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HomeMy WebLinkAbout0011 f ~ ~ . ti , l.ende~'s writte~ agreement or applirabk tww. Borrower shali pay the amount of all mongage insnrance prYmiums in the ~ manner provide~l undc~ paragraph 2 hereof. - ' Any amounts disbursed by l.enckr pursuant to this parag~aph 7, with interesl therean, shall become additional ~ inJebtedr~ess of BorrawGr secured hy thic Mortgage. Unlec~ Borrowe~ a~d LenJer agree to othe~ tertns of payment. such F amcwnts sfiall be payable upc~n notice from t.ender to Barrawe~ ~eyuescing paymint thereaf, and shatl bea~ i~teres! from the i date af disbutsement at the ratc payabM irom timc ta time on outstanding principal under thc Note unless p,y~~c ot interat at such rate would be eontrary to applicable law, in which event such amounts shall hear ioterest at the highest nte permissible under applicable law. Nothing contained in this paragraph 7 shall requirc l.ender to incur a~y eapense or take any action hereunder. ' 8. laspeetiou. Leneler may make or cause to F~e made reasonable emries u~m and incpections of the Property, provided lhat Lender xhall give Borrower notice prior ta any such inspection specifping rcasanable cause iherefor related to Lender's interest in the Properly. ~ 9. Condemnafion. The prcueedz of an~•-aH•ard or claim for damages, direct or concequential, in eonnectian with any cortdemnation c~r other taking af the Froperty, or pan thereof. or for convcyance in lieu of condemnation, are her~eby assigned and shall bc. paid to Ixnder. . In !he event of a tota) taki~g of the Pmperty, the pr.xeeds chall t~e applieJ to the ~ums secured by this Mortgage. with the excess, if any, paid ro Bormwer. in thc evcnt ~f a partial taking ~~i the Praperty, unlecc Borrower and Lender othervvice agree in writing. there shall be applied to the cums ~ecured by thi~ Mortgage such proponion of the proceeds . as is equa) to that proportion w•hich the amount of the sumc .ecured hy this ~iortgage immediately p~ior to the date of taking bears to the fair market vahie of the Property immeciiately prior to the date of taking, with the tsaiance of the proceeds paid to Borrower. ~ . , 1f the Property is abandonecl by Barrow~er. ~~r if. afte~ notice hy l.ender to Bormv?er that the condemno~ offets to make . an award or seqle a daim for damag~~s, Borrow~er f~ib a. res~nd to I:ender wi~hin ~Q days after the date sach notice is mailed, Lender is authorized to collect and apply the proceeds, at I.ender's optiun, either to restoration or repair of the Property or to the sums secured h~~ this Mortgaee. Unless 1_eode~ and Borrower otherrvise agree in w•ritin~, am~ cuch applicatiRn af prc~ceeds to principal shall not extend or postpone the due date of the monthly inctallments refcrred to in paragraphc 1 and 2 hetrnP or cbange the amount of such instailments. ]0. $orrov?er Not Rekased. E~tencion of the time for payment or modification of amortization of the sums secumd ' 6y this Mortgage granted by l.eneler to any ~uccessor in interect of Borrow•er ~hall not operate to rclease. in any manner. the liability of Ihe origina) Borcower and Borrow•er'~ surcescars in interest. I_ender ~hatl not hc mquired t~ rnmmence proceedings against such successor or rMuae to ertenJ time for payment or otherw•ice modit~~ amortization ~f the sums secured bp this MoRgage by reasc~n of am~ dcmand madc b~• thc orieinal Borrowcr and Borrou•cr s suttec~rs jn interest. 11. Forbearance by I.ender Not a Wai~•er. An~~ f~rhearancc h~• l.rnder in crercising any right or remedy hereunder, or . otherwise afforded by applicahle law. shall not he a waiver of or preclude the exercise of anv such right or remedy. The~ procurement of insurance or the payment of taces or other lient or chargec by 1_ender shal] nat be a w~aiver of t.ender s right to acrelerate the maturity of the indehtednecs secured hy thic Morlgage. 12. Remedies Cnmulative. All remedies pm~•ided i~ this 1Nortgage are dislinct and cumulative to an~~ olher rigM or r~meJy under this Martgage or afforded M• law~ or ~yuity, and may he exercised rnncurrenNy. independendy or succecsively. 13. Snecessors and Assigns Bound; Joint and Se~e~l I.iability; Captions. The cavenants and agreements herein comained shall bind, and the•rights hereu~der shall inure to. the respective succe~sors anJ assigns of i.ender and Borrower. subject to the provisions of paragraph 17 hcreof. All co~~cnanls and agreements oF Borrower shall bc joint and severaT. }l~e captions and headings of ihe paragraph~ of this Mortgage are for convenience only •rnd are rx~1 to he ~ised to interpret or deSne the provisions hereof. . 14. -Notice. Except for any notice reyuired under applicable law to be given in another manner, (a) any notice to Borrawer provided for in this Mortgaee shall he given hy mailing such natice by certified mail addres~;d to BormWer at ~ the Properiy Address or at such other addrecc as Bnrri~w•er mar designatc by notice• to i.enckr ~s provided hcrein, and - (b) any notice to Lender shal! he given M~ certifird mail. ret~~m receipt. requc~ited. to Lender s address stated herein or to such other address as L.ender may designate b~~ notirc to Bormwer as pro~•ided herein. Any notice provided far io this Mortgage shall be deemed to have been given to {3c.rrow•er or I.ender w~hen given in the manner designated herein. 15. Unifortn Mortga~e; Governin~ Iaw~; Se.•er~bilit}•. Thie form of morigaQC comhines uniform rnvenant~ for national - use and non-uniform covenant~ with IimiteJ variations M• juris:tiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed M• the law• of the jurisdiction in which the Property is located. In the event that any provision or clauce of thie Mortgage i•r the "N~~te conflicfs with applicable law, such conflict shaN noi aSeci o~her pmvisions of this Mortgage or the Note which can be given efTect without the conflicting pm~~ision. and to ihis end the provisions of the Mortgage and the Note arc ~Icclared tn he severable. 16. Eorrower's Copy. Borrower shall bc furni~hcd a cc•aformed copy of the Note and of thi~ Mortgage at the time of execution or after recordation hereof. l7. Traasftr of tlte Property; Assumpl~on. If all or an~• part of the Property or an interest thcrein is sold or iransferred by Borrower without Lender s prior wriuen rnnseM. e~cluding (al the crcation of a lien or encumbrance subordinate to this Mortgage. (b) the creadon of a purcha~e mone~• securit~~ interest f~~r household appliances. (c1 a transfer hy devise, descent or by operation of law upon the death af a jaint tcnant or (cl? the grant c?f an~• Icasehold inierest of thrcc ~cars or less nol containing an option ta purchase, Lender ma}•. at Lender't option. declare all the sums secured h~~ this Mortgage to be immediately due and payable_ Lender shall have wai~•cd such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be sold or trans(erred reach agreement in writing thal the creJit of such F?erson is satisfactory to Lender and that the interest pa}•able on the sums secured by this Mort¢age shaU be at snch rate as I.ender shall request_ If I_ender has waived the option to accelerate provideJ in thii paragraph 17, and if Borrower s successor in . interest has executed a written assumption agreement accepted in N•riting by I.ender, Lender shall releace Borrower from all obligations under this Mortgage and the Note. If Let~der exercises stich option to accelerate, t_ender tihall mail Borrox•er notice of acceleration in accardance with paragraph 14 hereof. Such notice shall provide a pericnl of no~ less than 30 days .from the date the notice is mailed within which Bormwer may pay the sums declared due. If Borrower fails ro pay such sums prior to the expiration of sach period, I.ender may, without further notice or demand om i3o~rowcr, invoke any remedies permitted by Paragraph ~ 8 hereof. Nox-Uw~FOR~t Covex~xTS. Borrower and [.ender funher cavenant and agree as follows: l8. Acederstbu; Reroedks. Except as provided in parr~raph 17 hereof, upon Borrower's breach of aey coveoaat or agrcen?eat of Borrower ia t6b Mortgage. includir~ the coreasnts to pay ~+heo due aoy wrns secured by thk Mortgage, I.endcr prior to sceeleration sbdl aiai! noHce to Borrov+er ~s provided in paragraph 14 hereof specffyiog: (l) tbe bresch; (2) t6e actba reqnired to c~ere snc6 breac~; (3) a date, not lesc tban 30 days fmm t6e date t6e potice is mailed to Eorrower, by wl~ich snch breach mad be csred; and (4) t6at failnre to cure wch breach oa or bef~re the dste apecified in the aotice may raak in aecderation of tbe soms secnred by t6is Mortgs~e, forrcMsurr by judicial proceedjn~ w~d sale of the. Property. 'I1e notice sban further 1Bform Borrower of tbe ri~ht to rcinstate after accektition and tbe riSht fo ~sse~i in the foreclosu?e proceedia~ tLe son-etisteace of a defaak o~ any other defense of Borrower to accekrs~tioa and forecloson. if tl~e breach b oot cored on or before We date speci6cd in t6e aotice. Lender at [:ender's option may declare aB of d~e snms secooed br thts Mort~e b be immedLtdy dae and payaWe w~ithont fwther demand and mr~y forecbse tf~is Mort6a~e by j~dkW proceediu6. Lender shaU be eatlded to collect ie snc4 proceediu~ aq e:peases of forcclosurc. iocludiu~~ bnt uot ijmited to, reasoaab{e attorney's tea, aed eo~fa of docomeab~ry erWence, a6stncts and titk reports. . 19. don~ower's Ri~6t to Re~siste. Notwithstanding Lenckr's acceleration of the sams secured by this Mortgage. Borrowcr snali ~i~%~ r.g:.t .o ~tavt aoy proceedir.gs ~~un tiy ~ end,'r tn q~(nrce this MortQage discontinued at aoY time ~ SJ~~t ~~O FAGt ~1.