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Home My WebLink About0558 ~ - , ~ Lender's written agreement ur apphcahk law. Horn?wcr shall pad the amount of all nt++rtgage imur:utce premiums in the m:inner pr.+vc~lyd under paragraph 3 hereof. Any :unuume dishursed M• I ender purw;uri to this paragraph 7. with uttcrcst there+?n. shall hecume addition:d in+lchrcdnrss of Hurr+?wrr secured M• this Mortgage t'nlcss Bam~wrr and I rndcr agree to other terms +.f payment, sash :un++unh .hall I+e parahlc up.+n mice from I ender to B++rm++er rcyuc.ting payment thereof. and .h.ill hear imerect fmm the date of dishursement at the r;Hc pa~:rhle fr++m time to time an outstanding princip:d under the Dole un~s payment of interest at arch rate world he comrary to applicahlc la+r. in which event such amounts shall Ixiar irikrest'al ells highest rate pcrmiscihk under applicahlc la:~•. Nothing contained in this paragr.+ph 7 shall require 1 ender to incur any expense or take .rm• action hereunder. R. Inspection. Lcndcr may make or curse to he made rcaconahle entries upon and impcctionc of the Property. pmvidcd that 1 ender shall give Borrower nuticc prior to any such incpcctian specifying rcasonahle cause therefor related to Lender's interest m the Property. 9. Candemnatiun. The pn•ceeds of any award or claim for damages, direct or cunseyuential. in rmtneclion with any condemnation ar other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc hcreh• assigned - and shall t+c paid to Lcndcr. In the es•cnt of a total taking +,f the Property, the pmcccds shall he applied to the some secured by this. Mortgage. with the assess. if any, paid to Burr.+wcr. In the event of a partial taking of the Pmpcrty, unless Ilarruwer and l.endcr otherwise agree in w•ritin~•. there shall he applied to the sums sccurcii h• this Mortgage such proportion of the pmcecdc ac is cyual to that proportion which the amount of the come secured M• this Mortgage immediately prior to the date of taking tx:ars to the fair market s•aluc o(the Propcrh• immediately prior to the date of taking. with the hal;mce of the proceeds paid a. Borrower. - If the Property is ahandoyFrcd hs• Harrower. or if. after notice hs• 1 ender t+. Born+wer that the condemnor offers to make an :rw:ud ar settle a claim for damages. Burrower fail. t+. resp+nrd to 1 ender within it) days after Ihr date such notice is mailed. Lerdcr is authorimd to eollrrt and apply the proceeds. at I endcr'c option. tither to restoration or repair of the Propcn)• or to the sums secured by this Mortgage. Unlecc Lcndcr and Borrower otherssice agree in writing. am' such application of prc?credc to principal shall not extend or p+ntpone the due daft of the monthly installments referred k?. in paragraph 1 and 2 hereof or change the amount of such installments. ~i1? ~v?~ tJ,lpalpJ~ 10. Borrower Not Released. T?xtencion of the time for payment ar modificaWlt~tllpf~ig•yQtppcured by this Mortgage granted h• l.en+lcr t+. am• cuceecwr in intrre.t of Borrower sh@IIh@t~plrttr; lg reie~i~i~apj• f~gner. the liability of the original Borrower and Borrower's succeccars in interact. Lcndcr shall not he rcyuired to commence proceedings against such successor ar refuse to extend time for payment or othcn+isc m+xlify amortisation of the sums u-cured by this Mortgage by reason of any demand made h:• the original liorruwrr and Borrowers suc~es.ors in interest. I1. Forbearance by Leader NM a K'aiver. :\m farlxaranr4 hs• I.cnder in exercising :my right or rcmed:• hereunder. or .ahcrw•icc afforded by applicahlc law. Shall nut he a waiter of or preclude the exercise of :?nr such right or rcmeds•_ The procurement of insurance or the payment of lases ++r other liens ar charges by Lcndcr shall not he a s+:ris•er ~+f I.cnder'c right to accelerate the maturih• of the indehtrdncs sr:ured h' this Mortgage. 12. Remedies Cumulative_ .411 remedies presided in this Mortgage arc distinct and cumulative to ;urs• .+ther right or remedy under this Mortgage or aff~+rded by law ++r cyuity..rnd macJ>L cscrciscd concurrently. independentls ar wcrrssis•rly. 13. Successor and Assigns Bound; ]oint and Seseral Liabilih•; ('options. The cos•coaMs and agreements herein contained shall hind. and the rights hereunder shall inure to. the re.pective.cucccsa+n and assigns of Lcndcr :end Harrower. .object to the prasitiiom of paragrrph 17 hereof. :VI crn•en:mts and agreement. of Borrower shall he joint and scs•eral. The captions and headings of the paragr:rphc of this Mortgage arc fur convenience onh• and are not to Ix aced to • interpret or define the prm•icionc hereof. 14. \ntice. Except far any notice rcyuired under applicahlc la:s t~• Ix: given in another manner. fa) any notice to Burrower pracidcd fur in this ~fortgagc shall tx gis•en M• mailing wch nuticc by certified mail addressed ru Borrower at the Property Address ar at such other address ac B++rmwer inns designate h:• m+ticr t.. 1 ender ac pn.vidrd herein. and thl am nuticc ta• Lcndcr shall I+c given by certified mail. return receil•t reyucsted. t~~ 1 ender'. address stated herein or to i such other address as Lcndcr ma}• designate M• notice t+. Borrower ac pr++sidcd herein. :\ny n+?tice pn+victr+l for in this I Mortgage shall he deemed to has•c been gis•en to Borrower ar 1 ender s+hen gis•cn in the manner designated hrrcin. ~ 1S. ('nitorm 4fort{;age; Governint` LaN: Severabilih•. "this f+xm of mortgage .•omhincc uniform ros•cnants far national ace and nun-uniform cocenartts ?cith limited s•ariatiuns h_s jurisdiction t+• «+nstitute a unifornt cccnrits• instrnmcnt covering real property. This Mortgage shall he governed hs• the law of flee iuri.dictiun m which the Property is 1+?catcd. In the cs•cnt that any provision or clause of this '.\fortgagc ar the \utc cunilicts with applicahlc law. arch cantlict shall nut affect other prasisians of this Mortgage ur the <ote which c:ur he ,•isrn etf~ct without the rnnflicting pmsi.iun. and M this end the pn?+isiuns of the Mortgage and the \utr arc drel:urd to he severable 16. Borrower's Cope. Borrower shall hr furnished :r ranfarmcd c~?pc +N the \otr :end of this Mortgage at the time ++1 execution or after era+rdation hereof. 17. Transfer of the Pmpertc; Assumption. If al! ~+r :r!ts part of the Property ur an interest therein is s++ld or tranderrcd M• Barr~wrr without I.cnder's prior wriUrn consent. escluding ta? the creation of a lien ar cncumhrancc whordinate t+. this Mortgage. ih1 the creation of a purchase inures srcurits :ntcrest tar houcchul.l appliances. Ice a transfer hs• devise. dc.ccnt ur h• aprr:rtion of law upon the death at a iurnt tannin ar Idr the grant ..f ans• leasehold interest rf three scars or Ices nut containing an option to purchase: 1 ender m:rv.:a 1 rndcr'. option. declare all thc.wms secured by this Mortgage to he nnnrrdi:rtch' due and payable. 1 rndcr shall have wai+rd .nth option a. acrclerate if. prior to the sale or transfer. Lender and the penun to whom the Property is R• he sold ur trms(errcd reach .agreement in venting that the credit of such person satisfacton~ to Lcndcr and that the interest pacahle .?n the sums secured h• this Mortgage shall he at such rate as Lender shall request. If 1 ender has waived the aptirn to accelcrrtc provided in this paragraph 17, and if Borraw•er s successor in interest has executed a written assumption agrccmcnt accepted in writing by Lcndcr. Lender shall release Harrower from all uhligations under this Mortgage and the ?Vote. If Lender cxerrises such option to accclrrate. I rndcr shall mail Borro++rr notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period ++f seat less than ir1 clays from the date the notice is mailed within which Borrower may pay the wms declared due. II Harrower fails to pay such sums prior to the expiration of wch period. Lcndcr may. without farther nonce ur dcntand on Hurruwrr. rnvokc any rentcdies pcrmittecl M• paragraph IR hereof. Norv-UxrroRr?t Cos•EVSH-rs. Harrower and Lender further crn•enant and agree as follows: 18. Acceleration; Remedies. Except ac provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this 1ortgage, includitiR the covenants to pay when due any sums secured by Ibis Mortgage, Leader prlo~ to acceleration shall mail notice to Borrower ass provided in paragraph. l4 hereof specifying: (1) the breach: (2) the action required to cure such breach; (31 a date. not less than 30 days from the date the notice is maned to Borrower. by which sash breach must be cored; mrd (4) That failure to cure such breach on or before the date specified in the aotke may resole in acceleration of the sums secnred by Ibis Mortgage. foreclosure by judicial proceeding and sale of tbt Property. 71ie nolke shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a defauH or any other defense of Borrower to acceleration and foreclosure. if the breach is not erred on or before the date specified in the notice. Lender at Lender's option may declare aB of the sums secured by this Mortgage to 6e immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender .hail be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable sttorney'a fees, - and costs of docomentary evidence, abstracts and tick reports. - 19. Borrower's Right to Reinstate. Notwithstanding l.erukr s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have an~• proceedings tsegrrn by Lender to enforce this Mortgage discontinued at any time s' ~ BO'~JK ~ PAGE ~I~J$ a• • e