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Home My WebLink About1406 1 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 Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secrrrcd by this Mortgage. l,'nless Borrower and Lender agree to other terms of payment, such amounts shall he payable upon notice from Lender to Borrowrr reyrresting payment thereof. and shall hear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable lave, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Propetiy, provided that Lender shall give Borrowrr notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. i 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 conveyance in lieu of rnndemnation, are hereby assigned and shall he paid to I.endcr. in the event of a total taking of the Property. the proceeds Shall he applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. In the event o(a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall he applied tc. the sums secured by this Mortgage such proporlion of the proceeds as is equal to that proportion which the amount of the sums srcurcd by this Mortgage immediately prior to the date of taking bears to the fair market valor of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Bormwer. If the Property is abandoned by Borrower. or if. after noticr by Lrnder to Borrower that the condemnor offer to make an award or settle •r claim for damages, Bormwer fail. to respond to lender within i0 days after the date such noticr is mailed. [.coder is authorized to rnllect and apply the proceeds. at Lender c option. either to restoration or repair of the Properly or to the sums secured M• this Mortgage. Unless Lrnder 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 installments. 10. Borrower Not Released. Fxtencion of the time for pa}•ment or modification of amortization of the sums secured by this Mortgage granted M• Lrnder t,• any successor in iMrrest of Borrower shall not operate to release, in any manner. the Iiahilil}• of the original Borrowrr and &.rmwer's succesu?rs in interest. Lender Shall not he required to commence proceedings against such urccessor or rrfusr to extend time for payment or otherw•icr modify amortization of the sums secured by this Mortgage by reason of any demand made M• the original Borrower and Bormwer s successors in imerect. I1. forbearance by l.endcr 1\ot a Wainer. An}• forhrarance ht• Lrnder in r+errcising any right or rrmrdy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the rxercisr of am• such right or remedy. The procurement of insurance or the payment of tare. or other liens or charges by Lender Shall not her waiver of lender s right t,. accelerate the maturit}• of the indebtedness secured by this Mortgage. 12. Remedies Cnmulatire. All rcmrdies provided in this !Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or ryuity. and man he r~rrcisrd concurrently. independently or succrssivrl}•. 13. Successors and Assigns Borrnd; Joint and Several Liability; ('options. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lrnder :end Bormv,•er, subject to the provisions of paragraph 17 hereof. All covenants and agrrrmcnts of Bormwer shall br joint and several. The captions and headings of the paragraphs of this Mortgage arc for convrnirncr onlyrnd are not to hr used to interpret or define the provisions hereof. 14. Notke. Except for any noticr rcyuirrd under applicable law to br given in another manner. (al any notice to Borrowrr provided for in this Mortgage shall be given by mailing such notice M• certified mail addressed ;o Borrower a1 the Properly Address or at such other address as Borrower man_ designate by notice to Lrnder as provided herein, and (hl am• notice to Lender shall he given h}• certified mail, return receipt requested. to Lender c address stated herein or to such other address •rs Lender may designate M• nc.ticr tc• Borrower as pr,widrd- herein. Any noticr provided for in this Mortgage shall br deemed to have brrn given to Borrowrr or I rndrr when ginrn in the manner designated herein. 15. Uniform Mortgage; Governing I.aw•; Senerabilitc. 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. The state and local Taws applicable to this Mortgage shall be the Taws of the jurisdiction in which the Property is located. The foregoing _ sentence shall not limit the applicability of federal law to this mortgage. 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 are declared to be severable. 16. Borrower's Copy. Borrowrr shall be furnished a conformed copy of the Note and of this Mortgage at the time ` of execution or after recordation hereof. 17. Transfer of the Propert}.; Assumption. If all or am part of the Propert}• or an interest therein is sold or transferred by Borrower without 1_rnder's poor written consem. excluding (a? the creation o(a lien or encumbrance scrbordinate to thn Mortgage. Ih) the creation of a purchase money srcunts• interest for household appliances. Icl a Iramfer by devise. descent or by operation of law upon the death of a join) tenam or I,U the grant of any Icacchold interest of three }•rarc or less not containing an option to purchase. Lender may., at I.rndrr's option. declare all the wms secured by this Mortgage to br immediately due and payable. Lrnder shall have waived such option to accrlrratr if, prior to Ihr sale or transfer, lender t and the person to whom the Property is to br solJ or transferred reach agreement in writing that the credit of wch person ~ is saticfacWry to Lender and that the interest payable on the sums secured by this Mortgage shall br at such rate as Lender shall request. If lender has waive) the option to accelerate provided in this paragraph 17, and if Borrower's successor in i interest has executed a written assumption agreemem accepted in writing by Lrnder. Lender shall release Borrowrr from all obligations under this Mortgage and the Note. If lender exercises such option k. accelerate. Lender shall mail Borrower notice of acceleration in accordance with • paragraph 14 hereof. Such notice shall provide a period of not less than ?0 days from the date the notice is maifrd within which Borrower may pay the sums declared dux. If Borrowrr fails to pay such wms prior to the expiration ,+f such period. Lrnder may, without further notice or demand on Borrowrr. mvole am~ remedies prrmittrtl h}• paragraph IK hereof. i Noy-Utvtt-oRSt CovF~stv-rs. Borrower and Lrnder further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this :?torigoge. including the covenants to pay when due any sums secured by this Mortgage. Lender r prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action i required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by whkh snch E breach mast be cured; and (4) that failure to cure such breech on or before the date specified in the notke may resole in acceleration of the sums secured by this 3ortgage. 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 foreclosure proceeding the non-existence of a defauk or anv other defence of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, lender at Lender's option may declare all of the sums secnred by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shell be entitled to collect in such proceeding all expenses of foreclosure, inclnding, but not limited to. reasonable attorney's fees. and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I-en,ler~s accrlrrat~un of the sums secure) b}• this Mortgage, Borrowrr shall have the right to have anv prcxredings Ixgun hs Lrnder a+ enforce this Mortgage discontinued at any time ~~~340 P~LE~4Q6 _ _ _