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HomeMy WebLinkAbout0431 l.e~der's writteo agreemeot or applic~hle law. Borrower shall pay the amou~t ot all mortga~es uuuruws praniumt ~n the manner providcJ unde~ pa~agraph 2 heroot. Any amounts dictxirsed by I.cnJer pursua~t to ihis paragraph 7, wi~h iateresl thereon, shall becc~ne sdditional inJebtedness af Rorrower secured by this Mortgage. Unlecc Borrower anJ t.enJer agree to other tetms ot payment, such am~w~ts shall bc payabk upcm notice from I.ender, to Bo~rowcr rcques~ing payment Ihe~rnt, and shall bea~ inlerat from the dale of disbursement at the ratc payable tnun timc to limc cx~ outstanding principal under the Note unless payment oi inlerest at such rate wo~ld be cont~ary to applicable law, in whi~h eveRt sueh amaunts shall bear interat at the hiahest nt~ permissibk u~der applicabk law. Nc~thing contained in Ihis panaraph 7 shall require l.ender to incur any ezpttae or take - any action hercunder. S. lospecfio~. 1.enck~ may make or cause to be made reaconabk ent~ies u~+on and inspections af the Propecty. provided that l.ende~ shall give Bor~ower nMice pric~r to any such inspection specitying rcasonabk cause therefor related to [.ender's interest i~ Ihe Propeny. 9. Coademnatba. The prc~ceedc ~t any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Propehy, or pan tAerrnf, or for conveyance in lieu of condemnation, arc hereby assignod . a~d shall be paid to i.ender. in Ihe event of a ta1a1 taking of the Pmperly. 1he prcxeeJs chall he applicJ to Ihe sums srcurcd by this Mortsage, with the -xcess, it any, paid to Borrower. In the event of a parlial taking of the Property, unlesc Borrower and L,eader o~herwisc agrec in wriling. therc shall bc applied to ~he ~ums securcd hy this Mortgage such proportion of the prooetds as is equal ta that proportion w~hich ~he amoun~ o( the sumc tic.urcd hy thic Mangagt immedialely p~iar to the date of taking bears to Ihe fair ma~ket value of thc Pmpcrty immtdi~tcly prio~ to the date af taking, wilh the balsnce of the proceeds paid to Borrower. If the Property is ahandoncd by Borrower, or ii, after nolire hy i.cnder lo Bormwer that the condemnor ofien to make an award or set~k a claim for d~mageti. Rorrower (ail. to respc~nd to t.ender wi~hin i0 days after the date such notice is mailod. I.ender ic a~dhorized ta collect and apply Ihe proceeds. at l.ender'c option, either to restontion or repair of the Property oc to the sums cecured h~ this Mort~a~te. l tnlesc [.ender and Borrower otherwice agree in K•ritmg, any such application of procetds to principal shall no1 extend or postpone the due date of the monthly installmcnts referred to in paragraphc 1 and 2 hereof or change the amount of such i~slallments. 10. Bonower Not Rekzsed. Fxtcnsion of thc ~ime (or pavment or modification of am~rtization of the sums secured by this MoriRage granted by I enJer to any ~ucee~cor in interect of Borrower ~hall not operate to release, in any manner. tkc liab~liry af the original Borrower and &~rrnwer'. succrsu~r~ in interest. l.ender shall not he required to commence prceeedings against such successor or refuce to ertenJ time for payment or othenvise me~dify amortizaUon o( thc wms sea:ured by this Mortgage by reacon of anp demand made hy the ariQinal Rorrower and Borrower s snccesu~rs in imere~t. 11. Forbeannce by I.ender Nof a Waiver. Am• f~rbearancc h}~ Lcnder in etcrci~ing any right or remedy hcreunder, or othen~vise affardal by applicablc law. shall n~,t be a waivcr of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares or other liei?c or charge~ by 1_ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedneas cecurcd h}• tfii+ Mortgage. 12. Remedies Cnmulafi~e. All reme<iiec provided in thic Mortgage are dislinct and cumulative to any. o~her right or rcmedy under this Mortgage or afforded hy law or equity. anJ may he exerciced concurrently, independently or successively ' 13. Successors and Assi~as Round: .Joint and Sereral I.iaM'lity: Captbns. The covenants and agreemtnts herein contained shall bind, and the riRhts hercunder chall inuse to. the respective succesu~rc and anigns of I.ender at?d Borrower. subject to thc provisions at paragraph 17 hercof. All covcnants and agreements ~f Borrower shall be joirti{ and several. The captions_ and headings of the paragraph~ of ~hic Mortgage are for convenience only and are not to be used to interpret or define the provision~ hereof. 14. NWice. Except for any notirc rcyuired under applicable law ~o be given en another manner, (a1 any notice to Borrower provided for in this Mortgaee chall he given hy mailing such notice by certified mail addressed to Borrower at the Prop~riy Addrctc or at such other addret~ as R~rrnw•er mav designate by natice to I.endeF as provided herein. and (b1 any notice to Lender shall he given hy certified mail. return receipt requested. to l.ender s address stated herein or to such other addresc as I.ender may de~i¢nate by n~tice ta Borrower as provided herein. Any notice provided for in this Mortgage shall be cietmed to have t+een given to f3c?rmN•er cx I.cnder w~hen given in the manner designated herein. 1S. Uniform Mort~a~e; Covernin~ I.avv; Severabilitr•. Thic (orm of mortgage combines uniform cavenants for national use and non-uniform covenamc w~ith IimiteJ v•rriationc hp jurialiclion to constitute a uniform security instrument covering I real properiy. This Mortgage shall be governed hv the law of the jurisdiction in which the Property is located. in the ~ event tha~ any provision or clau~e of thic M~rtgace ~~r the h~~te con:iictt with applicable law, such conflict shall not aftect ~ other pmvitions of Ihis Mortgage or thr N~~tr ..hich c~n he given efiect withoot the conflicting provision, and to this end the pro~•i~ions of the Mortgage and the 'votc arc dcclared to he severahle. f6. Borrower's Copy. Borrow•er ~hall tx furm~heJ n a~nformed copy of the Note and of thic Mortgage at the time of exeration or after recordation hereof. 17. Tnnsfer of the Propertv: Accumplion. I( all ~.r an~~ part of thc Pmpeny or an interest therein is sold or transferred by Borrower without Lender's pri~r wrinrn c.?ncem. excluding lal the creation of a lien ~r encumbrance suborJinate to this Mortgage. (b) the creat~on of purch:,.e m~~nr~• ~ecurit~~ interest for household appliances, (e) a Iransfer hy devise. ~ descent or by operation of law upon the death ~~f j~~,nt tenant or (di the grant of any leasehold interest of three years or lecs ~ not co~taining an option to purchase. I.ender m~y. ~t I ender'~ opt~on, declare all the sums xcured by this Mortgage to Me immed~ately due and payable. 1_ender thall h~vr w;~~~~ed such option to accelerate if. prior to the cale or transfer. Lender anJ the person to whom the Property i, a. tx .ol.l or tr~nsferred reach agrcement in writing that the credit ~f ~uch person is sa~isfactory to I_ender and that the imrrr.t papable ~~n the sumc tecured by thit Mortgage shall be at such rate ac I.ender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'~ successor in interest hac executed a written assumption agreement accepted in writing by t.encler, l.ender shall release Borrower trom all ~ obligations under this Mortgage and the Note. If 1_ender exercises such opt~on to accelera~e. (:enJer chall mail Borrower notice of acceleration in accordanc~ i~h parasraph 14 hereof. Such notice shall provide a pericxf of not Iess than 30 days from the date the notice is mailed v?•ithin which Borrower may pay the sums derlared due. I( Aorrower fails to pay xuch sums prior to the ezpiration of cuch pericxl. [xnder may, without further notice or demand nn Borrowe~. im~oke any remedies permitted by paragraph 1R hercof. ~ Norr-UniFORtit CoveNeNTS. Borrower and l.ender further cavenant and agree as follows= R 18. Aceekratiuo; Rtmedies. ~:cept as prnvWed in paraRrapl~ 17 hereot. npon Eorrowt~s breacb of any co~ensnf or ' agreement of Borrower ia t6is Mort~aRe. includin~ 1he covenants to psy when due sny soms xcured br this MorlRaRe. i.cnder ~ prbr fo accekration sAall mai! aotke to aorrower as provided in parsgraph 14-he~eot specifyina: (1) t6e bresch: (21 the action ~ • required to con wch bresch; (3) s date. not less tha~ 30 days fmm the date the notke Ls maikd to dorrowcr. by which sucb bresch mwt be cared; and (4) that fdlure to cure snch breach on or befon the dde spec~'icd ie the notice may resWt ie accekrstion of tbe sums secured Sy Ihts MortRaRe. toseclosurc by judicial proceediob aad sak of tbe Prope~ty. 71~e ootict shsll further intorm Eorror?er of tl~e rq~ht to ni~tate at~er sccekrstbn and the right to a~ert in the foreclosure ~+oceedi~ ~ t6e aon-esistence of a dehuk or aay othtr defence ot Borrower to accelention snd fonclowre. lf the bnsch is oot enred on ~ or betore the date specified io tbe notice. i.ender at I.ender's optbn ms~ declare sN of the soms secnred br this Mort~s~e to be ~ immedistely due and psyabk withoui tur/her dem~nd snd mav torcclose thts Mo~aRt by judicid proteedin~. I.ender chall be tutided to collect in wcb prottedinK all expensts oi toreclosure. includie~. b~t oot limited to. reasonabk ata,rnev's fees, ~ and costs of documentary erideace, abstrscts and titk rcports. 19. Borrower's Rt~ht to Reinstste. Notv?ith~tandm~e I.ender's acceleration of the sums secured by th~i M.~rtgage. ~ Borrower shall have ~he right to have any proceed~ng, tx~~~m hy I.ender to enforce this Mortgage discontinued at any time ~ E I ~ ~ $fl ~~+v11 ~ _ ~ : - - r - - ' ~ ' ~ ~ ~ ~-~~~~,~a, ~ . _ . .a~.