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Home My WebLink About0256 • t.:~+ Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurantx pterrtiurrta to the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with inteteest thereon, shstl become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and 1_endertagree ~d 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 payable from time to time on outstanding principal under the Note unless pajrtaeat of interest at such rate would be contrary to applicable law, in which event such amounts shag hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 sh:Il~requirt Lender to incur any experae tx take any action hereunder. - >Z. Ita~}ectiow. lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that i.ender shalt give Borrower notice prior to any such inspection specifying reasonable cause thtrcfor related to Lender': interest in the Property. 9. Coaderawatba. The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnattbn or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to [.ender. - 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 proceed: as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market-value of the Properly immediately prior to the date of taking, with the balantx of the proceeds paid to Borrower. 1f the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor oRea to make an award or settle a claim for damages, Borrower fails to rcxannd 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, 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 of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to i;t paragraphs 1 and 2 hereof or change the amount of such installments. 10. Eomower Not RekasM. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to ukase, in any manner, the liability of the original Borrower and Borrowers sticccssors in interest. Lender shall not be required to commence proceedings against such successor or refuse 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 wceessors in interest. 11. For6grance bI' Lender Nof s Waiver. Any forbearance 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. li Reeredies Cswiubili•e. Ail remedies provided in this Mortgage are distinct and cumin:rive to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Sseceaors and AsaiRsrs bound; .(Dint gad Several l.isbilhy; Captiows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ to, the .respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph i7 hereof. Alf covenants and agreements of Borrower sha!! be joiry and several. The captions-and headings of the paragraphs of this Mortgage arc for convenience only and are not to lie used to interpret or define the provisions hereof. 14. Notke. Except for any. notice reyuired under applicable law to be given in another manner, any notice to Borrower p~uvided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at - the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to (.enders address stated herein or to 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. - 15. Uniform MoRgage; Goveniiug Law; Sererability. 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. Eorrowers Copy. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trswder of the Property; Assnmption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written eonsent. excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage, ib) the creation of a purch~ce 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 interat 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 Property is to be sold or transferred reach agreement in writing that the credit i.f :uih pcrs:,ri is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall r>rgtiest. It 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 a:.ccptcd in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower nonce of acceleration in accordance v?•ith paragraph 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. (f Borrower faits to pay such stems prior.to the expiation of such period, Lender may, without further notice or demand on Borrower, invoke any remedies pernnitted by paragraph Ig hereof. Nort-UNtt=ottt?t Covt:rrerrrs. Borrower and Lender further covenant and agree as follows: li. Aceeleratios; Rewkdks. E:cept ss ~rorided ie ptragrsplt 17 hereof. t~iw Iforrowa's Mesei of ,.y covesawt or sgmsrewt of sorr+ower b ells Mortgage. lweladiri~ tie eawewsMs to !m7 when gene gay sts~s sr<essed i7' thls Mortgage. I.esder pricer to sccekratlou shall tsnatl swtkt to >dorrowtrtr as'rovided is paragraph 14 iercot speelfyirtg: (l) tie 6sesclt: (2) tie series rgtdred to case wci iresch; (3) s date, woe less thaw 30 days iron tie date tie ttwtke i assiled to isrrawer. b whici steel brtaei .wt be eyed; a¦d (4) that isJisrt! to ewer web braes ow or betose else Gate speelicd V the wotke say tresslt d scederatios of tic trw sectsred bf ells Mortgage, taeclowrte h jwakW p+ocsdMg awd ssk o[ the if'ro~ertr. Tic wotiee shall trrther btlorws ierrower of tie right to rNWate titer secekrMbw awd the right to snsert h the torselowre pseet~ttg the wos•e>drtesce of a dcistrk or any other defense of Eorrower to sccekrstbe tnid twrcbarr. H the btrxi b woe served a or bdore the dale gecdkd i t3ts soNce. Lewder at (.enders opiow tray deebs: sM of the wsa sttnrted b thb.MoytgaRe is 4 itsssredistely titer swd pyaiie wltiost ttrrther demand and rosy torcclost rib Morfsage il' jtsdiefsl proesedhtg. Lender slap bs esUtlei to collect V wth'r+oceedistg sM ercpewses of foreclossre, hschdiwg, bat sot Yssitsd N. reaaosaWe sttorseYs fees. sM tooNs of ioct.-~estary eddewett. abstracts sad tick rtprts. I!. Borrowa's Rigit to Reinstate. Notwithstanding Lenders sceekration of the sums secured by then Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time • r.R32~ PAGE 255 ~COK