~ediatelr dsc attd rsraMt wiliost twttrer demand and way forecloet tlrb Mortgage h' jadlcW rrrteeiR. Lender siaB be eMWed b eoieet Ir sari r~eeeeiiwg r t:rcnses of ts+reclossre. Isehrdiag. bd aN fitsited a. reasosabk stturwer's Fees. aai eases d doa.-~esfarr eridesee, abstrsets asd tick retorts. 1!. Berrowes's Rfgbt to Rdrtate. Notwithstanding Lenders acceleration of the wms secured by thr Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time fig Eto+c 323 Pu~~~