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Home My WebLink About0844 . y . ' • ~ N~. ~~~.r 4 I.ender's written agn;ement or applicahte ~a~ Borr~wcr s~H pay the amuunt of ull mortgagc in+urance premiums in the manner provideJ under paragraph 2 hereof. Any amounts dishursed by I.endcr purcuant to this pa~agraph 7, with interest thereon, shall become additional inJebtedncss of Borrowcr secured by this Mortgage. Unletic BorroH•er a~d I.enJe~ agn.~e to other terms ~f payment, such amounts shall be payable u~n notire from Lender t~~ BorroH~.r reyucsting payment there~~t, and chall hear imerect from the datc of disbursement at the rate payable from time ta time on outstanding principal under the Nate unless payment of interest at such rate w•auld be contrar}• to applicable law, in' w~hich event such amounts shall bear interest at the highest rate ~rn~i3sibtr under applicabte iaw. N.~ihing contain~d in ihis paragraph 7 shall reqi~ire i.cnder to incc~r any expcnsc or takt any action hereu~der. 8. inspeetio~. 1_ender may make or cause to be made reaconable rntriec upon and inspection~ of the Propehy, provided that l.ender shall give Borrower notice prior ro any such inspection specifying rcasonable cause therefor related to l.ender's interest in thc Property. 9. Coademnafion. The pr~keeda of am• aw~ard or claim for damages, direc~ or cuncequent~al, in connection with an~• condemnation or other laking of the Property, or part thereof, or for convey.~nce in lieu of rnndemnation, are herehy assigned and shall be paid to i.ender. In Ihe event of a total taking of the Pmpert~~, the prcxeeds chall be applied to the cums cecured by this 1liortgage. with the eecess, if any, paid to Bormwer. l~ the e~•ent ~f a parlial taking of ~he Property, unlesc Rormwer and I.ender o~here•i~ agrce in writing. there shall he applied to the sums ucurcd h}• this MortRage such propartion of the prnceeds : .a ._e a5 cyuai iu inai N~v~x~~i~vu wiuci~ ii~r aeniruni ui inc ~u1in ~c~u~cu' uj iii~~ :•iv~iKugc ii~7i~iw~a~a.~~ ~.:i::7 . taking hears to the fair market vatue of the Property immediately prior to the date of taking, with the balance of the procee~ls paid to Borrower. if the Property is abandoned by Borrower, or if. aftcr miti.c b}• I.cndcr to Borrower that the condemnor offers to make aR awarc.~or settle a claim fo~ damages. Bormwer faih I~ rrs~nd to I_ender within 30 days after the date such notice is mniled. Lencier is authorized to collect and apply the proceeds. at l.ender's ~ption, either to restoration or repair of the Prc.~erty or to tht sums secured h~• this MortRage. 'Unless LenJer and Borrower othervvise agree in ~rr'rting. an}~ such application ~f proceeds to pri~cipal shall not extend or post~ne the due date of the monthh• instaUments referred to in paragraphs 1 and 2 hercof or change thc amount af cuch installments. ~ 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sum~ secured by this Mortgage granted b~~ l.cnder to any tuccec~~r in interett of Borrow•er shall not operatc ro release, in any manner, the liabilit~• of the origin:?I Borrow•er and Borrow~er'c successorc in interest. I.ender shall not h~: rcquired to commence proceedings against such successor or refuce to extend time for payment or otherwice modify amortization of the sums secured b~• this MartRage hy reason of any demand made b~• the ori¢inal Borrow~er and Barrower s succes~ors in inrerest. 11. Forbearance by i.ender l~of a Wai~•er. An~• f~rbearanre b~• I.ender in exercising any right or remedy hereunder. ot otherwise affordeJ by applicable law, shall not be a waiver of or predude the exercise of an~~ such right or remedy. The procurement of insurance or the payment of tares or other liens or charges by I.ender chall not be a H•aiver of I_ender s right to accelerate the maturity of the indehtedness ~ecured h}~ this Mortgage_ 12. Remedies Cumulative. All remedies ~ro~ided in this ~lortgage are distinct and cumutative to any other right or remeJy under this Mortgage or afiorded hy law• or equity, and ma~• he rrercised concurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Se~eral Ciabilih~; Captions. The covcnants and agrcements herein contained shall bind, and the riRhts hercunder shall inure to. the respecti~•e succe~sors and assigns of I.ender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreemeMs of BormWer shal) be joint and several. The captions and headings of the paragraphs of this Mortgage are for rnnvenience only and are not to be used to interprct or define the prrn~isions hercof. ~ 14. Notice. Excepi for any notice required ~~nder applicahle la~ t~ hc given in another manner. !a) an~• notice to Borrower provided for in this Mortgage shall be given b}• mailing cuch notice b}~ certified mail addresscd to Bormw~er at the Property Address or at such olhcr addreat as Borri~H•cr may designatc b~• rn~ticc to i_ender as pmvided herein, and (b) any notice to I_ender shall he given b~~ certified mail. rewm receipt requected, to Lender s address stated herein or to I; such other address as I.ender may designate b}• notice t~ Bormw~er as provided herein. Any notice provided for in this 'i Mortgage shaU be deemed to havc been given to Borrower or l.cnder ~~hcn gi~•en in the manner designated herein. ( 15. Uniform 111ortRage; Governin~ I.aw: Se~~erabilih~. Thi~ form of mortgage rnmbines uniform covenants for national use and non-uniform covenants with limited variations b~~ jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed h}~ the law of the jurisJiction in which the Property is located. In the event that any provision or clause of this Mortgage ~~r the l~ote conflicts ..ith applicahle law•. such conflict shall not affect other pro~•isions of this Mortgage or the Note ~•hich can be given efTect without the conflicting proeision. and to this E end the pro~~isions of the Mortgage and the Note are Jrclared to he severable. ~ 16. Borrower's Cop}•. Borrow~er shall be furnished a conformed copy of the Note and of this rlottgage at the time of etiecution or after recordation hereof. 17. Transfer of the Property; Assumption. tf all or am~ p.irt of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (al the creation of a lien ~r encumbrance sutx~riiinate to this Mortgage. (b) the creation of a purchase mone~~ Kcurit~• interest for household appliances. fcl a transfer by devise. descent or b}• operation of law upon the death of a joint tcnant or (d? thc grant of an~• Icasehold interest of three years or le~s not containing an option to purchase. I.ender may. at I.ender't option, declare all the sums secured by this Mortgage to be immediately due and payable_ Lender shall have w~aived ~uch option io accelerate if. prior to the sale or transfer. i.ender and the person to whom the Property is to be sol~ or transferred reach agreement in w~riting that the credit of such person is satisfactory• to [_ender and that the interest payable on the sums secured b}~ this Mortgage shall be at such rate as I_ender shall reyuest. If [_ender has waived the option to accelerate pro~•ided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in w•riting by I_ender, i_ender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercius such option to accelerate. Lender chall mail Borrow•er notice of acceleration in accordance with paragraph l4 hereof. Such notice shall provide a peri.~d of not Iess than i0 days from the date the notice is mailed within ~ which Borrower may pay the sums declared diie. If Borro~er fails to pa}• such sum~ prior to the expiration of such period. ~ ~ender may, without further notice or demand on l3orrow~er, im~oke any remedies permitted M• paragraph 18 hereof_ ~ ~ Nox-UNtFOR~t CovexeNTS. Borrower and Lender further covenant and agree as follows: ~ 18. Acceleratioo; Remedies. E:cept as provided in paragraph 17 hereof. upoa Borrower's breach of any covenant or ~ ag~eement of Borrovrer in tl~is Mottgage, includir~ tbe co~•enants to pay when due any snms securcd by this Mortgage, Lender prior to acceleratioa shaU mail notice to Borrower as provided in paragraph 14 hereof spccifying: (1) the breach; (2) lhe action ~ requircd to cure snch breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by whkh sucb ~ breach must 6e cured; aad (4) thaf failure to cure such breach on or before the date specified in the aotice may resdt in acceleration of the snms secured by tbis Mortgage, forcclosure by judicial proceedirq~ and sale of the Pmperty. 7Le notlce shall furt6er inEorm Borrower of the right to ninstate after acceleration and tt~e right to asse~t in tbe fqrecloevre proceeding s t6e non-eaistence of a defank or xny other defense of Borrower to acceleration and foreclosurr. If the breach Ls not cured on ~ or before the date specified in the notice. Lender at Leader's option may declare ap of the sums securcd by this Mortgage to be ~ immediately doe a~ payabk wit6out furtAer demaad and may foreclose this Mortgage by judicial proceediag. Lender shall be entiQed to coUect in svc6 proceedfng aD expenses of foreclosure. including. but not limited to, reasonabk attorney's fees, - and costs of documentary evideace, abstract4 ~nd title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings hegun by 1_ender to enforce this Mangage diuontinued at any time ~ ~ ~ ~ Bo~,« 286 ~ ~ -