The URL can be used to link to this page

Home My WebLink About0803 . . i l.ender's written agreement or applicabb law. Borrower shali pay the unuu~t ot all mortgage insurance premiums in the maaner provideci under paragraph 2 herwf. Any amounts disburstd by I.ender pursuant to this parag~sph 7. with iatercst the~ean, shall become additio~al indebtedness a! Borrower secured by this Mortgage. Unlcss Borrower and I.enJer agrce to othe~ ternu of payment. such amou~ts shall be payabk upon notice fram I.ende~ to Borrowc~ roquesting paymcot thereot, and shall bear inte~est from the date of disbursement at the rate payahk from time to time on outstanding pri~cipal under thc Nate unless payment of i interest at auch rate would be contrary ta applicabk law, in which event such amounts shall bear i~terest at the highest nte pennissibk under applicabk law. Nathing cantained in this paragraph 7 shal) rcquire I.ender to incur any eapense or talce any action hercunder. S. lasptetiow. i.enckr may make or cause ta he made reasonable entriec upon and inspections of the Property. provided that l.ender shall give Borcawer notice pri~r io ~ap~ u~ inspection specifying reasonabk cause therefor related to Lende~'s interest in the Property. . 9. Coademaatbn. The prc~ceedc of any award or claim for damaga, direct or conxquential, in connation with any condemnation or other taking of 1he Propeny, or part thereaf, M for conveyanc~ in lieu of condemnation, are hereby astigt~ed and s'.~all be paid ta I~oder. )n the event af a lotal taking of the Property. Ihe prc~ceeds chall he applied to the sums securcd by this Mortgage. with the excess, if any, paid to Bor~ower. ln the event of a partial Iaking at Ihe Property,- unlCss Borrower and Le~der othenvise agret in writing. there shall be applied to the sums secured hy ihis Mongage such proporlion ot the proceeds as is equal to that proportion w•hich the amount of ~he sumc secured by this Martgage immediately prior to the date of taking bears to the fair market value of the Pmpcrty immediately prior to thc date of taki~g, with the balance of the proceeds paid to Borrower. if the Property is at+andonrci by Bor:ower, or if. afte~ notice by i.ender to Bormwer ihat the condemnor offers to make an award or uttle a claim far damages, Burrower f~il. to resx~nd to 1_ender within 30 davs after the date such notice is mailed. LenJer ic aulharized to collect ared apply the proceedc. at i.encier i option, either ta rcstoration or repair of the ProFert~ or to the sums xccured by this Mortgage. Unless [.ender and Borrower othervvix agree in ~~ritinc. any such application of prexetds to principal shal) not extend or postpone the due date of the monthly installmcn~s rcferrcd to in paragraphs 1 and 2 hen~c+f or change the amount of such installr~xnts. 10. Sorrowe~ Not Released. Extencion of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I.ender tc? any cuccecsor in intercct of Borrower zhall not ope~ate. to release, in any manner. the liabilily of the origina) Bortow•er and &~rrower'a u~ccessorc in intercst. i_ender shall not be required to rnmrrKnce proceedings against such successor or refuce to ertend time for payment o~ othenvice modify amoniza~~rni of the «~ms secured by thix Martgage. by reau~n of am• demand made by the orieinal Borrow•er and Bormwer s succescorc in imerect. 11: Forbearance by Lender Not a Wai.•e~. Any forhearanrc b~• I.cnder in etiercisinR am• right or rcmedy hereunder, or othenvise afiorded by applicable law. shall not be a waiver oi or preclude the exercise of any such right or rcmedy_ The procurement of insurance or the payment of ta~es or other liens or charges by l.ender shall not he a w~aiver of Lender s right to accelerate the maturity of the indehtednecs cccured hy thic Martgage. ~ 12. Remedies Comulati~e. All r+emedies pro~~ided in thic Mortgage are distinct and cumulative to any ather right or remedy under this Mortgage or afiorded hy law or equi~~. and may he exercised concurrently, independemly or s~iccecsively_ ~ 13. Saccessors and AssiRns dound: .Ioint and St~~eral t.iabilify; Captions. The covenants and agrcemen±s hercin contained shall bind, and.the rights hereunder shall inure to, the respective succes_cors and assigns of Lender at~d Bornower. subject to the provisions af paragraph 17 hercof. All cavenants and agreements of Borrower shall be joirU and several. The captions and headings of the paraeraph~ c?f tbic Mortgage are for convenience only and are not to 6e uced to interpret or define the provicions hereof. 14. Notice. Etcept for any notice rcyuired unckr applicable law to be given in another manner. fa) any notice to Borrower provided for in this Mortga¢e shall he given by mailing such notice by certified mail addrecsed to Borrow~er at Ihe Property Address or at such o~her addresc as B~rmwer mav designate by notice to I.ender as provided herein, and (b) any notice ro Lender shall he given by cer~ificJ mail. return receipt reqaested. ~o I.ender s address stated herein or to such other address as Lender may de~ignate b~ n~tice t~ Borrower as provided herein. Any notice pmvided for in this Mortgage shall be deemed to have been g~~•en to Bormwer or l.ender w~hen gi~•en in Ihe manner designa~ed herein. 15. Uniform MortRaRe; Co~ernin~ Iaw; Severabilit~•. This form of mortgage combines uniform covenants for national use and non-uniform covenan~~ with limited variations h~• jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed h~~ thc lav?• of the jurisdiction in which the Property is located. In the event that any provision or claux of thic Mortgaee ~r the Nnte canflicts with applicable law, such conflict shall not afiect ~ i other provisions of lhis Mortgage or ~he N~~tc which can be given efiect without the conflicting pmvision, and to ihis ~ end the provisions of thc Mortgagc and the '~tote arc d~~lared to he severahle. ! 16. Borrower's Copy. Borrow•er shall tx furniched a canformed cop~ of the Note and of this Mortgage at the timt ~ of e~eci~tion or after recordation hereof_ 17. Transfer of the Propertv; Ascumption. If all c.r an}~ part of the Pri~perty or an interest therein is sold or transferred by Borrower without Lender's prior wrinrn con~ent. e~cluding (al the creation of a lien or encumbrance suUordinate to ~ this Mortgage. (b) the creahon of a pur~ha~e m~~n<<• ccYUrih• interest for househotd appliances. (c) a Irancfer hy devise, ~ descent or by operation of law upon the cka~h of a j~~int tenant or (d) the grant of any leasehold interest of thrcc }~cars or less 3 not containing an option to purchase. Cender ma}•. at Lender's option, declare all ~he sums secured by this Morigage to tx immediately due and payable. Lender ~hall have waivrd such option to accelerate if, prior to the ~ale or transfer. 1_ender and the person to whom the Property i. t~. fn co1J or transferred reach agreement in writing that the credi~ o! wch pe~n ~ is satisfactory to I_ender and that the interr,t pa~able on the sums secured by thic Mortgage chall be at sach rate ac i_ender shall request. If i_ender has waived the op~ion to accelerate provided in this paragraph 17, and if Borrower'> >uccessor in ~ interest hac executed a written assumption a~reement accepted in writing by I.enJer. t_ender shal) releace Borrower f~om all ~ obligations under this Mortgage and the Note. If Lender exercises such option t~ accelerate, l.enJer ~hall mail Borrow•er notice of acceleration in accordanc~ ~~ith ~ paragraph 14 hereof. Such no~ice shall provide a pericxi of not lesc than i0 days from the date the notice is mailed w•ith~n ~ which Borrower may pay the sums declared due. If Borrower fails to pay such sumx prior to the expiration of ~uch {+eri~xl. ~ Lender may, without (urther notice ~r dcmand on Horrower, invoke any remedies permiued hy pa~agroph IR hercof. ~ ~ NoK-UrttFOant CoveN~tvTS. Borrower and I.ender further covenant and agree as follows: ~ 18. Acceleratba; Rcmedies. Except as provided ia ps~raph 17 hereof. upon dorrowers breac6 of any covcnant or = a~rcement of Borrower in t6is Mortq~e. includin~ t6e corcnanls to psy when dne aay snms stcored by tb[s Mort~s~e. i.eader ~ prior to xcekratioo s6a11 maU nolice to Borrower as provided in pars6r~ph 14 Aereof specHyiaa: (1) the beach;l2) the setioa . 2~ req~ired to cnre sncb ~h; (3) a dste, not ks than 30 days from the dale the natice is mailed to Borrowet. by which wcA ~ bresch must be cared; aod (4) that failure to cnrc such breach oa or 6efore tbe date sPecWed ia the notice msy rccult in ~ secekntios of t6e sna~s secund by this Mortgage. forccbsurr by judicial proceedie~ aad sak of tbe Property. 'il~e notice ~ ~ shaU furiber iaform Eorrower of the ri~ht to rei~tate dter accekration and the ri6ht to ~sert in the tortebsure proceedio~ s ~ t6e aontzatence of a defauM or any other defense of BoROwer to accekration snd foreclosure. If the bnach is oot cured o~ ~ or before the date specified io the notice. I.ender ~t t.ender's option msy declare a0 of the sn~ se~wred by tbis Mort~a?~e to be ~ imtnedistdy due snd psyabk without further demand and may forecbx thts Morl;ase by judicid proceedinR. t.ender cball ~ be eodtkd to collect in snc6 proceedin~ all e:penses of foreclosure. includi~. but wt Wnited to. rt~soaable ~n~,rne:'s fees. ~ sod costs of ~iuc..~eentary evidence. abstracts and litk reports. ~ 19. sorro~?e~'s Ri6~t to Reiustate. Notwi~h~~anding I.ender's acceleration of the sums securcd by th~• MoNgage. ~ Borrower shall have the right to have any procecdmgs he~un ~y 1_ender to enforce this Mortga_qe disconGnued at an}~ time ~ ~ ~ BUG~ ~U~ r^A~E OO2 ~ , - _ - , , : : :