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Home My WebLink About0313 . _ ~ i.ender i written agreement or applicable law. Borrower shall pay the amount of ai) morigage insurance p~emiums in the manner providcd undet parag~aph 2 hereof. Any amounts disbursed by I.endcr pursuant lo ~his paragraph 7, with interest thercan, shal) bccame additional inJebtedness ~~f Borrower secured by this Mortgage. Unlec~ Borrower anJ l.ender agree to other tertris af payment. such ~ amoiints chall bc payablc u~n noticc from I.cndc~ to Borrowc~ requcs~ing payment the~cof, and chall bear interest from the date of dichursement at the rate payahle from time to timc on outsta~ding principa) under the Note unless payment of ~ interest at such rAte wou~d be cont~ary to applicable law, in which event ~uch amounts shall bear interest at the highest rate ~ permiuible under applicable law. Nalhing contained in this pa~agraph 7 shall rcquire i_ender to incur any expense or take any action hereunder. ~ S. Inspectioa. I.ende~ may make o~ cause to he made reaconable entrie~ u~n and inspectians of the Property, provided that I.ende~ ~haq give Bonower notice priar to any such inspectian specifying reasonable cause therefor related to Lender's interest in the Pmperty. 9. Condemaation. The pr~reedc of an~~ award or claim for damages. direct or cansequential, io connection with any rnndemn~tinn rr c~ther t~king ef the Pre~erty. r~ ~art therr^E, r.~ ~ce ee~nve~ s.^.:c in lieu of _ondem~3tion, are hereby assigned and shall hc paid ~o Lender. 1 In ~he eveot af a total taking of the Properly. Ihe prcxeedc ehall he applied to the sums secured by thic Mortgage, with the ercess, if any, paid ta Borrower. In thc evcnt ~~f a partial taking of the Property, unlecs Borrawer and Lender oth~rwise agree in writing, therc shall be applied Io the ~ums securcd by thic Mortgage such proportion af the proceeds ` as is equal to that proporiion which the amouM of thc sumc ~ec~ired hy this Mortgage immediately prior ta ihe date of ; taking bcars to the fair market valuc of the Propcrty immcJiatcly prior to the date of taking, with thc balance of the proceeds paid. to Borrowcr. Tf the Property is abandoned by Borrow•er. or if. after notice hy !_endcr to Bormwer that the candemnor oPfen to make an aw•ard or settle a c!aim for damages, Bormwer fails to res~x•nd to Lender within 30 days aiter ihe date such natice is mailed. I_ender is authorized to collect and apply ~he proceeds, at l.ender c option, either to restoration or repaer of the Propcrty or to the sums securcd M• this Mor~gagc. Unless l.ende~ and Barrow~er otherH~icc agree in ~riting, any surh application of prc~ceeds to principal shall not eztend or postpone thc due date of thc manthl~~ installmcnts rcfcrrcd t~~ in paragr~phs 1 and 2 hereof or change the amouM of f such ins~allments. • 10. Borrower Not Rekased. E~teosi~n of ~hc time for payment or mc?dification of amortization of the sums secured by this Mortgage granted by i.ender to am• succecu~r in interect of Borrower ~hall not operate to release, in any manner, the liabilit}~ of the original Borrow•er and Borrow•er'c succec.ort in interecl. I.ender shall not he rcquired to commenee proceeJings against such successor or refu~e to erte~J time for pa~ment or othen~~ice modify amortization of the sums Setur~J by thi~ Mortgagz by rcasc~n oi am• demand madr b~~ the ori¢inal I3orrow•er :ind Ri,rrowers succescors in iMerest. ~ 11. Fnrbearance by I.ender~Not a R'9i~•er. Am~ f~•rFx:arancr b~• Lcnder in erercising an~• right or remedy hereunder, or ' othervvise afTordecl hy applicable law. shall .nc?t he a wai~~er of or preclude the exercise of an~• such right or remedy. The procurement of insurance or the payment of iaxcs or othcr liens or charges by I_ender shall not bc a w•aiver of l_enders rigM to accclcratc thc maturity of thc indchtcdnc~s cccurcd M• thi. MortgaRc. ' 12. Remedies Cumulative. All remedies prm~ided in this Mortgage arc distinct and cumulative to any Mher right or reme~y under this Mortgage or atTorded by law i~r equity. anJ ma~~ he exercised concurrentl~•. independenN}~ or sucressively. ~ 13. Successors and Assi~ns Bound; Joint and Se~eral i.iability; Captions. The covenants and agrcements herein f contained chall hind, and the riRhts hereunder shall inure to, the respective successors a~d acsigns of I.ender and Borrower, e - sobject ro the pro~•isions of paragraph 17 hcreof. All rnvcnams and agrecments of Borcower shall tx joint and severaL ' The captions anJ headings of the paragraphs of thic Mortgage are for convenience only and are not to be used to # interpret or define the provisions hereof. # l4. Notice. Except for any notice rcyuired under applicaMe law• to be given in another manner. (a) any notice to ~ Burrower prmided for in this Mortgage shall he given b~• mailing such notice by cer~ified mail addressed ta Borrower at ~ thc Pmperty Address or at such other addresc as Bormw~er ma~r designate by notice to l.ender as provided herein, and ~ (hl any notice to Lender shall be given by certificd mail, retum receipt requested. to l.ender c address stated herein or to s such other addresc as I_ender ma}• designate bv notice tc. Borrower as pro~~ided herein. Any notice pravideJ for in this ~ ' Mi,r~gage shall he deemed to ha~~e tsccn Riven to Bor~owcr or 1_cnder w•hen given in the manner designated herein. ~ 15. Uniform Morf~age; Governin~ Iaw; Severability. This form of mortgage combines nniform crnenants for nalional ~ use and non-uniform rnvenants w~ith limited variations M• juriseliction to constitute a unilorm s~.~curity instrument covering rcal property. This Mortgage shall be governed h~• thc law of the juriccliction in which the Property is located. in the event ~hat any pmvision or clause of this Mortgaqe or the Note conflicts with applicable law. such conflict shall not affect rnher provisiuns of this Mortgage or the Note which can be given efiect without the conflicting provision, and to this end thc provisions of the Mortgage and the Note are ~Icclared ta be scverable. ~ ' • ' 16. Borrowe~s Copy. Borrower shall he furnished a conformed copy of Ihe Note and of thic Mortgage at the time of execution or after recordation hereof_ ~ 1~. Traacter of the Property: Assumption. If all or an}• pan of the Property or an intercst therein is sold or transferred by Borrower without I.ender's prior written rnncent. excluding (al the crcation of a lien or encumbrance subordinate to thi~ Mongage. (b1 the creation of a purchase money cecurit}~ interest for hoiisehold appliances, (cl a transfer by devise. descent or by operation of law iipon the death of ~ joint tcnant or (d1 ~he grant of any leasehold interest of three years or less = nut rontaining an option to purchase, Lender may, at Lender's option. declare all the sums secured by this Mortgage to be ~mmediately due and payable. Lender shall have K'JtYCd such oplian to accelerate if. prior to the ~ale or transfer, I_ender and the peru~n ro whom the Pmperty is to be sold or trans(erred reach agreement in writing that the credit of such person f saticfacton° to i.ender and that the interest payable on the sums secared by this Mortgage shall be at such rate as Lender chall request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ntcrest ha~ executed a written assumption agreement accepted in writing by t_ender, Lender shall release Barrower from all `~!igations under this Mortgage and the Note. If 1_ender exercises such option to accelerate. I.ender tihall mail Borrower notice of acceleration in accordanee with .~ragraph 14 hereof. Such notice shall provide a periocl ~f not Iess than 30 days from ~he date the notice is mailed within ni •F. Borrower may pay the sums declared due. (f Borrawrr failc to pay~such sums prior ta the expiratio~ of such period, ~~~r may. withoot further notice or clcmand on 13orrower. invokc an~• remedies permittecl by paragraph 18 hereof. NON-UNIFORM CO~'ENANTS. BOffOWCf altd I_Cf1/~Ci fUflFlCf COVCR8I1l and agree as follows: ; IS. Acceleratieo; Remedks. Ezceq as pro~-ided in parn~rnph 1~ bereof. upoa Borrower's breach of aay covenaot or agrcement of Borrower in this Mortgsge. includin~ the covenants to pay when doe any sams secnred by tbts Mottsa~e, Lsnder prior to accekratlon s6a11 majl notice to Borrower as pmvided in paragrap6 14 6ereo[ specifyiug: (1) the breac6; (2) tbe actlon ' required to curc snch breacb; (3) a date, not les tban 30 days fmm the date the notlce b maGled to Borrower, by whkh sucb ' breach mwt be cored; and (4) tbat failurc to cure such breach on or before tbe dste specified jn the notke msy rsstlt in accckntion of t6e sau~s secured by t6i4 Mortgage. forecbsure by judicial proceedius and sale of t6e Property. 'Ibe pMice shall turther ieform Bomower of the right to rci~tate after acceleration and the ri6ht to asse~t in t6e torecbwre ~mceedis~ ` the non-existeace of a detank or any other defe~e of Borrower to accekratioa and forecbwre. If the breac6 b oot cored oe . or before tbe date speci~ied in the notice, i.ender al Lende~'s option may declare a0 of the sums secored by thk Mort~a~e b be immediately dne and payabk wit6oot further demand and may foreclose Wk Moriga6e by jndicial procetdjo=. Lender shall ; be entided to coilect ia socb procceding aB e:peases of foreclosore. facludius, bot not limited to, reawaable sttornef's tees, . and costs of docomentary evidence. abstracts aod tNk reportt. ; 19. Borrowe~s Ri~t to Reinst~te. Notwithstanding Lender s acceleration of the sums securcd by ihis Mortgage, Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinuod at any time 253 rbc~ 313 ~ E::~ ~ n ~ _ - - - - : . ~