The URL can be used to link to this page

Home My WebLink About0450 . . • ~ ~ , Lender's writtea s`rament or applicable law. Bo~rovru shall p~y the anaunt ot all mortga~e insuranoe premiums in the manner p~ovided under parag~aph 2 heceot. Any amounts disbu~sed by Lende~ purwant to thb pansraph 7, with iwtereat thereon, shsll become additional indebtedness af Borrowe~ secured by lhis Mon~age. Unless Horrower aod Lenckr a~roe to othe~ te~ms ot paymeM. such amouots shall be yabk upan natice from I.ende,~ to Bonower roquesting payment thercot, aod shall bear inte~est [rom the date ot d'abursar~nt st the ratc payabk f~om time to time on a~btandin~ principal under the Note unkss paymeat ot interest at tuch rat would be contrary to applicabk law, in which event such amount: shall bear interest st the hi=liest nte permissibk u~der s~plicabk law. Nathing contained in this paragraph 7 shall require i.ende~ to incur any eacpea~e or tate any actioe henua~er S. i~ettio~. Lender may make or cause to be made reasonabk e~tties upon and inspections of the Property. provided that [.ender shall give Borrower notice prior to a~y such inspection specifyina rcuonabk cause therefor related to Lender's intercu in the Propeny. ' 9. Co~ea~nsdos. The pracceds of any award o~ claim tor damages, direct or co~sequential. in rnnnection with any condemnation or other taking of the Propeny, or part thereof, or for conveyance in lieu of condemnation. are heoeby assign~d and shall be paid to Lender. In the event of a total taking of the Pt~operty, the proceeds shall be applied to the sums securod by this Mottsaae, with the excess, if any, paid to Sonower. in the event af a panial taking of the Property. unless Bomower a~d Let~de~ othenvise agree in writing, therc shall be applied to the sums securcd by this ~Mongage such proportiori of the prooeed: as is equal to that proponion which ihc amount of thc sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the balanoe of the pooceeds paid to Borrowc~. If the Property is abandoned by Borrower, or if, after natice by Lender to Bomawer that the rnndemnor offen to malce an award or uttle a claim for damages, Bormwer fails to respond to [.ender within 30 days after the date such notice is maikd. Lender ic authorized to colkct and apply the proceeds. at I.ende~'s option, either to ratoration or r+epair of the Properry or to ihe sums sccurcd by this Mortgatee. Unlas Lender and Borrower otherwice agree in writing, any such application of proceeds to principal shall not extend or postpone the due dale of the monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums socurcd by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to rclease, i~ any manner, the liability of the original Borrower and Borrower e successorx in interest. Lender shall not be required to commence proceedings againu such successor or refuse to extend time for payment or otherwise madify amortizat~on of thr ~ums secured by this Mortgage by reasoo ot any demapd made by the o~iqinal Bonower and Borrower s succescors in interect_ 11. Forbesrance by Lender Nof a Wairer. Any forhea~ance by Lender in exercising any right or remedy hercunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. • 12. Reniedies Caauhtbe. All remedies pmvided in this Mortgage are distinct and cumulative to any other righf or remedy under this Mortgage or atfordcd by law or equiry, and may be exercised concurrently, independently or successively. ~ 13. S~ccea~ors aed Assi~as Donnd; Joi~t aad Sererd i.iab'Nry; Captions. The covenants and agreements hercin contained shall bi~d, and the rights hereunder shall inore to. the respective successon and assigns of Lender and Borrow~r. subject to the provisions of paragraph 17 hereof. All covenants and agrcements of Borrower shall be joiry and several. 'Il~e captions and headings of the paragraph~ of this Mortgage are for convenience only and are not to be used to interpoet or define the provisions hereof. _14. NMke. Ezcept for any notice reqi~ired unJer applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortga¢e shall bt given by mailing such notice by certitied mail addressed. to Borrower at the Property Addrcss or at such othcr ~ddresc as Barmwer may designate by notice to I_ender as provided herein, and (b) any notice to Lender shall he given hy certified mail, retum receipt rcquested. to i.ender s addr~ss stated herein or to such other addrcss as Lender may decignate by notice to Borrower as provided herein. Any notiee provided for in this Mortgage shall be deemed to havc been given to &urower or Lendet when given in the manner designated herein. 1S. ~Uniform Mo~t~a~e; Gosernin~ Law: Se.erabilify. This form of mortgage combines uniform covenants for national use and non-uniform covenants with IimiteJ variations by jurisdiction to constitute a unifortn security instrument covering rral property. This Mortgage shap be governed hy- the law of the jurisdiction _in which the Property is Iocated. tn the ' event that any provision or clause of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not affect ~ other provisions of this Morigage or the Note which can be given effect without the confliciing provision, and to this ! end the provisions of ~he Mortgage and the Note are declared to be severabla ~ 16. Eorrowe~'s Copy. Borrower shall be furni~hed a conformed copy of the Note and of this Mortgage at the time 'E of execution or after recordation hereof. ~ 17. Traosfer of t6e Property: Assumption. if aU or any part of the Property or an intercst therein is sold o~ transferred ~ by Borrower without I.ender's prior wriurn consen~. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purch~~e mone~~ cecurity interest for household appliances. (cl a transfer hy devise. ~ deuent or by aperation of law upon the death of a joint tenant or (d1 the grant of any leasehold intercst of thrcc years or lecs not containing an option to purchase, I_ender may. at l.ender's option, declare aU the sums secured by this Mortgage to be r immediately due and payable. Lender shall have w~aived such option to accelerate if, prior to the cale ~r transfer. [_ender and the person to whom the Property ic to bc ;olJ or transferred reach agrcement in writing that the crcdit of ~uch pcrson is satisfactory. to i.ender and that the interr~t pa~•able on the sums secured by this Mortgage shall be at such rate ac 1_ender shall rcquest. if Lender has waived the option to accelerate provided in this paragraph .17, and if Borrower's successor in interut has eaecuted a written assumption ag~eement accepted in writing by I.ender. Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ If Lender exercixs such option ta accelerate. LenJer shall mail Borrower notice of acceleration in accordancr ~~h paragraph 14 hercof. Such notice shall provide a period of nbt less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, [.ender may, without further notice or demand on Korrower, invoke any remedies permitted by paragraph IR hercof. Now-UxtFORtit CoveNeN7s. Borrower and Lender further covenarrt and agrce u follows: ' 18. Accekratlos; Raoedia. L:cept as provided is para~npb 17 bereof, opon Eorrower's M~eacb of aay coveeaxt w ~ s~reta~eot of Borrower is t~ Morl~a~e. indudin~ tbe co~ensnts fo pay w~he~ doe aey snnis ncarcd by tbls Mort~s~e. I.ender ¢ prior to a~eekntios sbaq mail sotfce to Eorrov?er as provided ia psra~taph 14 hereot spccitrin~: (1) tbe breach; (2) the action - ~ reqaired to c~re svc6 breacb; (3) a dste. not less tban 30 days from tbe date the aMice b aAaBed to Eorwwer. by whk6 sncb ~ breac` ~wt be crred; a~ (4) that fsilore to cure socb brosch oa or before tbe date speci8ed in tbe nMice may result ia z scceicratloa ot tre s~e~s secrted br tbis Mort~e. twecbwrc by judicial procttdi~ aad sde of tbc Propcrry. 'il~e aotke ~ shaB furthcr inform Eorrower of tbe ri6bt to reinstate after sccelcration and tbe ri6bt fo ~ert in tbc foreclosnre proceedL~ ~ tbe aoa-existesct of a defaolt or anr other detenst of Borrower to sccekrstbn snd foretlosore. if tbe breich k oot cared os Y or tiefore the date speciied ia tbe notke. I.ender at l.ender's option may declare s~ of the sams sec~red by th[s Mort~aRe to be ~ immedistdy dne aad pYable without fnrther dem~nd ~nd msy tonclose tbk Mort~a`e ~~dlcW prvcscdiaR. Lender chall : ~ be e~titled to edkct ~ suei proceedio~ aN e:penses of foreclosnn, iaclodio~. but sot Un~ted to, reasonsbk m~,rnrv's fces. y aod costs of docomestary erWence. abstcscts snd titk reports. 19. so~ower's Risit to Rei~state. Notwithstanding l_ender s acceleration of the sums securcd by th~s M~rtgage, ~ ~ Borrower shall have tht right to have any proceedings hegun hy 1_ender to entorce this Mortgage discontinued at any time ~ ~ ? ~ ~ ~ ~~~M295 P~~~'449 : ~ ~ . _ -...r_ ~ w~~~ M r ~ ~ ~ . ~ ~ ~:.`i - 'S'Y