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Home My WebLink About0504 , ° • t ` ~ agrament or applicable law. Borrower shall par the amount ot all mortgage insurance premiums in the manne~ pro~~ided under pangraph 4 hereoL Any aawunts disbursed by Lendcr punuant to this pangrapfi 7, with iaterest thereon. shall become additional in- debtedncss o( Borrower secured by thi: ~lortg-age. Unless Borrc,wer and Lender aqree to othe~ terms of payYment. such amounts shall be payable upon notict [~om Lender to Borrower requcsting payment therrot, and shall Ixar int~rat frow the datc of disbursement at the rate payable trom tuae to timc on outstanding principal under the Note unlcss payment ot interat at such nte would be cuntnrY to applicable law. in which event such amounts sl~all bear interest at the highest ratc permisaible under applicable law. Nothing contained in this paragraph 7 shall require l.ender ~o incur anr expense or take any action hereunder. ~ g, Ia~petit~on. L.ender nur make or cause to be made reaso~able entries upon and inspections o[ the Propeny. pro- vided that Lender shall give Borrower noticc prior to any such iuspection speci[yinR ~easonable cau.se theretor related to l.eoder's interest in the Property. _ 9. Condanaation. The praeeds oE any award or daim for damages.. ditect or consequential, i~ connection with aay co~demn~tiori or othcr uking o[ the Prope[cy, or part thereof, or tor mnveya~ce in lieu ot'condemnation, are hereby as- sig~ed and shall be paid w Lender. : In the event oE a total uking ot the Property, the procceds shall bc applied [o the sums xcured by this Mortgaqe. with the excess. iE any. paid to Borrower. ln the e~•ent oi a parcial uking ot the Property, unless BorroMer and Lender ocherwise agree i~ ~rriting. there slull be applied to the sums secured by this ~tortgaqe such proportion oi the ptoteeds ai is equal to that proportion which the amount oE the sums secured by [his Mongage immecliately prior to the date of uking btan to the tair market value of the Property immediately prior to the date ot aking. Mrith the balance ot the pro- cteds paid to norrvwcr. I[ the Property is abandoned br Borrower. or iE, aEter notice by Lender to Borrower that the tondemnor oEten to make an awud or aetde a claim tor damaga. Borrower fails to respoad to Lender within 30 days afte~ [he date such notice is mailtd. Lender is authorizcd to collat and apply the procecds, at I.ender's option. eithet to restoration or npair ~of thr Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application oE proceeds to principal shall not extend or postpone the due date of the monthly installments re[erred to in paragraphs 1 and 2 hereot or change the amount oE such insullmena. . 10. Borrower Not Rekaad. Extension of the time tor payment or modiEiution o( amortization oE the sums secured by this ~(ortgage gnnted by Lender to any successor in inter~st o( Borrower shall ~wt operate to telease, in anY man~er. the liability of the original $orrower and Borrower's sucttssor~ in interest. Lender shall not be required to commence praetdinRs against such successor or re[usc to exteud time Eor payment or otherwise mocii[y amortization oE the sums se- cured by this :~lortgap,e by reason of any demand made by the original. Bonower and Borrowei s wccessors in intertsG 11. Forbearanee bT Lender Not a Waiver. Any torbearance by I.ender in exercising any right or remedy hereu~der. or otherwise a(forded by applicable law, shall not. be a waicer ot or pralude the exercise of any such right or remed}'. The pr«urement of insunnce or the payment o[ taxes or other liens or charqes by Lender shall not be a wairer of Lender's right to aceelerate the maturity ot the indebtedness secured by this liortgaRe. - lY. Remedia (~mulatire. Alt remeciies pmvided in this AtortRage are. distinct and cumulati~•t to am other riRht or remeeiy under this riottgage or afforded by law or eyuity, and may be exercised concurrenth•, independentlr or wccessively. 13. Succea~on and Atagns Bound; Joint and Sevetal Liab~ity; Gaptiona. "I'he to~-enants and agreements hetei~ . containeci shall bind, and the riqhts hereunder shall inure to, the respective succeswn and auigns of l.ender and Borrower, subject to the pro~•isions of patagraph 17 hereof. All rnrenants and agreements ot Borrower shall be joint and se~•eral. The captions and headings oi the paraqraphs of this ~tortgaqe are (or com•enience only and are not to be useei to incerpret ar de(ine the provisions hereof. 14. Notice. Except for any notice required under applicable law to be Riven in another manner. (a) any notice to Borror+er provided for in. this \tortp,age shall be gi~en by mailii~R such notice b~• certifieci mail addressed to Borro~er at the Property Address or at such othet address as Bonower may designate b} notice co Lender as pro~•ided herein, and (b) any notice to L.ender shall be gi~•en by certified mail, remrn receipt requested, to Lender's address stated herein or to such~ other address as Lender may desiqnate by notice to $orrower as provided herein. :1n~ notice pmvided for in this \tortgaqe shall be deemed to have been given to Borrower or Lender Mhen gi~•en in the manner designated herein. - ~ 15. UniEorm Mortgage; Go~eraing Law; Sererabiliqr. This form ot mortgaqe combines unifornn co~enanu for na- i tional use and non-uni(orm covenants with limited a•ariations b} jurisdiction to constitute a uniform ~ecurit}• instrument E corering real property. This :1(oregage shall be go~•erned by the law o( the juriuliction in which the Propert} is located. ~ In the e~ent that any pro~ision or dause of this ~IorcgaRe or ehe Note con[liccs wi~h applicable lav?•, such contlict shall not a((ect other provisions of this ~iortgage or tlie ;~ote which can be given effect Nithout the conflictinR procision, and to ~ this end the pro~isions of the ~tortqaqe and the tiote are dedared to be xverable. 16. Borro~rer's Copr. Borrower shall be furnished a c~nformed copy of the :~ote and o[ this ~tortgage at the time of execution or after recordation hereof. 17. Traa~fer of the Property: Assumption. If all or any parc of the Property or an interest therein ~s sold or trans- ferred by Borrower without Lender's prior written consen4, dcduding (a) the creatirn~ of a lien or encnmbrance subordinate to this ~iortqage, (b) tht trtatiou of a purchase money securit~ interest [or houschold appliances. (c) a transfer b~ de~~ise, dexent or by opention o[ law upon the death o( a joint tenant or (d) the Rrant o( any leasehold intere~t ot three years or less tii~e containing an option to purchase. Ixnder may, at Lendeir's option, dedare all the sums secured by this ~iortqage to be immediately due and payable. I.ender shall ha~•e waived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom tht Property is to be wld or tnnsferred reach a~{reement in w-riting that the_ credit oE such person is utisfactory to Lender and that the interest payable on the sums secured br this Atortp,age shall be at such rate as Lender shall requa~ IE Leader has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in inte.rest hu executtd a written aunmption agreement accepted in writing by I.ender. I.ender shall release Borrower irom all obligatio~~s under this Mortgaqe and the Note. ~ If I.ender enercisa such option to aaelente, Lender :hall mail Borrower notice of acceleration in accordance wich paragraph l4 hereof. Such notice shall pro~~ide a ptriod of not less than 30 days from the date the notice is mailed within ~ which Borrower may pay the sums dalared due. If Borrower fails co pay such sums prior to the expiration o[ such period. ~ I.ender may, without further notice or demand on Bortower. invoke any ranedies permitted by paragraph 18 heteoL ~ Nox-UxtFae!?~ CovEx~'rs. Borrower and I.ender [urther mvenant and agree as tollows: ~ 18. Acceleration:. Remedia. Faccept as provided in paragraph 17 Lereof. upon Borrower'a brach o[ any rn~enant or ~ agreement oE Borm~+er io this Mortgage. including the rnvenanu to pay wheo due any sums acurcd br t6is Afortgage. ~ I.ender prior to ~cctleratioo sha11 mail notice to Borr~oower as provided in paragraph 14 hereo[ specit~ing: (1) the bnach; tbe uteon required to cure sucb brruh; (3) a date. not kis than 30 dars from t6e date.the notice is mailed to Borrowea'. b~ whicL wch breach mux be ewed; aad that failure to cvre such brcach on or beforc ~be date specilied in the notice maY runlt in acoeleration o( the wms secured by thu Mortgage. ioreclowre by judicial proceeding and sak ot the Proprny. 'I'he notioe ahall lunher inform Borro~+er of tLe righC to rcinstate after aocekn[ion and the right to aa~crt in du toreclosure proceeding the non~i~tenct of a detault or any other defezue of Borrower to uoeleracion and foreclasure. If tLe bmch u not cured on or before cLe daee speci[ied in ehe aoeia, I.ender ae I.ender's opcion mar dedare all of the wms iecured by ehis Mortga6e to be immediatdr due aad parabk ~+ithout further danand and may foreclo~e this Mortgage br Judicial P*°ceed' ing. Lender ~hall be mtitkd to collect in such proceeding all tacpenees of (oreclo~ure. including. bui not limited to. reason- abk attorner's ftes, and wsts ~ documentary evidrnct. abstracts and title reporta. ~ ooK29;9 5Q 4 ~ ~ . _ _ ~ ~ ~ F ~ . ' "~"~~..°"~~:^"'s*~s^~--.~.^~'~"s~re~... . ;