Loading...
HomeMy WebLinkAbout0301 l.ender's writtcn agrcement or applicable law. Burrower shall pay ihc am~~unt o[ al) mortgage imur~nce prcmiums in the mannrr provideJ under paragraph 2 hereof. Any amounts disbursed by 1 enJcr punuant to this paragraph 7, aith u~terest ihe~eun, shali become additional inJebiedness uf BorroN•er secured by thic Mortgage. lJnle~c BorroHCr a~J ! en.ler agree to other termc of payment, such amounts shall be pa~~able u~n notice from Lendar to Bormwe~ reyuesting paymem thereof, and shall hear interest from ihe date of disbursement at the rate payahle frorn ~ime to time on outstanding principal under the Note unless paymrnt of interest at auch rate wauld bt contran• to applicable law, in which eVen! sucli ambunts shall bear interest at the highest rate permissible under applicable law~. Nothing contained in this paragraph 7 shall require I_ender to incur any expense or take any action hereunder. 8. IaspecHon. i.ender may make or cause to be made reasonable entriet upon and inspections of the Property, pravided that I.ender shall give Borrower notice prior to am• such ins~ection specitying reasonable cause therefor related to Lender's interest in the Propert)•. 9. Condemnatio~. The proceedc of any award or claim for dama¢es, direct or concequential. in connection with any condemnation or other taking of the Property, or part ~hereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to I_ender. ~ In the event of a total taking of the Prope~ty, the pnxceds thall he applied to the ctims secured by this Mortgage. w~ith the eticess, if any, paid to Borrow•cr. in Ihc c~•ent of a partial taking of the Properry, unless Borrower and Lender otherv?•ise agrce io writing. therc shall t?e applied to the sums securcd by thic MortRage s~ch proportion o[ the prereais as is equal ta that proportion w~hich the amount of the sumc cecured bp thic '.1lortgage immediatel~~ prior to the date of ~ taking bears to the fair market value of the Propert~~ immediatel}• prior to the date af taking, v?~ith the balance of ihe proceeds paid to Borrower. if the Proptrty is abandoned b~• Borrow•er. or if, after notice by 1_ender to Bo~mwer that the condemnor of[ers to make an aw•ard or settle a claim fnr damages, Bormwer fails to respond to l.ender within 30 da~•s after the date such notice is mailed. Lender is authorized to collect and appt~~ ~he proceeds, at I_ender's option, either to restoration or repair of the Propert}• or to the sums secured b}• this Mortgage. Unless Lender and Borrow•er otherw•ise agree in a~riting. am• such application of proceeds to principal shall not extend or postpone the due date of the monthly installmcnts referred to in paragraphs 1 and 2 hereof ar change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification oF amortization of the sums secured by this Mortgage granted b}• T.ender to an~• successar in interest of Borrower shall not operate to release. in any manner, the liabilit}• af the original Borrow•er and Borrow•er's surcessorc in interest. 1.ender shall not he required to commence pn~ceedings against such successc~r or refuce to etitenJ time for payment or otherw•ise modif~• amortization oi the sums secured by thia Mortgage by reason of an~~ demand mad~ b~• the oricinal Borrower and Borrower's successors in interest. U. Forbearance by I.ender not p Waiver. Am~ f~~rhearance b}• I_ender in erercising am• right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of an~• such right or remedy. The prociirement of insurance or the payment of taxes or other liens or charges by Lender shall not be a v?~aiver of Lender s right to accelerate the maturity of the indebtedness secured hy thic Mortgage. 12. Remedies CumulaNve. All remedies provided in thi~ rtortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law• or equity. and ma}~ bc exercised concurrently. independently or soccessivel}•. ~ 13. Soccessors pnd Assi~ns Bound: Joint and Se~eral i.iability; Captions. The covenants and agreements herein contained shal) hind, and the riRhts hereunder shall inure to. the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. The captions and headings of the paragraphc of this Mortgage are for convenience only and arc not to be used to interpret or define the provisionc hereof. 14. Notiee. Except for any notice reyuired ~mder applicable la~~ to be given in another manner. (a) any notice to Borrawer provided for in this Mortcage shall he given h}• mailinR such ~otice b}~ certified mail addressed to Bormw~er at the Property Address or at such other addre~s as Borrov?er ma~• designatc by notice to I.ender as pmvided herein, and (bl an}~ notice to [.ender shall he given M• certified mail. retum receipt requested. to Lender s adJress stated herein or to sach other addres~c as l.ender ma}• designate b~• notice t~~ Borrower as pmvided herein. Any notice provided for in this Mortgage shall be deemed to ha~•e bcen given to Borrower or I_cnder w•her. given in the manner designated herein. j 15. Uniform !11ort~a~r. Governin~ I_aw; Se~•erabilit}•. Thic form of mortgage comhines uniform covenantc for national E use and non-uniform rn~~enanls with limite~l variations h~• juritdiction to constitute a uniform security instrument covering ' ~ real propeny. Thia Mortgage shall be governed h~• the law• of the jurisdiction in which the Property ic located_ In the ? event that any provision or clause of thic biortgage or the Note conflictc ..•ith applicable law. such conflict ~hall nat afiect ~ other pro~~isions of this 141ortgage or the Note Nhich can he gi~~en efiect without the conflicting pmvision. and to this G end the provisions of the Mortgage and the ~otc are declared ta be severable. ~ 16. Borrower's Cop}•. Borrower shall be furniched a conformed cop}• of the Note and of thic Mortgage at the time ~ of execution or after recordation hereaf. ~ 17. Transfer of t6e Prope~f~•: Assumptioo. If aU or am part of the Property or an interest therein is sold or trancferred ~ y by Borrower without Lender's prior ~~ritten consent. e~cluding lal the creation of a lien or encumbrance subordinate to ~ thic Mortgage, (h) the creation of a purchase mane~• securit~~ interest for household appliances, (cl a trancfer b~~ devise. ; descent or by operation of law• upon thc death of a jc~int tenant or (.1? the grant of an}~ 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 Aiortgage to be ~ immediately due and payable. Lender shall have ~a~ved such option to accelerate if. prior to the sale or transfer. Lender ~ and the person to whom the Property is to be sold or transferred reach agreement in w•riting that the credit of such person ~ is satisfactory to Lender and that the interest pa~•able on the sums secured bp this ~iortgage shall be at such rate as Lender ~ shall request. if 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 t_ender, Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. - If i_ender exercises such option to accelerate, (.ender ~hall mail Borrower notice of acceleration in accordance ~~ith ~ paragraph 14 hereof. Such notice shall provide a peri~~ci of not less than 30 da}•s from the date the notice is mailed within ~ which Borrower may pay the sums declared due. If Borrower fails to pa~• such sumx prior to the ezpiration of such period. ~ Lender may. withaut further notice or demand on Borrower, invoke any remcdies permitted by paragraph 18 hereof. Nox-Utv~FOxr~ Cove~,+:vTS. Borrower and I_ender funher covenant and agree as follows: ~ 18. Acceleration; Remedies. Ezcept a~ providcd in paragraph 17 henof. upon Borrower's brcach of any coveaant or - agreemmt of Borro~er in th~s Mortgage. lncludi~ the coreaants to pay when due any sums securcd by this Mortgage, Leader ~ prbr to acceleration s6a11 mail ooUce to Bonower as provided in paragraph 14 hereof specifying: (1) the breach; (2) t6e adion requind to curc such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which suc6 ; breach must be cund; and (4) that failure to cure such breach on or beforc the date speci6ed in the aotice may resWt in ~ accekmtioa ot t6e sams secnnd by t6ic Mortgage. forrclosurc by judicial proceedir~g aad sale of t6e Property. 1Ue notice ~ shap furiher inform Borrower ot the right to reinstate after accekration and the right to assert in t6e foreclosure proceedin` t6e noat:isteace of a default or nny otber defe~e of Borrower to acceleratfon and forecbsure. If the breach is not cured on or befon 16e dste specified in tbe notice. Lender at Leade~'s option may declare aD of the surns secnred by th~s Mort~age to be ~ Lnmediately doe and payabk wit6out further demand and may forcclose thts Mo~gage by judicia! proceeding. Lender shall ~ be eotided to colkct ia wch proceeding a0 e:peosa of foreclosurr. including. but not Umited to, nawnabk attorney's fees, ~ snd costs ot documentary tridence, abstracts sad titk reports. ~ 19. Eorrowe~'s Right to Reiastate. Notwithstanding [_ender's acceleration of the sums secured by this Mortgage, ~ Borrower shall have the right to have any proceedings hegun hy 1_ender to enforce this Mongage discontinued at aay time w, t~ ~ 7~0 ~ ~uUR~. !'4t'f 3~f~ ~ ~ ~ _ C~ ~ 6':~ ~ ~-ti'~; '.`E-=n..~ ~ u~ ~ SS.ris ~ ~ ~ ,E ~'.^r' /r+R.S ~ _ , r .+s . . . _ . ~'pa-r= . _ . . .