The URL can be used to link to this page

Home My WebLink About0525 agreement or applicablt law. Borrowr~ shall pay the amount o( all mortRaRe ii~sur.u~ce prcmium+ in the ma~~ner prorided under paragraph 2 hereof. :~ny amoui~ts disbursed by l.endrr pursuant to this paragraph 7, witli intere,t the~~n, ~hall becomc additional i~- dcbtc~lncss of Borrower secural b~• U~ic \tor~Rage. Unless RormM~er and l.ender a~ree to other"term~ ot payment, such aniounts st~all bc pa~•able upon notice (rnm Lendrr to Borrower reryuestinR paymrot thrrcof, and ,hall 1>rar intercst t~om tlie datc ot disburscment at the ratc ~,ayablc (rom time to timc on ~utstandinR principal under thc ~ote uulccs payment ot interest at wch rate w~~uld he co~uran• to applicable law, in which e~•ent cuch amounts shall Ixar interest at the highest r.~te ~?ermiuible under applicable law. I~othing contained in this paraqraph 7 st~all require Ixuder to incur any expense or take any actio~ her~under. 8. laspeetioa. Lender may make or cause to be macie reasonable entries upon aud inspections o( the Property, pro- vielect ehat l.ender stwll gi~~t Borrower notice prior to any such inspection ~pecityinR reaa~uablr cauu there(or related to Lender's interest in [he Property. 9. Coodemnation. The prcxeeds oE an? award or claim (or damages, direct or con,equential. io connection with any • condemnation nr other taking o( the Properry, or part thtreol, or tor com•e?ance in lieu ot coudrmna~ion. are hereby as- siRned and shall be paid to Lender. In the e~•ent ot a total takinq o[ the Property, the praeeds shall be applied to the sums secured by this ~tortgaRe. Ni~h the excess, i( any, paid to Borror.e~. In the e~~ent o[ a partial taking o( the Property, unless BorroM•er and Lender otl~envise aRree in writinR, there shatl b~ a~~,liecl m tht sums secured b~ this \tot~qaee such ptoportion ot the proceeds a: ic equal to that proportion which the amount of the sums secured by this \(ortRaRe immediately prior to the date ot taking bean to the fair mark~t ~•alue ot [he Property immcdiatel~ prior to the date o[ takinq. Mith the balance o( the pro- ceeds paid to Borrower. If the Property is abaodoned by Borrowet, or if, atter notice by Lender to BonoMer that the condemnor o(Een to make an award or settle a daim tor damages, Borrower [ails to respond to l.ender within 30 days ~tter the date such notice is mailed, Lender is authorized to collect and apply tht proceeds, at Lender's option. eithet eo restora~ion or repair of the Property or to the sums secured by this \fortgage. • lJnless Lender and Borrower otherwise agree in writing, any such application ot proceeds to principat shall not extend ~>r postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereot or chanRe the amount o[ such inscallraents. 10. Borrower Not Releaxd. Ertension of the timt for pT~~ment or modification o( amortiration ot the sums secured by this \lort~ge granted by Lender to any successor in interest of BorroMer st?all not operate to release, in any manner. the liabilit}~ o( the orip,inal Borrower and BorroMer's successor~ in interest. Lender shall not be reyuired to commence prcxeeclinRs aRainst such successor or tefuse to extend time for paymene or otherNise m«iify amorti~ation o( the sums se- cured L~• this ~IortgaRe by reau~n of an}• demand made by the oriqinal Bormwer and RorroMCr's successors in interest. ll. Forbeannce br Lender Not a Waiver. Any torbearance by I.ender in exercising an}• right or remedy hereunder. or Qth~thi•e afforded br aPplicablt law, shall not be a wai~•er or predude the exercise ot an}~ such right »r remedy. "The proturement of insurance or ~he pa}~ment of taxes or ocher liens or charRes b~• Lender ~hall nnt bc a Nai~•er of Lender's riRht to accelerate the maturity oE the indebtedness secured by this \iortgaRe. 12. Remedies Cumulatire. All remeclies pmvided in this \tottRaRe are distinct a~id cumulati~•e to au~• other riRht or remech• uuder this ~iortRage or afforded b}' larr or eyuit}•, and mai• be exercised concurremir, independeutl~ r~r successi~•el}. 13. Succea~on and Aasigns Bound: Joint and Se~eral Liability; C~ptions. '1'he co~enants and aRreements herein containeei shal) bind, and the riqhts heteunder shall inure to, the respecti~•e cuccesx?rs and auigus of i.ender and BorroNer, subject to thc pro~•isions of paraqraph 17 hereof. all co~•enants aud aRteemcnts of BorroM•er shall bc joint aud se~~eral. The captiu~n and headings o( the paraqraphs of this ~(ortgage are for com•euience only and are not to be usecl to interpret or de(ine the pro~•isions hereof. 14. Notice. Except Eor any notice required undet applicable law to be ~{iven in another manner. (a) am• notice to BorroMer pro~•ided for in this \tortgage shall be qi~~en by mailinq wch notice b}• certi[iecl mait addretsecl to Borro~er at the Propert~ Address or at such other address as Borrower may desiq~iate b}• notice eo L.ender as pm~~ided herein, and (b) . any notice to Lender shall be gi~•en b~ certi[ied mail, reeurn mceipt requestecl, to I.encier's address scated herein or [o such other address as Lender may designate by notice to $orrower as provided herein. An~• notice procideci for in this ~tortqage sha11 bc dcemed to ha~•e been gi~•en to Borrower or Lender ~hen qi~•en in the manner designated herein. ~ - I 15. Uniform 11~ortgage; Governing Law; Severability. This form o( mortqaqe cambines wiiEorm co~•enants for na- ! tional use and non-uniform co~•enants with limited ~•ariations b~• jurisdiction to constitute. a uni(orm .ecurit~• instrument coeerinR real propert~-. This ~(ortgaqe shall be go~•erned b} che laN of the jurisdiction in which the Propert~- is located. f Tn the e~•ent that any pro~•ision or dause of this ~(ortqaRe or the \ote confliccs H•ith applicable law. such cmitlict shall not ; a[fect other prn~•isions of this liortRage or the \ote which can be gicen effece withnut ihe conflictinR pro~•ision, and to ~ this end the pro.~isions of the ~tortRaRe and thc ~ote are dedareci to be se~•erable. 16. Borrower's Copy. BorroMer shall be fucnished a c~~nformed cop~• o( the ~ote and of this \Iort~;age at the time ~ o( eaecution ot atter recordation hereof. - ~ 17. Tnna[er oE the Property; Assumption. If all or an} parc of the Property or an interest therein ic sold or trans- ~ ferred b~ Borrower Mithout Lender's prior written consent, excludinR (a) the creaeion of a lien or encumbrance subordinate to this ~IortgaRe, (b) the creation of a purchase money securit~• intere~e for household appliances. (c) a transfer by de~~ise. descent or b}~ operation of laM upon thc death ot a joint tenant or (d) the qrant o( am• leasehold intere~t o( three }•ears or less not containing an option to purchase. Lender may, at Lenders option. declare all the cums secured b}• this ~fortp,aqe to be immediately due and pa}able. Lender shall ha.•e waived such option t~ accelerate it, prior to the wle or trans[er. Lender and the person to whom the Propert} is to be sold or transterred reach aRreement in NritinR that the credit of such person - is satistactor}' to Lender and that the interest pa~~able on the sums secured by this ~tort~aRe shall be zt such rate as Lender shall request. I[ Lender has waived the option to accelerate provided in this paraRraph !7, and i[ Borroher's successor in interest has executed a written assumption aqreement accepted in writinR b~ I.ender. Lender shall release Borrower from all obliqations under this ~forcgaqe and the ~ote. I( Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance ~.ith ~ paragraph 19 hereof. Such notice shall provide a period of not less than 30 cia}•s from thc date the notice ix mailed within ~ which Borrow~er may pay the sums dedared due. If Borrower fails to pay such sumc prior to the expiration ot such period. ~ Lender may, without further notice or demand on Borrower. incoke an}' remeclies permittecl b}~ para~{raph 18 hereof. No!~-U~iFOxW Co~•exwr-rs. Borrower and I.ender further covenant and agree as follows: 18. Acceleration; Remedies. Except u pror•ided in paragraph 17 hereof, upon Borrower's breach of any co~enant or agreement of BorroMer in this Aiortgage, induding the covenants to pay whrn due any sums secured bp this Hortgage, ~ Lender prior to acc~leration shal) mail notice to Borrower u pro~~ided in paragnph 19 hereoi specif~ing: (1j the breach; ~ (2) the action required to cure such breach; (3) a date, not less ehan 30 days from ~he date ehe noiice is mailed to Borrower, ~ br which such brcach must be cured; and (4) t6at (ailnrt to cure such brcach on or be(ore ~he date specitied in the notice may ~ result in acctlention o[ the sams secured by this ~tortgage, foreclosure br judicial procceding and sale of the Property. The ~ notice shall further inform Bonower o[ the right to reinstate after accelention and the right to assert in the [orcclosure ~ praeeding the non-e:istence oE a default or ~n~ other defense of Borrower to accrleration and foreclosure. If the breach is not cvred on or hetore the date s~xciEied in ~he notice, Lender at I.ender's option map declart all of the wms secured by this 1lfortqage to be immediatel' due and parable without turther demand and may toreclose this ~tortp,aRe br judicial proceed- ing. L.ender shall be entitled to collect in such proceeding all expenses ot toreclosure. including, but not limited to, reason- abk attorney's fees, and costs ot documentary e.~idence, abstracts and title repnrts. ~ ~ - - ~ti,RK278 Pa~E 524 _ - _ ~ _ _ _ ~~ti~ ~ . _ . _ ~ =.~~r~~_-