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HomeMy WebLinkAbout0651 ~ ~ • 1 1.. i~ . - Lendet's writtea a~nti:ment or applicable law. Borrow~er shap pay the amount a[ all mortgage insurance premiurt~ in the maaner provided under parag~aph 2 hereoL r• Any amount~ disbuned by Lende~ pursuant to this paragraph 7, ~:rith inteeest 'theteob ~ shali becoMp 'additional inckbsedness of Borrower secured by this Mortgage. Unless Borrower and Lender agrce to other terms of paym~nt, such amou~ts shall be payabk upon notice from t.ende~ to Borrowe~ rcquesting payment thereof, and shall bear intercst from the date of disburaement at the rate payable f~om time to time on outstandi~g principal under the Notc unless payment of interest at :uch rate would be contrary tb;{~lkab~e tx1v, in whicb event such amounts shall bear i~terest at the highest rate __Qermissibk unde~ applisablel~w.._N~lh~1i~ ~ontained in this uaraQrs____nh 7 sh~ILcnq ' any action hereuadet. S. impeetioa Lender may make or cause to be made reasonablo entries upon and inspections of the Property. provided that Lender shall ~aive Borrower notice prior to any such i~spection spocifying ceasonabk caux therefor related to Lender's interest in the Property. 9. .Coodemaatba. The proceeds of any award or claim for damages, dircct or consequential. in connection with any condemnation or cther taking of the Property. or part thereof, or forconveya~ce in lieu of condemnation. are hereby assigned and shall be paid to Cender. - In the event of a total taking of the Propeny. ihe proceeds shall be applied to ~t?e sums securod by this Mortgage. with the cxcess, if any, paid to 8orrower. In the eveof of a partial taking of the Property, unless Borrower and I.ender o~herwise agrce in writing, therc shall be applied w the sums secured by this Mortgage such proportion o[_ the ~r~oo~adt ~ as ix equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to t~~ date of taking bea?s to the fair market value of the Prope~ty immediately prior to the date of taking, with the balance oi the procads ~ paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Botrower that the condemnor offen to make an award or utde a claim for damages, Borrower fails to respond to Lender within 30 days afte~ the date such notice is mailed. Lender is authoriud to collect and apply the proceeds, at Lender s c>ption, either to restoration or repair of the Propeny or to the sums securcd by this Mortgage. ' Unless Lender and Borrowe~ otherwise agree in writing, any such application of proceeds to principal shall not extend or-postpone the due date of the monthly installments referrcd to in paragr~phs 1 and 2 hercof or change the amount of j such installments. t 10. Borrower Not Released. Eatension of the time for payment or moditication of amortization of the sums securcd ~ by this Mo~tgage granted by Lender ta any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in irtterest. Lender shalf not be required to commence proce~dings against such successor or refux to exttnd fime for payment or otherwise modify amortization of the sums securcd by this Mortgage by reason of any demand made by the original Borco~der and Borrowe~s successors in interest. ll. Forbearance by Leader Not a Wdver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise' afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or nmedy. The procurement of insurancx or the payment of taxes or other liens or charges by Lender shall not be a waiver of L.eader': right to accelerate the~maturity of the indebtedness secured hy this Mortgage. ]2. Remedies Cmnulatf~e. All rcmedies provided in this Mortg~ge arr distinct and cumulative to any other right or • rcmedy under this Mortgage or afforded by law or equity, and may be exercised concurrcntly, independently or successively. l3. Seece~ors snd As~gas ~ound; Jaint aad Several i.iab~ltty; Csptlons. The covenants and agreements herein rnntained shal) bind, and the rights hercunder shall inure to, the respectivt succeswrs and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captiQns and headings of the paragraphs of this Mortgage are for convenienre only and are not to be used to interprct or define the provisions hereof. . 14. Ndice. Except for any notice required under applicable law to be given in a~other manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notict to T_eoder as provided herein, and (b) any notice to Lender shall be given by certified mail, rewm receipt requested. to l.enders address stated herein or {o such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for io this Mortgage shall be deemed to have been given to Borro~er or Lender when-given in the manner designated herein. ~ lS. Uaiform Mortgage; Governin~ I.aw; Scverability. This form of mortgage combina uniform covenants for national i use and non•uniform covenants with limiteJ variations.by jurisdiction tu constitute a uniform security instrument covering ~ real propert}r. This Mortgage shall be gove~ned by the law of the jurisdiction in which itie Property is located. In the ~ E event that any. provision or clause of this Mortgage or the Note conflicts with applicablt law, such conflict shall not atiect. ' ~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ~ end the provisions of the Mongage and the Note are declared to be severable. 16. Eorrower'a 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. T~fer of the Property: A~umption. if all or any pan of the Praperty 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 purchase money security interest for household appliances, (c) a transfer by devise. € dexent or by operation of iaw_ upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less ~ not containing an option to purchase, Lender may. at Lende~ s option, declare all the sums secured by this Mortgagt to be ~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sate or transfer, Lender - and the penon to whom the Property is to be sold or transferred reach agrcement in writing that the credit of such person ` ~ is satisfactory to Le~der and that the interest payable on the sums sccured by this Mortgage shall be at such rate as Lender ~ shall request. if Lender has waivod the option to accelerate provided in this paragraph 17, and if Borrower's succe.s.tor in ~ interat hu executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 heroof. 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 Horrower, invoke any remedies permitted by paragraph 18 hereof. ~ Norv-UtvtFORtrt CovExerrTS. Borrower and Lender fuKher covenant and agree as follows: p = ~ 1~. Acceiudioa; Re~aedia. Except as provlded in pananph 1? hereof, opoe Borrowu's brcsc6 of aay coreoant or ~ ~ a~r~emsot of_ Eomowcr !s t64 Matsage, inclndi~ the covewats to pay nben dne say wn~s aecnred bl? thb Morl~a`e, Leader ~ prior to accekratb~ s~ ma0 0otlee to don+ower ~s pro~ided ia pua~raph 14 bereoE:peciE~: (1) tbe breacb; (Z) t~e actba ~ ~ required to cure soc6 brrac6; (3) a d:te, oot less tbau 30 days from tbe date tbe notke r mailed to Eorrowu, by whk6 sucb ~ ; breac~ msd be coredi aod tbat fs~are to care ~c6 bre~ch on or before t6t date specf~ed ia t6e notke ~eay radt ia = accderatlow ot tbe snms iecnrcd by Ibts Mort~e, toredosnre by jndiclal Proceedin[ ~d sak ot tbe Property. 'lbe notice - ~ sball tnrtrer iatorm EoR+o.rer ot t~e ri`bt to refsstale stler accderatba and tLe ri~Yt to srsert i~ d~e for~lowre pruc~ ~ t6e ~oo~eiieteece of a defadt or asy d~er dete~e ot ~orrower to accderatba aed lorecbsure. U ttie breach is sot crred oe c or betore t6e date speci6ed in tbe notice. Lender at Leoder's optba may dechre sB ot t6e mms aecsred by tbk Mo~e b be : ~ immcdhtdy d~e aed paysbk wftboat furt6er demaed snd may forecbse this Mo~e bp. f udicW proceediq. Lender sMaq ~ ~ be eatlded to co0ect lo mc6 proceedin~ ad e:peasa ot foreclosaro, iaclu~ias, but aot limited to, rea~oeabk attor'e~s iea, ~ - sod costs ot docwseahry eridcace, a6strsc~ ae~ title reporb. ~ ~ 19. dorrowec's RI~6t to Reieaate. Notwithstanding Lender's accderation of the sums stcurcd by this Mortgage. : ~ Borrower shall have the right to have any proceedings begun by Lender to enforce tFiis Mortgage discontinued at any time ' r ~ auc~ 289 P~~~ 6~ v - : auc~c~~ rac~~~~ ~ ~ ~ ~ . _ s _ ~ ~ ~ . ~ ~ ~ ~ K~ ~~-.~c. ~ ~ ~.r s , - -w~.~ _ .