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Home My WebLink About0348 • i,, 1 cndcr's wryucn agreement or ;;pplicahk L•?u•. Burre?ucr shall pa~• the amount of all mortgage incur:utcc prcmiunts in the manner pn+vidcd under paragraph 2 hcrcof. :Mx• ;unairnlc dishursrd by Lcndcr pur.eam to this par,?gruph 7. with interest thereon. shall I+ccr+ntr additional indrMrdnrs. of Born+urr secured by this Mortgage. l.'nles. Borre+wer and 1 ender acres to other terms of pavmem. such ant.+unh shall Ik payahlc span notire fmm I ender ar Barmwrr rey??csting pa~mcnt there++f. and shall hear interest from the date of dishurscment at the sate payahk tram time to time an outstandinc principal under the tiotr unless payment of interest at such r.?tc could I+e contrary to applicable tau. in which event Inch amounts shall hear intcrcct at the highest rate lxrmissihlc under applicahlc lass. Nothing contained in this paragraph 7 shall require; Lender to incur any expense or take I any action hereunder. ' 8. Inspection. Lender may make or cause to he made rcaconahlr entries upon and inspectianc of the Property, provide) that Lender shall give Borrower notice prior to am• wch inspection specifying reasonable cause therefor related to Lender's interest in ;he Prepcrty. 9. ('ondemnalion. The proceeds of any award or claim for damages. direct or comey??cntial. in connection with any condemnation or other taking of the Property. ar part thereat, ar for conveyance in lira of condrmnatiun.:?re hercM• assigned and ,hall t+e paid m Lcndcr. !n the cs•ent of a total taking of the Property. the proceeds shall he applied to the sums ucured by this Mortgage. with the exrccs. if am•. paid to Borr.•wcr. In the event of a partial taking of the Property. unless Born.u•cr and T.cndcr otherwise agree in writing. there shall he applied to the sums secured by this Mortgage such pmpartion at Ihr proceeds ac is equal to Iha1 prop?.rtian which the- amount of the sums secured by this \tortgagc immediately prior to the date of taking hears to the fair market valor of the Property immediately prior to the date of taking. with the b;dance of the pmcccdc paid m Bormwer. if the Pmpertlj• is ahandoned by Borrower, or if. after notice hs• Lender to &xmwcr that the condemnor oRerc to make an aw;?rd or settle a claim for damages, Bormwer fails t?+ resp?+nd to 1 ender within 20 days after the d:rtr wrh native is mailed. Lender is authorized to collect and apply the proceeds. at lender ~ option. either to restoration or repair of the Property or to the sum, secured by this Mortgage. Unless Lcndcr and Borrower Mherw•iu agree in writing. any surh application of pnxceds to principal shall not extend or postpone the due date of the monthly insfallmcntc referred to in paragraphs 1 and 2 hcrcof or change the amount of such installments. - 10. Borrower 1Vot Released, 1?xtemion of the lime for payment or modification of amortization of the come secured by this Mortgage granted by lender to am• successor in interest of Bormwer shall oat operate to release. in any manner. the liability of the original Borrowrr and &+rrow•cr's suceessarc in intcrcct. lender shall not he rcyuircd to commence procec.lings against such wrccecsor or reface to extend time for payment or otheru isc modify amortisation rf the sums secured M• this Mortgage by rcas?+n of any demand made by the orieinal Bormwer and Barn.w•er s succcs.ors in interea. 11. Forbearance by Ixnder \ot a Waiver. :1nv farF?carutcc by Lender in exercising ;?ny right or remedy hereunder. or otherwise afforded by applicahlc law, chill not he a wais•er of or preclude the exercise of am• such right or remedy. Thr prk??rctneut i.f insurance or the payment of taxes or other liens or charges by fender shah not he a u;uver of f.cndcr's right to accrlcraM the maturits• of the indchtcdncss secured he this Mortgage. 12. Remediec.Cumulalive. :\II remedies pmvidcd in this Mortgage arc distinct and cumulative to anx• raper right or remedy under this Mortgage ur atTorded by law or cyuits•. and may he exercisc.l concurrently. independently or snrccssivrly. ! 13. Successors and Assigns Bound; Joint and Several Liabilih~; Captions. The cm•enants and agrrentents herein contained shall hind. and the rights hrrrundcr shall inure to, the respectis•e su.xessars and assigns of Lcndcr and Borrower_ subject to the provicionc of paragraph 17 hcrcof. :111 cuyenams and agreements of Borrower shall he joint and several. The caption. and headings of the paragraphs of this Mortgage are for rnnvenicnce only and arc not to he used to interpret or define the pmyicionc hcrcof. 14. \otice. Except for am• notire rcyuircd under applicaMc tau- to be given in another manner. (at any notice to Bormwer provided for in this Storlgage shall he given M• mailing surh notice by certified mail addressed to Borrower at the Pmpcm• Address or at such other address ac Borrower may designate by notice a? Lender ac provided herein. and (h) am notice to Linder shall he given by certified mail. return receipt reyue.ted. to I ender. address strted herein or to .wch other address :?s Lcndcr may designate M notice tr? Borrower ac pren•idcd herein. Am• notire pmvided for in this ' Mortgage shall I>L deemed to have been given to Borrowrr or 1 ender when given in the manner designated herein. I5. Uniform ~tortRaRe: CoverninR f.aw; Sevrrobilih•. 'this farm of mortgage romhines uniform covenants far national ?rse and non-uniform racenantc with limilea s•ariatiun. M• jurisdi:tiun to constiurtc a uniform ccrurity insirnment crnering real properly. This Mortgage shall he governed by the L?u of the jurisdiction in which the Property is loratcd. Tn the ~ rs•ent that any provision or clause of this '.1lortgagc r+r the dote conflicts i1h applicahlc law. surh conflict shall not afTect other per+visiom of this Mortgage or the \'otc apish can he green effect ui!haut the conflicting provision. •rnd to this ~ rnd the pmvis'tonc of the ~fortgagc and the ~otc arc declared to he scvcrahlc. Itt. Borrowtrr'c ~~O v. Rc~rmsc.•r ~h:rll h.. f~~rni.h.•rl nnr.+rma~ rnna• ~~1 ft,e !~i ~.t .1 r.f t . t t p_ _ a his Rf^• .age a. Fe time of exc~ution or after retardation hereof. ~ 17. Transfer of the Property: Assumption. If all or :ut~ t.:?rt of the Pmperty or an interest therein is sold or transferred ; ~ he Borrower u•rthotrt Lender's prior written consent. cscl:;ding :al the criatian of a lien or encumhranre subordinate to ~ this Mortgage. Ih? the creation of a purch.rsr money security interest f++r household appliances. (ct a transfer M• des•ise. f, descent or by opcratien of lain e?pon the death of :r faint tenant ar LU the grant of am• leasehold intcrcct of three years or less i! nut containing an option to purchase. 1 ender mass, at I rnd~r's option. declare ail the sums secured by this Mortgage to be ! ~mmrdiatrh• due and payahle. 1 ender shall have w;ueed surh option to accelerate if. prior to the sale or transfer. Lender I and the person to whom the Pmperty i. t~• I?c sold ar trrnsferrcd reach agreement in writing that the credit of such person ~ is saticfatton• to Lcndcr and that the interest p:tyahlc an the sums secured he this :lortgage shall be at surh rate ac Lender ch:?II request. If Lcndcr has waived the option to acccler.?te prin•ided in this paragraph 17. and if Borrower's successor in ~ntercct has executed a wriucn assumption agrccmens accepted in writing M• Lcndcr. 1-ender shall release Borrower from all ~ obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lcndcr ,hall mail Borrower notice of acceleration in accordance with paragraph 14 hcrcof. Such notice shall provide a period of not Tess than 30 days from the date the notice is mailed within which Barn+w•er may p.:y the sums declared due. If Bc+rnn+er f:?i!c to pay such sums prior to the exptration of such period.. Lcndcr may. without further notice or demand on Bormwer. im•okc am~ remedies permitted by paragraph 1 R hcrcof. s Now-UNIFORM COx'E\ANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Exce as rovided in s pt p p ra~roph 17 hereof, upon Borrower's breach of any covenant or I agreement of Borrower in this ??tortAsge. including the covenants to pay when due any sums secured by this Mortgage, Lender ' prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the brescb; (2) the action required to curt such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by wbkb such breach must be cored; and (4) that failure to cure such breach on or before the date specified io the aotke may result in j- f accekrotion of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. 'I7te notice ! ! shall further inform Borrower of the right to reinstate after acceleration and the rigbt to assert in the foreclosure pruceedir~ the non-existence of s default or any other defense of .Borrower to acceleration and forecbsure. If the breach is not cored on or before the date specified in the notice. lender at Lender's option may declare ap of the sums secured by this Mortgage to be immedistely due and pays6k without further demand and may foreclose this Mortgage by judicial proceedir~. Lender shall i ~ be entitkd to colkct in such proceeding all expenses of foreclosure. includins, but not limited to, reasonable attorney's fees. ~ and costs of documentary evidence, abstracts and titk rcQorts. 19. Borrower's Right to Reinstate. NMwithstanding Lenders acceleration of thle sums secured by this Mortgage. Borrower shall have the-right to have any proceedings begun by Lender to enforce this Mecortgage discontinued at any time BMX J4~ PAGE ~ - - - a-,