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HomeMy WebLinkAbout0849 Lender's written agrcement or applicable Iaw. Borrowcr shall pay the amount ot all mortgage insurance premiums in the manner provided under para~raph 2 hereot. Aoy amounts disbuncd by I.ender pursuant ~o ~his paragraph 7, wi~h interest ihercon, shall become additional inckbtedness of Borrower secursd by this Mortgage. linicss Borrower and I_ender agree- to other terms of paymont, such amounts shal) be payabk upon nc~ice from I.ender to Borrowe~ requesting payment thercof, and shall bear interest from the date of disbursement at the rate payable from time to time on out~tanding priocipal under the Note unless payment of 3riirirat ~i s~n ~~?ie wuui~3 b~ c~nif~ry iu appiicabie iaw, in which event sueh amounts shai beu interest at the highest nte permiuibk under applicabk law. Nothing contained in this paragraph 7 shall rcquin Lander to incur aoy expense or take any action hereunder. S• i~tpectloa. I.ender may make or cause to be made reasooable entries upon and inspections of the Property, provided that Le~der shall give Borrower notice prior to any such inspection speci(ying rcasonabk caux therefor related to Lender's interest in the Property. ~ 9. Coademaatbn. 71~e prc~ceeds of any award or claim for damages, direct or consequential, in connection with any condemnation o~ other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to i.ender. In the event of a total taking of the Property, the procecds shall be applied to the sums secured by this Mo~tgage, with the excess, if any, paid to Borrower. ln the event of a pariial taking of the Property, unless Borrower and Lender otherwise agrce i~ writing, therc shall be applied to the sums securcd by this Mortgage such proportion of the procceds u is equal to that proportion which the amount ot 1he sums secured by this Mortgage immcdiately prior to the dNe of taking bean to the fair market value of the Propeny immediatefy prior to the date of taking, with the balance of the proceeds paid ta Borrower. If the Property is abandoned by Borrower, or if, after notice by I_ender to Borrower that the condemnor otien to make an award or settle a claim for damages, Borrower fails to respond to i_ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the prceeeds, at I_ender c option, either to restoration or repair of tht Propeny or to the sums securcd by this Mortgage. Unlas Lender and Borrower otherwise agrce in writing, any such application of procceds to principal shall not extend or poslpone the due date of the roonthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Nof Rekased. Extension of the time for payment or modification of amonization of the sums securcd by this MoNgage granted by i_ender to any successor in interest of Borrower shall not operate to release, in a~y manner, the liability of the original Borrower and Borrower's successors in interest. I_ender shall not be required to commence proreedings againxt such successor or refuse to extend time for payment or othenvise modify amortization of ihe sums secured by this Mortgage by reason of any demand. made by the original Borrower and Borrower's successors in interest. 11. Forbearsnce by Lender NM a Wai~er. Any forbearance by I.eader in eYercising any right or remedy hercunder, or otherwise aBorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of iosurance or the payment of taxes or other liens or charges by I.ender thall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. 12. Remedks Cwnulathe. All rcmedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mongage or aftorded by law or equity, and may be exercised concurrently. independently or-successively. 13. Socce~ors snd Asaiges Bound; Jolnl aad Se~~eral I.iabiilty; Captlons. The covenants and agreements hercin contained shall bind, and the rights hereunder shall im~re to, the respective successors and assigns of Lender and Borrower, subject to ~he provisions af paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or defint the provisions hercof. l4. Notke. Except far any notice req~iired unckr applicable law to be given in another manner. (a) any notice to Borrower provided fot 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 ma~ designate by notice ta Lender as provided hertin, and (b) an}~ notice to Lender shall be given by cenified mail. retum receipt requested, to t.ender~ address stated herein or to such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this Mongage shall be deemcd to have bcen given to Borrower or Lender when given in the manner designated Fr.rein_ 15. Uaiform MortRa~e: Gorerni~ I.aw: Severabpity. This form of mortgage combines uniform covenants for national i use and non-uniform covenants with limited variations hy jurisdiction to consti~ute a uniform securiry instrument rnvering i real property. This Mortgage shall be governed hy the law of the jurisciiction in which the Property is located. In the f event that any ~rovisiun or clause of this Mortgage ~r the Note conflicts with applicabte law, such conflict shaU not affect { other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ~ end thc provisions of the Mortgage and the Note are Jeclared to he severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and af this Mortgage at the time 'i of execution or after rocordation hereof. 17. Tra~fer of tbe Property: A~nmption. If all or an}~ part of ihe Property or an interest therein is sold or transferred f by Borrower without L.ender's prior written consent. excluding (a) the crcation 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, descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at 1_ender's option, declare all the sums secured by lhis Mortgage to be . immediately due and payable. I_ender shall have waived 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 writing that the credit af such person ; es satisfactory to I_ender and that the interest payable on tfie sums secured by this Mortgage shall be at such rate as I_ender ~ shall request. If [_ender haz waivtd the option to accelerate provided in this paragraph 17, and if Borrower's succ~ssor in interut has executed a written assumption agreement accepted in writing by Lenekr, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exereises such oplion to accelerate. I_ender shall mail Borrower notice of acceleration 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 ihe sums declared due. If Borcower fails to pay such sums prior to the exPiration of such period. ~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. . ~ Nox-Urr~FOer~t Coverr~twrs. Borrower and Lender further covenant and agree as follow+s: ~ 18. Acceleratios; Remedies. Except a~ pmvided in pa~nph 17 hereof. upoa Sorrower's breach of any covenaot or ~ agreemcat of Borrower fn t6is Mortgage, incladlnR the coveaanfs to pay when doe say aums secored by tbb Mort=a~e, Leoder y prfor to sccekntioa s6a11 ma~ notke b Borrower as provided la parnsnph 14 bcreof apecifyiae: (I) t6e breacb; (2) t6e sedon ~ ; required to cnre sncb breac6; (3) a date, aot less thsn 30 days [rom tbe dste t6e sotke 4 maikd to Borrower, by wWcb wc6 bresch ~owt be cared; aod (4) that failare to cnre mch bresch on or before tbe dde specl6ed in t~e ootice may raolt fn ~ accderstioo of t6e mm~ secored 6y tbis Mortss~e, fonclo~ure by judiclal proceedio~ aad sale of tbe Propertr. 1be notke ~ shaU fnrthc~ iaform Borrower of t6e ri~bt to reiastate afler sccekratbn and t6e right to a~ert ia the forecbsure peoceedi~ f tbe oon-e:istence d a detaolt or wy othtr dete~e of Borrower to ~ccekrstbn aad foreclosar+e. it the breac6 b oot cse+ed oa } or betore tbe dah speci&d la t6e sMice, Leader a i.ender's option may declare a8 of tbe sa~m secarcd by tbM Mortsate to be ~ ima~edhtdy doe aad p~yabk wit6ort furt6er demaod Aad msy foreclote thi~ Mort~a~e by h~dkial Proceedi~. Lender d~ be enWled to coDect in wc6 procsediot aB :speo~es ot torecbsnre, Includia~, but not iimited to, reawnable sttorney's fea, 9 aod cosb of docns~enhry evideoce, a6Aracb and tttle reporb. ~ ~ 19. Eorrower's Ri~ht to Rebstate. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage, ~ ~ Botrower shall havt th! right to have any proceedings begun by Lender to enforce this Mortgage discontinued st any time t F F ~ i aL},~ ~ c ~ ~ ; ~ _ r. . _ ~ ~ _3~