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HomeMy WebLinkAbout0116 LenJer's w~ritte~ agreement or applicable law. t3orrowe~ shall pay the amount of all mort~age insurance premium: in the manne~ providcd under paragraph 2 hereof. Any amounts disbursed by l.ender pursuant to this pa~agraph with intercst thereon, shall become additional inJcb~edness of Borrower secured by this Mortgage. Unless Borrower and I.enJcr agrce to other terms of payment, such amotmts shall be payable upon natice from [_ender to Borrower requesting payment thereof, and shall bea~ interest from the ; date of disbursement at the rate pa}•able from time to time on outatanding principal under the Note unless payment of ~ interest at such ratc would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permiuible under applicable law. Nothing contained in this paragraph ~ shall require Lender to incur any expense or take any action hereunder. ~ 8. InspecNoa. Lender may make or cauu to be made reasonable entries upon and inspections ot the Prope~ty. provided , that [.ender shall give Borrower notice prior to any such inspection specifying rea'anable cause therefor related to Lender's r inte~est in the Property. ; 9. CoademnaNoa. ~e proceedc of any award or claim for damages, direct or conuquential, in connection with any ~ condemnation or other takTng of the Property, or part the~eof, or for conveyance in lieu of condemnation, are hereby assigned ~ and shall be paid to ~ender. In the event of a total taking of the Property, the procecds shall be applied to the sums securcd by this Mortgage, t with the excess, if any, paid to Borrowcr. in the event of a partial taking of the Property, unless Borrower and i.ender o~herwise agrec io writing, there shall be appliM to the sums securrd by this Mortgagc such proportion oE the proceeds ; as is equal to that proporiion which the amount of the sums secured by this Morigage immediate2y priar to the date of ~ taking bears to the fair market value of the Pmperty immcdiately prior to the date of taking, with the balance of the proceeds ~ paid to Borrower. - ' . If the Property is abandoned by Borrower, or if, after notice by I_ender to Borrowe~ that the cundemnor of[en to make ~ an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is i mailed, Lender is authorized to colleet and apply the proceeds, at I.ender's option. either to restoration or repair of the ' Property or to the sums secured by this Mortgage_ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend . or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereaf o: change the amount of ~ such installments. ~ l0. Eormwer Not Rekased. Extension of the time for payment ar modiflcation of amort~zatian of the sum$ secured ; by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of tht original Borrower and Bc?rrower's successors in interest. i~nder shal) not be required to commence proceedings against such successor or refuse to extend time for payment or othenivise modify amortization of the sums ~ secured by tfiis Mongage b}• reason of any demand made aY the original Borrower and Borrowers successon in intercst. ? 11. Forbearance by Lende~ Not a Walrer. Any forbearance by I.ender in exercising any right or remedy hereunder, or otherwise afTorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. s The procurcment of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's i right to accelerate the maturity of the indebtedness securcd hy this Mortgage. 12. Remedies Comulathe. 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 concurrently. independently or successively. t l3. Sncceswrs and Assiaos Bound: Joint and Several i.iabifity; Captions. The covenants and agreements herein contained shall bind, and the riRhts hereunder shall inure to, the respective successors ani 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 conve~ience only and an not to be used to interpret or define the provisions hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice to ` Borrower provided for in this Mortgage shal) be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrow~er may designate by notice to i_ender as provided herein, and (b) any notice ro Lender shall be given by certified mail, return receipt requested. to l.ender s address stated herein or to such other address as Lender may designate by notice to Borrower as providecl herein. Any notice provided'for in this Mongage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. UnNorm MortRa~e; Governing I.aw; Severability. This form of mortgage combines unifor:r. 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 by the law of the jurisdictio~ in which the Property is located. In the ~ 'I event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severabte. 16. Bormwer's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at, the time of execution or after recordation hereof. 17. Tran.der of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (al the creation 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 Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender 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 of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be ai 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 writien assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option 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 the sums declared due. If Borrower 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. Norr-UN~FORi?t CovEtvetv-rs. Borrower and Lender further covenant and agree as follows: ~ 18. Accelentbn; Remedies. E:cept as pmvided ia parngraph l7 hereof, apoo Borrower's breach of any coreaant or agreement of Borrower in this Mortgage, inclnding tbe covcaants to p~y when due apy sums aecared by this Morqage, Leader prior to accelerstion shall mail notke to Borrower as pmvided ia paragraph l4 hereof specNyi~: (1) t6e breach; (2) t6e actba required to cnre sncb brac6; (3) a date, not kss than 30 days from tAe d~e the notice b maikd to Borrower, by whk6 soch breach mwt be cured; and (4) t6at failuro to cure soch bresch oa or before the date speci6ed ia the noUce auy resdt in accekration of tbe soms iecercd by t6~s Mortgsge. foreclosurc by jndkial proceedin= and sak of t6e Property. 'IUe notke ~ shaq furtber inform Borrovrer ot t6e rig6t to rofnstste after accekntioo aad t6e right to asse~t in t6e foreclosure Pructedi~ ~ t6e noo-esisteoce of a deEauk or any other defense of Borrower to mekration and torecbsure. N the breac6 is not cnred oo ~ or before tbe date spcci6ed io the ootke, Lsnder at Lender's optbn nwy declare all of the saan secnred by this Mortp~e b 6e ' immediatdy dne and payable w~itboot furt6er demsnd and may foreclo~e t6b Mortgaae by jndlchl proceediu~. Lender s6d1 ~ be ent~Hed to coDect tn sac~ proceediag aD e:peosea of forecbsnre. inclndin~, bnt aot limited to, reasonabk attoree~'s fees, snd cosfs of docnmeatary evidence, abstracb aad title repor~. - 19. Borrowe~'~ Rig6t to Rei~tate. Notwithstanding Lender s acceleration of the Sums securcd by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage dixontinued at any time P'~~Y 3U~ ?~fE 1~6 r Si , - _ - - _ _ - ; ~ - -'~a ~a,?i:. $ ~~~~~~.k~^ ~ ; .f„~,~~ ~;;.~4`~~ ' _ . _ ~r. _ . °~-z3~F-'P" . .