The URL can be used to link to this page

Home My WebLink About0531 • Leoder's written agrcement or applicabk law. Borrowe~ shali pay the anwunt ot +il mortgage insurancx pnmiwu i~ the msu~ner provided under parag~aph 2 heroot. ~ Any amounts disbursed by I~:nder pursuant to this paragnph 7, with iatcrest thercon, shall bocome additional i~debtodness ot Bonower securcd by this Mongaae. Unless Borrower and I_enJer agree to othe~ tertns uf paymen~ such amounts shal) be payabk upao nc~lice from I.ender ta Borrowcr rcqualing payment thereat, snd shail bear intercst from the date of disbursemeot at the ratc payabk from time to time on aitataodir~g principal under the Note unku paynxnt of interest at such rate would be contcary to applicabk law, in which event such amounts shall bear interest at the hial~ett rate , pertnisaibk undt~ applicabk law. Nothing contained in this paragnph 7 shal) requirc [.ender to ineur any espense or tate any action hereunder. S. I~speetioN. i.ender may make csu~e to I~e mad~ reasonabk entries u{x~n and inspections of th~ Praperty, provided that i_ender shall give Borrowe~ nc~lice priow tA any such inspection specifying rcasonabk cause theretor relatod to Lende~'s interest in thc Propcrty. 9. Cade~nwaNbn. The prc~cecdt af any award or claim for damages, direcl o~ co~sequential, in connection with any condemoatan or other taking af the Prope~ty, or part thercc~f, or for ccxrveyance in lieu of condemnation. are hereby usigned and s:iall be paid to Lender. . in the event of a tatal taking of the Propeny. Ihe proceeds ahall lx applied to ~he sums secured by this Mo~taage, with the eacess, if any, paid to Borrowe~. In the event of a partial taking of the Prope~ty, unlest Borrower and Lender otherwise agroe in wrilinR. therc shall be applied to the cums secured by this Mortgage such proportion of the prncee~ as is equa) to that proportion vrhich the amounl of the sumc cecured by this Mortgage immediately prior to the date ot taking bears to the fair market value of the Prapcrty immediately prior to the date of taking, with the balanoe of ihe proceeds paid W ~rowe~. Yf the Propetty is al~andoneef by Bor:ower. or if. after notice by l.ender ta Bornower ihat the condemoor ofters to malite an award or settle a claim far damages. Bormwer (ait. to res~nd to l.ender within 30 days after the date such notice is maikd. Lender is authorized to rnllec~ and apply the proceeds, at i.ender's option, either to restoration or repair of the Propeny or to the sums sccured by thic Mortgatte. , Unless 1_Cnder and Borrower othervvice agree in w•ritme. any such application of proceeds to principal shall not extend c+r postpone the due date of the monthly installmems rcferrcd ta in paragraphc 1 and 2 heceof or change the amount of s~rch installments. lA. Sorrower Not Released. Extension of thc time for payment or modification of amortization of the sums secured by this Mohgage granted by t.ender to any cuccecsor in interect of Borcower shaH no~ ope~ate to release, in any manner, the liability of the original Botrower and &?rrower's successors in interest. I_ender shall not be required to rnmmena proceedings against such suecessor or rcfuse t~ ertend time for payment or othenvise modify amortiza~~ai of thr wms secured by this Mortgage by reason of any demand made b~• the ori¢inal Borrower and Borrawer s successors in intercst. 11. Forbearance h~ Lender Not a Waiver. Am• f~rbearanoc by 1_cnder in c~ercising any right or rcmedy hereunder, or otherwise afforded by applicable law. shall not he a v~raiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of t~xes or other liens or charges by I.ender shall not be a waiver of I_ender's right to accelerate the maturity of the indehtedness cecurcd hy thic Mortgage. 12. Remedits Cnmulatire. All remedies provided in thic 1Nortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law-or equiry, and may be exercised concurrently, iudependently or successively_ ' 13. Soccessors and Assi~as Bound; .Joint and Sereral I.iability; Captio~. The covenants and agreemen:s hercin contained shall bind, and the rights hereunder shall imire to. the respective successors and assigns of Lender at~d Bamower. subject to the pravisionc of paragraph 17 hereof. All rnvenants and agrcements of Borrower sha11 be joiM and uveral. The captions and headings of the paraeraph~ of thic Mortgage are for convenience only and are not to be uad to interpret or define the provisionc hereof. 14. Notice. Except for any notice reyuired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgaee shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such othcr addrc« as Borr~.w•cr ma~• designate by notice ta T.enc~er as provided herein, and (b) any notice to Lender shall he givcn by certificd mail. return receipt rcquested. to l.enders address stated herein or to ~ such other address as Lender may desi¢nate b~ notice to Bormwer as provided herein. Any notice provided for in this ; Mortgage shall be deemed to have ~+een given to Bc+rmv?•er ar Lender when given in the manner designated herein. E . 15. Uniform Mort~a~e; Goveroin~ iaw: Sever~bilify. Thic form of mortgage comhines uniform covenants for national ~ use and non-uniform covenants with limited variation, hy jurisciiction to rnnstitute a uniform security instrument covering ~ real prop~rty. This Mortgage shall be governed hv the IaN• of the jurisdiction in which the Property is located. 1n the event that any provision or clause of thic Morig:.gc or the Note conflicts with applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note which can be given effect without the conflic~ing provicion, and to this ~ end the provisions of thc Mortgage and the !Vote arc declared to be severable. ~ 16. Bormwe~s Copy. Borrow~er shall tx: furni.heJ a conformed cop}~ of the Note and of this Mortgage at the time of execution or after recordation herrnf. ~ 17. Traasfer of tbe Propertv; Ascumplion. If all or am• part of the Pn>perty or an interest thercin is sold or transferred ~ by Borrower without Lender's prior writirn consent. c~cluding lal the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the c~eation of a purch~ce m~•ne~• ~ecuritti interest for household appliances, fc) a transter hy devise, descent or by operation of law upon ~he dca~h of a jo~nt tenant or (d~ the grant of any leasehold interest of threc ycars or less not containing an option to purchase, Lender may, at l.ender't option, declare all the sums secured by this Mortgage to be . immediately due and payable. Lender shall have w•:?ived such option to accelerate if, prior to the ~ale or transfer. l.ender and the person to whom the Property ic ~i, t?c :o1J or transferrcd reach agreement in writing that the credit oi ~uch per~on is satisfactory to Lencler and that the inter~,~_pa~~able on the sums securcd by this Mortgage shaA be at such rate ac l.ender ~ shall request. If [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest hac executed a writteo assumption a~reement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option tn accelerate. LenJer chall mail Borrower notice of acceleration in accordancr i~h paragraph 14 hereof. Such notice shall provide a perind of not lesc than 30 days from the date the notice is mailed within which Borrower may pay the sums dcelared due_ If Borrower faits to pay such sums prior to the expiration of ~uch peri~xl. ~ Lender may, without further notice or demand on Horrower, invoke any remedia permitted by paragraph 18 hereof. u Norv-UNiFORr~ CoveN~rrrs. Borrower and Lender further covenant and agree as follows: ~ 18. Accekratjon; Remedies. Ezcept as pmvided ia pa~rsph 1~ bereof, upoo norrowe~s brese6 of awy co~taant or ~ , a6reemeat of Borrower la t~ Mortgage. iecludie~ tbe co~enants to pay wbea due aay so~ secnred by this Mort~a~e. Leoder ~ prior to accekratba sh~ msil notice to Sorrower as provided ia pan~raph 14 bereoE specityin~: (1) tUe breach: (21 the action ' + reqaired to e~re sac6 6resch; {3) a date. not kss 16an 30 d~ys from Ibe dMe t6e notice b e~iled to Eorrower. by .rhicb sucb ~ , breac6 mwf be cered; asd (4) thst failure to cure sach brescb on or betore tbe d~e spec~ed ia the eotice may recult in ' r accderatiow ot t6e saa~s secnrsd by tbis Mo~a~e. torecbsure by jadkial proceedin; asd sak of tbe Property. 'I7~e notice ~ ~ sludl furtber infono dorroaer of the ri~ht to reinstate after sccekatba sad tbe ~M to assert iw the foredosdre pmceedi~ ~ tbe non-existesce of a defauk or sny othcr defense of Borro~+er to accekration and foreclowre. lf the breach is oot cnred oa ~ or befon tbe date specified ia tbe notice. l.ender ~t I.ender's optan may declare ~q of tbe saias secured bp thk Mort~a~e fo be j ~ im~ediattly due and payabie ~+ifhont further dem•rnd ~nd msy foncbse this Maf~t by jndicid proctediu~. i.ender shall ~ ~ be eetitled to cdlect iu socM procecdirq~ aU e:penses nf foreclawre, ioctudin`. bnt sot limited to. reasonaele att.?rnr 1's fets. ~ a~d costc of w~c.:Ae~tary erWeote, sbstrscLs sad Iitk reports. ' 19. aorrown's Ri~bt to Reinetata Nc~twi~hs~andin~ Lender's acceleration of the sums securcd by th~s Mortgage. ~ Borrower shall have the right to have any proceed~ngs he~un ~y I.ende~ to enforce this Mongage discontinutd at an}• time ; ~ ~ ~ ~ sao~ ; 3 ° R 3~7 ~ 531 ' M 4 ~ . _