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Home My WebLink About0409 , ' • , Leader's written agroeo4cnt or appiicabb law. Horrowe~ yhall pay the amount o[ afl mortsage insurance premiumt in the maa~cr providod under paragnph 2 heceo[, Any amounts disbursed by I.ender pursuant to this panaraph 7, with interat thercon. sha11 become additionai indebtedness of Borrowe~ secured by this Mongage. Unlcss Borrower and l.e~der agroe to othu ternu of psytaeM~ such amounts shall be payabk upo~ ~otice fram I.e~de~ to Borrowcr tequesting paymeo{ t1~of. ~md shall btar inte~est from ihe date ot disbursement at ti~e ratc payabk from time to time on outstanding principal ueder the Note. u~less payment of interat at such nte would be contrary to applicabk law, in which event such amounts shall bear interest at the hiahest nte permissibk unde~ ap~Ticabk law, Nothiog contained in this paragraph 'f shall rcquire,I.ender to incur any expeme or take any action hereunder. a. I~apectlo~, i,ender may make or cauu to be made rcasonabk eotriec upoo and inspeCtions of the Property. providod . that I.onder shall give $orrower nMice prior to any s~~ch inspoction spocifying rrasonabk cause there(or rclated to Lender's interest in the Froperty. 9. Coodaawtba. The proceedc of any award.or claim for damages, direct or consequential, in connection with any condemnation or oti~er taking of the Property, or part thereaf, ar for conveyance in lieu oE coridemnation, are hereby assignetf and shall bc paid to Lcnder. in the cve~t af a total taking of the Propcny. th~ procceds chall be applied to the sums securcd by this Mortaage, with the ~zcess. if any, paid to Borrower. In thc event of a partial taking of the Property, u~less Bornuwer and Ler~der otherwise agree in writirtg, therr shall bt applied to ~he sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of ~he sumc secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceecls paid to Borrowe~. if the Property is aba~doneel by Borrower, or if, after notice by I_e~der ta Bormwer that the condemnor oflera to make an award o~ settie a claim for damages, Borrower faik ta respond to i_ender within 30 days after the date such notice is mailed, Lende~ is authorized to collect and apply ~he p~oceeds, at l.ender's option, either to ratontion or repair of the Property or to tF~e sums ~ecurcd by f6is Mortgage. Unless Leoder and Borrower othenvicc agree in N•riling, any such application of proceeds to principal shall ~ot extend ' or postpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount of ~ ~ _ :r;•,~!:-t°^__- r~ 10. Eorro~ Nof Releated. ~xtension of the time for payment or modifrcation of amorlization of the sums secuml - tiy this Mortgage granted by I_ender to any cuccessor in interest of Borrower shall not aperate to release, in any manner, ~ the liabiliry of the original Borrower and Bc~rrowc~c successon in interest. Lender shall not be rtquired to commence proceedings against such succescor or retuse to e<tend time for payment or othervvise modify amortization af thr sums secured by this Mortgage by reasc>n of arty~ demand made by the original Borrower and Borrower's s~~ccessors in intr~t_ I1. Rorbearance by I.eader Not a Wsiver. Any f~rhearance by 1_cnder in e~ercising any right or remedy. hereun~. , or othenwrise affiorded by applicable law, shall not he a waiver ,of or preclude the exercise af any such right or- remedy_ The procurement of insurance or the payment af taxes or other liens or charges by i.ender shalt not be a waiver of Lender's right to acceterate the maturity of the indehtedness sece~red hy this Mortgage. 12. Remedies Cumnhtire. All remecii~ pmvided in this Mortgage arc distinct and cumulative to any o~her right or remedy under this Mortgage or aBorded hy law or equity, and may be exercised concurrently, independently or successively. ' 13. Seccessors ~nd Assi~ss Bound: Join1 aad Sererai (.iaWi~ty; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure ta. the respective successors and assigns of Lender aod Borrower. subject to the provisions of paragraph 17 hcreof. All covcnants and agreements of Borrower shall be jcury and several. The captions and headings of tfie paragraphc of this Mongage arc for conve~ience onSy a~?d are n:,t ta 3se ineri io interpret or defioe the provisions hereof. 14. Notke. Except for any notice mquired under applicable law to be given in another manner. (a) an~ notice to Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mai) addressed to Borrower at the Property Addrtss or at such othcr address as Borrower may designate by notice to T.ender as provided herein. and (b) any notice to Lender sha11 he givcn hy certifice! mai1, retum receipt rtquested. to I.ender s addrGSS stated herein or to ~ such other address as Lender may dcsignate by notice to 8orrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have becn gi~•en to Bc~rrower or 1_ender when given in the manner designated herein. 15. Uniform MoKR~;e; Governin~ Iaw; Severab~'litv. This farm of mortgage combines oniform covenants for national use and non-uniform covenants with timiteJ variations b}~ jurixd'ection to constitute a uniform security instrument covering real property_ This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the event that any provision or clause of thic Mottgage or the hote conflicts with applicable law, such conflict sfiall not atfect other pravisions of this Mortgage or the Nc.te w•hich can be given efi'ect without the conflicting provisio~, and to this end the provisions of ~he Mortgage arrd the Note are Jeclared to be severable. ~ . 16. Borrowe~s Copy. Borrow•er shall bc furni~hed a conformed copy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. - 17. Traasfer of the Properfv; Assumption. if alt or any part of the Property or an interest therein is sold or transferred by Borrower~vithout Lender's prior wrincn consent. ezcluding 1a1 the creation of a lieo or encumbrance suborJinate to this Mortgage. (b1 the creat~on of a purch~.c m~.ne~~ cec~rity interest far househotd appliances, (c) a transYer hy devise, descent or by operation of law upon the death of a jaint tenant or (dl the gran~ of any lease6old interest of th~ee years or ies~c not containing an option to purchase, [.ender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately dne and payable. I_cnder shall have ..aived such option to accelerate if, prior to the cale or transfer, i.ende~ and the person to whom the Property ic to bc ;oIJ or transferrcd reach agrcement in writing that the credit of ~uch pcr~n _ is satisfactory to I.ender and that the interr.t pa}•able on the sums secured by this Mortgage shali be at such rate ac I.ender shalt requtst. if Lender has waived the option ta accelerate provided in this paragraph 17, and if Bonower's successor in interest has executed a written assumption agreement accepted in writing by I.ender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender txercises such option to accelerate. 1_ender chalt mail Borrower notiee of acceleration in accordanc~ u~~h paragraph 14 hereof. Such nottce shaN provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. lf Borrower fails to pay such sums prior to the expiration of wch pericxi, I.ender may, without further notice or demand on Horrower, invoke any remedia pcrnnitled by paragraph 18 hereof. Nox•Urr~FOxM CoveNeHTS. Borrower and Lender funher covenant and agree as follows: 18. Accekrdioe; Remedks. E:cep ae pmvidcd ia parag~~ 1? ~re~. ~pus ~ss~~r~s lssesc6 :st say cQYe~t ar a~reemeot of Borrower in thts Mortt~e, ineludin~ tlx co~eaaats to pay a6cs d~e any anms secsred by N~[s MortRa~e. Lender prior to sccekratbo sbal! mail notke to Eorrower as providcd in psnarapi~ 14 bereot spetil~: (1) tbe b+escb; (2) tbe sction reqQksa to corr sacb bresc~; (3~ a date, sot less tban 30 dafs irom t~e date tMe notiee b 4a8ed to eorrower. by ~bkh sur~ breac4 m~ut be c~rsd; sod (4) thaR failure to cure such bresch o0 or betore the date spec~ted in tbe notke may resWt ia sccekratio~ of tre ~rs secorsa by t6ts Mort~a~e, ro.~n ~ ~oak~ a~d sak of tbe ~operty. The notice s6aB frrtlxr iwfor~o 6orrower of tie rigbt to reiastate affer acctkr~atioa sad tbe ~gh! to ~sert h~ tbe toreclosure ~oeeedia~ tbe aoe-ex~steacs of s defaidt or my otber defense of sorrower to sccckratbe and forecbwre. N tre 6resci Is aot cnred on ~ or betore the dsh speci8ed ~ tbe notice. Lender at [_ender's option may declare aM ot N~e srn~ secored by t6is Mort~a~e to be Lomediately due snd payabk witAoW inAher demand and may forcclose tbb Mo~a~e br jadkitl procte~in~. Leoder cbaN be eatkled to coltect iw s~ procecdin~ a~ e:~reeses of loreclosu~e, ~ac~odin~. brt ~~ted ta reaso.s~te m~nn~y's fees. : asd tasts of dot~asewh~ry e~ideece, abstracts sod litk repor~s. 19. aorrowa's R~~t to Re~tata Ndwilhs~anding !_endtr s acceleration of the sums securcd by th~s M~rtgage, - Borrower shall have Ihe right to have any proceed~ngs he~un hy t.ender to enforce this Mongage diseontinued at any timt " 6CRN 2a3 p~~E 409 ~ . . - _ - - - - ~ Y _ - - - - - - ~ = ~ - ~ µ '~~'~a~ ~ ~ Y. r ~ ~ - • , -a~-~