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Home My WebLink About0863 ~ ~ . ~ ~ . 1 Lrndrr's w~itten agrccment or applicabic law. Itorrowcr shaU pay ~hc amaunt o( al) mortgagc incurancc premiums in thc menr~er pruviik~l unde~ pa~agraph 2 I~ereof. Auy am~qmts di.hursrd by i_endc~ ~UfSU,1M c~ thic paragraph 7. vrith inti~c~t ~herron, sh~il tKrnmc addition:+l in.lrbtedncss ot Borrovirrr secureJ by ~his Alortgagr. Unle~.c BarroN•rr anJ l.endcr a~rrc to otl~cr terms of payment, such amounts shall be payablr upon ~otice from 1_ender to Rorrowcr rcquecting payme~t thcrcof, and shall bear inte~e~t from the ~ date rt disbursement at the rate ~+ayahlc from timc to limc on outstanding principal unccr the Notc unlesc payment of ~ intcrest at sikh ratc wauld bc contrah• to applicable law, in which event st~cfi amounts chall bca~ inte~cct at the highest ratc pern?issible under applicable la~v. I~othing contained in this pa~ag~~ph 7 shall require Lender to incur any expense or tako ~ any actiun hereunder. j 8. inspecffon. Lcnde~ may makc or causc to bc made rcasonabie ent~its upon and incpections of thc Property. pro~idcd i that l.ender shall give BoROwer notice prior to aoy such inspection ~pecitying reasonable caux Iherefor rclated to Lender's . inttrest in ihe Property. ~ 9. Condemnalion. The prcueedc of any award or claim for damages, direct or cc+nsequential, in connection v?ith an) ~ condem~ation or other taking of the Property, or part thercof, o~ for co~veyance in lieu of condemnation, are hersby assigned ~ and shall bc pTid to Lender. In the cvent of a total taking of the Property. the proceeds ~hall Me applied to the cums sccurcd by this Mortga~e. with thc czcess. if any, paid to Borrovee~. In 1he c~•cot of a partial taking of thc P~operty. unlecs Borrowcr and Lendcr otherwice agrze in writinK. there shall be apptied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion vehich thc amount of the sums sccured by this riongage immediately prior to the date of taking brars to the tair market value of the Property immediately pri~r to the date of taking, with the balance of the proceeds ; paid to Borrower. ~ ` If the Property is abandoned bp Borrower, o~ if, aftzr notice by I.ender to Borrower that the condemnor offen to make an award or settle a claim for damages. Borrower tails t~ r~pon~ to i.ender within 30 days after the date such notic~ is mailed, Le~de~ is authorized to callcct and apply the proceeds, at 1_ender's option. either to restoration or repair of the P~operty or to the sums secured by this Mortgage. Unless Lende~ and Borrov?e~ othenvise agree in wriling. any such application of proceeds to principal shal) not e!ctend or postpone the due da~e of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amc?unt of such installme~ts. 10. Bon+ovner Not Relcased. F.xtension of the time for payment or modiBcation of amortization of the snms secured by this Mortgage granted by Lender to a~y successor i~ interest af Borrower chall not opetate to release, in any manne~. the liability of the original Bonower and Bc+rrovee~ s saccason in interest. i.ender shall not be required to commence proceedings against such successor or nfuse to extend time for payment or othervviu modify amortization of ihe sums secured by this Mo~tgage b~ reason of any demand made by the ori¢inal Borrower and Borrower's successors in interest. l l. Forbearaace by Leader 1~'ot a~Vai~•er. Any forbearance by I.ender in exercising any right or remedy hercunder. or otherwise afforded by appticable law. shall not be a waive~ of or prcclud~ the exercise of any such right or remedy. Thr. procurcment of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness cecured 6y this Mortgage. ~2. RemedQes Cumulatise. All remedies provided in this I?iortgage arc distinct and cumulative to any other right or remecl~~ under this Mortgage or aRorded by iaw or equit~, and may be ezercisrd concurrently. indepen@entiy or successi.el,r. l3. Successors and Assigns Bound; Joint and Se.-enl i.iabitity; Captions. 77~e covenants and agreements hertin contained shall bind. and the rights hereunde~ shall inure to. the respective successors and assigns of Lender and Borrow~er. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and se~eral. 'il~e captions and headi~gs of the paragraphs of this Mortgage are for rn~venience oniy and are not to be used to int~rpret o~ de5ne the provisions hereof. ' Id. i`'utice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for i~ ihis I~fortgage shall be given b~ mailing soch notice by certified mail addressed to Borrow•er at the Pr~perly Addrcss o~ a! ~ucfi other address as BorroKer may designate bq notice to T.ender as provided herein, and a (b) any notice to Lender shall be given by certified mail, retum receipt requested, to I.ende~s address stated herein or to - such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in ihis ~ Mortaage shall be deemed to h•rve been given to Borrower or Lender ~vhen given in thc manner designated herein. ~ l5. Uwiform l?iortRage; Gn~ernin~ I.aw; Screrability. Th~s form of mortgage combines uniform rnvenants for national ~ USC 8~1~ OOO'UDUOffI1 CO~'Cnalll> WI~l~ IUiiuCai 'vaiiaii3i~S i~j jiiiiwie :w~ :O CB :S: ::::L ~ L`R:FQ:SY2 S~!.':~f!tY i~et~~~~?«?~ CAVE~IQV real propeny. This Mortgage shall be governed by ~he law of the jurisdiction in which the Property is located. In the ev~nt that any provision or clause of this Afortgage or ~he l~'ote conflicts with applicable law. such conflict shall not affect ~ other provisions of this Mortgage or the Note v?hich can be given efiect wi~hout the contlicting provision, and to this ; end ihe pravisions of the Mortgage and the Note are ckclared to be severable. l6. Borrower's Copy.. Borrower shall be furnished a conformed copy of the Alote and of this ~+fortgage at ihe time of excu~tion or atte~ recordation hercof. l7. Traaster of the Prope~ty; Assumption. If all ~r any part of the Pmperty or an intercst therein is sold or transferred by Borrower without I.ender's prior written co~sent, excluding (a) the creation of a lien or encumbrance suhordinate to ~ this !?3ongage, (b) the crcation of a purchase money security intcrest for household appliances. (c) a transfer by devise. desccnt or by operation of law upon thc death of a joint t~nant or (J) the grant of any Ir.asehold interest of thrce years or less ~ noi containing an option to purchase, Lende~ may, at Lender s ~ption, declare all the sums secured by ihis 1?fortgage to be immediately due and payable. Lender shall have wai~ed such option to accelerate if. prior to the wle or transfer. Lender ~ and the person to whom the Properiy is to be so1J or transfer~ed reach agreement in writing ihat the credit of such persen is satisfactory to Lender and that the interest payable on the s~m~s secured by this Mortgage shal! be at such rate as Lender shall requut. if Lender has wai~ed the option to accelerate provided in this paragraph 17, and if Borcower's success~r in intertst has executed a vrritten assumption agreement accepted in writing bx Lender. Lender shall rclease Borrower from all obligations under this Mottgage and the Note. ~ 1f Lender exercises such option to accelerate, Lender chall mail Borrower notice of acceleration in acrordance u~ith paragraph 14 hereof. Such notice sh:~ll pro~•ide a periocl of no~ less ~han 30 da~s trom the date the notice is mailed within w•hich Borruwer may pay the sums JeclareJ due. If Borrawer fails to pay such sums prior to ~he e~:piration of such period. Lender may, Nithout furthe~ notice or demand on Borrower, im•oke any remedies permittecl by paragraph 18 hercof. No~-L'ntFORnt CovExay7s. Borrower andt.ender furthzr co~•enant and agree as follows: 18. Acceieratioo; Remedies. Fxcept as pro~ided in par~Rraph 17 hereof~ n[wn Qorrov?e~'s breach ot any co~-enaot or ~ ag~eement of Borro~cer in this ~tortgage, intluding the co~enants fo pay Kl~en due an~ sums cecured by ihis 11Qortgage, i.ender _ prior to accderation shall mail nolice lo Rorr~w~er as pro~~ided in paragraph 14 hereot speciE}~ing: (1) the breach; (2) ihe action ~ required to cure wch breach; (3) ~ date. not less Ihan 30 da~s [rom the date Ihe notice is mailed to BorroKer, by vshich sucl~ breach must 6e rnred; and (4) that tailurc to cure such breach on or before the date speci6ed in tl~e notice may resuit in scceleratiun of the sums secured b~ this t?tortg~ge. foreclo.ure by judicia! proceedin~ and sale oE the Propcrty. 7~e nolice shall furtltier inEorm Rorrower ~f the right to rein.tate aftrr ~ccelrration and the ri~ht fo asseirt in the foreclos~sre p~oceedin~ . fl~e non•rxicttrtce of a default or any other defense of IiorroN•er to aecelrrAtion and Eoreclosure. lf Ihe breach is not cured on or before Ihe date speci6ed in the notice. [.ender at Lender s option may drelart all of Ihe su~n.s secured b~ this'.lfott~a~e to l~e immediatel~ due xnd p~yahte v?ithout turther dem~nd and mav foreclose this ?1lortg~~e hy judicial proceedin~. I.endc~ shall ~ be rnti0rd to cullect in such Qroceeding ~II ezpenses of foreclosurc. including. hut n.~t limited to~ reasonable attorne~'s fees. ~ and costs of docurt~enlary evidcnce, ~fntr~cls and litle reports. . ~ 19. Bormwe~'s Right to Reinstate. !~otw•i~hstanding LenJer s acc~leration of the sums ~ecured by this :ltortgage. BorroKer shall have the right to ha~e an) Prc+ccedings t~cun by Lende~ to enforce thi~ Mor~gage discontinued at any time # ~ . ; i f'~t PACE ~