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Home My WebLink About0523 Lcnder'c wriucn agrrrm~nt or applirable luw. l3urruwer shall pay the amount of a:l mottgage insurance prcmiums in the mannrr pr~~vidcd under paragraph 2 hereoi. An~• amuunts di+bursed bp l.ender pursuant t~? this p:tragraph 7. N•ilh int~rest there~~n, chall l~ec~~me additional in~lchteJne,ti ~~f H~,rrower securcd by this Morlga~;e Unle~c Bur~u~vcr and LcnJrr agree to other termc of payment, cuch am~~unt~ shal) hc pa~•ahlc uM~n nu~irr from I rndrr t~~ li~~rrowrr rcyur.~ing paymcnl Ihereof, and shall bcar intcrest from the Jate of di~bursement at the rate payc~hlc h~.m time io Iime un outstanding prinripal u~der Ihe Note unles.c payme~t af interest at such rate would he contrar~• t~ appliraMe law, in H•hirh evem such amounts chall bear intere~t at the highest rate perrrissiblc underapplicable law. Nothing a~ntaine~i in thic• paragraph 7 ehall require I.ender to incur any expense or take :my action hcrcundcr. . ~ 8. Inspeclion. 1.ender may mal.c ur cau+c t~~ txr madr r~a~anaMc emriet upcm and ins{~tioas of !he Pmperty, provided that Lender zhall give Rorrower n~1i~e pri:~r to :~m~ ~urh in~~x~~iun ~pecitying nasooable cause therefor related to I.ender's int~rrct in thc Pmpc~ry. 9. Condemnation. The pn~red~ of :~m• :~H:?rd ~~r claim f~~r dama~~~c. .iirrct or rnncequential. in connection with any rondemnati~n or other taking c~f the Pn~{xrry. ~.r pa~t therr~~f. ~~r f~~r a~n.~ey:~nce in lieu oF condemnation, are hereby assigned and ~hall hc paid to I.endcr. - In Ihc c~~cnt of a total takin~ ~f thr Pre.~xrty. ~hr ~nkccds ~h:ill hc arplicd t~ ~he ~ums sccurcd by ~his Morigage. aith the rrcecs, if any, paid t~ Aorm~~cr. In thr r~~rm ~+f a partial ta~.in~ uf Ihe Pmperty, unlecc Rorrower and I.ender otherwi~~ agr~~ in w•ritine. therc chall he applie~i ti• thr wm~ ucurcJ h~~ ~hi. Mortgage cuch pro~rtion oF the proeteds as i~ equal to that prc~~x,rtion which thr am~•unt thr wm. ururcd hr thi. ~1~rtgagc immediatcl~• prior to the dale af taking t~ears to the fair market value of thr Pro~xrtv ~mmr.liatet~• prior to the d:ite of taking, with the halance of the proceeds paid t~ Borrower. 1f thc Property ic abandoneJ h~• BormHCr, rr if. :~flrr ni~ticc h}~ 1 cndcr to BormH•er that thc condemnor offers to makt an :~w~ard or settle a claim f~r damacr~, B~~~rrwr~ f:~il. t~~ rr~{xmd ti~ Lender u~ithin ?0 da~'s after the date such nMice is m~iled. l.enJer is authori7ed to collert and a~rl}• th~ prcxccd~. a~ Lender's ~{.tion. cither to rectoralion or repair of the Propcrh• or to th~ sum~ ,rcurccl h~• ~hi~ \t~~rttia~r. , l?nlesc t_ender and Borrower Mherv?•i.r agrcr in ~~ritine, an~~ ~urh applira~ion ~f proceedc to principal shall not ertend or pcxtEx~nc thc duc da~c of thc moothl~ imtallmrn~ti rrfcrn~d to in parakraphe 1 and 2 hereof or changc thc amount of cuch inctaltmerttc. • 10. Borrov?er Nof Released. E:xtcn~ii~n c~f thr timr f~~r pa~~ment or modification of amorNzation of the sumc securcd hy this Mortgagc granted hy Lcn~lcr t~ am• ~ucrr,wr i+i intrrc.t of Borma•cr shall not oFx:rate to rclcasc, in any manner. the liability of Ihe original Bormwer and Borro~.rr'~ sucres.~~rc in int~rest. l.ender shall not he mquired to cammence ~r~.crcdings against such succetsor or refu:r r~trn~l timr for pa}~ment ~r otherv?'ite me?dify amortization of the sums ce,urrd M thic Mortgage hy rcas~~n o! am drmancl made b~ thr ~~rieinal Borro~ver and Rixrowers succes~ors in interest. 11. ~orbear~nce 6y I.ender Not a N'ai~•er. Am f~~rtxarancc h~ Lender in erercising an~• rigM or remedy hereunder, or ~~thera•ise af~urdeJ hy applic:~hle law. tih:~ll n~~t ix a Waiver of ~~r preclude the exercise of an~ such right or remedy. Thc prcxurement of insurance or the paymcnt ~,f ta~rt ~~r other licns or charges by i.ender shall not he a µ~aiver ~f I.enJer's right t~~ accrlerate the maturity of the indeMrdnr.~ ~ecurrd h~~ Ihi. '~1ortgage. 12. Remedies Cumulative. All rcmedicc prc.~•idcd in thiti Mortgagc arc distinct and cumulativc to am~ other right ar reme~iy under this Mortgage or affarded hy law• ~.r eyuit~~. and mac tx c~ercikd concurrcntl~•. independentl~~ or succe~sively. 13. Succecsors and AssiRns Bound; Joint and Se.eral I.iabilit}; Captions. The covena~is and aereements herein cantaine~l thall hind, and the riRhts hereunder .hall in~ire te.. the recpective surcetieors and as~iene of l.ender and Aormwer. subjecl to the pr~visions of paragraph 17 hercof. :VI rov~nants anJ agreemcnts of BorroK•cr shall tk joint ~nd tie~eral. Thc captions :?nd headings of thc para~raph. i•f t~i, ~lortgagc arc f~~r rnnveniencc only and arc nc~t to hc used to intcrpret or define the provisions hereof. ~ 14. Nolice. Except for any notice rcyuircd un~ler applirablr la~s ti~ t~e given in another manner. (a1 an}• notice to Borro«~er pmvided for in lhis :4lortgage shall lx gi~•~n h~• mailing w~h notice b}' certified mail addresced to Borrower at the Property Address or at such other addre.~ as R~~rr~~~acr ma~• de~ignatc hy notice to [.ender as provided hercin. and (b) am• notice to I_ende;r shall hc gi~~en M• cerlifi~J mail. rctum receipt requected. t~ I endere adJress stated herein or to suck other address •rs I.ender ma~~ desienate M• notire t~~ Borr~~ver as pra~~ided hercin. Any notice provided for in this Mortgage shall he deemcd to ha.•c been givrn to B~rr.~wer or Lcnder ~~hen givcn in the manncr desigoated herein. 15. Uniform ltoriRa~e; Go~•ernin~ I.aw~: Se.~erabilih•. Thit f~~rm of mortgagc rnmbines uniform rnvenants for national use and ni~muniform covenantc with limite.i variati~m h}• juritidicti~~n to constitute a oniform security instrument covering « al pmpert~•. This Mor~gage sh~ll be go~rrned h~• thr law• of the juri~diction in which the Property ic Iocated_ In the rvent that any provision or clauce of thiti Mortga~e ~~r the \o~e conflicts w~ith applicable law, such conflict shal) not af[eM ~~ther pru~•isionti of thi~ Mortgage or th~ Notr which c:~n ~ givcn elTect without the conflicting pmvision, and to this ~ end the pro~-isionc of the Mortgagc anJ thr ~~~tc are ~Icclared ta he teverable. € 16. BorrowePs Copy. Bormwer ~hall hr furni~hed rc~nf~•rmcd copy of :hc I~3otc and of thic Mortgagc at the time `s ~~f cxecution ~r aftcr r~~ordation hcreof. ~ 17. Traacfer of the PMpert~; Assumption. If all i~r am• p:~rt of the Property or an interest thcrein is sold or transferred h~~ Borrow•cr without I.ender's prior w~rittrn conu;nt, c~cluding I:il the creation of a lien or enct?mhrance suherdinate to ~ ~ this Mortqage. Ib1 the creation of a purcha~ m~~ne~• krurit~• interest f~r household appliances. (c) a traresfer b}~ devise. dcucnt ~r by oEx:ralion of law upon the death c.f a t~~~nt tcnant or (di the grant of an}• Ieasehold interest of three years or less n~~t ..~ntaining an option to parchase, l.ender may. at I.rnder'. option, dectare all ~he sum~ secured by this 111ortgage to be •mm«liatcl}• due and payable. Lender shall have µ•~ivrd ,uch optiun t~ accelerate if. prior to the sale or transfer, I.ender ~ ~n:l the pcrson to whom the Propcrty ic to be soW ~~r transferred reach agreement in writing that the creJit of such perum sati~facton~ to LenJer and th.:t the interc,t papable on the sumc secured hy this !4torteage shall be at such rate as I_ender ~_h.e!1 request. If I_ender has wai~ed the opti~~n ta accelerate provided ia this paragraph 17, and if Borrower's successor in cre,t ha~ executed a written assumption agrcement accepted in writing hy l.ender, l.ender shatl releace Borrower from all ~~~~~ations under this Mortgage and the Note. ~ If I.ender exercises such option to accelera~e. I.en~er chall mail Borrower notice of acceleration in accordance with ~ ~ragraph 14 hereof. Such notice shall provide a peric?d of nnt lesti than 30 days from ihe date the notice is mailed within ~ i: ! Borr.~w•er may pay the ~ums declared due. If Borrower tails ro pay such sums prior to the expiration of ~uch period. ~ •.r ma}•, without further notice or demand ~~n 13orn~wcr, invoke an~~ remedies pe~miued by paragraph 18 hereof. ~ ti~~-U!viFOK~t Coverv:~rrTS. Borrower and I.ender further covenant and agrce as follows: 18. Accdemtan; Remedies. Except as provided in para~raph 17 hereuf. upon Borrower's bresch of any covenant or ~ a~reement oE Borrower in this Mortga~e, inclndi~ the co~enants to pay when due any sums secnrcd by th~ Mo~ase. Leoder ~ ~~rior lo acceleratioo shall mail notice to Borrower as provided in paragrapb 14 hereof specifyi~: (1) the brescb; (2) tde action ~ required to cure sncb breach; (3) a date, not less th~n 30 days from the date t6e aotice ts maikd to Borrower, by w6ic6 sne6 ~ breach must be cnred; and (4) Itwt failure to cure such breach on or beforc the date speci6ed in the notiee may resdt io ~ scceleration of tbe suu~s secured by this Mortgage. foreclosure by judicial proceedina and sale of t6e Property. 'Ibe notice ~ shall further inform Borrower of the right to reinstate aHer acceleration and t6e right to asaerf ia ttre forsclosure pr~oceed~g ~ the non-eaistence of a defauN or any other defense of Borrower to accekration and forecbsnre. If the b6esch is oot cured oa $ or before the date specified in the notice, Lender at Lender's option may declare all ot tbe soms secared by thb Mo~tga6e to be ~ immediately due and payabk without tnrther demand and mav foreclose this Mortgage by judicial proceeditg• Lender s6a11 be entitled to colket ie soch proceedir~ all e:peoses of foreclosure. includi~, but oot liwited to, reasonable attorne~s [ees, ~ and costs of docementary evidence, abstracts and ~itk reports. ~ 19. Borrower's Rig6t lo Reidstate. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage, ~ Borrower shall have the right to have any proceedings begun by I_ender to enforce this Morigage discontinued at any 6me ~ ~~:;~~~7 ~23 ~ . } . r~~a ~ : - ` ~ ~ ~'W -~b ~ ~ - - ~ . .