The URL can be used to link to this page

Home My WebLink About0407 Lender's writl~'a`groeiaent or spplicabk law. Botrovrer shall pay thc amouot ot all mortgage insurance prcmiumt in tbe manne~ pwvided unde~ paraarapR 2 beroof. Aoy amounts disburied by i.eode~ pur3uant to tha paragr:ph 7, with iaterest thercon, sha!! become additiond . indebledness of Borrower secutod by ihis Mortgaae. Unlecs Bcxrawe~ and Lender agrce to oiher terms ot psymen~ such amou~ts shall be payabk upoo nWice from l.ender to Bomower reyuesting payment thercof, and shall bea~ interest from the date ot d'aburaetoent at the rate payabk from time to time on a~tstanding principal under the Note uniess paya~eat o[ interest at such rate wouid be contrary to applicabk faw, in which event such amounts shal! bear intercst at the hi~ nte permistibk under applicabk law. Nolhiog cantained in thia paragraph 7 shall rcquire I.ender to incur a~y eapetbe or taice any action hereut~der. . ~ S. I~epectio~. l.eader may make or cause to be made rcasooabk colries upon and inspoctions of the Property. q+ovided that Londc~ shall give Bonawer noti~Y pria~ to any such inspcction specitying rcaso~abk cause therefor related to Lende~'a interest in the Property. 9. Co~den~~slb~. The praceedc of any award or claim for damaga, direct ar consequential. in rnnnection with any coodemnation or other taking of the P~ropeny, or pa~t thereof, or fo~ conveyance in licu of condemoation. are hereby assigned ' and shall be paid to i,e~der. In the event of a total taking of the Pmpehy. the praceeds chall tx applicd to the sums sccured by this Mo~tgaae. with the excess, i[ any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and I~eader olherwise agroe in writing, ther+e shall be applied ta the sums secureci by this Mortgage such proportion of the pmceeds as is equal to that propottian w~hich thc ~mount of Ihc sumc xcured by this Mortgage immediatcly prior to the date of takina bears to tht fair market value of Ihe Propcny immediately prior to the Jate of taking, with the balance of the pmceeds paid to Borrower. If the Property is abandonecl by Borrowe~, ar if. aiter noticc by Le~der to BoROwer that the cortdemr~or o}fers to malte an awar~ or settle a claim for damages. Borrower fails Io respc~nd to l.ender within 30 days aiter the date such notice is mailed, I.ender is authorized to collec~ and apply the proceeds, at 1_ender s option, either to restoration or repair of the Propeny or to the sums secured by this Mortgattc. . Unless Cenckr and Borrowe~ othervvise agrec in w~riting. any such application of proceeds to principal shall not extend or postpone the due date of the monthly inslallments referrcd ta in paragraphs 1 and 2 hereof or change the amount of ` suc~? mstallnents_ ~ ' 10. dorro~rer Not Rekzsed. Extension of the lime for payment or modiRcation af amortization of the sums socurcd by this Mortga~e granted by I.ender to any ~uccccx?r in interect of.Borrower shall not operate to release, in any manner. the liability of the original Borrower and &~rrower'~ successorc in intercst. l.ender shall not be required to commence : proceedings against such successor ar rcfuse to ertenJ time for payment or otherwise modify amortizat~on of ~he ~~~ms secured by this Mortgage by reason o( any demand made by the oriQinal Borrower and Borrawer s u~ccessors in intercst. t1. For6eannce by Ltnder Not a~ Wairer. Any forhearanre by 1_cnder in exereising any right or remedy hereonder, or otherwisc afforded by applicable law. shall not 'be a waiver o( or preclude the exercise of any such right or temedy. The procurcment of iiuur$nce or the payment ot taxes or other liens or charges by I~nder shall not be a waiver ot Lender's right to accelerate the maturity of the indehtedness ceci~red hy this Mortgage. ~ i2. Remedfes Cnmulathe. AI! remoclees pravided in this Mortgage are distinct and cumulative to any other right or rcmedy under this Mortgage or afforded hy l~w ar equiey, and may be exercised concurrently, independently or successively. 13. Soccesso~s and Assi~as Bound; Jant and Sereral 1.iabiHty; Captions. The covenants and agreements hercin _ contained shall bind, and the rights hereunder shalt im~re to, the respective successors and assigns of Lender and Borrower. subjoct to the provisions of paragraph 17 hereot. All covenants and agreements of Borrower shall be -join~ and several. The captions and headings of the paragraphc of thic Martgage are for coovenience only a~d are not to be used to ~ interpret or define the provisions hereoL ~ ts. Notice. Except for any notice rcyuired under applicable law to be given in another manner. (a) any notice to Sorrower provided for in this Mortga¢e shall be given hy mailing such notice by cenified mail addressed to Borrawe~ at the Property Address or at such othcr address as Bormwer may designate by notice to t.ender as' provided herein. and (b) any notice to Lcnder shal) he givcn by certificd mail. return receipt rcquested. ro I.ender s addrrss stated herein or to such other address as Lender may desi¢~ate !~y nc?tice to Borrower as provided herein. Any aotice provided for in this Morigage shall be deemed to have been given to $orrower ar Lender when given in the manntr designated herein. iS. Uniform Mort~a~e; Governin~ I.a~r: Se.•erability. This (orm of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h~• jurisdiction to canstitute a uniform secority instrumeM covering real property. This Mortgage shal! be gaverned by the !aw of the jurisdiction in v?hich the Property is located. In the event that any provision or clause of thic Morlgage-~r the Note conflicts with applicable law, such conflict shall not afiect other provisions of this Mortgage or the N~~te which can be given effect without the conflicting pmvi~ion, and to this end the provisions of the Mortgage and the Nc.:e arc declared to be severable. l6. Eomower's Copy. 8orrower shall bc furni~hed a conformed copy of the Note and of this Mortgage at the time of execution or atter recordation hereof. l7. Transfer of t6e Propertv: Assumption. If all or aoy part of Ihe Property or an interest thercin is sold or transferred by Borrower without Ixnder's prior writtrn roosent. exclud'+ng (al the creation of a liea or encumbrance subordinate to this Mortgage. (b) the ereaUon of a purch~ce money cecurity interest for household appliances, fe) a transfer hy devise, descent or by operation of law upon the death oE a jo~nt tenant or (d) the grant of any leasehold interest of thrcc ycars or less not contai~ing an opiion to purchase. Lender may. at l.ender i option, dectare all the sums secured by this Mortgage to be immediateiy due and payable Lender shal! havc w•aived such option to sccelerate if. prior to the sale or transfer. I_ender - and the person ro whom the Property ic to be cold or transferred reach agrcement in writing that the credit of such person is satisfactory to Lender and that the interc.t payable on the sums secured by this Mortgage shatl be at such rate ac l.ender _ shall request. If Lender has waived the option to accelerete provided in this paragraph 17, and if 8orrower's successor in interest has exeeuted a written assumption agreement accepted in writing by Ixnder. Lender shall relea~e Borrower from all obligations under this Mortgage and the Note_ If Lender exercises such option ta accelerate, t_endcr shall mail Borrower notice of acceleration in accordancr ~.•ith paragraph 14 hereof. Such notice shall provide a period of not Iess than 30 days lrom the date the notice is mailed within which Borrower may pay the sums declared due. I! Borrower fails to pay such sums prior to the expiration of cuch peri~xt, _ L.ender may, without further notice or demand on l3orrower, invoke any remedies p~rmitted by paragraph 1R here~f_ - NoH-UH~FOrtnt CovEH~xTS. Borrower and Lender further covenart and agrce as follows: ~ ~ 18. Accderation; Reaeed3a. E:ceq as providcd in pan~raph 1~ benof. rpon Eorrowe~s Mtiacl~ of awy co~enaat or a`reewe~t of Eorrower in t6t~ Mortaa~e, h~cludin~ t6e co•enants to psy whca dne soy soms seiwred by tbis Mort~s~e. Leader ~ prior to sctekration sbaN maN aotice to Eorrowcr as providcd in pars6raph 14 hereot specityi~: (i) tUe brcacb:/2) the sctioa reqn3r+ed to cm web bnsc6; (3) a d~te. aot less tban 30 days fmm t6e dste tbe notice b msikd to liormwer~ by wAich wc~ be~eac6 ~sd be crred: a¦d (4) ti~at fsilure to cnre wch breacU on or betore tbe date specified iw tbe aotice may. tesult i4 sceekratbs of tre :so~s secared by tbis Mort~e, forecbwrr by judicW proeeediag aod sak of tbe Property. 'iLe aotice s6ap furtber I~foro~ Sorror+er of tbe riSbt to ninstate dfer sccekratioa asd tbe ri~ht to asacri ia tl~e foreclosorc ~rnceedi~ tbe noa-e~ateaee at a defadt or sny otbtr dcfease of Sorrower to sccelention and foreclosare. tf the breac\ k not ctirtd o~ or before tbe dah speci6ed fa t6e notke, Leeder at l.ender's optbn ~sy declsre a0 of the soms sec~rcd by tAis MoeixaRe b be - immedistely duc aad payaWe wit6oet f~Aher demand ~nd msy forecbse thls Mo~a`e br judkid protee~aR. Lendtr chall be eotitled to coUeet iw srcb proceedia~ sN e:peases ot forecbsorr. Iaclydir~. 6oi aot li~iled to. re~sowsbk sttnrner's fees, ~ sad eosb ot docoae~hry e~idcwce, sbstrscis and tiik reports. ' ~ 19. Dorruwee's Ri~bt to Rei~state. Notw~ithstanding l.enckr s aceeleration of the sums secured by th~s M~rtgage, Borrower ahall have the right to have any proceedings heg~~n hy 1_ende~ to enforco this Mortgagt discantinued at any time ~ ~ ~ 3GOK 295 ~~E ' 4~6 ~ ~ ~ ~ r _ _ _ _ - - ~ , u ' ~-~~,.,x e - .:j