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Home My WebLink About2481 Lender s wr+tten agreement or appl+cabte law BOrrurrer Shall pay the amount of ail mortgage +nsurance prem+ums +n the manner prov,deu under paragraph 2 hereot ,:ray amounts disbursed by Lender pursuant to m,s paragraph 7. wdh interest thereon sr~an oecome add+uunal ,ndebtedness of Borrower secured by th,s Mortgage Unless Borrower and Lender agreeluother terms of payment such amounts Shall be payable upon nOLCe from Lender l0 Borrower requesting payment thereof. and shall bear )nterest from the date of d,sbursemenl at the rate payable from time to t+me on outstanding principal under the Note unless payment of ,nterest at such rate would be contrary to applicable law. in which event such amounts shall bear +nterest at the h+ghest rate permissible under applicable taw Nothing contained in this paragraph 7 shat) regwre Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasenable entr+es upon and inspections of the Property. provided that Lender anal l gwe Borruwer notice peer to any such inspection specifying reasonable cause therefor related to Lenders interest in the Property 9. Condemnation. The proceeds Ot any ar:ard or cta,m for damages. duect or consequent+at in connection with any condemnation or other taking of the Property. a part thereof. or for Conveyance ,n i,eu of condemnation. hereby ass+gned and shalt be paid to lender In the event of a total taking of the Property the proceeds shat! be appt+ed to the sums secured by this Mortgage with the excess. if any paid to Borrower In the event of a partial taking of the Property unless Borrower and Lender o!herwise agree in writing. there shall be applied to the sums secured by this Mortgage such p-oport+on of the proceeds as is equal to that proportion which the amount of the sums secured Dy this Mortgage immediately prior to the dale of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to the Borrower It the Property is abandoned by Borrower or it after notice by Lende+ to Borrower that the condemnor offers to make an award Or settle a clam for damages Borrower faits to respond to Lender witn,n 30 days after the date such notice ,s mailed, lender is author,zed to collect and apply the proceeds at Lender s opuon ether to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing any sucn apps+Cat+on of proceeds to pr,ncipa! shall not extend or postpone the due date of the monthly ,nstalimer)ts referred to +n paragraphs ?and 2 Hereof or change the amount of such installments 1 O. Borrower Not Released. Extension of the trine for payment or modif,cat+on of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shalt not operate to release. in any manner. the tiabitity of the original Borrower and Borrower s successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend t,me for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demar.~ made by the original Borrower and Borrowers successors in interest 11. Forbearance by Lender Not a Waiver. Any forbearance by lender in exercis+ng any right or remedy hereunder. Or Otherwise afforded by app!iCaGle !a-v. Shall not be a waver Ot or preclude the exercise O! any such righI Or remedy The procurement of +nsurance or the payment of taxes or other ;.ens or charges by Lender shat; not be a waiver of Lender s right to accelerate the maturity Ot the +ndebtedneSS secured by th,s Mortgage 12. Remedies Cumulative. All remedies provided rn this Mortgage are first+nct and cumulative to any other right O'r remedy under this Mortgage or afforded by law or equ,ty and may be exercised concurrently. independently or successively 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein Contained shalt b,nd. and the rights hereunder Shaft +nure to the reSpeci,ve successors and asstgn5 of Lender and Borrower. subtect to the prov,s+ons of paragraph t 7 hereot All covenants and agreements of Borrower shall be joint and several The captions and nead~ngs of the paragraphs o? th+s Mortgage are for coven+ence Only and are not to be used to interpret or define the provis+ons hereot 14. Notice. Except for any notice requ,red under app!+cab~e law to be g,ven ,n another manner. tai any notice to Borrower provided for in this Mortgage shah be giver+ by ma,t,ng such notice by cert+tied mail addressed to Borrower at the Property Address or at such other address as Borrower may des+gnate by notice to Lender as provided herein. and lbi any notice to Lender shall be g,ven by cerht,ed mast. return receipt requested. to Lenders address stated herein or to sucn other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shah tie deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Ssverabitity. This form of rnor±gage combines uniform covenants for ~)d1+Crdi u5" enCl ^On-UnlfCrm C[~:e~`~fntS min ~rnTE(.:a' a'~UnS [iy ;unS~LCt+On t0 COr)S+~!,. E a .v*+~iprr*1 Sgt .,;r,Fj ,nStrvmE~t Covering ±e~i+ (Jruhe+ty The sate a~Ft '~l~ ~i' "0:.5 d(:(.:r:~. F• 'V Th!; MGrtC~dC~E' Shall L•e the EdwS Ut the't;!+SC3'Ctton .n :Jh+Gh hePtOpertytSloC~itedThe!r~,ego,n,_e~?s-~'.C•~„~r 'r,' ^eapu+~at^;:,•~~~f:F'dera~'a,•.'~'h,crr.;~'r~~r3E:nT!'PEiE•" that any prrw,s,::n or C'duSFr ~+ th,s !.'!:;r'g~3E r,. •~F, r.'_,•F- _ , ' _'S .. ,'r ~Gi/ CeL r d.. 5..~" .. ~'?~:,~~ ~~~. .;fir atte•,r:~?Her :i!tJ ~i l$iUnS U} ~ .'S }'~ilrtyAg~• ~ .~'<' .~)~F' :•~' ~ ,c3r. _ F. .r F-~.s.~ ...il' _ J' '~'F" .. 'r (i'~: .'~' ~ c]r/~ ~ ~ ,c pr.:~ !h4 l,rovisinns of the M~,aca+~~ ~]r.~ ,F• t: Jr'• cl•f~ ;:i' ,~• _ _ .:P :~'. _~.-f! F• 16. Borrower's Copy. 8orroher s^an be iL+r';s^eFi a ccn!nrr^ed copy or me tdote anti o' ~`;+s t,Aorigage at t1,e nine of exPcuhon or after recordation hereot 17. Transfer of the Property; Assumption. It al- or any part c! the Prope-?y or an +nterest there+n ,s so;d or transferred by Borrower vnthout Lenders prror wr+tten consent exc~udtng ia} the creat+on o! a .,en a encumbrance subord+nate to this Mortgage. fb) the creation of a purchase money secur+ty ,nterest for household app!+ances ic: a transfer by devise descent or by operation of law upon the death o! a joint tenant orldl the grant 01 any leasehold ,nterest of three years or less not coma+rnng an option to purchase Lender may. at Lenders option declare ail the sums secured by m+s Mortgage to Ge ,mmediatety due and payable Lender shalt have waived such option to accelerate If prror to the sale or transfer. Lender and the person to whom tie Property is to De sob or transferred reach agreement m wrung mat the credit of such person is satisia~tory to lender and chat the +nterest payable on the sums secured by th+s Mortgage snati be at such rate as Lender shalt request. If Lender has waived the option to accelerate provided in th+s paragraph ? 7. and it Borrower s successor in +nterest has executed a written assumption agreement accepted +n virr,t,ng by Lender. Lende- anal! release Borrower from all obligations under this Mortgage and the Note If Lender exercises such option to accelerate. Lender shat! ma,! Borrower nonce of acceleration in accordance w+th paragraph 14 hereof. Such notice shaft provide a per,od of not ;ess that 30 days tram the date the notice +s mated within which Borrower may pay the sums declared due If Borrower fails to pay such sums prior to the expiration of such per+od. Lender may. without further notice or demand on Borrower. ,nvoke any remedies perm,tted by paragraph 18 hereot. NON-UNIFORM COVENANTS Borrower and lender further covenant and agree as follows 18. Acceleration; Remedies. Except ss provided in paragraph 17 hereof, upon Borrower's broach of any covenant or agreement of Borrower in this Mortgsge, including the covenants to psy when due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower ss provided in paragraph 14 Hereof specifying: (1) the breach; (2) the action roquirod to curo such breech; (3) a date. not less than 30 days from the date the notice is n•,afled to Borrower, by which such breach must be curod; end (4~ that failure to cure such broach on or beforo the data specified in the notice may resuR in scceleration of the sums securod by this Mortgage, torsclosura by judicial proceeding and saleof the Property. The notice shall turtherintorm Borrowerof the rightto roinstate after acceleration and the right toassert inthe foroclosuroproceeding thanon-exisNnca of a dafauR or shy other defense of Borrower to scceleration end forociosuro. If the breach N not curod on or beforo the date specified in the notice, Lender at Lenders option may declaro ell of the sums securad by this Mortgage to be immediately due and payabN without further demand and may foreclose thfs Mortgage by judicial proceeding. Lender shall be entitled to collect In such proceeding ell expenses of torocbsuro, including, but not limited to, roasonable attorneys fees, end costs of documentary evidence, abstracts and ttitle roports. 19. Borrower's Rightto Reinstate. Notwithstanding Lender s acceleration of the sums secured by th,s Mortgage Borrower shall have the right to have any prOCeedings begun by Lender tO enforce th+s Mortgage d,scantinued at any t+me E - - - ~3~4 p,~~480