The URL can be used to link to this page

Home My WebLink About0972 : I.ender's wtitteo agrame~t o~ applicable law. Borrowcr shall pay thc amouM of all mortgage i~surance prcmiums in the manne~ provided under puagraph 2 heroof. Any amounts disbuned by Lender pursuanl to this paragraph 7, with intcrest thercon, shall bccoma additional indebiedness of Borrower secured by this Mongage. Unless Borrower anJ I.enJer agrec to othe~ ternu of payment, such amounts shall be payabk upon nalice t~om Leoder ~o Borrower rcquesting payment Ihereof, and shall bear interest from the ~ date of d'ubursement at the nte payabk from time to time on outstanding principal u~der the Note unless payment of ' intercst at such rate would be contrary to applicable law, in which event such amounta shall bear interest at thn highest nte ` permissibk under applicable law. Nothing contained in this paragnph ? shall require Lender to incur any expense or take ~ any action hereut~der. ~ 8. i~pectbn. Lender may make or cause to be ~~~a ;e ~~a~,~~abie entries upon and inspe~tions of the Property. provided that Le~der shall give Borrower notice prior to any such i~spection specifying rcasonable_cause thercfor related to i_ender'a ' i interest in the Property. $ 9. Coademaatbn. The proceeds of any award or clAim for damages, direct ar consequential, in connection with any ~ condemnation or other taking of the Property, or pah thereo[, or for conveyance in lieu ot condemnation, are hereby assigned ; a~d shall be paid to I.ender. ; i~ the event of a total taking of thc Property, the procceds shall be applied to the sums secured by this Mongage, 4 with the excess, if any, paid to Borrower. In the event of a partisl taking of the Property, unless Bomower and Lender ` otherwise agrte in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds ~ as is equal to that proportion which the amount of the sums secured by this Mortgage immediately priar to the date of ' taking bean to the fair market value of the Property immediately prior to the date of ~aking, with the balance of the proceeds ~ i paid to Borrower. If the Ptoperty is abaodoned by Borrower, or if, afte~ notice by l~nder to Borrowe~ that the condemnor ofFen to make ~ an award or settle a claim for damages, Borrower fails to respand to Lender within 30 days after the date such notice is Y mailed. I.ender is suthorized to collect and apply the proceeds, at i.ender's option, either to restoration or repair of the ~ Property or to the sums securcd by this Mortgage. i Unless Le~der and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due dale of the tnonthly installments referred to in paragraphs 1 and 2 hereo[ or change the amount of such in~tallments. ; 10. Borrower Not Rekaxd. Extension of the time for payment or modiflcation of amortization of the sums secured ~ by this l~fortgage granted by I_ender to any ~uccessor m interest of Borrower shall not operate to reiease, io any manner, } the liabili~y of the original Borrower and Borrower's successors in intercst. i.ende~ shall not be required to commence * procceding; against such successor or refuse to extend time for payment or otherwise modify amortization of the sums - secured b}~ this Mortgage by rcason of any demand made by the original Borrower and Borrower's successors in intercst. i 11. Rorlxa~nce by I.ender Not s Wairer. Any forbearance by l.ender in exercising any right or remedy hercunder, or ~ othervvise affarded 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 ather liens or charges by I.ender xhall not be a waiver of Lender's # right to accelerate the maturity of the indebtedness secured hy this Mortgage. ` 12. Rtmedies Cnmulathe. All rcm~dies provided in this Mortgage are distinct and cumulative to any other right or ~ remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ~ 13. 3ucce~ors and ~AssiRns Bour~d: Joint aad Severat i.iability; Caplions. . The covenants and agreements herein ~ contained shal) bind, and the rights hereunder shall~ inure to, the respective successors and assigns of Lender and Borrov?~r. , subject to the provisions of paragraph 17 hereoL All covenants and agreement~ of Borrower shall be joint and several. ~ The captions and headings of the paragraphc of this Mortgagc are for convenience only and are not to be uxd to ~ interpret or define the provisions hereof, 14. Notke. Except for any notice rcquired under applicable lav?• to be given in another manner, (a) any notice to F Borrower provided for in this l~tortgage shall he given hy mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addresc as Borrower may designatc by notice to I.enckr as provided herein, and ' (b) any notice to Lender shall be given by certified mail, return receipt requested. to Lender s address stated herein or to , such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or 1_ender when given in !he manner designated herein. ` 15.. Uniform Mortgage; Gorerniu~ I.aw; Sererability. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security.instrument covering ? real propeny. This Mortgage shall be governed hy the law of the juriuiiction in which the Property is located. Tn the event that any provision or claux of lhis Mortgage or ~he Note conflicts with applicable law, such conflict shall not affect i other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ! ~ end the provisions of the Mortgage and the tiote are declared to be severable. f 16. eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ' of execution or after recordation hereof. ' 17. Traasfer of tbe Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Ixnder'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 fo~ 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 Icasehold interest of thrce years or less ` ; not containing an option to purchase, Lender may, at Lender's op~ion, declare all the sums secured by this Mortgage to be ; immediately due and payable. Lender shall have waived cuch option to accelerate if, prior to the sale or transfer. I.endet i and the person to whom the Proper~y is to be sold or transferred reach agreement in vvriting that the credit of such person ~ is satisfactory to [.ender and tha~ the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ' shall request. if Lender has waivod the option to accelerate provided in this paragraph 17, and if Bonower's successor in interat has executed a written assumption agreement accepted in w~ting by I_encier, Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. I.enekr shall mail Borrower notice of acceleration in aceordance with t paragraph 14 fiereof. Such notice shall provide a period of not tess than 30 days from the date the notice is mailed within w•hich Borrower may pay the sums declared due. If Bonower failc to pay such sums prior to the expiration of such period. Lender may, without further notice or demand an Borrower, invoke any rcmedies permitted by paragraph 18 hereof.~ ; Norv-UN~FOet~ Coverv~NTS. Borrower and Lender further covenant and agrce as follows: ~ 18. Accekrstion; Remedks. E:ccpt as provided io para~raph 1~ hertot~ upoo Borrower's brcacb of any coreosat or $ agieciocut v~r nv~nrwei io tas :'~u~r'a~e, iocii~~ioa iwc cos•e~iif~ io Paj wit~r~ i3iic so*j' aY~~O ii~Y~~ t`~ ,~;~agt* I.~.~s 3 prior to sccekntbn s6aii mail notke to dorrower as providcd in pars~niph 14 bereof specityiu~: (1) tbe breac6; (2) tbe sctlon : ~ requircd fo care soc6 breac6; (3) a dste,_ eot ks~ t6an 30 days irom Ibe date the uoHce k~{ed to Borrower, by whk6 me6 ~ bresch mmt be cved; and (4) that failnre b cure soch bresch on or betore tbe date apeci8ed fe tbe notke mar radt fn ' , sccderatbs ot tbe wan iecorcd by thb Mort~ste, foreclosure by judicial proccsdl~ aad sak of tbe Prope~. 'Ibe notlce shdl furtber Wtorn~ Borrower of tbe right to relnstate after sccekn~tbn and tbe rig6f fo a~ert ia /be fortclowre proeeedi~g 4~ t6e ooa-ezisteoce ot a defaak or aoy otber detense of Borrower to accekntbn aad forecbwre. I[ the bresch b oo! cared oe - or bdore tbe dste:pccHied in tbe notlce. Lesder at Leader'a optbn may deciare afl of tbe sems ~ecnred by t6k Mortsa~e to be immedhtely dne aad psyabk wittwst turther demand a~ auy toreci~ss !!s!s M!Klsa6e by judkW proceedla`. Lendtr ~6a11 E be eotltled to copect la soc6 proceedlu= a8 e:pema of torecbsnre, includfus, but aot 8m[ted to, rearoosbk attoroe~~ [ea,~ t sad costs ot docoweatary erfdence, abstracts and tkk reporb. ; 19. 6on+ower'f Ri~bt to Reldtate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proccedings txgun by Lender to enforce this Mortgage discontinued at any time . ~ i ^ i F~ ~~72 ~ ~ ~ ~ 5 - - _ _ ~ _ y~~ ~ p:~