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Home My WebLink About0507 . . _ . . , Le~de~'s written agreement or appl'ecabb law. Sorrower shall pay the amount ot ail moNgsge ipsyuance ptemiu~s, in tl~e ~ manner provided undet parag~aph 2 hereof. Any amounts disbursed by Lende~ pursuant Io tha paragnph 7, with interest thercon, shal) become sdditional i~debted~ss of Borrowcr securcd by this Mortgage. U~less Bo~~ower and t.enJe~ agree to othe~ terms of payment. such amounts ahali !x payabk upon nc~tice from t.ende~ to Borrower rcquesting payment therec~f, and shall bear intercst from ihe date of d'aburstment at the rate payaMe irom time to time on aitstanding principal under the Note unless payma~t of intercst at such rate would be contran? to applicabk law, in which eveot such amounts shall bear interest at the hiahest nte pernniasibk under applicabk law. Nothing cantained i~ this pa~agnph 7 shall requice Lender to incur aoy eapense or take any action hereunder. s. Iaspecdoe. Lender may make or cauu to be mad~ relcanabk ootries upon and inspoctions of the Propetty. provided that i_ende~ shall give Borrower nMice prior td ahy~siiCb inspection specitying reaso~abk cause therefor relatod to Leodet's intercsl in the Property. ~ 9. Cademwfbs. The proceeds of any award or claim for damages, dircet or consequential, in connection with any condemnation or dher taking of the Propeny, or pari thercaf, or for conveyance in lieu of condemnation, are hereby assigned and s:~all be paid to I.ender. Tn Ihe event of a total taking of the PropeNy, the proceeds chall be applied to the sums securcd by this Mongage, with the excess, if any, paid to Bormwer. In the cvent of a partial taking of Ihe Property. unless Bomc~wer a~d Lender othenivise agroe in writing, therc shall be applied Io the sums securccl by this Mortgage such proportion of the proceods as is equal to that propoNion v?hich Ihc amount of thc sumt securcd by this Mortga~te immediately prior to the date of taking bears to the fai~ market value of the Pmperty immediately prior to the date of taking, with the balance of the pmcoeds paid tn Horrowe~. if the Property is abandoned by Bor:ower. or if. after notice by I.ender to Bormwer that the condemnor oftera to malce an award or settle a claim for damages, Borrower fail. to resaond to l.ender within 30 days a(ter the date such notice is maikd. I.ender is authorized to collect and apply the proceeds, at 1_ender s option, either to ratontion or repair of the Propeny or to the sums securcd h~• this MortRaFte. Untess Lender and Borrower otherwice agree in u•ritmg. any such applicatic~n of proceeds to principal shall not exte~d or posfpone the due date.of the monthly installmcnts referred to in paragraphs 1 and 2 hereof or change.the amount o[ such i~stallme~ts. - 10. Borrower Not Rek~ed. Extencion of 1he time fc~r payment or modification of amortization of the sums securcd by this Mortgage granted by I_ender to any cuccessor in intercu of Borrower shall not ope~ate to release, in any manner. ~ the liabiliry o( the original Borrower and &•rmwer e successorc in interest. i_ender shall not be requircd to rnmmence proceediogs against such successor or rcfuse t~ ertend time for payment or otherwice modify amortization of thr ~ums secured by this Mortgage by reason of any demand made by the oriei~al Borrower and Borrawer s succescors in interecl. 11. Forbtaranct by I.ender Not a Wairer. Any f~rhearanrc h~ I.ender in exercising any right or remedy hercunder, or otherwise af~orded by applicable law. shall not he a waiver af or preclude the exercise of any such right or remedy. The proc~~rement of insurance or the payment of taxes or other liens or charges by Ixnder shall not be a waiver of l.ender's right to accelerate ihe maturity of the indehtedness ~ecured h}• thia Mortgage. l2. Remedies Cnmuhti~e. All remedies provided in thic Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, und may be exercised concurrently, independently or sucj:essively. • ' 13. Soccessors and Ass~ns Bound: ,.Mint aad Serer~l IraM7ity; Captbns. The covenants and agrcemen:s herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender aod Borrower. subject to the provisions of paragraph 17 hereof. All covcnants and agreements of Borrower shall be joiru and several. The eaptions and headings of the paragraphs of thic Mortgage are for convenience only and are not to be used to interpr+et or define the provisions hereof. . 14. Nolice. Except .for any nolire rcyuired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortga¢e shall be given hy mailing such notice by certified mail addressed to Borrower at the Property Address or at cuch othcr address as Bormwcr ma}• decignate by notice to i.ender as provided hetein, and (b) any notice to l.ender shall he given hy certified mail. return receipt rcquested. to I_ender s address stated herein or to such other address as Lender may deci¢nate by notice to Borr~wer as provided herein. Any notice provided for in this I Morigage shall be deemed to havc been Rivcn to Bnrrow•cr or Lcnder when given in ihe manner designated herein. 1S. Uniform Mori~age; Goverain~ [.a~: Se.erabilif}•. Thi~ form of mortgage combines uniform covenants for national i use and non-uniform covenantc with limited variations h~• jurisdiction to constitute a uniform security instrument covering F real propeny. This Mortgage shall be governed by the law~ of the jurisdiction in which the Property is located. In the . evsnt that any provision ar clause of thic Mortgdge ~r the ~ote conflicts with applicable law. such conflict shall not affect ` other provisions of this Mortgage or the Note which can be given efTect without the conflicting provision. and to this end the provisions of tF?e Mortgage and the Note are .icclared to be severable. ~ 16. Eorrowe~s Copy. Borrower shall be furni~hed a conformed cop~~ of the Note and of this Mortgage at th~ time ~ of eaecution or after recordation hereof. 17. Trancfer of tbe Piroperty: Ascumption. If all ~r an~~ part of the Pn~perty or an interest therein is sold or transferred ~ by Borrower without Lender's prior writtrn cunsent_ excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creat~on of a purchace m~mr}• cecurity interest for househald appliances. (cl a transfer hy devise. descent or by operation of law upon the dcath of a joi~t tenant or (d) the grant of any leasehold interest of threc ycars or less not containing an option to purchase. Lender may. at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have Naived such option to accelerate if. prior to the ~ale or transfer. I.ender and the person to whom the Property ic ta t+e :o1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interr~t pa~•able on the sums secured by this Mortgage shall be at such rate ac l.ender shall rcquest. lf I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by [_ender. Lender shall release Borrower trom all obligations under this Mortgage and the Nate. _ lf Lender exercises such option t~ acce{erate. Lenckr shall mail Borrower notice of acceleration in accordanc~ ~~+th paragraph 14 hercof. Soch notice shall provide a periocf o( not lesc than 30 days from the date the notice is mailed within ~ which Borrower may pay the sums declared due. 1( Borrower (ails to pay such sums prior to the expiration of ~uch pencxi, Lender may, without further notice or dcmand on Borrower. invoke any remedies permiued by paragraph 1 R hercof. ~ Notv-UN~FOretH CovEN~HTS. Borrower and Lender further covenant and agrce as follows: ~ 18. Accekration; Reaiedia. Eacept ac provided ia pars~raph 17 hcreof. ~rpoa Qorrowets breacM of awy coveoant or ~ a~reemeat of Borrower in t6~s Mo~aRe. jncludi~ tl~e co~ensnts to pay whes due sny soms sec~rcd by t6it Mort~a~e, Leader ~ prbr to accekntioa sl~all e~ail aotke to Eorrower ~s ~rrorided in para`rapb 1~ 6ereof specK~: (1) the breacb: (2) the action ~ reqoired to cere srcb breacb; (3) s date, not kss t~n 30 days from tbe ddt tbe nMke i~ ~ailed fo dorrow~er. by ++hich suc6 ~ breach mmt. be nred; aod (4) tbst failure Io cure such brescb os or betore tbe date specU'ied in the notke may r~n1t in ~ sccderaKo~ of t6e som~ secared by thk Mort~sqe. foreclowre by jndicial proceediu~ ~d sale of the Pmperty. 71~e notke ~ shaU fnrt6er iafonu Eorrower of tbe ri~ht lo reinstate after accekration aad tbe sight fo a~ert ia fhe foreclosuce prnceed~ ~ t6e nos-e:istence ot s defauk or aoy otber defense of Borrower to scceleration aad foreclosnre. If tbe bteacb is aof cnred on ~ or before the dste speci6ed io tbe aotice. [.ender at l.ender•s option may declare a~ of tbe snms sec~nd by t~ Mort~s~~e b be ~ immediatdy due and psysbk wNboW further demand and msv foreclose thb Mo~a~e by judicW proceediuR. [.enAtr chall be eatitled to colket in sech proceedlnR all e:penses oi (orecbsnre. iacludiu=. bnt aot lia~ited to, reasouabk att~~tnci's fees. ~ ssd costs of ~'wc:~aeatary evideace~ abstracts and Iitk reports. 19. Eorrowa's Ri~bt to Reiest~te. Notvvi~hctanding l.ender s acceleration of the sums securcd by ~h~~ A1.~rtgage. Borrower shall have the right to have any proceed~ng. he~~m hy I.ender to enforce this.Martgage diuontinued at an}~ time ~ BooK 307 P~f 50? ~ ~ ~ ~ _ - . _