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HomeMy WebLinkAbout0050 l.ender's written agrcement or applicable law. Horrower shall pay the amount of all mortaa~e iosurance premiums in the manner provided under paragraph 2 heroof. Any amountt disbuned by Lender pursuant to this paragraph 7, with interc:t therson, shaq become additional indebtedness of Borrower securcd by this Mortgage. Unless Borrowe~ and [_ender agrce to o:he~ tenns ot paymeo~ such amounts shall be payable upon noticc f~om l.ender to Borrower reques~ing payment the~eof, and shall bear interest [rom the date of disbursement at the nte payable f~om time to time o0 outttapolns princip~l under the Note uolas payment ot interest at such rate would be contrary to applicable law, in which event sdch ~mountt shall beac interest at the higM:st rate permiasible under applicable law. Nothing contained in this pa~agraph 7 shall nquiro Lender to incur any expease or take any action herounder. a. Iaspecfioa. Lender may make or cauu to~be made reasonable entries upon and inspections ot the Property, provided that Lende~ shall give Borrower notice prior to any such inspection specifying rcawnable cause therefor related to Lender's interest in the Property. - 9. Coademaatbn. 'I?~e proceeds of any award or clainl fw damagea, dircet or catt~equential, in rnnnection with any condemnation or other taking of the Propeny, or paN thereof, o~ for cQnveyance in lieu of condemnation, are hereby assig~od a~d shall be paid to LeRder. . 1n the event of a total taking of the Property. the procee~ shall be applied to ~he si~ms secured by this Mo~tgage, with the excess, if any, paid to Borrower. ln the event of a partial taking of the Property, unless Borrower and I.ender othen+~ise agree tn writinR, therc :hall be applied to the su~ ~ecured by this Monaage such proponion of the proceeds as is equsl to that proportion which the amount of the sums secured by this Mo~tasse immediately prior to the date of taking bearc to the fair market value of the Property immediately prior to the date of taking, with the balance of the procoeds paid to Borrower. If the Propecty is abandoned by Borrower, or if, after notice by Lender to Ba~rower that the condemnor oRea to malce an award or settle a claim for damages, Bonower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authoriud to collect and apply the prceeeds, at I.ender's option, either to restontion or repair ot the Propeny or to the sums securcd by this Mortgage. Unless Lender and Borrower otherwix agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the mon[hly installments referred to in paragraphs 1 and 2 hercof or change the amount of such installments. 10. Borrower Not Rekaxd. Extension of the time for payment or modiflcation of amortization of the sums secured by this Mortgage granted by i.ender to any successor in interest af Borrower shall not operate to rclease, in any manner, the liabi6ty of the o~iginal Borrower and Bc~rrowe~ s successors in interest. Lender shall not be requircd to commence proceedings against such succeuor -or rcfuse to extend time for payment or otherwise modify amortization of the sums secured hy this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by I.ender NM a Waiver. Any forbearance by I.ender in exercising any right or remedy hercunder, or othenvise afforded by applicable law, shall not be a waiver of or pra:lude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shal) not be a waiver of Lender's right to accelerate the maturity of the indebtedness securcd hy this Mortgage. 12. Remedks Comnlati~e. All remedia provided in this I?tortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Socce~son aad Assi~ns Bound; ~oiat and Serend I.iabNty; Capfbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respoctive 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. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or deflne the provisions hercof. 14. Notke. Except for any notice rcquired under applicable law to be given in another 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 ~he Property Address or at such other address as Borrower may designate by notice to i_ender as provided fierein, and (b) any notice to I.ender shall be given by ceriified mail, return receipt requested. to I.ender's address statcd herein or to such other address as I.ender may designate by notice to Borrower as provided hercin. Any notice provided for in this ~ Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner dasignated herein: , ~ lS. Unitora~ Mort~a~e; Gorernin~ I.aw; SeverabNty. This form of mortgage combines uniform covenants for national. ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform socuriry instrument voven~g E real property. This Mongage shall be governed hy the law of thc jurisdictio~ in which the Ptoperty is located. =1n the - ~ k event that any provision or claux of this Mortgage or the Note conflicts with applicabk law. such conflict shall not atfect F other provisions of this Mortgage or the Note which can be given efiect without tht conflicting provision, and to this e end the provisions of the Mortgage and the Note arc declared to be severable. 16. dorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ; ; of execution or after rocordation hereof. ; ~ ~7. Tranafer of tbe Property; A~umption. If all ur any part of the Property or an interest therein is sold or transferred ; ~ by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to ~ this Mortgage, (b) the creation of a purchase ntoney security interest for houschold appliances, (c) a transfer by devise. ~ descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of thrce years or less ~ not containing an option to purchase, I_ender may, at Lender's option, declare all the sums secured by this Mortgage to be ~ immediate{y due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, i.ender _ and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person ~ a is satisfactory to i.ender and that the interest payable on the sums secured by this Mortgage shalt be at auch rate as Lender ~ ~ shall request. If Lender has waived the option to accelerate ptovided in this paragraph 17, and if Borrower's successor in ~ ~ interest has executed a written assumption agreement acceptcd in writing by Lender, L.ender shall release Borrower from all ~ obligations underthis Mortgage and the Note. ~ ~ If Lender exercises such option to sccelerate. [~nder shall mail Borrower notice of uceleration in accordance with ~ paragraph 14 hereof. 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. :j Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. ~ ~5 ~r ti Norv-UH~FOeM CovEN~rrrs. Borrower and Lender further covenant and agree as follows: t ls. Accekndoa; Remedks. Fa~cept as Pmridcd in pars~rap` 17 hereof, spon dorrower's breacr ot s~y corew~t or agreement of Eorrower in t6b Mort~a~e, inclndies tbe co~eaanls to pay when due aoy sna~ ucnred by t6i~ Mortfa~e, I.e~der prior to sccderatba sball ma~ notice to Borrower as provided Is pua~rspb 14 hereoE specN~s (1) tlie breacb; (2) tbe scdon ' ~ reqaired to cro so~i 6rac~: (3) ~ date, not las thsa 3A days tron~ tbe date tbe aotke r maNed to Borrower. by wWcr we6 ~ ° breacb mast be cered: aod (4) tb~ [aBun to care soai~ bre~cb os or betoe+e tbe date ~eei6ed i~ 1~ ~otke ma~ r+enit i~ ~ _ accder~Now ot tre ~m+~ secared by thb Mortgs~e, foreclosnre br judkW proceedfa~ asd sde ot tbe Property. 'itie ndice ~ " s6atl turtber iatorm ~rrswer ot the ri~6t to reiadate dter accdcndoa ~ad tbe ri~6t b arert ia tre tora~lowre pruceed6~ ~ tbe nos-ezi~tence of a def~ak or aoy ot6er defense ot Sorrower to aeeekntio~ aed tora{owre. N tbe 6resc~ is aot c~red oa ` or betore tlee date specl~d ia tbe aMke. Leeder st Lesder's optbn may decla~e aq ot t6e w~ ~ecerea by tl~b Mort~a~e to be ime~edhtdy doe aed payabk witlaat fwtber dem~d ~d may torecbse t64 Mortia~e bY ludkW ~~K. Lewder ~ ~ be entiHed to eoUeet i~ secb proceediu~ ap e:peosa ot torecloaure, iacludl~, bpt aot Bmited to, renoa~ble attorae~s tea, ~ aod eas4 ot docoa~entary erideoce, ~bdracb and tiNe reporb. ~ ~ 19. dorruwer's Ri66t to Reinstate. Notwithsta~dipg Lender's acceleration of the sums secured by this Mortga~e, ~ Borrower aha1F have the right to have any proceedings begun by L.ender to enforce this Mortgage discontinued at anr time ~ ° R 2y7 'Sp : 600K ` ~ - ~ p ~ ~ ~ ~ z r ~ . .r=.~ _ ~ . - _ ~ r. . _ .