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Home My WebLink About0932 , . . , • . ~ • - I.enJer's writlen agreement o~ applicable law. Borrowtr shall pay the amouni of all mortgage insurance premiums in the manner provideJ under paragraph 2 hercof. Any amaunts disbursed by Lcnder pursuant to this paragraph 7, with intercst therean, shal) become additiona) in~btednecc i~f Borrower secun.~d by ~his Mortg•rge. Uhlecc Borrawer anJ 1.enJer agrce to other tertns of paymenl. such amounts shall he payable u{~n notic~ f~om I.tndcr to 8~r~uwrr reyuesling pa}•mcnt thc~eof, and shall bea~ ioto~est from the dalc of disbursemcnt at the ratc payahlc from timc to time on outstanding principal under the Natc unless payment of interest at such rnte would be contrarv to applicable law, in which event such amounts shall hear interect at the highest rate - permissible under applicable law•. N~~Ihing contained in this paragraph 7 shall requirr I.ende~ ~o incur any expense or take any action hereunder_ 8. laspection. i.ender may makr ar.au~r to t+e made reasonable rnlriec u~n and '+nspections of /he Property, provided that l.ender ~hall give Borrower nc~ticr pri~~r !o any such inspec~ion specifying n3sanabk cause therefor related to I.ender's intcrest in thc Pmpcrty_ - 9. Condem~atbo. The pnxecdc of any award or claim for damaecs, direct or concequential, in rnnnectian with any rondemnation or other taking of the Property; c.r part thereof, ~r for ronveyance in lieu of conekmnation, are hereby ascigned anci shall be paid to i.ender. In the event of a total taking of tFx: Propcrly. thc pr.xccdc chal) be applicJ to ~he sums securcd by this Mortgage. with the ercess, if any, paid ro Borrow•er. In ~he evcnt of a partial taking i~f the Pmperty, unless Borrower and I.ender ' otherwix; agree in writing. therc shall t~e applied tc~ thr ~umc s~.-curcd h~• lhic Mortgage such proportion of the proceeds as is equal to th:~t pro~rtioo which Ihc am~~unl of thc cume Kcured b~~ this Mortgagc immediatel~• prior to the date of faking bearc to the fair market value of the Pro~xrt~• immediatcly prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Properly is abandoned hy Borrow•er. or if. after notice h~~ t_ender to Borcower that the condemnor ofTers to make an aw~rd or settfe a claim for damage~, Bi~rrc.wer faih re.pond to l.ender within 30 da~^s after the date su~}~ onticr is mailed. I_ender ic authorind Io collect and apph• ~he procerdx. at l.ender's option, either to restoration or repair of the Propcrtp or to the sum~ scrtucd hy Ihi~ M~~rtga¢c. Unlesc 1_enJer and Bormwer olher~~icr acree in ritine. am• ~uch appliration of prcx~eeds to principal ~.fia~l riet ert~~d or postpone thc due date ~~f the momhh• ins~allmrms rcferrcd to in par~graphc 1 and ~ hercof or chang~ thc a~anunt of such installments. 10. Borrower Not Releaced. Exlension c.f ~he time for payment or modificatic?n of amortization of the cum, secured by this Mort~age granted b~• I.ender t~• am• wrceccor in inter~~t of Rorrower shall no~ operale to rclt•ase. i~ any mar~ner. the liability of Ihe ariginal Burrower and &~rmw~~r'c sucrex,ore in interest. l.ender shall not he requirrd t~ cc~n~mence proceedings against such success~r or refu~e tn e~ten~ time tor payment or otherw~iK modity amartizat~on ot ~h~• wms secured by this Mortgage by rcacon uf :~m• dcm:md made b~~ the ori~inal Rorn,K•er and Borrower s socce~~orc in inicre~t_ 11. Forbearance by I,ender Not a Wairer. :~m f~•rhearanre M• I.ender in erercising any right or remcdy hercunder, or otherwise afforded hy applicable faw. shall not he a waiver of or preclude the exercise of an~ such right ar remedy. The procurement of insurance or the payment of tax~w or other liens ~x charges by I.ender shall not he a waiver of l.ender's right t~• aceclerate the maturity of the indehtcdne~s cccund hy thic Mortgage. 12. Remedies Cumulative. All rcmediec provided in this Alortgage are clistinct and cumtdative to an}• other right or remed~• under this Mortgage or afi~~rdcd hy la~~ or eyuily. and ma~• be exercised rnncurmnth•. independently or sucressiv~ly. 13. Successors and Assi~ns Buund; Join1 and Sereral I.iability; Captions. The covenants and agreements herein contained shall bind, and the riRhtc hemunder shall inurc to_ the rccpective succecsors and acsigns of Lender and Borrower_ subject to"~he provisions of paraQraph 17 hcrcaf. All rnvcnants and agreementc of Borrowcr shall hc j~int and teveral. The captions anJ headings of Ihe paraeraph~ ~.f thi~ ~1lortgage are for coovenience onl~• and are not to he uced to interprct or define the provisionc hereof. ' 14. Nolice. Except for any noti~c rcyuircd under applicahle law~ to be given in another manner.. (al an}• notice to Borrawer provided for in lhic Morteaee shall he givcn h}• mailing such notice b~~ certified mail addresced to Borrc~~rer at the Property Addretis or at ~uch other addrec. as B~~rrow~er mav de~ignate b}~ notice io i.ende~ as provided herein, and (h) am• natice ta Lender sh•rll he gi~~en M• certified mail. retum receipt reque~ted. to l.ender t addresc stated herein or to such other address as l.ender ma~~ dteienate b~• n~tire to Borr~wer as pro~•ided herein. Any notice provided for in this Nortgage shall be deemed to ha.c hcrn ei~~cn to B~rrow•cr or Lcnder when given in the manner designated herein. 15. L,Tniform Mort~a~e: Go~•ernin~ i,aw; Se~erabilil~•. Thi~ form of mortgage rnmbines uniform covenants for national use and non-uniform co~•enant~ with limited variatianc M~ ji~ricdiction to rnnstitute a uniform security instrument covering ~ real property. .This Martgage shall tk govcrned h~• the lau• of the jurisdiction in which the Property is located In the ~ event that any provision or clauce of Ihiti Morlgace ~~r the ltote conflirts w•ith applicable law. such conflict shal) not affect ~ other provisions of this Mortgage or the Nc~te which can. fx gi.•en effect without the conflicting pm~•ision, and to this end the provisions of the Mortgage and thc ~otr arc drel~red to he severable. t 16: Borrower's Copy. BorroK•er shall be furni~heJ a conformed copy of the Note and pf thic Mortgage at the time ~ of execution or after recordation hereof. ~ 17. Transfer of the Propert~~; Accumption. If al{ ~v an~• part of the Pre~perty or an interest therein ic sold or trantferred ~ ~ by Borrower without Lender's prior writtrn ronu:m, e~cluding (al the en:ation of a lien or eneumbrance sohordinate to ~ this Mortgage. (hl the creaUon of a ~ur~hak m~~nr~• .ccurit~• interest for household appliances, (c1 a tran~fer h~• devise. deccent or by operation of law upon the ~Ieath of a j~~~nt tenant or (d~ the grant of am~ leasehold interest of threr }~car~ or les~ not containing an option to purchase, I.ender ma}•, at I ender'~ option. declare all the sums secured hy ihis :1lortgage to be immeJiatel}' due and payable. I.ender thall hacr N:urrd .urh option to accelerate if. prior to the ~ale or transfer. (.ender and the person to whom the Propert~~ i~ t~. be ~a1J .~r transferrcd reach agreement in writing that the crcdit of such petson is satisfactory to Lender and that the interr~t payable on the sums u:cured by this Mort¢age shall be at such rate ac I.ender ~ shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's Luceessor in ~ interest has exec~ted a written assumption agreement accepted in writing by [_ender. I_enJer shall releace Borrow•er from all ~ obligations under this Mortgage and the Note_ - ~ If I.ender exercises such option to acce{erate. I.en~er shatl mail Borrower notice of acceleration in arcordanc~ H ith ~ paragraph 14 hereof. Such notice shall provide a pericxi of not less than 30 days from ihe date the notice is mailed w•ithin which Borrower may pay the sums declared due. If Borrower fails to pay such soms prior to the expiration of cuch peri~xl. ~ Lender may, without further notice or dcmand ~,n 13orrower. invoke an}~ remedies pcrmiued by paragraph IR hercof. s: ~ ~t Nox-UtvtFOrent CovExeNTS. Borrower and t.ender further covenant and agree as follows: ~ 18. Acceleration; Remedks. E:cept as prorided in para~raph l~ hereof, upoa B•xrower's brcacb of aay coreaant or agreemeat of Borrower ia this Mortgage. includin~ tl~e rnvens~nts to pay when dne any sn~s secnred 6y this Mortgage. [.eader ~ prior to accelerstbn s6a11 majl notke to Borrower as provWed in paraqtaph 14 6ereof specifyiog: (1) t6e brescb; (2) the action ~ reqnired to curc suc6 breach; (3) a date. not le$ than 30 days from the d~e flie notice i4 mailed to Borrower. by which suc6 breach must be cared; aod (4) lhat failure fo curc such breach on or before t6e datt spec~td io the notice may result in ~ accekration of tbe saa~s secured by this Mortgage, foreclowrc by judiciai proceedi~ and sale of the Property. 71~e notice ~ ~ s6a11 Wrther inform Borrower of the riqht to ninstate after accekration and the right to assert ia tbe forecbwre proctedtng ~a tbe non-existence of a defauk or aay other defense of Borrower to accekration and forecbsure. if the breacb ~s oot cnred on or before the date specified in t6e ootice. Lender a! I.ender's option may declare all ot the snms stcored by thk Mortgn~t to be ~ immediately due aad payabk wittant furiher demand and mav foreclose t6is Mortga6e by judkial proceedin~. I.ender shali ~ be eotitkd to ~cotlect ie suc~ proceeding all e:penses of foreclosurc. includiag, bnt aot limited to, reasoaa6le atturney's fees. aod costs of documentary evideoce, abstracts aad titk reports. ~ 19. Qorror?er's Riabt to Reiestate. Notw•ithstanding Lender s accekration of the sums secured by th~s Mortgage, Borrower shall have the right to have any proceedings begun hy I.ender to enforce this Mortgage discontinued at any time ~ ~ ~ ~ ErkK2~5 ~A~E 920 - ~s ~ - Y ~ _