The URL can be used to link to this page

Home My WebLink About0986 i a~eemer?t or applicable law. Borrower shall pay the amount of all mor~qage insurance premiums in the manner p ovided i undcr paragraph Y hereof. Any amounu disbuned by Lender pursuant to this pang~aph 7, with interest thereo~. shall become additional in- clebtedneu oE Borrower setured by this ~tortq-age. Unless Borrowcr and l.ender agree to other terms of payme~~t, such s amouots shall be payable upon uoticc trom Lender to Borrower requesting pa~ment thereof, and shaU bear interest Irom ~ the date o[ disburseme~t at the ~ate payable from timc to timc on ouutanding p~incipal under the l~ote unlcss payment of interest at suth rate would be contra~y t~ applicable law, in which e~•ent such amounts shall bear interest at the highest ratr permissible under applicable law. l~othing contained in this paragraph 7 shall require l.ender to i~cur any expensc or ake any action henunder. 8. Inspcttioa. Lender auy make or cause to be made teasonable entries upon and inspections ot the Ptoperty. pro- ~ vided that Lender shall give Borrower notice prio~ to any such inspection spetifying reasonable cause the~efor telated to ; Lender's interesc in the Propercy. 9. Coadannatioa. The proceeds of any award or claim for damaqes, direct or conxquential, in connectio~ with any condemnation or other taking of the Property, or part thereot, or [or co~veyance in lieu of condemna[ion, are hereby as~ ; signed and shall be paid to Lender. ~ • In the event of a total taking ot the Propeny, the proceeds shall be applied to the sums secured by this rfortgaqe, with the excess. i[ any. paid to Borror.er. In the e~•ent of a partial taking oE the Property, unless BOiiON~T and Lender ~ othen.ise agtee in writing, there shall be applied to the sums secured by this \tortgage such proportion o[ the ptoceeds a; is equal to t6at proportion which the amount ot the sums secured by this \[ortgaqe immediately prior to the date ot taking bears to the tair market ~•alue of the Property immediately prior to the date of taking, with the balance of the pro- ceeds paid to Borrowet. If the Property is abandoned by Botrower, or if, after notice by Lendet to Borrower that the condemnor o[[en to make an award or settle a claim (or damages, BorroNer fails to respond to Lender within 30 days a[tcr the date such notic~ is mailed, Lender is authorized to collect and apply the proceeds, ac I.ender's option, eithe~ to restoration or repair ot the Property or to the sums secured by this ~tortgage. Unless l.ender and Borrower otherwise agree in writing, any such application o( proceeds to principal shall not extend or postpone the due date o[ the monthly installments re[erred to in paragraphs 1 and 2 hereof or chanRe the amount of such installmtnts. 10. Borrower Not Releaxd. Extension o( the time for pa~Tnent or moditication o[ amortitation of the suu~c secured ~ b} this ~tortgage granted by Lender to any successor in interest oE Borrower shall not operate to releasc, in any manner. ~ thc liability of tht original Borrower and Borrower s successors in interes[. Le~~dcr shall not be required to commence proceedinps aqainst such successor or retuse to extend time tor payment or other~vise modifp amortization of the sums sc~ i curecl by this NorcgaRe by reason of any demand macle by the oriRinal Borrnwer and Bonower s successors in interest. ; 11. Forbearance br Lender Not a Wairer. Any fotbearance by l.ender in exercising any right or remedy hereunder, ~ or othen+ise atforded by applicable law, shall not be a waivcr c.( or preclude the exercisc of any such right or remedy. 'The ~ procurement ot insurance or [he pa}~menc o( taxa or other liens or charRes by Lender shall ~~ot bc a wai.•er of Lender's ri~ht to accelerate the maturity of che indebtednesc secured by this ;1lortga~e. 12. Remedies Gtimulativa All retneclies pmvided in this ~tortRaRe are distinct and n~mulati~•e to anv other riRht or rcmed}• under this \fortqagc or atforded by law or ecjuity, and ma) bc cxercisecl concurrentl~, independenth• or successi~ely. 13. Succes~ors and Asigns Bound; Joint and Sevenl Liability; Captions. '1'he co~~euants and aqreements hetein contained shall bind, and the rights hereunder shall inure to, thc respecti~•e successors and assigns of I.cnder and Borrower. subject to the pro~•isions o( pangraph 17 hereof. :~ll co~•enants and ap,reemcnu ot Borrnwcr shall bc joint and se~~eral. Tht ~ captions and headings of the paragraphs ot this ~tortgaqe are fot concenicnce onle and are not to be used to interpret or define the provisions hereof. • 19. Notice. Except (or any notice required under applicable law to be given in another manner. (a) any notice to BorroNer pro~•idtd for in this ~(ortgage shall be Riven by mailinq such notice b} cercitied mail addressed to Borror.er at the Property Addreu or at such other address as Borrower may designate b~ notice to Lender as procidecl hcrein, and (b) any notice to Lender shall be gi~•en b} certitied mail, return receipt requested, eo Lender's addre~s stateci herein or to such other addrrss as Lender may designate by notice to $orrowrer as procided hemin. Am• notice pm~•ided tor in this \(ortgaRe shall be deemed to ha~e been givrn to Borrower or Lender Nhen gicen in the manner desiqnated herein. ~ 15. Uniform Mortgage; Gorerning Law; SeverabiUry. This [orm of mortgage combines uni(orm co~•enants [or na- g ; tional use and non-uni[orm co~•enants with limited ~•ariations b~ jurisdiction to constitute a uni(orm ~ecurit~• instrument j co~•ering real propert~•. This \tortgage shall be qo~•erned by the law of the jurisdiction in Nhich tl~e Froperi~~ is located. i ; In the e~•enc that any pro~ision or clause of this ~iortRaRe or the \ote con0icts Mith applicable laM, such conflict shall not af[ect other pro~•isions of this ~tortRaqe or the \ote which can be Riven e[(ect without the conflictinq procision, and to i this end the pro~•isions o[ the ~tort~Re and the Note are dedared to be severable. € 16. Borrowt~'s Copy. Borrower shall be (urnished a con(ormed cop~ of the \ote and o[ this ~iort~{ape at the time ~ ~ of executiun or after recordation hereof_ ~ 17. Tnnsfer oE the Properqr; Assumption. It all or any part of the Proptrty or an interest therein is sold or trans . ~ ferred by Borro~rer rrithout Lenders prior Mritten rnnsent, e~ccludinR (a) the creation of a lien or encumbrance subnrdinate ~ to this ~iortgaRe. (b) the creation of a purchase monep securit~~ interest (ot household appliances. (c) a trans(er b~ de~•ise. ~ descent or b~• operatiqn of lak upun thc death o[ a joint tenant or (d) the Rrant of am• leasehold intcreu of threc ~ears or ~ less not containinq an option to purchase. Lender may, at Lenders option, declare all the sums secured b~~ this \tortRage to be immediately due and payable. i.ender shall ha~•e ~+aived such option to accelerate i[, prior to the wle or transter. ~.ender ~ and the person to whom the Property is to be sold or transferred reach aRreement in writing thae the creciic of such person is satisfactory to I.ender and that the interest pa~•aLle on the sums secured by this ~tortRaRe shall be ac such rate as Lender ~ shall reques[. If I.ender has waived ehe option to acceleraee pro~•ided in this paragraph 17, and if BorroMer's successor in ~ ~ interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower irom ? ~ all obligations under this ~iortgaqe and the Kote. ~ If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with ; paragraph 14 hereof. Such notice shall pro~~ide a period o[ not less than 30 days from the date the notice is mailed within , _ which BotroMer may pay the sums declamd due. If Borrower tails to pa~• such sums Prior to the ex~iration of such period. ~ I.ender may, without further notice or demand on Borrower, in~~oke any remedies permitted b}~ paraRraph 18 hereoE. NOAi-UI`lEOR~f CovErrwh-rs. Borrower and Lender further covenant and agree as folloMS: E IS. A«elaation; Remedies Faccepe as provided in puagraph 17 Lereof, upon Borrowe~'s breach ot any corenant or ~ ' agreement ot Borrower ia this Mongage, including tht rnvenanu to pay when due any sums securrcl by this Atortgage. ; ~ Lender prior to accelention ~hall mtil notice to Borrower as provided in pangraph 14 hereof speci()ing: (1) the brtach; ~ $ t6e action required to ctire auch breach: (3) a date. not kss than 30 days from the date the notice is mailed to BorroMer, - ~ by wltich such breach must be currd; and (4) that failure to cure such breach on or before the date specified in the notice may ~ ~ result in accelentior~ of the sums secured b' this Noregage, iorecl~sun by judici~l proceeding and aale of the Property. The ~ notice shall [unher inEorm Borrower oi the right to reinstate atter accelention and the right to aseert in the [oreclosure ~ ~ praeeding the non-existente of a default or any other defeox oE Borro~rer to accrlmtion and (oreclosure. if the brtach is ~ ~ not cured on or before ~he date speci(ied in the notice. Lender at Lender's option may dedare all of the sums secured br this ~ ~ Mortgage to b~ immed'uedy due and payable without Eurther drmand and may foreclose this MortRage b7 judicial proceed- ; ing. Lender ahall be entided to collect in auch proceeding all expenaes of toreclowrc, including, but not limited to. reaeon- i ~ abk attornty's [ets, and costs o[ documentary• e~~idence, abatracts and tiUe reports. ~ ~ ; ~ Up ~ BOf,•~ PqCC 8 'J'r ~ ; ~ 9 ~ ~ _ , tY~-c-^ ' . ~ ` _ . 4 ti4 .o-,.: =?s'= s-..~..,_'r-f°.e' . . _ ~'~E...az._~s`°