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Home My WebLink About2080 • • :r: ! lender's•written agreement or applicabk law. Borrower shall pad lht amount of all mortgage insurance premiums rn the manner pn~vided under paragraph 2 hereof. Any amounts disbursed by I.endtr pursuant to this paragraph 7, with interest theroon, s)raU :become additional indebtedness of Borrower secured by this Mortgage. Unlecc Borrower and !.ender ague to other tams of payment, such amounts shall he payable agar natice~from Lender to Barrower requesting payment thereof, and shall bear interest from the daft of disbursement at the rate payahk tram time to time an outstanding principal under the Note unless payment of interest at such. rate would be canfrary to applicable law, in which event such amounts shall hear interest at the highest rate pernnissiblt under applicable law. Northing contained in this paragraph 7 shall require Lender to incur any experae or late any action hereunder. a. laslrectba. Lender may make ar car~se to be made reasonable entries upon and inspections of the Property provided that lender shall give Barrawtr native pricer to any such inspectian specifying reasanabk cause therefor related to Larder's interest in the Properly. 9. Coadearnafba, 'The pracctcts at any award ar claim for damages, direct ar consequential, in connection with any condemnation or other taking of the Prapeny, or part thereat, ar far canveyance in lieu of condemnation, art hereby assigned and shall be paid to ixnder. In the event of a fatal taking of the Pmperty. the proceeds shall he applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall 6e applied to the sums secured by this Mortgage such proportion of the proieeds as is equal to that praponian which the amount of the sums secured by this Mortga~te immediately prior to the date of taking bears to the fair market value of the Praperty immediately priar to the date of taking, wish the balance of the proceeds paid to Borrower. If the Properly is abandoned by Bartower. or if. after notice by Tender to Bormwtr that the condemnor often to mate an award ar settle a claim for damages. Barmwer fail, to respond to Lender within 30 days ghee the date such notice is - maikd. Lender is autharized to called and apply the praceeds, at i.tnder's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. r~.~ Unless Lender and Borrower otherwise agree in writers. any sutl~ppiiaa(jpn ~,Beoceeds,p pigpay~ shall not extend ar postpant the due date of the monthly installments rtitrred to in paragU,p),~s..l. and 2.•hece~~gr change the amount of such installments ' - ' 10. Eorruwer Not Released. Extension of the time for payment or modificatian of amortiution of the sums secured by this Mortgage granttd by 1_ender to any cuccecsar in interest of Borrower shat! rat operate to release, in any manner, the liability of the original Borrower and Borrower's srrccessarc in interest. Lender shall not be required to commence proceedings against such succesoar ar refuse to extend time for payment or otherwise modify amortization of the sums - secured by this Mortgage by reason of arty d-mand made by the original Borrower and Borrowers successors in interest. 11. Forbearance I;rr Leader Not a Waiver. Any fart,earance by i_tnder in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not lx 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. Rearedies CaarubN~e. Ail remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently, independently or successively. 13. Snccemors sad Assigns Bound; Joint gad SeYeral T.tabNllr; Csptioas. The covenants and agreements herein contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender and Borrowtr. subject to the provisions of paragraph 17 hereof- Ail covenants and agreements of Borrower shall be joir~ and several. The captions-and headings of the paragraphs of this Mortgage are for convenience only and are not to tie used to interpret or define the provisions hereof. 14. Notice. Except -for any native required under applicable taw to be given in another manner, (a) any notice to Borrower provided for in this Martga¢e shall be given by mailing such notice by certifkd mail addressed to Borrower at the Progeny Address or at such other address as Barrawer may designate by notice to Tender as provided herein, and (b) any notice to Lender shall lx given by certified mail, return receipt requested. to T_endePs address stated herein or to such other address as Lender may designate by native to Bormwer as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Barrawer or Lender when given in the manner designated herein. 15. Uaifortn Mortgage: Governing I,aw; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variatians 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 Properly is located. In the event that any provision or clause of this Mortgage ~r the Note canflicts with applicable law, such conflict shall -not affect ocher provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate are declared to be severable. 16. )3on+ower's Copy. Borrower shall be furnished a confomned cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. ,Trseefer of the Property; Assumption. if all ar any pan of the Pmpeny or an interest therein ii sold or transferred by Borrower without Lenders priar writrrn consent. excluding (al the creation o[ a lien or encumbrance subordinate to this Mortgage. (bl the crcatran of a purchase maney security interest far household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a faint tenant or (dl the grant of any leasehold interest of three years or less not containing an option to purchase, Lendv 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 tht person to whom the Property is a. be cald or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and tha[ the interru payable on the sums secured by this Mortgage shall be at such rate ac Lender . 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 Bonower fram all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance w•irh paragraph 14 hereof. Such notice shall provide a periad ~f 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 periad, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lA hereaf. NON-UNIFORIM COVENANTS. borrower and Lender tunher covenant and agree ss follows: lt. Aceekratba; Remedies. Except as provided is paragraph i7 leered. Rog swrower's bread of gar covenwt or rrgrteraeat d lfiotrewer b Idr Mortgage. fatladiag the co•ewaafs fo Pay when dae gay wars aeerrr+ei bIr thlr Mortgage. Leader prior to stcderstioa shah auN aotke to t3orrowcr as Provides la Paragraph 14 hereof apeclfrfag: (1) the breach: (21 the setiow t+gakcd to care axb bmeach; (3) a date, got less thsa 30 days from the date the aotke b walled b lerrvwer. ~ whlch each breach mart k cared; aced (d) that faiiare to cart wch breach ow a before the date specified 4 the aMke rway resale b aeceientioa d Nee wars rucrrrd b7' fhb Mortgage, fo+reaiosarte br jadicW pr+oeeedM~g aced rak d the hopcrtr. The aotlce shall farther idorm •orrower d Nit right to relastate deer sccekratioa earl the right to arscrt i• the taeelowre proceedh>t the aoa~exWeace of a dkfaak or gar other ddeuse of Borrower to accekrstloa gad toreclosrrre. N the breach b got eared a or before the dste gec~ed i• flee entice. Leader at Leader's optba arar declare aN d the wigs seeared bry this Mortgs~e b be imanediatdr dae aced prabie withoat farther demtind and gray forecbae this Mortgage br jadkW Mme. Lender shah be a to collect b cosh precetdiag aM expcases of (oreclosaro. tacladiag. bat ad llfadted fe. reaaowaMe sta,reev's fees. std cosh of doc.:tantarr erWeace, abstracts gad title repro. 19. /orrewa's Blight to Reinstate. NMwithstanding Lender's acceleration of the sums secured by fhr~ Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time cC~iK °327 PA~E20`~