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HomeMy WebLinkAbout0200 • ~ ~ l.e~der's written agreement or appticable law. Borrowe~ shaU pay the amount of all mongage in+uranre premiums in tht manner provided under paragraph 2 hereof. Any amounts dishursed by I_ender pur.uant to this paragraph 7, with interest thereon, shall become additionat indebtedness of Bo~rower secured by ~his Mortgage. Unless Borrow•er anJ I.enJer agree to other tertns af payment, such amounts shall be payable upon notice f~om I.ender to 8orrowcr requesting payment thereof, and shall hear interest from th~ date of disburs~meni at the rate payabie from time to timc on ouistanding principal under the Note unless payment oi intertst at such rate would be co~trary to applicable law, in which event such amounts shall bea~ interest at the highest rate pern?issible under applicable law. Nothing contained in this paragraph 7 shall require I.ender to incur any expense or take any action hercunder. 8• laspecfbq. I.ender may make or cause to be made reasonablc entries upon and i~spcctions of the Property, provided that Lende~ shall give Bor~ower notice prior to any such inspection specifying reasonable cause the~efar related to I.ender's interest in the Property. 9. Coademnadon. The proceeds of any aw•ard or claim for damages, dircct or consequent;al. in connection with any condemnation or other taking of the Property, or part thereof, ar for conveyance in lieu of condemnatioo, arc hereby assigned and shall be paid to i.ender. in the event of a total taking of the Pmpeny, the proceeds shalt be applied ;o thc sums secured by this Mortgage, with the excess, if any, paid ta Borrower. In the event of a partial taking of the Property, unless Bonowcr and Lender otherwise ag~ee in ~rriting, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount af the sum~ secured by this Mortgage immediately prior to ~he date of taking bears to the fair market value of the Propcrty immediately prio~ ta the date af taking, with the balance of the proceeds paid to Borrower. if the Property is aba~doned by Borrower, or if, after notice by I_ender to Borrower that the condemnor offors to make an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 days after the date such notict is mailed. Lendet is authorized to cotlect and apply /he proceeds, at I_ender c option, either to testoration or rtpair of the Propeny ar to the sums secured by th;s Morigagt. Unless Lender and Borrowe~ otherwise agree in writing, any such application of proceeds to principa) shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereo~f or change the amount of such imtatlments. 10. Eorrorver Not Rekased. Extension of the time for payment or modificatio~ of amortization of the sums secured by this Mortgage 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 Borrow•er's successors in interest. Lender shati not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modifX amortization of the sums seeured by ihis Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not n Waiver. Any forbearance b~• I.ender in eYercising am• right or remedy hereunder, or otherwise afforded by applicable law, shall nat be a waiver ~f or preciude the exercise of any such right or remedy. The procurcment of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's r~ght to accelerate the maturity of the indebtedness cecured hy this Mortgage. 12. Remedies Comulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised co~currently, indepenaently or successively. l3. Saccessors and Assi~ns Bour~d: Jojnt and Serera! I.Isbllfty; C~ptlons. The covenants and agreements herein _ contained shall bind, and the rights 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 be joint and several. 'il~e eaptions and headings of the paragraphs of this Mortgage are for convenie~ce only and are not to be used to interpret or deSne the provisions hereof. l4. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Barrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Bor~ower at . the Property Address or at such other address as Borrower may designafe by notice to l.ender as provided herein. and (b) any notice to Lender shall be given by certified mail, retum receipt requested, to l.ender s address stated herein or to such other address as Lender may desi~nate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrow•er or l_ender when given in the manner designated herein. 1S. Uniform biortgage; Governin~ taw; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed hy the law• of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mongage or the Note conflicts With applicable taw. such conflict shall not affeet other provisions of this Mongage or the Note a~hich can be given effect without the conflicting provision, and to this end the provisians of the Mortgage and the Note are declared ta be severable. 16. Borrower's Copy. Borrower shall be furniched a conformed copy of the Note and of this Mortgage at the time of e~ecution or after recordation hereof. 17. Tr~nsfer of the Pmpertv; Assumption. If all or an~~ part of ihe Propeny or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation ~f a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase mone~• security interest for household appliances, (cl a transfer by devise, descent or by operation of lavr upon tF~e death of a joint tenant or (di the grant of any leasehald interest of three years or less not containing an aption to putchase. Lender rrtay, at Lender's option, declare aU the sums secured by this Mortgage to be immediately due and payable. Lender sha11 have waived such optio:~ to accelerate if, prior to the sale or transfer, L.ender 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 sha11 be at serch 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 Lender, Lender shall release Borrower from atl obligations under this Mortgage and the Note. H Lender exercises such option to accelerate, [.ender shall mail Borrower notiee of acceleration in aecordance with paragrap6 14 hereof. Such notice shaU provide a period of not less than 30 days from the date the notice is mailed within vvhich Borruwer may pay the sums declared due. If Borrov?er fails to pay such sums prior to the expiration of such period, Lender may, without forther notice or demand on Borrower, invoke an~• remedies permittecl by paragraph 18 hereof. Nox-UH~FOSnt Coverr~tvTS. Borrower and Lender further covenant and agree as follows: 18. Accelenition; Remedks. Except a6 provided in paragrap6 17 hereof, upon Borrowe~s breach of aay covenant or sgreement of Borrower in tbis Mortgage, iacluding t6e covenants to pt~y v+hen due any su~ secured by t6is Mortgage, Leader Prior to accderation ~6at1 mail notice tv Borrower as provided in par~g~ph 14 hereof specifyL~: (1) the brcsch; (2) tbe action rsqolred to care soc6 bnscb; (3) a date, not Itss t6an 30 days fmm t6e date t6e notice is mailed to Borirower, by w6k6 snc6 breach mnd be cnred; s~l (4) tbst failure to curc such bnacb on or before tl~e date speci6ed ia the aotke may resdt ia accderation of t6e sums secured by this Mortgage, foreclosure by jadfcial proceediag aad sak of t6e P~+uperty. 'ti~e aotlce s6aq fnrther inform Borrower of t6e rjght to reinstate afte~ accekntion and tbe ri~bt to assert fe the foreckaure proceedio~g tLe noo-existeace of a defaalt or any othcr deEense of Borrower to accekratba and foreclosure. IE the breacb b n~ c~ed on or before tLe date speci6cd in t6e aotice, Lsnder at Lende~'s option may declAre a~ of the sn~ secored by thb Mo?t=age b be immediately dne and payabk w~itboot fartber demand and raay forecbse thk Mortgn6e by judicia! proceedfa6. I,ender s6al1 be entitled to coUect in s~acb proceedl~ ~Il e:pcoses of foreclosurc, iocladir~, bot not llmited to, reaeonabk ritoroey's fees, aad casb ot docnmentary eridence. sbstracts aad titk rsports. 19. Eorrowe~s Ri`6t to Reinstate. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage. Bonower shall have the right to have any proceedings begun by [_ender to enforce this Mortgage diuontinued at any time e~c~ 2~i vnc~ i : _ - - - - ~ « ~ ~ ; . ; ~ : ~ ~ ~x ~ ~ ~ ~ rLU+s]~3" ~ - F "'~,s~, ~ ~ ~-`~S „6 ~,~r:i,wa~ ~ ? ,Y.:. x _