The URL can be used to link to this page

Home My WebLink About0407 . Lc~der's written agn:emcnt or applirahle la~•. BorruHer shall pay the amount o[ all 'mortga~c insurance ptstniums in the manner pnwidcd under paragraph 2 hereo[. A~y amounts disbursed by 1_ender pur.uant to this paragraph 7, with intercst thereon, chall become additional indebtedness of Borr~~w~er secured by this Mortgage. Unlect Borroaer and LenJer agrce to other terms of payment, such amounts shall be papablc upon notirc from l.cnder to Borrowc~ ~eque~~ing payment there~~f, and ~hall hcar imerest from the date of disbursement at the rate; p~ypble: fmm time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which e~ent such amaunts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shaU require t.ender to incur any expense or take any action hereunder. 8. InspecHon. i_ender may make or cause to be made reasonahle entriec u~n and incpections of the Propeny, provided tliat l.ender shall give Barrower natice prior to any such insFx:ction specifying reasonable cause therefor related ta I.ender's interest in the Properiy. 9. Coademnation. The proceeds of any aWard or claim for damages. direct or concequential, in connection with any condemnation or other taking of the Property, or part the~cof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to l.ender. Tn the c~•ent of a total taking of thc ProFx;rty, thc pnxecds chall he applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrow~er. in Ihc event of a partial taking of the Property, unless Borrow~er and I.ender otherw•ise agree in writing. there shall be applied to the tums secuRd •by thic Mortgage euch proportion of the proceeds as is equal to that proportion which the amaunt of the sums secured by this Mortgage immediatel~~ prior to the date of taking bears to the fair market value of the Propert~~ immediatel}• prior to the date of Iaking, with the balance of the proceeds paid to Borrower. ~ If the Propen~• is abandoned b~• Borro.vcr, ar if. after notice by I.cnder to Bormwer that the condemnor ofiers to make an award or setde a claim for damagez, Borrower fails to res~nd t~ I_ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at t.ender s option, either to restoration or repair of the Propertp or to the sums sccured hy this Mortgage. Unless 1_ender and Borrow•er otherH~ice agree in ~~ritine, an~• such application of prc~ceedc to principal shall not extend or postpone the due date of the monthly installmcnts referred to in paragraphs 1 and 2 hereof or change the amount of such installments. I0. Borrower Not Released. E~tension of the time for pa}~ment or modificati~~n of amortization of the sumc securcd by this M~rtgage granted by I_ender to any tuccessor in intere~t of Borrow~er shall not operate to release, in any manner. the liability of the orieinal Borro~•er and Bc?rmw~er'c succcssors in interest. I.ender shall not be required to commence pmceedings against such successor or refuze to e~tend time for payment or olhen~•ice modif~~ amortization of the sums secu~ed hy thic Mongage b~~ rcason of an}• demand made b~~ the orieinal Bormwer and Borrower s succestors in interest. ~I1. Forbearance by I.ender 1\ot a Wai~•er. Am~ f~~rhearance b~• l ender in exercising an~~ right or remedy hereunder, or otherwise afTotdeci by applicable law, shall not be a waiver o( or preclude the e~ercise of any such right or remedy. The procurement of insurance or the payment of tares or other lienc or charges by i.ender shall not be a w~aiver of I_ender s right to accrlcrate the maturity of the indehtednecc ~erured h}~ thit Mortgage_ 12. Remedies Cumulative. All remcdies prm•idcd in this !~iortgagc arc distinct and cumulative to any ~ther right or remeJ}• under this Mortgage or afforded by law or equity. ~nd may he exerciscd con~urrentl~~, independendy or successively. 13. Sneceswrs and Assigns Bound: Joi~t and Se~eral I.iabilih•; Captions. The covenants and agreements herein contained shall bind, and the riRhts hereunder shall inure to, the rcspective successort and ascigns of I_ender and Borrower, subject to the pro~~isions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and se~•eral. The captions and headings of the paragraphe of this Mortg:~ge are for convenience onl~• and are not to be used to interpret or define the provi~ions hereof. l4. Notice. Except for any notice rcquired under applicable la~• to be given in another manner. (a) any notice to Borrower pmvided for in this Mortgaee shal) be given h~~ mailing such notice b}• certified mai) addresud to BormH~er at - the Property Address or at such other addre~c as Borr~w•cr ma~• dcsicnatc by notice to T.ender as provided herein, and (b) any natice to I_ender shall be given by certified mail, retum receipt requected. to I.ender s adJress stated herein or to such other address as I.ender may designate b}• notice to Borrow-er as provided herein. Any notice pmvided i'or in this vlortgage shall be deemed to ha~•e been given to Borrow~cr or Lender when given in the manner designated hcrein. . ~ 15. Uniform ;11oriRa~e; Governin~ I.aw~: Se~-erabilih•. This form of mortgage rnmbines uniform rnvenants for ~ational I use and non-uniform covenantc K•ith limited variations M• jurisdiction to rnnstitute a uniform securit}~ instrument covering ~ real property_ Thic Mortgage shall be governed by thr IaK• of the juricdiction in v?hieh the Property is Icxated. In the ~ event that any provision or clause of thi~ Mortgage c+r the I~'~te conflicts u~ith applicable law, such conflict shall not affect ~ other pro~~ision~ of this Mortgage or the Note ~~hich can be given effect w•ithout the conflicting provi~ion. and to this ~ end the provisi~ns of the Mortgage and the Notc :~re declared t~ be ~everablc. 16. Borrowe~'s Copy. Borrower shall be furnished a~onfornied copy of the Note and of thic l~tortgage at the time of executi~n or after recordation hereof. 17. Tronsfer of the Properf}•; Assumption. If all or am• part of 1hc Propert}• or an interest thcrein is sold or trancferrcd by Borrower without Lender's prior w~ritten consent. e~cluding (al !he creation of a lien or encumbranre suhordinate to thic Mortgage. (bl the creation of a purcha~e mone}• securit~• interest f~r household appliances, fcl a trans[er by devise. ~ dcscent or by operation of law upon the Jeath of a jc.int tenant ar (d? the grant ot any, Icasehold interest af three years or less not containing an option to purchase. Lender may. at Lender's optio~, declare all the sums secured by this Mortgage ta be ~ immediately due and payable. Lender shall ha~~e waived such option ~o accelerate if, prior to the ~ale or. transfer. I_ender and the person ro wham the Propert~• is to be soW or transferred reach agreement in wnting that the credit of such person ~ is satisfactory to [.ender and that the interest pa~•able on the sums secored b}• this Mortgage shall be at such rate as Lender ~ shall request. If 1_ender has waived the option to accelerate provided in this paragraph I7, and if Borrower's successor in interest hac executed a written assumption agreement accepted in writing by (.ender, I_ender shall release Borrower from all obligations under this Mortgage and the Note. ~ If I.ender exercises such option to accelerate. Lender shall mail Borrow•er notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period o( not Iess than 30 days from the date the notice is mailed within ~ w~hich Borrower may pay the sums declared due. If Borrower fails to pa~• such sum~ prior to the e!cpiration of such period, ~ Lender may, w•ithout further notice or demand on Borrow~er. ineoke am~ remedies permitted by paragraph 18 hereof. ~ ~3ox-UratFO~era Covex~NTS. Borrower and Lender further covenant and agree as follows: ~ 18. Acederatan; Remedies. Except as pro~~ided ia par~raph 17 hereof. upoa Borrower's breach of any coveaant or " agrecmeot of Borrower ia t6is Mortgage. including the covenants to pay when due any sumS secured by this Mortgage, I.ender ~ prbr lo acceleration s6a11 m~l notice to Borrower as provided in par~raph 14 hereof specifying: (1) the bresch; (2) t6e actioo ~ ~ required to cure such br+each; (3) a date, not less than 30 days from the date the notice [S mailed to Borrower, by whkh sach < brcach must be cured; and (4) tlwt failure to cure such breach on or beforc the date specified in the notke may resdt in ~ accekration of the snms securcd by tfiis Aiortgage. fonclowrc by judicial proceeding and ssle of tlx Property. 'Il~e ~otice 5 shall further inform Borrower of the right to reinstate dter acceleration and the ~ight to a~ert in the foreclosure proceeding tbe non-ecistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is nof cured on or before the date speci6ed in t6e noNce, Lender at Lender's option msy declare all of the sv~ secured by this Mortgage to be ~ immedlatety due and payabk without further demand and may foreclose thk Mortgage by judicial proceediug. Lender shall ':x be en6Ued to collect ia sucb pmceeding aU expeoses of forecbsure. including. but aot limited to, rcasonable attoroey's fees, ~ and costs of documeatary erideace, abstracts and Iitk rcporfs. ~ 19. Borrowe~s Right to Relnstate. Notwithstanding I.ender's acceleration of the sums secured by this Mortgage, ~ Botrower shall have the right to have any proceedings begun by i.ender to enforce this Mortgage discontinued at any time ~ ~`o~~ 294 ~~~E 407 , ~ . _ - - - - - _ ~ s - ~ _ _ = ~ ; . ~ ~ ~ . _ _ ~ - , ~ - ~ ~~~.°^~'a-~':;~'~..~.~-~`~~~-F- _ _ ~