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HomeMy WebLinkAbout0832 Lender's written agrcement or applicable law. Borrower shall pay the amount of all mortgage insurance premiurru in the manner provided under parag~aph 2 hereof. Any amounts disbuned by Lender pursuant to this paragraph 'I, with interest thercon, shali become additionai indebtedness of Borrow~er securcd by this Mortgage. Unlcu Borrower and Lender agree to other tern~s of paymen~ such amcwnts sh~l) be payable upon notire from Lender to Borrawer rcquesting payment thereof, and shall bear intercst irom the date ot disbursement at the rate payable . from _tim~4Q .~irr~_ on outstandin~ princi~al under tha Note ~~les~ - - . interat at tuch rste would be cont~sry to applicable law, in which event such amoun~s shall beu interest at the highest rate permiasible under applicable lsw. Nothing contai~ed in this paragraph 7 shall requirc Lendtr to iacur aay expense or take any action l~ereunder. 8. Ia~ectios. Lender may make or cause to be made reasonable entries uR+on and inspections ot the Property, provided that [.ender shall give Borrower notice prior to any such inspectian specifying rcaso~abk cause there(or related to Ltoder's interat in the Pmperty. 9. Co~dedwtbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemaation. are hereby auigned and shall be paid to Lender. In the event of a total taking of the Property. the prceeeds shall he applied to the sums xcurad by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial takinR of the Properry. unlas Bomower and Uender o~herwise agree in writing. therc shall be applied to the sums secuned by this Mortgage such proportion ot the pmcoeds as is equal to that proportion which the amount of the sums sccured by this Mortgage imrtxdiately prior to the date of taking bears to the fair market value of ihe Property immediately prior to the date of taking, with tl~e balance of the proceeds paid to Borrower. 1f the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnor ol[ers to make an awa~d or settle a claim for damages, Borrower fails to respond to Lender within 30 days aftet the date such notice is mailed, Lender is authoriud to coliect and apply the proceeds, at Lender's option, erthet to restoration or repair of tbe Propeny or to the sums secured by this Mortgage. Unless Cender and Borrower othervvise agree in writing, any such applicateon of proceeds to principal shall not extend or postpone the due date of the monthly installmenls referred So in paragraphs 1 and 2 hereof or change the amount of such installments 10. Borrower Not Rekased. Extension of the time for payment or modilication of amortization of ihe sums sxured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rtkase, in any manner. the liability of the original Borrower and Bc~rrower's successors in interest. Lender shall not be roquircd to commenoe proceedings against such successor or refuse to extend time for payment or otherwix modify amortization of the sutn~ secured by this Mortgage by rrason of any demand made by the oriqinal Borrower and Borrowet's successors in interest. il. Forbearaece by Lender Not a R+aiver. Any forbearance by I.ender in exercising any right or remedy ~e~eunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise -of any such right or nmedy. The procuremeot of insurance or the payment of taxes or oth~r liens or charges by I_ender shall not be a w•aiver of I.ende~'s right to accelerate the maturity of ihe indebtedness secured hy this Mortgage. 12. Remedks Comulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aftorded by law or equity. and may be exercised concurrendy, independently or successively. 13. Soccessors and Assigns Bound; Joint and Several I.iability; Csptbns. The covenants and agreements herein contained shall bind, a~d the rights hereunder shaq ini~re to, the respective successors and assigns of Lender and Bornorver, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. 77~e captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notke. Except for any notice reqciired under applicable law to be given in another manner, (a) any notice to ' Borrower provided for in this Mortgagc shall be givea,by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Bor~ower may designate by notice to T_ender as provided hereio. and (b) any notice to Cende~ shall be given by certified mail, retum receipt requested, to Lender s address stated henin or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this i Mortgage shall be deemed fo have been given to Borrower or Lender w~hen given in the manner designated herein. ~ IS. UaNorm Mort~a~e; Go~eroin~ Iaw; Sererabiifty. Thi~ form of mortgage combines uniform covenants for nationa) ; use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ~ real property. This Mortgage shall be governed hy the law- of the jurisdiction in which the Property is located. In t6e F event that any provision or clause of this Mortgage ~r the Note conflicts vvith applicable law, such conflict shal) not affect € other provisions of this Mortgage or the Note ~•hich can be given efiect without the conflicting pmvision, and to this t end the provisions of the Mortgage and the Note are declared to be severable. ; 16. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ° of execution or after recordation hereof. ~ 17. Tnnsfer of t~e PropertY; Assomption. If all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage, (b) the creation of a purchau money security interest for househotd appliances, (c) a transfer by deviae, descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less ~ not co~taining an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be G immediately due and payable. Lender shall ha~•e waived such option to accelerate if, prior to the sale or transfer. Lender a and the person to whom the Property is to be sold or transferred reach agrcement in writing that the credit of such person ~ is satisfactory to Lender and that the interest payable on the siims secured by this Mortgage shall be at such rate as Lender ~ shall requat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interat has executed a written assumption agretment accepted in writing by Lender, Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. ~ If Lender eaercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a periai of not less than 30 days frem the date the notice is mailed within - which Borrower may pay ihe sums declared dae. If Sorrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on-Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ ; ~ NoN-UtvtFORt~[ Cove[v~rr-rs. Borrower and Lender further covenant and agrce as follows: - ~ 18. Accekration; Remedies. E:cept as provided in para6rapb 17 I~ereof, opon dorrower's breacb of aey coveoaet o~ sgreement of Borrower in Wi~ Mort~aLe, inclndia~ tbe covcaanb to psy w6ee d~e ~ny sams secnred by tW~ Mort=a~e, I.eader ~ prior to secderatioo shall mdt notke to Borrower as providcd in parasrsph 14 6ereof apeciE~in~: (1) We bresch; the sctfo~ ° reqdred to care sscb brrac6; (3) a d~te, oot las tMan 30 days from tbe date tre notke b mailed to Eorrower, by wYklr ~sc6 ~ breac6 mort be c~red; md (4) t6at tail~re to care soch bnach on or 6efore t6e dde specW~d i~ tbe notke auq radt is ~ aecderstioe of tbe suos secored. by t6b Mort~a~e. forecbsure by jndkial proceediot asd sak ot t6e Property. 'Ibe notice ' ~ s6a0 for~er inform Dorrower oE tbe ri64t to reiasbte aHer sccekratloa sud tMe ri~t b aaert ia tbe forscbwre prnceedi~ - ~ tie no~~ezi~tcnce o[ s default or any otl~e~ defe~e of Borrower to accelerstioo ~nd forr.~lasaro. If t6e brescb is out awed o0 ~ or bdore tbe date ~pecdied i~-t6e notke, Lswder at Leoder's optbn a~ay declare a9 ot t6e soms secYred b~+ thM Mort~e bo be > immedi~tdy doe aad payabk witboat [nri6er demaod ~ood ~ foreclote t6is Morttase bY jadicid proceedia~. Leader s6aB s be ~ to coDect io socb prueeedisj aO e~eo~es of foreclosore, iecludfn~, bxt eot iimited tq reasonabk sttor~e~'s iea, ~ ani coNs ot doco~entary evldcnce, sbstrscb and tide reporb. 19. Domower's Ri`6t to Re~tate. Notwithstaading Lender s acceleration of the sums securcd by this Mortgage, ~ Bonower shall have the right to have any proceedings begun by Lender to enforce this iNortgage discontinued at any time ~ Y+ . 7 !~r~ F~~[ V~F~r ~