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HomeMy WebLinkAbout0607 o~ a . - ~ I.eader's written agretment or applicable law. Bo~rower shall pay the amount of all mortgage insurance premiums in the maaner provided u~der pa~agraph 2 hereof. , Any amounts disbursed by Lender pursuaot to this pa~agraph 7, with interest thereon, shall become additional indebredoess of Borrower secured by this Mortgage. Un14ss ~qfJOwc~, ind LenJer agrce to other terms of paymeM. such amounts shall be payable upon notice f~om l.ende~ to Bornowtr t~t~esting payment thereof, and shall bea~ interest from thc date of d'ubursemeot at the rate payabk from time to time on outstanding p~incipal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amou~ts shall bear interest at the highest rate i penniasible under applicabk law. Nothing contained in Ihis paragraph 7 shall require i.e~der to incur any expe~ue or take any actiort hercunder. i a. Iospeetloa. Lende~ may make or cauu to be made roawnable e~tries upo~ and i~spections of the Property, provided that Lende~ shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to Lender's interest in the Property. • ~ 9. Coodemsaiba 'The proceeds of any award or claim for dunaga. direct or consequential, in connection with any i condemnation or other taking of the Propeny. o~ pa~t thereof. or for conveyance in lieu of condemnalion, are hereby assigned and shall be paid to I.ender. • In the event of a total taking of the Propeny, the proceeds shall be applied to the sums securcd by this Mortgage. with the exc.ess, if any, paid to Borrower. in the event of a partial taking of the Property. unless Borrower and L.e~der ~ otherwise agrce in writing, thert shall be applied to the sums secured by this Mongage such ~proportion of the proceeds as is equal to that proportion which the amount of the sums secu~ed by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the bala~ce of the proceeds paid to Borrower. ' . - If the Property is aba~doned by Bonower, or if, after notice by Ixnder to Borrower that the condemnor offers tp make an award or settle a claim for damages, Borrower faik to respond to Lender within 30 days after the date such notice is mailed. I.ender is suthorized to collect and apply the proceeds, at i.ender's optian. eithe~ to ratoration or repair of the ~ Property or to the sums secured by this Mortitage. Unless Lender and Borrower otherwise,pgree in writing, any such application of proceeds to principal shall not extend ~ or postpone.the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installtnents. ~ ' 18. Borrov~rtr Not Rtkatsd. Extension of the time for payment or modification of amortization of ihe sums secured . by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to r+elease, in any manr~er, ~ the liability of the original Borrower and Borrowzr s successors in interest. Lender shall not be required to commence p~oceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums . securcd by this MoKgage by reason of any demand made~by the original Borrower and Borrower's successors in interest. 11. Forbearaoce bp Leader Not a Wai~er. Any forbearance by Lender in exereising any right or remedy hereunder, or otherwist afforded by applicable law, shall not be a waiver of or preclude the exercise of any snch right or nmedy_ The procurcment of insunoce or the payment of taxes or ather liens or charges by Lcnder shall not be a waiver of I.ender's righc to accekrate the maturity of the indebtedn~ss secured hy this Mortgage. ~ l2. Rea~edies ~mnbdre. All remedies provided in this Mortgage are distinct and cumulative to any other right or 3 remedy under this Mortgage or afforded by law or equity, and may be exercised concureently, independently or successively. 13. Srece~ors and Assiges Eoa~d: Joint and Severat T.~ability; Captions. The covenants and agreements herein contained shap bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Bornower, ' subject to the provisions of paragraph 17 hereof. All covenants and agreemeats of Bonower shall be joint and several. The captions and headings of the paragraphs of this Mongage are for convenience only and are not to be used to inte~pret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certi8ed_ mai) addressed to Borrower at , the Property Address or at such other address as Borrower may- designate by notice to T~nder as provided herein, and - (b) any notice to Lender shall be given by certified mail, return receipt requested, to t.ender's address stated herein or to _ such other addt~.ts as Lender may designate by notice to Borrower as .provided herein: Any notice provided for in this ` ' Mortgagt shall be dcemed to have been given to Bormwer or Lender when gevtn in the manner designated herein. . f 1S. Unifona Mort6age; Governi~ Iaw; Se~erability. This form of mortgage corribines uniform covenants for national f use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument oovering , real property. 71~is Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the II'~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law, sucfi conflict shal) not affect i other provisions of ihis Mongage or the Note which can be given effect without the conflicting provision, and to this i end ihe provisions of the Mortgage ~nd the Note are declared to be severable. . , 16. Dorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of eaecution or after rocordation hereof. 17. T~auste~ of t6e Property: Assumptioo. If all or an~~ part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation~ of a purchase money security interest for household appliances. (c) a transfer by devise, ' descent or by operation of law upon the death of a joint ttnant or (d> the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shal) have waived such option to accelerate if, prior to the saie or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory.to I.ender and that the interest payable on the sums secured by this Mortgage shall.be at such rate as Lender shall reqtxst. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender. L.ender shall release Borrower from all obligations under tbis Mortgaa~ and the Note. - tf Lender exercixs such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within • which Borrower may pay the sums declared due. If Borrower 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. Norr-UxtFOR~t Coverr~rn's. Borrower and Lender furthercovenant and agree as follows: ~ 18. Accderatlos; Remedks. Faccept a~ providcd in para6raph 1'f hereof, epoo Eorrowe~'s breac6 of aay corenant or ~ ~ a`reemeat of Borrowu in thk Maigage, iadndin~ t6e coreoants !o pay w6ea dne any snms secnred by thk Mort=a~e, I.eader prbr to accderatloa s6aH ma8 aotiCe to Borrower as provlded in paragrap6 14 6ereoE specif~: (I) t~e bre~cb: (2) tbe actioe reqnired b eare sa~Y breac~ (3) a dah, not las t6an 30 days trom t~e date tbe notice i~ maikd to Borrower, by wbic6 mcb ' M~aicV a~od be ~fd t6at failure to cure snch bresc6 on or befors t6e date speci6ed i~ the ~otke atay raait io accektatfoa ot ~samt iecared by t~is Mort~e, toreclasnre by judicial procsedioi aod sale of t6e Properry. 1Le eotke , - ~s8 tartber i~otm Eorrower of tbe ri`6t to reiastate atter accekrstiow aod tbe ritbt to aaert i~ tbe forecbwre pr~nc~edL~ ~ tLe moa-e~deoce d a de~auk or as~ ot6er defeme of Eorrower to scccknHoo and toreclo~ere. If t6e beesch i~ oot cored o0 or before We dste specl6ed in ttie notice, I.esder at Leoder's optioa may declare aN of the sna~ ~ec~red by t6is Mortsa~e to be ' immediatdy dne asa p~yable witroot tariLer deeiaod and msy foreclore t6M Mo~a~e by judtrtd I.esder d~a0 ~ be eotltled to coHect a~ proceedi~ ad ezpeases ot forecfosnre, iacludins, bat sot ~mited to, rea~onabk attone~'s Eees, £ ~sd cosb ot docn~ evtdeoce, abtncls asd title reports. ~ 19. Don~wrers Rt~6t to Reintate. Notwithstanding L.ender s acceleration of the sums xcur+ed by this Mortgage, ~ Bonower shafl have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ' i ~ i . 2 ~ ~ $OA(~ ~iE ~ ~ . ~ ' ~ ~ , ~ : . ~ , ~=-~«~.'~'";,r _ - - - - ~ - - - IG~ rt ~ v