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Home My WebLink About0995 , • , . . . # Lender's written agrcement o~ applicable law. Borrower shali pay the amount of all moNgago insu~ance premiums in the ~ manner provided under pa~ag~aph 2 hcreo[. ~ Any amounts disbursed by l.ende~ pursuant to Ihis paragraph 7, with interest thercon, shall' become additianal indebtedness of Borrower secured b~~ this Mangage. Unlecs Borrower and l.enJer agree to othcr ternns of payment, wch ~ amounts shall be payable upon notice from I.ender to Borrov?•e~ reyuec~ing paymenl thereof. a~d chall bear interest frotn the date of disbursement at the rate payable trom time to time on outsCanding principal under the Note unlesa payment oi interest at such rate would be contrar~• to applicable law•, in w•hich event such amounts shall hea~ interest at the highest rate permissible under applicable law. Nothing contained in thic paragraph 7 shall requim I.ende~ to incur any expense or take any action hereunder. e. Inspectlon. i.ender may make ar cause to he made rea~onahie en~rir~ ~qx,n anJ iu~~kciia~;:.~t tt~,~ Fr.~~Yy, ~Sras;ic3~~ - Ihat I.ender shall give Borrawer notice prior t~ am• such incpection tpecifying reasohable cause therefnr related to I.ender's interest in the Property. . 9. Co~demnatbn. The proceedc of any aw•ard or claim for damages, direct or con~equential, in connection wilh any condem~ation or other taking of ihe ProF+erty, or par~ thereof. or for conveyance i~ lieu of condemnation, are hercbp assigned and shall t+e paid lo I.ender. in ihe event of a total taking of the Property. the proceeds chall he applied to ~he ~ums secured by thi~ Mortgage. w~ith the eticess, if any, paid t~ Borrower. In thc c~•ent of a par~ial ~aking o( thc Properly, unlea Borrower and i_ender otherwice agree in writing. there shall he applied to the ~um~ secureJ h~• tRi~ Mortgage cuch proportion of the proceeds as i~ equal to that pro~rtion which the am~?unt of the sum< <ecured, hy this Mortgaee immediatel~~ p~i~r the date of taking bears to the fair market value of the Pre~~xrt~• immediatel~• prior to the Jate of taking, with the halance of the proceeds paid t~~ Borrower. Tf the Properly is abandoned b~• Borr~w•er. or if. after notice h}~ l.ender to Bormwer that the condemnnr offers to make an aH•ard or seUle a claim for dama¢ec, Borr~wer fail. tn re.~+c~nd to I.ender within ~0 days after the date cuch notice is mailed. i.ender ic authorized to eollect and apply the prc?ceedc. at [.ender'a option. either to rectoration or repair af the Praperlp or Io thc sums secured h~• this Morlgage. Unlese [.ender and Bormwer otherN•icc agrce in ~+ritine. any surh applicalion of proceed~ to principal shall not ertend or poctpone the due Ja1e of the monthl~• inxtallmeMs referred to in paragraphc 1 and 2 hereof or change the amoont of ~uch inslallments. 10. Borrower Nnf Released. Ertension of the ~ime f~~r pa~•ment or modificati~n af amnrtization of the ~umc secured by this Mortgage granted M• I.cn~cr t~~ am• ~uccecuu in intrrctt of Borrow•er ~hall no1 operate lo relcate. in any manner, the liahilit}~ c~f the original B~~rmwrr and Bi~rmw•~r'~ su~rec«~rc in interest l.ender ~hall not he requirrd a. commence pmceedingc againu such successor or retuce to er~en~ timc f~r payment or otherw•i~e modif~• am~rti~ation ~~f Ihe sums serured b~ thic Morl~age hy reas~~n of ~m• demand made M Ihc arieinal Borm~•er ~nd Bnrrow•er's a~ccec«~r~ in intere~t. 11. Forbearance by I.ender Not a R'ai~er. Am• fnrhearanrc M t cnder in crcrciain¢ am• righ~ or remedy hereunder. or olhervvise afiorded b~• applicahle law. ~h~ll not he a wai~•er nt ~•r preclude Ihe e~ercise of am• ~uch right or remedy. The procurement o( insurance or the pa~•ment of la~e. ar ~~Iher lienc i~r char~e~ hy I.ender ~hall not he a~aiver of Lender's right to accelerate the maturity oi the indeM~dne~s c~~urcd h~• thi. Mortgage. 12. Remedies Cumulative. All remediec pr~~iJrd in thic '~1~~r~gage arc dictinct and cumulative to ant• oiher right or remeJp under this Mor~~rage or aH~rdrd M• laH• ~~r eyuity. anJ m~~~ he r~erci~ed concurrrntl}~. independentl}• or succe~si~•ely. 13. Suecessors and AssiRns Bound: Joint and Se~er~l I.iabilih: Captionc. The co~~enants and agrrementc herein contained ihal) bind. and thc riRht~ her~under chall inure to. thr rc.pc~ti~•e ~urce~«~n and aaignc of I.ender and Borrower. ~ subject to the pro~•i~ionc c•f para¢raph t 7 hereof. All ~~~~•cn:~ms an~l acrermrnt~ i~f B~rrow~er shall he j~int and ~e~~eral. ~ The eaptiuns anJ heaJing~ of thr paracr~~hc ~.f ~hi~ ;11art~.~t. an frr rom•e~ience onl~• :~nd are nnt t~~ hc uced lo ! interpret or define the pro.•i~ii~nc hereof. ~ 14. Noliee. Except for any notire reyuired under :~~~i~.:~hlr la~~ t~+ he gi~•en ~n annther manner. (al am• notice to ~ Borrov~•er pm~•ided for in thi~ '.N~rt~age ~hall hr g~vrn h} m:iiline .u:h nrtire h} rrrlified mail addrec~rd tn Bor~ower at ~ the Property Addretc or al cuch other addre~. a~ BrrmNCr ma~ de~~cnatr b~• ni~~ice t~ 1 ender as pmvided herein. and ~ Ihl any notice to Lender shall tx given hy cer~ifieJ mail. rr~urn rcre~~t reque~led. t~~ i ender'~ ad~lrecc stated herein or to cuch other addresc as t.ender ma~ dr~ienale h~ n~~tire tr B~~rrr«<r as pr.~~~ided hrr~~n. Am~ notice provided for in thic Mortgage shall he decmed tn h:~.~c bcen gi~rn Borrr~cr ~~r 1 rndcr ~~hen gi~en in the manner detignated herein. IS. Unifo~m Mo~t~s~e; Co~•ernin~: i.aN: Se~erabilit~. This form of mortgage combines uniform covenants for national use and non-uniform co~~enants with limited variadons by jurisdiction to constitute a uniform security instrument covering real property. The state and loca) laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The Coregoing sentence shall not limit the applicability of federal law to this mortgage. ln the evtnt that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shatl not af'Fect other provisions of this Mortgage or the Note which can be gi~~en effect without the contlicting pravision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. BorroKCr ~hall h~ furn~~h~.l c~~nh~rmed rap~~ uf ~hc tiotr ~nd n( ~hic ;ltortgagc at the time ~f execution or after recordation here~f. 17. Transfer of the Propert~: Assumption. Tf all ar am rar~ of the Pri~pert}• or an interes~ therein ic s~~ld ~r trancferred hy Borrowrr withaut l.ender's pri~r w•riltrn rancent. c~ciudin~: la? the rreation of a licn or encumhrance suhorJinate t~ thi~ Mortgage. (hl the creation i~f a purcha~e m~ne}~ cecu~itc interest f~r h~uceholJ appliancet. Icl a irancfer h~• devise. ~ de~cent or b~• o~eration af law upon ~hc dcath i~f ~ j~~im tenant ~~r (~I~ ~hc cram of am• Icatchold interest ~f Ihrec ycar~ or less not containing an option lo purchase. 1 endrr mav. at Lrnder'. rp1~~m. derlare all thr sumt secured M• this Mortgage to be immediately due and payahle. [.ender ~hall ha~e ~~:u~•rd ~uch option t~~ acrelerate if. pri~r to the ~ale ~~r Iransfer. l.ender and !he person to whom the Pmperty i~ to be colJ or tranc(erred reach agreemenl in writing that the credil ~f wch person is satisfactory lo [_enJer and ~ha~ the imrre.t pa~aMr on ~he cum~ tie~ured hy thic Morteage ~hall be at such rate a~ Lender shall request. If l.ender has waived the option to :icrclrr:~te pro~•ided in thi~ paracraph 17. an~i if Borrower's succescor in interest hac exeeWed a written assumption aereement accepted in wri~ing b~• 1_ender. Lender chall relea~e Borrow•er from all obligations under this Mortgage and Ihe Note. It I_ender exercises cuch option t~. accelerate. ( enJer .hall mail BorroNCr notice of acceleration in accordance w•ith _ I paragraph 1~3 hereof. Such notice chall provide a period rf na~ Iess Ihan 3(1 Ja)~c from ~he date the notice is mailed within i which Bormw~er may pay the sums decl~re~l due. If B~rn.wer failc to pay ~i~ch ~umc pri~r ti• the erpiration i~f ~uch period, Lender may. v?•ithout further notice c~r ~Iemand ~•n lic•rrawer. ~nvol~e am remedies permitred h}• paragraph 1R hereof. Norv-UNiFOR~?t CovF~~~rs. Borrower and t_ender fur~her rnvenant and agrce as follows: i 18. Accelention; Remedies. Except as pro~~ided in par~raph 17 hereof. upon BorrowePs breach of any covenant or aqreement of Borrower in this Mortgage. tncludirry~ the co~enants to pay wfien due any sums secured by Ihts Mortqage~ Lender prior to acceleration shall msil notice to Borrower as pro~•ided in par~raph 14 hereof specifying: (1) fhe bceach; (2) the action I~ required to cure such brcach; (3) a date. not less than 30 da}s from the date the notice is msiled fo Borrower. by which such ~ breach must be cured; snd (4) that failure to cure such bre~ch on or befon the dale specified In the notice may mult in sccekration of the sums secured by this ~torlRage. foreclosure by judicial proceeding and_sale of fhe Property. The notice I! shall further intorm Bonower of the riRht to reinstate ~Ner acceleration and 1hr right to asserf in the to~eclosurc proceedirq~ the non-extstence of a detAUlt or any other defense of Borrower to acceleration and torecbsure. lf Ihe breach is not cured on ~ or before the date specified in the notice. l.ende~ at Lender's option may declpre all of the sums secured by this Motigsge to be ~ immediately due and p~yable withouf further demand and may foreclose this lllort~a~e by judicfal proceeditt~. I.ender sfiall be entitled to collect in such proceedin~ all expenses ot [oreclosure, includinR. but not limited to~ reasonable atforney's ftes. ; and costs of documsntuy evidence. abstracts and litk nports. i 19. Borrower's Right to Reinst9le. 'Votw•ithctanding Lendcr'~ accclerati~n .of the sums cccured by ~his Mortgage. ' Borrower shall have the right to have am~ proceeding~ hegun~h}• I.ender to enfi~rce this Mortgage discontinued al any time ` ~ Boo~ 539 PAGE 991 _ - - - - . -