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HomeMy WebLinkAbout0130 T . ~ agtetme~t or applicable law. Bor~owe~ shall par the amou~t of aU mortgaRe insurance premiums in the manne~ provided under paragtaph Y hereo[. • Any ataouncs disburscd by Lender punuant co this paragraph 7, with i~terac thereon, shaU become additio~al i~- • debttdntu ot Bomowe~ secutec) by this 111ortgage. Unless Borrower and l.ender agree to other [ertas ot payment, suth amounts shall be papable upai notice (~om l.ender to Borrower requesting payment thereot, and shall bear interest from _ the date oE disbursement at the nte payablt from time to timc on outstanding principal under the I~ote unleu payme~t o[ interest at such rate would be contnry to applicable law, in which event such amounts shall bear interat at the highest ratc permiuible under applicable law. Nothing contained io this paragraph 7 shall require Lender to incur any expense or take anr action hereunder. 8. Intpcctioa. Le~der may make ot cause to be made reasonable entria upon aod inspcctions ot the Property. pro- vided that Lender shall give Borrower notice prior to anr such inspection specitying reasonable cause therefor related to Lender's interest in the Ptoperty. 9. Condemnatioo. 7'he prateds of any award or claim for damages, direct or consequential, in connection with any ~ condemnation or other uking o[ the Property, or part theteof, or Eor conveyance in lieu of condemnation, are henby as- sigr?td and shal! be paid to Lender. ; In tht event o[ a total taking o[ the Property, the proceeda shaU be applied to the sums secured by this Mortgage. with the excess, it any. paid to Borrower. ln the event of a partial taking of the Propertr, uuless Bonower and Lender { otherwise agree in ~vriting, there shall be applied to the sums secvred by this rtortgage such proportion of the proceeds S as is equal to that proportion which the aznount of the sums secured br chis AtortRage immediately prior co the date of taking bean io the [air muket value ot the Property immedibtely prior to the date ot taking, with the balance ot tht pro- cteds paid to Borrowrer. . lt the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor otfen to ~ make an awud or settle a tlaim (or damagcs. Borrower failt to respond to Lender within 30 days after the date such notic~ g is mailed, Lender is authorized to mllect and apply the proceeds, at Lendei s option, either to restontion or repair ot the ~ Propercr ur to che sums secured by chis Mortgage. Unless I.endet and Borrower otherwise agree in writing. any such application of procetds to ptincipal shall not extend ~ or postpone the due date oE the monthly installments reEerred to in paragraphs I and 2 hereot or change the amount of t such installmtnts. ' 10. Borro~rer Not Released. Extension of the time for payment or modi[ication of amortization of the sums secured by this ~tortgage gnnted by I.ender to any successor i~ interest ot Borrower shall not operate to release, in any manner. the liabilitr o[ t e onginal Borrower and Borrower's successor~ in interesc. Lender shall not be required to commence praeedinqs against wch successor or refuse to extend time for payment or otherwise modify amortization of the sums se- cured by this ~~ortgage by reason ot any demand made by the original Borrower and Borrowtr s wccesson in interes~ 11. Forbearance b~ Lender Not a Waira. Anr forbearante by Lender in exercising any right or mmedy hereunder. or otherwise a(Eorded by applicable law, shall not be a waiver o( or preclude the exercise of a~iy such right or remedy. The procurement of insunnce or the payment o[ taxes or other lieus or charp,es by Lender shall not bc a wai~•er of Lendei s right to accelerate the maturity of the indebtedness securcd by this ~iortgage. s 1 IY. Remedies GtimulatiYe. All remedies provided in this lfortqap,c are distinct and cumulative to any other riqht or ? remedy under this l~tortgage or aEforded by law or equity, and may be exerFised concurrently. independently or successively. 13. Suaessois and Asigns Bound; ]oiat and Sereral Liability; Captions. 'The co~•enants and aqreements herein ~ contained shall bind, and the riRhts hertunder shall inure to, the respeceive successors and assigns of Lender and Borrower. ~ subject to~the provisions oE paregnph 17 hereof. All mvenanu aud agreements o[ Borrowtr shall be joint and several. Tht ~ captions and headings of the paragraphs o[ this Afortgagt are for con~•enience only and are not to be used to interpret or f define the provisions hereof. ~ 14. 1Votioe. Except for anr notict required under applicable law to be given in another manner, (a) any notice to Borrower provided [or in this ~(ortgage shall be~ gi~•en by mailing such notice by certified mail addressed to Borrower at ; ; the Property Address or at such other address as Borrower may designate by nocice to Lender as pro~•ided herein, and (b) ~ ~ any notice to Lender shall be given by certified mail, return receipc reqnested, to Lender's address stated herein or to such ~ I other address as Lender mity designate by notice to $orro~ver as provided herein. Any notice pro~•ided [or in [his ~iottgage ~ i shall be deemed to havt bten given to Borrower or Lender when gicen in the manner designated herein. ~ 15. Unitorm Mortgage; Go~erning La~r; Seraabiliq. This form ot mortgage combines unitorm co~•enants for na- ~ tional use and non•uniform m~•enanu with limited variations by jurisdiction to constituce a uniform securit} instrument R ~ co~•erinq real property. This \tertgage shall be governed by ehe law ot the jurisdiction in which the Property is located. ~ ~ In the event that any provision or clause of this htortgage or the Note con(licu with applicable laM, such contlict shall not ~ E aftect other provisions o[ this A~ortgage or the hote which can be gieen et[ect without the con[lictinR provision, and to t ~ this end the provisions of the :ltortqage and the Note are declared to be se~~erable. # ~ 16. Borro~rds Copy. Borrower shall be(urnished a conformed copy of the \ote and of ehis ~Iortqage at the time i of execution or a[[er recordation hereof. 17. TranaEer of the Property; Assumption. If all or any part of the Property or an interest thcrein is sold or trans Ferred by Borrower without Lender's pTior written consent, excluding (a) the creation oi a lien or encumbrance subordinate 3 to this rfortgage, (b) the creation oE a purchase moner security interest for household appliances. (c) a transfer by de~•ise, ~ descent or by operation o[ law upon thc death ot a joinc tenant or (d) the Rrant of any leasehold interest oF three yean or 1 less not containing an option to purchase. Lender mar, at Lendet's option, declare all the sums secured by this ~tortgage tu z be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transter. Lender and the person to whom the Property is to be sold or tnnsferred reach aqreement in writing that the credit o[ such person - is satisfactory to Lender and that che interest payable on che sums secured br this ~torcgage shall be at such rate as Lender shall reqnest. If I.ender has waived the option to accelerate provided in this paraqraph 17, and if Bonower's successor in interest has execu[ed a written assumpeion agreement accepted in wtieing hy Lender, l.ender shall release Borrower from all obligations under this hiortgage and the Nott. ~ = ~ If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with : s~. paragraph 14 hereoL Such notice shall provide a period ot not less than 30 days (rom ehe date the nocice is mailed within ~ ~ which Borrower may pay the sums declared due. If Borrower fails to pay snch sums prior to the expintion of such period, L.ender may, wichout further notice or demand on Borrower, invoke any remedia permitted by paragraph 18 hereof. es NON-UNIFO~M Cov~nxrs. Borrower and L.ender (urther rnvenant and agree as [ollows: ~ I8. Accelrntion; Remedit~. Fa~cept ar provided in paragrapL 17 here~, upon Borro~rcr's bmch of an}~ rnvenwt or ~ agreemmt of Borrower in t6is Mor[gage. including the rnvenanu to par whrn due anr sums iecured by this Mortgage, ~ ~ Lender prior eo aaeleneion ahall mail notice to Borrower as provided in paragrap6 l4 hereoE specitving: (1) ehe brach; i the ution required to cure sucb brcuh; (3) a date, not ku than 30 dars from the date the noeice is mailed co Borro~wer, ~ ~ by ~+hich such br~ach must be cvred; and (4) that failure to cure such breac6 on or be[ore ehe date specified in the not'sce may ~ rewlt in acoelrntion of the wms xcured by this Mortgage. toreclowre b~ judicial proceeding and sale of the Properq. 'The notiae shall [un6er inEorm Borrowu of the right to reimtate atter aocekracion and t6e right to asert in che foredawrt ~ proceeding the noa-existence o[ a default or anr other deitnse oE Borrower to uoclrntioo and foralown. If the brnch is ~Y not cared on or beEore tbe dace specified in ehe notice, Lenda at Lender's option may d~clare all of the sums secvred br this Mortgage to be immediately due and ~nrable withoot fwther demand and mar (oreclox thit Mortgage bY judicial prooeed- ing. I.ender shall be entitled to collett in wch procteding all e:penats o( foralosure, including, but not limited to, reas~n- abk attorney's fees, and cwu of documentary eridrnce, abstracu and tiUe rcporta ' ~ - ~o~~ ~82 PAGE 130 ; ~ ~ 1_ _ - - - :4 .