The URL can be used to link to this page

Home My WebLink About0962 r's writltn a~ctic~nnEnt or ~pplicable faw. ~otrower shalt pay the unouRt of ill mongage insurance Prcm~ums in the ~ mr.noer provided under para~~aph 2 lxreof. My amounU disbursed by Lendsr punuant tu ihis para~aph 7, with interat the~cae, sfiall become sddieion:l indebtedness vt Bomuwer securrd by this Mort~a~e. Unless Borrower and Lender a~~se to other terms of payment, s~ch amounts shafl be payable upon notice trom Lsnder to 8orrower rcquestins p~yment thereof, and shall btar intercst frorn the date of disbursement at the cate psyab~e lrom time to time on ouutandir~~ principat under the Note unlrn payn~ent oi interut at such nte would be contnry to appliuble law. i~ which event sueh unourtts shall bea~ interest at the hishest rate permissible under appticable law. Nothina contained in this paraaraph T shall rcquir+e Cende~ to incur any expe:~e or take aay sction henunder. S. Is~peeMoa. Lende~ msy enake or cause to be made reasonable sntries upon and inspecticns of che Propetty. pro~ided that Lertde~ shal) ~ive Borrower notice priar to aey such inspection specifyin~ reuonable ca~se t~ere(~r celated to Lender's inter~sst in the Property. 9. Coademwatba. The proceeds of any awar+d o~ claim for dart~ages. dircct or canxquential. ia conneetioa with any condemnation ~r other takin~ o[ the ProQecty. or pan thereof, or for conveyance in lieu ~f condemnation. are her+eby assigned and shall be paid to Lender. In the event of : tetat taking of the Property. the proceeds shall be applied to the sums securcd by this Mortgaae. with the exc~s. if any, paid to Borrrwe~. in the event of a partial taking of the Property. unless Borrowcr and Lender otherwix a~ree in writing, thetti shall be applied to the sums secured by this Mortgage s~ch proportion of the pcnceeds as is equal to ths! proportion vrhish the amount of the s~ms secured by this Mortgage immediately prioc to the dste of s taking bears to the fair market value of the Property immediately prior to the date of taking, with the baiance o[ th~ pmcxds paid to Borrower. ~ If the Property is abandoned by Bor. ower. or if, afier notice by Lender to Borrower that the condetnnor offers to malce ; an award or settle a claim for damaga, Borrower fails to rapond to Lender within 30 days after the date such noticc 'ss mailed. Lender is authorined ta collect and apply the proceeds, at Lende~'s option, either to restontion or repair oE the Property or to che sums secured by this Mortirage. Unieu Lender and Borrowec othawix agree in writing, any such appl+cation of procetds to principal sha11 not extend or postpone the due date of the monthly installmer.ts referrcd to in para~aphs 1 and 2 heoeof oc chaege ~the amount af such installments. ~ 10. Bosrower Not Rele~sed. Extension af the time for payment or modiflcation of amortization of the sums secured by this Mortgage granted by Lender tu any successo~ in intecest of Borrowe~ sh~li not opente ta rel~ase, in any manner, the liability of the original Borrower and Barrower's successon in interat. Lender shall not be requircd to commence procetdings against such s~:cessor or refuse to extcnd time for payment or otherwise modify amonization of the sums secured by this Mottgage by reason of any demand made by the orieinal Borrower and Borrower's successors in interest. 11. Forbearsnee 6~ I,ender Yot a Watrer. Any [ort~earance by Lender in erercising any right or r~medy hereunder, or othetwise aRorded by applicable law, shall not be a waiver of or preclude tht exercix of any such right or nmedy. The procureme~t of insurance or the payment of taxa ur other litns or charges by Lender shall not be a waiver of Le~der's -ight to acceleate the maturity of tht indebtedness ct~ured hy this Mortgage. 1L Remedies ComalaB~e. All rcmedia provided in this l~iortgage are distinct and cumn{siive to any other right or remtdy under this Mortgage or afTorded by law or equity, and may bc exercis~d concurrently. independently or succcssiveiy. 13. Snccessors and Asai~ns Bound: Jolnt and Sereral i.wbility; Cspdons The ca~enants and agrcements hcrcin contained shalt bind, and the ri~hts he~under sha11 inurc to. the respective successors and assigns of Lender and Borrow~er. subject to the provisions of paragraph 17 htreof. All covena~tS aad agnements of Borrower shall be joint and xvtral. The captions and headings of'the paragrophc of this Mortgage arc for convenience oniy and are not to be uxd to ~nt~rpret or define the provisi~ns hercof. ~ 14. Notice. Except for any notice r~quired under applacable law to be given in another manner. (a) any notice to Borrower providtd for in this Mertgage shal) be given by mailing such notice by cereified mai{ addresscd to Botrower at l the Propetty Addrcss or at such other address as Borrower may designate by nc~tice to T,ender as provided he~in, and (b) any notice to Le~dor sha11 be given by certified mail. return receipt rrqucsted. to Lender s address stated herein or to such other addcess as Lender may designate by notict to Borrow~r u provided hercin. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lende~ whea given in the manner designated herein. 13. Uniform Mort~age; Go~ernin~ Larr; Se~erability. This form of mort;gage combina uniform covenants for national ~+se and nor.-uniform co~tnants Evith limittd variations by jurisdiction to constitute a uniform security instrument covering ~ real property. This Mertgage shall be governed hy the law of the jurisdiction in which the Propem/ is located. In the { ev=nt that any provision ~r clause of this Mortgage o~ tht Note canflicts with applicabte !aw, such conflict shall not affed ~ other provisions of this Mortgage or the Note which can be given eBect without the conflicting pravision, and to this ~ end the provisions of the Mortgage and the Note arc declarcd to be severable. ~ I6. ~orrower's Copy. Borrower shall be furn+shed a conformed copy of the Note and of this Mortgage at the time ~ ~f execut:on or after recordation henof. 17. Tcansfer of the Property; Assumpfion. If all or any part of the Proverty or an interest thercin is sold or transferred ~ by Barrower withaut L,ender's prior written consent. excluding la) the creation of a lien or encumt+rance subordinate to ~ th~s Mortgage, (b) the cnation ef a purchase monex sccurity intorcst for fiousehold appliances, (c) a transfer by de~ise. ~ descent or by operation of law upon the death of a joint tenant or (d) the ~rant of any teasehald intercst of three years or lus not containing an aption to purchase, Lender may, at Lender's option, declare all the sums secured by this Morigage to be immediately due and payable. Lendtr shall have waived such option to accelerate if, prior to th~ sale or transfer, Lender and the pcrson to whom the Property is to be sotd or transferred reach agttcment in writing tfiat the crcdit of such person is satisfactory to Lender and that the interest payable on the surtis secured by this Mortgage 3ha11 be at such rate as Lender ~ sha11 request. if Lender has waived the o?tion to accele:ate provided in this paragraph 17, and if Borrower's successor in interest hu executed a written assumption agrtement accepted in writing by tender, Lender shall r~lease Borrower from all ~ abligations under this Mortgage and the Note. ~ If Lender exercixs •.~ch option to accderate, Lender shall maii Rorrower notice of acceleration in accordance with caragraph 14 htreof. Such notice shali provide a period of not lus than 30 days from the date the natice is mail~d within which Borrower may pay tfio sums dtclared due. Tf Borrower fails to pay sirch sums prior to the expiration of such period. Lender may, without further ~otice ar dema~d on~Bortower, invoke any rzmedies prrmitted by paragra~h ]8 hereof. NON-UNiFORM COVENANTS.. BoEro~rer a~r~d Lender further covenant and :.gree as follows: 18. Acceleratk>n; Remedies. Except as provi-led i~ Qaragraph 17 hereof, npon Borrower's breach of anY covenant or ~ xgreement of Barrower ta tbts Mortg~e, indudteeg the co•En~nts to ps~ ++hea due aay snms secnnd b~ thb M~rtgy;e, Leeder prior to acceltntion shsli maU notke to Eotra~?er ~s prorided in paragr9ph 14 hercoE specifying: (t) !he bc~each; (2) !6e action rc~nirtd to ccre sach breach; (3) a date, not tas tha~+ 30 dars from the date the notiee it miiled to Borrower, by which snch ~ b~ch most be cond; and (4) tt?~t failure to curc such brtarh on or before the date sgtci~ied in the ootice ma~ resnlt in acctlentlon ai the soms secnrod ~y thta Moct~a6e, foreclosure by judicial proceeding and sale of the Praperty. 'Ilu notice ` shall fnrther Inform Borrower of tfie right to reinstats aftsr acceleraNan and the right ta atsect in :he foreclodnre proceedin~ F the non-exisience of a dtfxnlt or any other defense of Barrower to accelcntion and fortclosure. if the breach i~ aot cured on ~ er before the date specified jn the notice. Lender at I,eader's option may decl~r+c aIl of the sams secnrrd by this i~iortga~e to be ~ immed~tdy dne and payable without further demand and may foreclose tfits Mort~age by jadicial procee~ing. Lender shall be en~ded to conect in snc6 proceeding all espensa of foreclosurc, including, bnt not limited to. rcssonable attorne~'s fees, znd costs of documentary evidence, abstracts and iftle reports. 19. Borro~?er's Right to Reinstate. Notwithstanding Lender's acceleration of the sums s%carcd by this Mortgage, R~rrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinucd at any time ~ ~ . . . ~ ~ ~'K ~ ~ ~ Zn~K P~sE ~ _ _ _ ~ ~ ~T - - ~ ~v -