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Home My WebLink About1031 ~ ' 7 ' • . . . Londer's written agrcement or appGcabk law. Borrovtrer shall pay the amount of ali mongage in'sLrance premiurr~ in the manner providai under pa~agraph 2 l~eroof. ' ; Any amounts disburxd by I.ender puru~ant to this paragraph 7, with interest thercon, shall become additional ~ iodebtedness ot Borrovrer securcd by lhis Mortgaga U~less Borrower and I.e~Je~ agrce to other tetms ~f payment. such ; ~ amounts shali be payabk upo~ notice f~c~m t.ender i~ BoROwe~ rcques~ing payment therrnf, and ~hall bear iotercst from the dafe of disbursement at the nte payabk from time to time on oatstandinR principal under the Note unless paymeM of ~ interest at such rate would be contrary to applicabk law, in which event such amounts shall txar interest at Ihe hi6hest rate ~ j permissibk unde~ applicabk law. Nothing contained in this parag~aph 7 shall rcquirc t.ender to incur any expense or talce 4 any action hereunder. ~ S. Isspeetioa. I.cnde~ may makc ar cause to !~e made rcaconablc cntries upc~n and inspections of the Property. provided ~ that l.ender shall give Borrower natice prior ta any such inspection specifying rrasanabk caiue therefor relatod to Lender s ` _ ~ interest in tht Propertv. 9, Coademaatba. The prc~ceedc of any award or claim for damages, direct ar conuquential, in connection with any ca:~emnation other taking af the Property, ar part thtreof, or for ccx~veyance in lieu ot condemnatian, are hcreby assigned f and shall be paid ta 1.ender. Z, h-.• ~ ; in the event of a total taking of the Propeny. the prcxeeefs chall he applied to the sums secored by.this Mortgage, ~ with the excess, if a~y, paid to Borrower_ in the cvent nf a partial taking of the Property, unleas Borrower ana unde~ otherwisc agrec in writing. there shall be applied to the xums secured b~• thic Mo~tgage such proportian of the proceeds ; as is equal to that pmportion vrhich ~he ama~n~ ot the sumc cecured by this Mortgage immediately prior to the date of takin~ bears to the fair markct value of the Propcrty immcdiatcly prior to the Jate of taking, wilh the balance of the proceeds ~ paid to Borrower. ~ ff the Property is al~andoned by Borrower, or if. after notice hy [.ender to Borrower that the condemnor offen to malce •an award or settk a claim for damages. B~rmwer fail. to rc~~xnd to l.endcr wi~hin 30 days aNer the date such notice is ~ mailed. Lender ic authorized to collect artd apply ~he proceeds. at 1_ender i option. either to restoration or repair of ihe t Propeny or In the sums sccured h~~ this Mortgage. ; Unles. I.ender and Borrowcr otherwicc agree in ~~riUne. an}• +uch application ~f pr~xeeds to principal shall ~ot e~tend ; or pdstponc the due date of the monthly instrllmcnts rcfe~rcd to in paragraphs 1 and 2 hcreof or change the amount of ~ ~ such installments_ 10. Borrower Not Rekased. Extension of Ihe lime far payment or mndification of amortization of the sums cecured by this Mortgage granted by I.ender to any auccecu.r in intere~t ~of Borrower ~hall not ope~ate to release. in any manner, the liability of the original Borrower and mwrr'~ succesccx~ in interest. i.ender shall not be rcquired to commence - proceedings against such successor or refuce to e~tenJ time for payment or othervvice modify amartizabon ot thr ~~~ms serured by thic Mortgage hy reacon of any demand made b~• the orieinal Rorre~w•e~ and Borrower s successors in interecl. 11. Forbearance by I.ender"Not a Wai~er. Any f~rt~earance M I.ender in ererci~ing any r~ght or remedy hereunder, or athenvix afforded by applicable law. shall not be a waiver o( or prerl~de the exercise of any such righr or remedy. The procurement of insurance or the payment of tarec or other liens or charges b} I.ender shall not be a waiver of l.ender s right to accele~ate the mawrity of the indebtedneu ~ecurcd h~~ thic 111artgage. 12. Remedies Cumulsthe. All remedies provided in thia Mortgage are distinct and cumulative t~ any other right or remeJy under this Mortgage or afiforded hy law or equity. and m:+}• he e~erci~ed concurrentl~, independentl~ or succecsively. ~ ~ 13. Successors and Assi~as Bound: Janl and Sere~al I.iability; ('aptions. 'i~c covenants and agrcements hercin ~ containeJ shall bind, and the rights henunder shall inure to. the rcspective succe~~rc and assigns of I_ender at~d Bormwer. ! subject to the provisionc of paragraph 17 hereof. All covrnants and agreemrnts of Barrow~er shall he jnirU arid several. 'i?~e captions and headings of the paraeraph~ e,f thic Mortgage are for ccsnvenience only and are no~ ta be uced to ` interpret or define the provisionc hcreof. ; I4. Notiee. Except for am no~irc rcyuired under applicahle !av? to be gi~•en in another manner. (al any natice to Borrower provided for in this 1Nortgaee chall he gi~~en hy~ mailing wch notice hy cerlified mail addresced to Borrc.w~er at - the Property Address or at such uther addres, as R~.rr~~w~er ma~~ de~igna~e b~• n~tice to I.ender as provided herein. and (b) any notice to Lender shall he gi~rn hy certificd mail, return receipt reyuested. to [ enderc addrecs statcd herein o~ to si~ch other address as I_ender may deai¢nate by n~eeee tn Borrow~er as pm~ideJ hercin. Any naticc provided for in ihis Mortgage shall be deemed to ha~~c hecn gn•cn to Bc?rrow~cr ~~r 1_rnder whcn given in the manner de~ignated herein. 15. Uniform MortRa~a GorerninR IaN; Se.erabilily. This form of mongage combines uniform covcnants for national ! use and non-uniform covenant~ with limited variationc M jurixii:tion ta constitute a uniform security instroment rnvering ~ real property. Thic Mortgage sh•rll be governed M~ the law of the jurisdiction in which ihe Property is located. In the ~ event that any provision or clau~e of thic M~ng:.ce ~•r ~he N~~~e confiicll with applicable law, such conflict shall not affect ; other provisionc of this Mortgage ur the Nate v?hich can he givcn efTect witho?;t the conflicting provicion. and to this ; ! end the provisions of thc Mortgage and thc tiotc arc Jccl:ired t~• hc severable. 16. Eorrower's Copy. Borrower ~hall ~x furni.heJ c~n(~rmed cop~, of the Note and of thic Mortgage at the time E of execulion or after recordation hereof. ; 17. Toaster of the Propertv: Aswmplion. it all ~?r anc part of ~he Pr~~perty or an interest therein is s~ld or transferrcd : t by Borrower without Lender's prior writ~rn c~mcent. c~cluding la? the creation ot a lien or encumhrance sut~or~inate to ~ thic Mortgage. (bl the creat~on of a~Ji~::JK mer.er ~~c!:set~• ~nterect tc.r household aQpliances, (c) a Irancier M• devise. ; descent or by operation of law• upon the Jeath ~~f a j~»nt tenant or (d? the grant of am• Ieaseh~ld interest of threc }~cars or les~ ~ not containing an option to purchase. I.ender ma}•. a~ I.ender'~ option. decl•rre all the tums secured h}~ this Mortgage t~ he ~ immediately~ due and payable. Lender shall h:,.e ua~~~ed surh option to accelerate if. prior to the cale or transfer. I.enJer ~ and the person to wh~~m the Pmperty i. a~ M.~~IJ or transferred reach agreement in u•riting that thr credit of wch per~on ~ is satisfactory to I.ender and that the interc.t pa~able on the sum. ~ecured h~• thic Mortgage shall be at such rate a~ I.rnder shall request_ if !_ender has waived the option to acceler~te pmeided in ~his paragraph 17, and if Borrower's wccessor in ~ interest has executed a written assump~ion agreement accepted in w~riting i.ender. IxnJer ;haii reiea:e B:,;r~;~•c,-'rom a!! obligations under this Mortgage and the Note. ~ If I.ender exercises such option tn accelerate. Lender chall mail Borrower notice of acceleration in acrnrdancr ~ih paragraph 14 hercof. Such notice shall provide a pericxl of not Iesc than 30 day~ from the date the notice iz mailed within ~ whicfi Borrower may pay ihe sums declared due. If Borrower failc to pay cuch cums prior to the eipiration of ~u~h pernxl. ~ Lender may, wrthout further notice or clemand on Borrower. ~nvoke any remedies pesmitted by paragraph IR hercol. ~ ? Norv-UHtFORM Covex~tv7s. Borrower and Lender funher rnvenant and agree as follows: 18. Accekratbo; Remedies. Except as prorWed ia para~raph 17 hercof. upon Eorrower's brescA of any covenant or ~ a~reemeat of Eorrower io t6~ MortgaRe, iacludie~ tl~e co~enants to psy when due any snms secured by this Mort~a~e. I.endcr > prior to sccekratioa shall mail aotice to Borrower as provided in para~nph 14 hereot specNyfn~: (1) tbe breach; 121 the actioo ~ reqnired to cace soc6 breach; t3) s dde. aot less than 30 days tmm the dste the notice ts a~afled to Dorrower. by which sucb bresch mmt be etired: and (4) thst hilure to cure wch breach un or beforo thc dste specified in the notice msy result ie ; scceieration of tbe s~ms securcd by this Mort~aRe. foncbsure by judicjal proceedin~ sad ssk of tbe Property. 71~e natiee ` ~ sha8 further inform Qomowt~ of tbe riRM to reinstate sfter accekration ~nd the ri~ht lo assert ia tbe forecbsurr proceedin` ' ~ t6e noo-esistexce ot a defaak or say other defense of Bc~rower to sccekration snd foreclosnre. If the bnach is aot cnred on 4 ~ or betore Ihe date specified io the notke. l.ender al I.end~r'c opt'an may declue slt ot the snms se~wrtd by this Mort~y;t b 6e ienaxdistdy due and payabk without further demand ~nd may forecbse thk Mort~a~e by judicid proceedjn~. t.ender chall ~ be eotitled to culleet is sncM proceediaR all e:penses of foreclosure. includin~. bnt not limiled to. reasonabk :Nt~?rnc.'s fets. aod cosfs of ooc~~stofary evidence. abstrscts ~nd litle reports. ~ 19. don+owe~'s Ri~bt to Reioqatt. NMw•ith~landtng l.en:ler's acceleration of the sums securcd by ~h~• M.?rtgage. ~ Borrower shalf have the right to have any procecding, txEun ~v Le~der to enforce this M~rtgaqe discont~nued ai~~ time ~ ~ SOaK J11 P4!'f ~~J11 ~