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Home My WebLink About1054 . Lender's written agroement a spplicabk kw. Borrower shall pay the amount of all mortgage insurance premium: in the manner provided under paragraph 2 heroot. Any amounts distxtrsed by Lender pursuant to this paragraph 7, with interest thereon. shall become additional indebtedness of Borrower secured by This Mortgage. Unless Borrower and !.ender agree t0 other ternts of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thOrebl, and shall bear interest from the date of disbursement at 111e rate payable from time to time on outstanding principal under the Note unless pa}rrrttxtt 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 !:ender to incur any experae or fate any action hereunder. >L Inspecdor, render 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 Larder's interest in the Property. 9. Conderswattow, The proceeds of any award or claim for damages. direct or consequential, in rnnrtection 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. - ln 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 Fender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds 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 tale market value of the Property immediately prior Io the date of taking, with the balance of the procseds . paid to Borrower. - - if the Property is abandoned by Borrower, or if. after notice by Lender to BorMwer that the condemnor cries ta mate- an award or xttk a claim for damages. Borrower faik to fe"spond to Lender within 30 days after the date such notios is mailed, Lender is authorized to collect and apply the proceeds, at LendePs option, either to restoration of t+epair o[ tM Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shag not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change tfte amount of such installments. lA. Eorrower Not Released. Extension of the time for payment or moditkation of amortization of the sums secured 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 Bc?rrowe~ c successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwix modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearatsee cry [.eeier Not aWaiver. -Any farhearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. -shall not tx 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 i.ender's right to accelerate the maturity of the indebtedness secured by this Mortgage. - 12. Res~edies Ctiursdatlvte. -All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or aQorded by law or equity, and may be exercised concurrently, independently or :uccessirely. • 13. Successors swtl Asrigus Ilouwd; .Tout aed Seveeal t.iabNtr; Capfioas. The covenants and agreements herein contained shall bind, and the rights hereunder shall incug to. the respective successor and assigns of Lender sod Borrower. subject to the provisions of paragraph 17 hereof. A11 covenants and agreements of Borrower shall be join and several: The pptions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to lk used to interpret or define the provisoes hereof. 14. Nodee. 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 ccrtitled mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein, and (b) any notice to [.ender shall he given by certified .mail. return receipt requested. to i-ender's address slated herein or to such other address as Lender may designate by notice to Borrower ss 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. Uwitonts Mort • Gove . gage. Lsw: Severabilit .This form of mdrt a rrtrlt y combines uniform covenants for ratans! g fK III use-and non-uniform covenants with limited variations by jurisdiction to corutitute a uniform security instrument Douai real r ~ ~ p operty. 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 shalt not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to this end the provaions of the Mortgage and the Note arc declared to be xverable. - lf. 1lbrrowa's Cery. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time i ~ of execution or after recordation hereof. - 17..Trarder of tree Tr~oMerty; Asurrwptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written conxnt. excluding (al the creation o[ 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. descant or by operation of law upon the death of a joint tenant or (d) the gent 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 Stich option to aceekrate if, prior to the sale or transfer, Lender - and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit- of such person is satisfactory to Lender and that the intcr~•st payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers sucoeswr in interest has exceuted a written assumption agreement accepted in_ writing b7+ Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. 1f Lender exercises such option to accelerate, Lender shall mail Borrower notics of acceleration in accordanc-c with 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 wms declared due. if Borrower fails to pay such sums prior to the expiration of -such period: I Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph t8 hereof. Mort-UNIFORM CaveNnt+rs. Borrower and Lender further covenant and agree: as folbws: lg. Accdesatkr Rerreiiea, IEseept as provided tw Nragrapb 17 Itersot, ts~ow llorrrwera rseaer of cry corewawt K `t agreetwert of liorrrswer r• dtis MetAgage. iwet~rg Ire ceewasrts to t~ wrsw dtse am wROS sesrnci y tYa Mafgage. [.ewher ~ prior a acesiesatlow Seel sptl notice fo >tornwa w prorNN M pragrs'r 14 retreaft speelf'yiags (1) Iro rseee~ (2) ere aetMw spaietl ta etss+e tttrelt Meael~ (3) r tWtt. rot lac Ira. 3• days fro. the date dte netkt it tssailed N llornwer. y wrier suer rreaer sarst k etsrei; anti (q Irat faptrre a erne wee rre«r ou a< retore ere date spseMetl b ere wotiee nay result r ~ acederatlew et Ae wear seetnsd y dtis Mortgage. tereelown b jralehl w~oesedirg a¦tl sale at Ire rrepcrsy. 'nee ootiee sraB trrtrer iwtorrs liostrowes of ere right w rriwsfaK after ecctikratiow and ere right ta assed i• ere totroelasrtro gsoeeaitg Ire roe-e:istewce at a de[arN or arsy etrer ieterse oft llorrewer Ie rcceleratbr aw/ roreeiosrrr. 1! Ire rlreaer is tsot errsd or or bdort ere Ia1e goetisi V ere tsodee. Lewder N I.ewier's opiow way riselRre ai oft ere wtws seertrsd ry trla Mortppe >r 4 isaedinlely dtse awtl-psyaile wNros>t tsatrer dcurand awd way toreelae tris Mertsttgs rT' jrtlkW gsecoe~. Lender ~ be ewfldstl t• terser i• aver Neteeliwg aB e:pewsa of tetaclosrre. Iwerrtiirg. ref wet firritsl N. seasewerit! stturrter's fees. ~ Dads a ioea.ortary svitlerte, aMtreels sett! Tide reverts. 1!. >torsowa's Rat N RRirtAate. Notwithstanding Lender's aooekration of the- stems secured by thy: M.xtgage, Borrower shall have the right to have any proceedings heEun by Lender to enforce this Mortgage discontinued at any 6me g~oK 341 PACE 1054