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Home My WebLink About0226 3 (roalrr'c ++nttcn agrcrmcnt or apphcahlc LI++. BurnlNCr shall pad the amount a+f :111 mrttgage in,ur.ulrr premiums h? the manner pn+vah•al under paragraph hereof. ! An>' ;un++unis disbursed by Lenaicr pursu.ult to t~lis par.lgrlph 7. +vllb intrrest thrrraul .hall hrromr additi~alal inah•hrednr.c •.f liorra+++rr secured h+• this \fortgagr. t'nlcc, Bl+rran+cr anal 1 rnalcr aercr to other terms a+f pa}•mcnt. such :unoulq, sh:dl F+r pavahlr upa+n n+~ticc frl+m 1 cndrr to B+Yr++a+rf rryur,ting payment thrrca+f. anal shall tsar intarcst fmm the alatr a+f di,hurcrment at the rah pasahk fr.+m time a. time on outsrlndine principal under the \o!c ante+~ payment of interest :+t such rat. aoulal t?c comrar+- to applicable la+s. in ++hirh event wch amlalnts .hall brat interest at the highest rate permissihlr under applicable la++. Nothing ca+nt;lined in this paragraph 7 shall require 1 ender to incur am• espence or take .uty action hereunder. 8: Inspection. I ender ma+• make a+r cause to I+e made reasonable entries opa+n and imlx;ctionc of the Pnlperty. pm+•ided that 1 ender shall give Burrower notice prior to any sua;h impectiun specifying rc:la+nablc cause thereG+r rclatca! R+ I ender's interest in the Pn+pert+•. 9. Condemnation. The pra+cceds of ans• ;o+ard a+r claim for damages, direct or caancyucntial. in connection with ans• condemnation a+r uthrr I;Iking of the Propcrt)•. ur part thereof. or for rons•es•ance in lieu all condemnation, are herrM• assigned ;md ,hall t+e paid to Lender. • In the e+cnt of a total taking of the Pn,perty. the pn+cccdc shall he applied to the sllmc serilrcd by this \lortgagc. ++ith the esress. if any. paid ta+ &\rn+wcr. In the event a+f a partial taking rf the Pmpcrh~. llnlesc Rorra++ver and lender othen+isr agree in writing. there shall'he applied to ihc sums secured by this ~lorigage wch pmpa+rtion of the proceeds as is cyu.ll ta. that pn+pa+rtion +shich the amount of the cum. secured by this \torigare imnlediatch prior to the daft of taking hears to the fair market value of the Property immcdi;Ucly prior to Ihr date of taking. ++ith the balance of the pra+ceedc paid to $orro+scr. if the Pmperty is abandoned h+' Borrower. or if. after notice by 1 ruder to Borr++++-er that the crntdcmnor offers to make an award or scttie a claim fl+r d:unages. &+rrowrr taste t.+- rcsp•aul it I cndrr within ~n days after the alatc wch notice is mailed. Lcndcr is authoriwd to collect and apph• the proceeds. at (.ender ~ option. either to restoration or repair of the Pn.pe-ly a.r to the slum secured h_v this ~tortgagc. Unirsc Lcndcr and Borrower othcnsise agree in ++ritinp•. am• wch application of prc•cecdc to principal shall not cstcnd or panipame the dtte date of the monthlc installments referred to in p:uagr;y+hc f and 2 hereof or ch;ulge the amount of ,uch installn-entc. 10. Borrower \nl Released. F~tcnsion of the time for payment a•r modification. of Ilmortiiation of the sums secured by this Ma+rtragc granted M• i.cnder to anv srKCCsca?r in interest of Rorrowcr sh:dl not operate io release. in any m;mncr. the liahilit) of the original Burm++cr and Bormw•er's succrs,ors in interest. Lender shall not he required to commence praceedings agaimt wch successor or reface to e~ten.l time f•+r payment or other+visc modify amortisation of the sums secured h_v this Uortgagc h+' reasaal of anv demand made M the orginal Borr.+wcr :uul $orrower's wrccssa+n in interest. ii. Forbearance by lender \ut a R'•rir,er. Anc frnc~ar:ulcr h+' 1 ender in etercisine anv right or remedy hereunder. or otherwise atTorded by appfirlhle law• ch:df not tx a wai+er aH ++r preclude the cserci+e a+f am- ,uch right or remedy. Thr procurcmcnt of incurancc or the pavmcnt of fasts a+r other liens or chargrc hs• Lcndcr .hall not Flt :1 w;li+•er ~+f I cnder's right to accelerate ihc mautrih of the indehtrdness sc_ured by this Mortgage.. 12. Remedies ('umulative. All remedies pmcidrd in this \lortg:+gc are distinct and cumulati+•e to anv_ ~+therright or remedy under this ~tortgagr nr aBordrd M• I:os or eyuity.:uut mav he c~ercised concurrently, indepcndemlr or surcr,sivrly li. Successors and A~sigm Bound: Joint and Several Liabilih; ('aptions. •fhc covenants and agrrenlrnis hcrcin rrnvauled shall hind.:md Ihr righh hereunder shall incr. to. the rcspertive salcccsu+rs and assigns of Lcndrr and Borrower. subject to ihc pro+•isions of paragraph 17 hereof. :111 a:o+•rn:u\ts anal agreements of Bornnver tihall 1?e joint :md sc+•c,al. The raptiom and headim_. of the paragraphs of this ~iortgagr are for antvcniencc onh• :Ind ara: not to he need to interpret or dcfinr ihc pn•viciom hcrcof. 14. \otice. Escept for~am• notice required under applirlhie L•Iw a+ he given in another manner. fat :Im' notice to Burn+wrr pr.+vided for in this `ta?rtgage shad) 1?c given h~~ mailing wch •notice M certified mail addressed to Borroascr at the Pn+prm• :Wdre,s a+r a? wch other address ac Bornnvrr mav drsigoair by notice to 1 ender as provided hcrcin. and Iht am notice to Lcndcr sh.lll ter gi+•cn by ccrtifie.i mail. return receipt reyur,hal. to 1 coder', address stated hcrcin or to wch other address as Lcndrr m;l+' designate he notice t.+ Borro\+cr ati procidcal hcrcin_ :env nuti.r pra.vidcal for in this ~lautg::gr sh:di F+c deemed to have ixcn given to B(+fra+wrr a+r 1 cndrr aahrn given in the manr+.er designated herein. 15. (`niform ~forigrkc; Governing 1.rw; Severahilih. "this t•+rm ++f rnortga_•r to+mhines uniform ra++•enants for national • Use :IMI nl+Il-Ufllfa+rill r••\'l'nanl, ++ith limited +•anahons h+' inrnail. ti.+n 1+• r~+I1,UUIh a Ililltl1tT11 Ser11fi1+' InStrtlmrnl rOYCrmg i real property. "Thi, ~lortgagc shall Le guvcn?ed by ihr LIw of the iuri,ahctirn in which the Propert+' is la+c:ded. In thc• event that anv pn+visia,n or clause of this ~torigagc or the \a+tc ;rnflirt, aaith applicable Llw. +uch contlirt shall not attest ' +~thrr pro+I,il+ns of this ~turta••r or the \otr which ran hr gnrn cifrct ++i!hrut the conflicting provision. and to this .•nd Ih.• nr.+c i. i..n..,f •Lr \f.,nna.. ,.r t!:C f .1.. _...i ; aia _ _ ~ ~e ar... a' ru..~~u i,~ l:r ,a:~lr i~ ~i. ~ 16. Borrm+rr's ('opt. $orro++el ,hall hr furnished conformed rope of the ~otr and of this :~iurlgage at the time a+f e~ecntion or after rccurdation hcrcof. 17. Transfer of Ihr Properly; Asconq?lion. If :111 or :ul+ I+.Irt a+f the Property or an intrrest therein is .old or transfcrrcd by Borrower ++ith~nrt I.rnder's prior +srittrn consent. rs.luding Ia) the crratilat of a li~rl or cncumhranrc wha?rdinate to ihi. ~1•.+rtgagr. Iht the creation of a purchase monr+ ,rcurit+ intrrcst f+v household applianres• ht :1 iransfrr he devise. decent or hs' oprrltirnl of Lla+ upon the death of i.•,nt tenant a+r tdI the grant of anv Irasehold interest of three vicars or less ~ not ra.ntaining an option to purchase. I cndrr ma+_ . at I cndrr', ..l-n++rl. declare all the sums secured by this '.1lortgage to tm I immraiiahly due and pav_ able. l coder shall have .aalvrd ,u:h a+f?tion tr acrelcrlh if. prior ta. the sale or transfer. Lcndcr i and the person to wfiom the Pra+prnv i, to err sold 1+r transferred reach agreement in writing that the credit of such person is s:ltisfacton~ to I.cnder and that ihr interest pacahlc on the wms secured h+• ihi, 1lortgagc shall hC at such talc as l.cnder ,hall request. If 1 cndrr has waived the opti+a? to accclrr.Itr pn.vidcd in Chic paragraph 17, and if Borrower's successor in Interest ha, csccuhd a written assumption agreement accrphd in ++riting hs• Lcndcr. Lcndcr shall release Borrower from all a+hligations under chic Mortgage and the Note. i If I ender e~erci.e such option to accekratr. 1 ender shall mail Borrower notice of acceleration in accordance with ! paragraph I~# hcrcof. Such notice ,hall provide a period of n.+t less than if1 dav_ s from ihc date the notice is mailed within :+hich Borro+er ntac pay the sums dcrLucd due. It Borroa+rr fail. to pas such vans prior to the cspiratinn of such period. i Lcndrr mav_ . avithout further notice or demand on Borr.+wcr, invoke anv_ remedies pcrntittca M• paragraph IR hertAl' f ;~`o~-UntFOreat Govt=xs~•rs. Borrower and I coder further covenant and agree as tollows: ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ` agreement of Borrower in this Mortgage, including the covenants to pa}• when due an}• sums secured by this Mortgage. Lender j prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such I breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in t 'i acceleration of the sums secured b~~ this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proctedittg the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. if the breach is not cured on or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to fie immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in sttch proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's RiglE,t to Reinstate. Nat+s•ithstanding 1_ender'c acceleration of ihc sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by I.cnder to enforce this Mortgage discontinued at any time ao$x342 PacE l ,x~._ _ - - .