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Home My WebLink About0594 . s ~ _r • Lender i written agreemeat oi applicable law.~~orrower shall pay the amount o[ all mortga~e insurance prcmium: in the manncr provided under paragraph 2 hereof. ; ; ~ ; ~ ; ' ' Any amounts disbuned by Leockr pursua~t to this parag~aph 7, with interest thercon, shall become additional indebtedneu of Horrower securcd by Ihis Mortgage. Unless Borrower and I.ender agrce to other torms of payment. such amounts shall be payable upon natice from !_e~der to Bor~ower rcquati~g paymeot thereof, and shall t~ear intcrcst from the date of disbursement at the rate payable trom time to time on ouhtanding principal u~der the Note unless payment of interest at such nte would be contrary to applicable law, in which event such amounts ~halrbear interest at the highest rate permissible unde~ applicable law. Nothing contained in this paragraph 7 shall rcqui~+e Lende~ to incur any eacpense or take any action hereunder. . ~ S. is~pecdoa. Lender may make or cause to be made reasonable entries upon and inspections of the Propetty, providcd that Lende~ shall give Borrower notice prior to any such inspection spceifying reatonabb cause ~herofor related to Lender's interest in the Property. . 9. CoademaaHoa. The proceeds of any award or claim for damages, diroct or consequential, in connectio~ with any condemoation or other taking of the Property, or part thereof. or for conveyance in lieu of condemaation, are hereby assigned and shall be paid to L.ender. In the event of a total taking of the Property, the proceeds shall be applied to the sums securcd by'this Mongage, with the excess, if any, paid to Borrower: ln thc event of a pahial taking of the Property, unless Borrower and Lender otherwise agne in writing. there shall be applied to the sums secured by this ~Iortgage such proportion of the proceods as is equal to that proportioa which the amount of the sums securcd by ihis Mortgage immediately prior to the date of taking bearo to the fair market value of the Property immediately prior to the date of taking, with the balance of the pmceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Bormwer that the condemnor affen to make an award or settle a claim for damaga, Borrower fails to respond to I_ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at I.ender's option, either to restoration or repair of the Propeny or to the sums securcd by ihis Mortltage. ~ Untas Lender and Borrower otherwise agree in writing, any such applicatioq of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hetrnf or change the amount of such installmeats. . ~ 10. Borrower Nof Released. Extension of the time for payment or modiftcation of amortization of the sums securcd by this Mortgage granted by Lender to any successor in interest of Bomower shall not operate to retease, in any manner, the liability of the original Borrower and Bc~rrower's ;uccesson in interest. Lender shall not be requiced to commence proceedings againu -such successor or nfeise to extend time for payment or otherwise modify amortization of the sums securcd by this Mortgage by reuon of any demand made by the original Borrower and Borrower's successon in interest. Il. Forbearaace by Lender Not a R+airer. Any forfiearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shalF nat t~e a waiver of or preclude the exercise of any such right or remody. The procurcment of insurance or ihe payment of texes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebted~esc seci~red hy this Mortgage. 12. Remedies Comulathe. All remedies provided in this Mortgage are distinct and cumulative to any ather right or rcmedy under this MQrtgage or atforded by law or equity, and may be exercised concurnntly, independently or successively. l3. Sacce~on aad Assi~as Bouad; loint and Several i.iabilify; Csptbas The covenants and agreements hertin contained shall bind, and the rights hercunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragrdph 17 hereof. All covenants and agreements of Borrower shall be jaint-and severat. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hercof. ~ 14. Notice. Except for any notice required under~ applicable law to be given in another mannet. (a) any notice to Borrower provided for in this Mortgage shal) be given hy mailing such notice by certified mail addressed to Borrower at the Pmperty Address or at such other address as Borrower may designate by notice to i_ender as provided hereio. and (b) any notice to Lender shali be given by certified mail, retum receipt requested. to l.ender's addrcss stated herein or to such other addr+ess as Lender may designate by notice to Borrower as provided htrein. Any notice provided for in this Mortgage shall be dtcmed to have been given to Borrower or Lender.when given in the manner designated herein. IS. UnUorm Mortgase; Governin~ Law; SeverabWty. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited ~ariations by jurisdiction to constitute a uniform security instrument covering ~ ' real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the ! event that any provision or clause ~of this Mortgage or the Note cc?nflicts with applicable law, such conflict shall~not aBect E other provisions of this Mortgage or the Note which can be given effect without the co~flic~ing provision. and to this ~ end the provisions of the M~ngage and the Note are declared to be severable. , 16. dorrower's Copy. Borrowe~ shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ i of execution or after recordation hereof. ' " ~ 17. Traasfer of the Ymperty; Assumption. If all or any part ot 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 or encumbrance subordinate to this Mortgage, (b~ the creation of a purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (dl the grant of any leas~hoid interest of three years or less - ~ not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or transfer, I.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person ~ is satisfa~tory to Lender and that the interest payable on the sums secured by this Mortgage shall be at s~tch rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borcower's successor in 3 interat has executed a written assumption agrcement accepted in writing by ixnder, Lender shall release Borrower from al! ~ obligations under this Mortgage and the Note_ If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdance with ~ paragraph 14 hercof. Such notioe shall provide a period of not less than 30 days from the date the notice is mailed within ~ which Borrower may pay 1he sums declared due. If Borrower fails to pay such sums prior to the eapiration of such period, 4 [.ender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. > NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: ~ 18. Accderatba; Reo~edks. E:cept as provided in para`raph 17 hereof, npon Eorwwer's breaci oF sny eareaant or ~ a`reemcat ot Eorrower m ttib Morf;sge, iaclndin~ tLe coveaaMs to pay w6en dne aey snms secnred by thk Mortsa~e, I.ender ' prbr to secekntbe s6aU mafl notlce to Bomower ~ provided in paraanph l4 bereof specif~: (1) tbe breac6; (2) t~e sctfoa ~ reqdrtd b cnre soc6 bresch; (3) a d~e, not leas tbsu 36 days tro~n the date t6e aotke b mailed to Borro~req by s6k6 wc~ ~ breac~ mo~E 6e cered; and (4) t6at hifare to care such bresch ou or before tLe date spect6ed b t6e aoHce ~wy nsak ia : ~ secdentbe ot t6e sams iecared by t6is Mort`s~e, torecbsnre by jodkid proceedi~ ~d sale of t6e Propert~. Tbe aotlce ~ ~ sball forther tnfono Eorrower ot the riaM to reinstate stlet ~ccekratlun asd tbe ri~t to a~ert ie tbe forecloau~e ~rocee~ie~ ~ tme noa-e:hteace d a deEaak or a~y ot6er defease of ~orrower to acceleratbn aad forecloa~re. If t6e bresc~ i~ not ce+ed oa ~ ~ or before t6e da~e speci8ed is tbe nMke, Lender ~tt Lende~'s opUoe may dechre ail of t6e ~ams seco~ed by thk Mwtsa~s to be ~ ~ ima~c~iatdy dae asd pa~abk wk6oat fnrtber demaod aod ~nay foreclose t6k Mortas6e bY jedicW Proeee~. Lender ~ ~ be ~tled to collect h socb proceedln` a8 espem~es of for~sclos~re, inctadio~, bnt not Udted to, rearon~ble altoree~'s [ees, ~ ana ~oits ot docamenfary e~Weace, abstr~cls and title r~eporb. f- 19. Borrower's Ri~bt to Reis~tMa Notwithstanding I.ender's acceleration of the sums secured by thia Mortgage. . ~ - Borrower shall 6ave the rig6t to have any procoedings begun by Lender to enforce this Mortgage discontinued at aoy time ~ k y ~ • . 80~ 287 ~ 59i ~ ~ ~ s~ ~ ~s ~ r _ - - . ~ ~ V-~~ ~ ~ . _s. ~ e+~Y." . . . -