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Home My WebLink About0970 I.ender's vvritten agreement or appli~able luW~. Borruwrr shall pa~• the amuunt of all mortgaye insur~nce premiiims in the manner provided ;~nder paragraph 2 hereol. Any amounts dishursed by Lender punuant to this paragraph 7, w~ith interest there~n, shall ~come additional ind_b~edness .~f fiurrow•er secured hy 1hi; !~lort~2age. t!nle.. Borro~~er and 1_en~er agre~ to o:her terms ef payment, such amounts shal) be payable upon notice f~um Lcnder to Borrow~r reyue~ting pa~~ment thcreof, and ~hall hear ~htetest from the date of disbur:sement at the rate payahte from time to time on outstsnding principal under the Note unless payme~t of intercst at such rate wauld he cont~ary to applicable law•, in Which event ~uch amounls .hall bear interest at tfie highest rate permissible unde~ applicable law. N.~thing contained in this paragraph 7 shall require I.ender to i~cur any expense or taYe any action hereunder. 8. Inspeetion. i_ender may make or cause to t~e m~de reaconahle ~ntries upon and inspections of the Property, provided that Lender shall give Borro,Ner notice prior to any such inspection ,pecif~•ing rcasonable cause therefor related to l.ender's interest in ihe Property. 9. Cnndemnatbn. The prckeedc of any a~•ard or claim for damages, direct or concequential, in connection with any condemnation or other taking af the Property, or pan thereof, ar for conveyance in iieu of condemnation, are hereby assigned ai~d shall be paid to I.ender. in the e~•ent of a total taking of the Propcrtq. thc proceeds chall be applied to the sums seci:red by this Mortgage. w~ith the excess, if any, paid to BorroH•er. In thc crent of a partial taking of the Property, unless Horrower and I.ender otherw•ise agree in writing. there shail be applied to the sums secur~:d by this Mortgage such pro~wrtion of the proc~eds as is equal to that proportion which th~ amount of the sumc .ecured by this ~tort~agc immcdiately prior to the date of taking bears to the fair market ~•aluc of the Propertp immediatcly~ prior to the date of taking, w~ith the balance of the prxeeds paid to Borrower. If the Property is ahandoned b}~ Borrow•er, or if. after notice hy I_ender to Borrower that the condemnor oPfers to makt an award or settle a clai~~ for damages, Borrower fails to rc+~n~ to Lender w~ithin lQ da~•s after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at I.ender's option. eitf~er to restoration or repair of the Pr~pert~~ or to the sums secured h~• this Mortgage. Unlesc Lende~ and Borrower othen~~iu agree in .+~riting. an~• such applicat;on of pnkeeds to principal shall nci extend ar post~ne tAe due date of the monthly installm~nts referred to in paragraphs 1 and 2 hereof or change the amount of such _ installments. 10. Borrower Nof Released. E~tension of the time for pa}•ment or rr:odification of amortization of the si~ms secured by this Mortgage gr.~nted by Lender to am~ successor in intere~t of Borrow~er shaU not operate to relcase, in any manner, the liability of the original Borrow•er and Bormwer's successors in emerest. I.ender shall not be required to commence proceedings against soch successor or refuse to extend time far paymeM or otherw~ise ~nodify amortization of the sums secured b}• thic Mortgage h~~ mason of ant~ demand madc b~• the oriQinal Borrower and Borrower s succescors in interest. 11. Forbearance by L.ender 1ot a Waivcr. An}• fnrhearanrc h~• I_ender in exercising am~ right er remedy hcreunder, o: othenvise afforded by applicahle law•, shall not t~ a waiver of ~r preclude the exercise of any such right ar remedy. The procurement of insurance or the payment of taxes or othzr liens or charges b~~ i_ender shaU not be a~aiver of I.ender's i right to accclerate ~he maturity of the indebtedness securrd h~~ thic rlortgage. ~ l2. Remedies Cumulative. All remedies pro~~ided in this 1ltortgage are distinct ~:~3 cumulative to any other right or remea~• under this Mortgagc ar afforded h~• law~ or equity. anJ may he c~cr•_ised concurrently, independeml}• or successively_ . 13. Successors and Assi~;ns Baund: Joint and Se~•eral i.iability; Captions. The covenants and agreements herein contained shall hind, and the riQhts hereunder shall inure t~. the rcspective successors and assigns of I_ender and BorrcWer, subject to the provisions of paragraph 17 hcreof. .All ro.•cnants a~d aereement~ ~f Borrow•er shall be joint and several. The captions an~i headin~s of the paragraphs of this ~Tortg:~gc are fcr convenience only and are not to used to ~ interpret or define the provisions hereof. ' 14. Nofice. Except far any notice required under ~pplicahie la« to be given in another manner, (al an~~ notice to Borrower prmided for in this ~iorteaee shall be gi~~en h~• maili:?g such notice b~~ certified mail addressed to Borrou•er at the Property Addresc or at such other addrec~ as Borm~•er ma~~ desigr~ate b~• notice to i_ender as provided herein, and (b) an~~ notice to I_ender shall be givcn b}• certificd rnail. rctum reccipt requested. Ic [ ender s address stated herein or to such other address as I.ender ma}• desigrate b}• notire t~• Bormuer as procided herein. .An~~ notice provided for in ihis ~ Mortgage shall be deemed to ha~e b~en given to 9orruw~er or I_ender ~~hen gi~~en in the manner desienated hcrein. i 15. Uniform MoriRa~e: Go~•ernin~ Law•; Severabilih•. Thi~ forrre of mortgage combines uniform covenants for national I :ise and non-uniform crn•enants With limited variation~ h~• jurisdiction to const~tote a uniform security enstrument covering real propert~~. This Mortgsee shall t?e governed h~~ the lau of the juric~fiction in w~hich the Property is lcx.ated. In the E ev=r~t that am~ provision or clause of this 111ortgaee or the \ote canflictt w•ith applica~,le law-, sueh conflict shal) not afiect I other provisionc of this Mortgage or the Notr ~~~hinc ~an be gi~~en effect ~viehout the conflirting pro~~ision. and to this ~ end the procisions of th•r Mortgage and the tiotc are Jcclared to he se~~erable. ~ .6. Borrower's Copy. Borrower shall be furnished a cor.formed copr of the Note anc~ of thi; Morteage at the time ~ of execution or after recordation hercof. l7. Transfer of the Properf~; Assumption. If all or an~~ part of the Pmpert}~ or a~ intcrest therein is sold or tran~ierred ~ by Borrow•er w~ithout Lender's prior w~rittcn rnnsent. e~cluding la) the creation of a lien or encumbrance suborJinate to this Mortgage. Ih) the creation ~f a purchase money ~ecurit~~ ~nterest fc.r houceh.~ld appliances. fcl a trantfer b~• devise. ~ descent or by operation of law ~.ipon thc death ~~f joint tcnant or f.1~ thc grant of an~• Icasehold intcrest of thrce }•ears or less not containing an opti~n to purchase. I_ender may~, at 1_ender'~ ~pu.~n. declare all the sums sec~ired h}• this ?1lortgaee to be +mmediateh• due and paya'~lc. Lender shall ha~•e ~+ai~•ed .uch optian m accelerate if. prior to the sale or transfer. I.ender and the person to whom the ?ropert~~ i; to be sol~ or transferrrd reach agreement in w•riting that the creJit of such person is satisfacton~ to i.ender and that thc intercst pa}•ablc on the sums secured b~• thic Mortgage shal! be at such rate as Lender shall request. If l.ender has wair•ed the option to accelerate prn~~idcd in this paragraph 17, and if Borrower's successor in interest ha~ Pxecuted a written ass~mption agreement accepted in writing by i_ender, i_ender shall release Borrou~er from all obligations under this Mortgsge and tne Note. If Lender exercise~ such option to accelerate. Len~er tihall mail Borrouer notice of acceleration in accordance ~~ith paragraph f 4 hereof. Such notice shall provide a periocf ~f not less than 30 da}~s from the date the notice is mai!ed within w~hich Borruw~er ma}~ pa~~ the sums deciared due. If Borro~+er fail~ to pa~• such tums prior to the erpiration ~f such period. I_ender may. w~ithout farther notice or demand on Borrower, in~~oke am remcdies permitted b}• paragraph iR hereof. ~ Nox-UxtFORH CovFV~x-rs. Borrower and Lender further covenant and agree as follows: 18. Accrleration; Remedies. Exc~pt as pro~~ided in para~raph l7 hereof. upon BorroweTs breach of any- covenant or ~ agreement of Borrower in this'~tortgage, includin~ the co~enants to pa}• s~hen due any sums secure~d by this Mortgage, Len~er ~ prior to acceleration shall mail notice to Borrower as pro~ided in para~raph 14 hereof s~ecifying: (l) the breach; (2) the action ; requind to cure snch brerrch; (3) a date. not less than 30 days from the ~xte the notice is mailed to Borrower, by whech such w breach musi he cured; and (4) that failare to cure such breach on cr before the date specined ia the notice may rault in ~ ~ scceleration of the sums secured tiy this Mortgage. forrclosure by judiciai proceedin~ and sale uf the Property. 'il~e ~otice ~ ~ shsll further inform Borrower of the right to reinstate after acceleration and the right to ~sert in the foreclosure proceeding the non-existence of a default or any othrr defense of Bonower to acceleration and foreclosure. Tf the breach is not cured on ~ or before the 3ate specified in the notice. Lender at Lender s option ma~• dreiare all of the sums secured by this Mortgage to be immediately due and payable without further de~oand and maJ foreclose this Mortgage by ~udicisl proceeding. I,ender sh~ll be entitled to cottect in such proceeding all e:penses of forec~osure. inclu~ing, but not limited to~ reasonabie attorney's fees, and costs of documentary ev~dence. abstracts and title reports. 19. BORAWtC'S Right to Reiastate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shalf have the right to have an}• p:oceedings begun h;~ Lender to enforce this Mortgage discentinued at any time ~ ~ 447 Pa~~ 970 t ~ - ~ ~ -