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Home My WebLink About1042 • ` ~ 1 - • , Lender's written agreement or applicahle law. Bornn~er. shall pay the amount of all mortgage inwrance premiums in the' manner pn+viDed under paragraph 2 hereof. Am' amounts disbursed by 1_enJCr pursuant w this paragraph 7, with imerest thereon, shall heccnne additional in.lehtednesc of liurro~~rr secured by this Mortg;?gc. t'nlcss Born+wer and I ender agree tc• other terms of payment, such anuatnts shall he payable ups+n nr+ticc fmm I ender to Bc+rrouer requesting pa}•ment thereof. and shall Feat interest from the Date of di.huncmcnt at •the sate payable fr.+m time to Time on outstanding principal under the Note unless payment of intereu :?t such rate wrndd he contrary to applicahle law, in which event such amounts shall hear intered at the highest rate permissible under applicahle las~•. Nothing contained in this paragraph 7 shall require Lender to incur am• expense or take any action hereunder. ' fi. Inspection. Lcndcr may make or cause to he male reasonable entries upon and inspections of the Property. pmyideJ that lender shall gist Burrower notice prior to any wch inspection specifying reasonable cause lheref++r relate) to Lender's intcreu in the Property. 9. Condemnation. The proceeds of :u?}• award rn~ claim for damages, direct or consequential. in connection with any rondcmnatiun or other taking of the Property. or part thereof, or for conveyance in lieu of •cxt~emr?gtipp, are hereby assigned and shall I+e paid to T.cndcr. ~ ` ~ ` 't ~ ' ` In the event of a total taking of the Tmperty. the prorccJs shall he applied to the toms secured by this Mortgage. with the excess, if am•, paid to Born+wer. in the event of a partial taking of the Property. unless Borrower and tender otherwise agree in writini•. them shall he applieJ to the sums secured M• this Mortgage wch proportion of the proceeds as is equal to that prop.+rtion which the amount of the sums secured by this Mortgage immediateh• prier tc+ the date of taking hears to the fair market valor of the Property immediately prior to the Jate of taking. with the balance of the procccJs paid to Borrower. - if the Property is ahandoneD hs• Borrower. or if. after notice by 1.enJcr to Borrower that the rnndemnor offers to make an award or settle a claim for Jamageti. Born.wer fail. to res{x.nd a~ Lender within i0 Jas•s after the date such notice is mailed. Lender is authorized to collect and apply the proxeeds. at 1_ender'c option. either to restoration or repair of the Propert)~ or to the sums secure) h}• this Mortgage: l,'nless Lcndcr and Borrower otherss•ise agree in writing. any Such application of prcxeedc M principal shall not extend or pcxtpone the due Jate of the monthh• installments referred to in paragraphs 1 and 2 hcrcof or change the amount of such installments. lA:'•Borr+owe~j~t Released. Extension of the time for pa}•ment or modification of amortisation of the sums secured by tflis MMtpatt~ grtoee~( ~+y I:en?le~ M'~?y successor in interest of Borrower shall not operate to release. in any manner. the liahiltty hl:~ tbe.rgrj~irl;?I ,Borrower and Borrower's successor. in intcrest. 1_ender shall not he required to commence prcxxeJings against such successor ar rtfuse to extent time for payment or othencise mcxlify amortizati+~n of _Ihe sums secure) by this MnrtQage by reason of ans• demand made M• the original Borrower and B+?rn.wer s seccessc.r. in interest. l 1. Forbearance by ixnder Nnt a V1'ais'er. Ans• forlxarance M• lender in exercising am• right +~r remedy hereunder. or ?+therwise atTorDeJ hs• applicable law. shall not he a waiver of or preclude the exercise of am• such right or remedy. The procurement of insurance or the payment of taxes or other !tens c+r charges by Lcndcr shall not he a waiver of Lcndcr s right tc. accelerate the maturih• of the indchtednesc secure) by this Mortgage. 12. Remedies Cumulative. All remedies pr~,viJed in this ?Mortgage arc distinct ant cumulative to am~ ++ther right or rcmcd}• under this Mortgage or afforJeJ by law or equity. ant may tx; rxcrriseJ concurrcntl}•. indepcndcnth• or sucrecciych•. 13. Successors and Assigns Bound; Joint and Several Liability; ('options. The cm•enants and agreements herein rnntaine.l shall hinJ.:mJ the rights hereunder shall inure to. the respecticc successors and assigns of Lcndcr and Borrower. ,object to the pn,cision. of paragraph 17 hcrcof. All coeen:uits ant agreements of Borrower shall he j++int and several. The captions and headings of the par-,?eraphs of this i`tortgage arc for convenience onh• ant are not to he aced to interpret or define the provisions hereof. 14. \otice. Except for am•. notice required under applicahle law to he given in another manner. (a) :u?}• notice to Borrower provided for in this Mortgage shall he given M- mailing wch nc+tice h~ certifieJ mail addressed to Borrower at the Propert}• AJdress or at wch other address as Borrower mas_• designate hr notice k+ Lcndcr ac pros•idcJ herein. and (h1 an~• notice to f_enJcr shall he given by certified mail rrttirn receipt requesteJ. a+ 1 ender's address stated herein or to wch ~+ther address as Lcndcr may Designate by notice b+ Bern+wer as provided herein. :any notice pn+videel for in this Mortgage shall Ix: Jccmcd to have been given to Borrower or Lcndcr when given in the manner designated herein. 15. Uniform ~torlgage: Governing T.aw: Severabilih. ~fhis f~~rm of mortgage combines uniform rnsenants for national ~ use and non-uniform covenants with limited variations by jurisdirti++n h+ constitute a uniform cecurits• imtntment covering real property. This Mortgage shall he gorerned M• the law of the juri,ciictiun in which the Pmpcm• is located. In the f event that an}~ provision or clause of this mortgage or the \i+te contlicts with applicahle law. such rnntlict shall nM affect other provisions of this Mortgage or the Vote which ran he given elTect +sithout the conflicting provision. and to this cnJ the provisions of the Atortgagc ant the \ote are decl:ueJ to F+c sevcrahlc. { 16. Borrower's Cop}'. Borrower shall he furnished a ronformeJ rnpy of the Note and of this Mortgage at the time of excretion or after recordation hcrcof. 17. Transfer of the Pmpert}~; Assumption. If all .+r am part of the Pn?perty or an intcrest therein is sold or transferred by Borrower without Lender's prior written consent. excluding tat the creation of a lien or encumbrance suhorJinate to this :Mortgage. ttil the creation of a purchase money ceciirity interest for house:holJ appliances. Ic1 a transfer M• devise, Descent or h}• operation of law upon the Jr.?th of a jc+int tenant or td? the grant of any leasehold interest of three }•cars or less not containing an option to purchase. Lender m::c. at I ender'. c+ption. Declare all the sums secured M• this Mortgage to be immediately due and pa}•ahle. Lcndcr shall has•e waived such option to accelerate if. prior to the sale or transfer. Tender and the person to whom the Property is to I+e sold or tr.?nsferreJ reach agreement in writing that the credit of such person is satisfacton• tc. Lender and that the interest pa~~ahle on the sums secureD M• this Mortgage shall he at such rate as Lender shall request. If lender has waive) the optic•n to accelerate provide) in this paragraph 17. ant if Borrower's successor in intcrest has execute) a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Notc. If I-ender exercises wch option tc. accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 1~ hereof. Such notice shall provide a period of not less than 30 Jays from the date the notice is mailed within which Borrower may pay the sums JeclareJ Jue. If Borro~~cr fails to pay such sums prior to the expiration of such period. Lcndcr may. without further notice or Demand on Bornnser. im•okc am- remedies permitted M• paragraph 1 R hereof. r - Nox-lttvt~oesst Covex+y7s. Borrower and Lender further rnvenant and agree as follows: ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ti agreement of Borrower in this Mortgage, including the covenants 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 required 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 cured; and (4) that failure to cure such breach on or before the date specified in the notice may restilt in 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 forecbsure proceeding the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is not cored on or before the date specified in the ratite. Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately doe and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall r`^ °^t~tled !t::~ilrct ig r.e~e~.wel ~n ~~percec of inr~rlncnre; inrl~uline. httt tu?t limited tn, reasonable attorney's fees. and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I_enJer's acceleration of the sums secure) by this Mortgage. Borrower shall have the right to have an}• proceedings begun by Lender to enforce this MorMtga~ge discontinued at any time . 800~1xI~5 PdGE~(JJV - ,.-x - - ~1'..: S