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HomeMy WebLinkAbout0021 . . ag~etment or applicablt la~v. Borrower ahall pay the amou~t ot all morcgage inw~ance premiums in ehe manner provided under pusgtaph !t hereot. ' ; . Any amounu disbuned by Le~der punuant to this panRnph 7. rvith i~terest thereo~, shall become ' additfonal ia- debtednes~ ot Borroyre~ securecl by this Aiorcgage. Uoleu Born,wer and I.ender agree co other [erms of pa~nnent. such amounts shall be payable upcin ~atice f~om L.et~der to Borrower requesting payment thereof. and shatl b~ar interest Irom che date o[ disbursement at the nte p~yable trom time to timc on outstandiug principal under the Noce unlcu payme~c ot interest at such rate ~rould be contrary to applicable law. in whirh event such aawunts shall bear intetat at the highest ntc permissible under applicable law. Nothing contained in this paragraph 7 shall rcquire Lender to incur aoy expense or ake any action hereundet. . S. In~pection. Le~er may make or causc to be madc reasonable entria upon and inspections ot the Propeny. pro- vidcd that Lender shxll give Borrower nocia prior to any wch-inspoction specifying nasonablc ause theretor related to l.ender's inte:e:t In the Property. . 8. C•ondemmtloa. The proceeds ot any award ot claim tor damaga. ditect or conseque~tial. in connection with aay condemnacion or othet taking ot the Property. or put thenof. or for conveyana in lieu o( condemnation, are herehy a~- signed and shall be paid to Lender. ~ In the event ot a total taking o[ thc Property, the praeeds shall be applied to the sums secured by this 1ltortgage, with the excess, if anr. paid to Borrower. In the e~ent of a partiat taking ot che Property, unleu Borrower and Lender othet~?ise agree in writing. chere stutl be applicd to the sums secvrcd by this Aiorcgage wch proportion of the proceeds as is eqwl to that proportion which the amount of thc sums secured by this Mort~ge immediacely prior to the date of . • uking bears to the fair market w~lue oE ihe Property immediatelr prior to ehe date oE taking, with che balance oE che pro- ceeds paid to Bor;o~rer. If the Property is abandoned by Borrawer. or~if. a~fter notice by Lender to Borroxe~ that the oondemnor•ofEen to makt an award or setde a claim tor damages, Borrower faila to respond to Lender wichin 30 days after the date such notice - is mailed. Lender is authori:cd to mllect and applr the proceeds, at Lender's option, eithet to restontion or npair ot the Propaty or to the w~ secured by chis Mortgage. . Unless Lenda and Borrowe~ otherwise agree in writing. any such appliution o[ proceeds to principal shall not extend or poupone the due date of the monthly instalLnenu reEerred to in. paragraphs 1. and Y hereo[ or change the amount of such i~stall~neats. ~ 10. Eorro~er Not Released. Excension of the time for pay~cnent ot modilicacion ot unortization of the sumi secured by . this ~tortga6e granted by Ltnder to any succes~or in in[erest of Botrower shall noc opence to release. in any manner. the liabili~y of the original Bortower and Borrower's successon in interest. Lender shaU not be tequired to rnmmc~ce proctedings against such successor or refusc to extend time for payment or otherwist modi[y amortintion oE the sums •se~ cvred by this Mongage by reason ot any demand made by the original Borrower and Borrower s suctessors in interts~ 11. Forbeacaact br Lender Not a Wairer. Anq forbearance by I.ender in exercising any right ot remedy hereunder. or otherwise a(Eorded br applinble law, shall not be a waiver o[ or preclude the e!cercise oF any such right or rrmedy. The ~ procurement oE insurance or the payment oE taxes or other lie~~s or charRes br I.ender shall not be a wai~er of I.ender's right to accelente the maturity oE ehe indebeedness secured bv this Monqage. 12. Remedia Glimulati~e. All remedies~ provided in this ~tortgage are distinct and cumulative to any other riqht or remedy under this Mortgage or afforded by law or equity, and may be exercised mncurcently, independently or. successively. 13. Succeiors aad Auigns ~OUad; Joint and Sereral Liabilitr; Captioa~. "I'he co~•enaots and agreements herein ~ conaineci shall bind, and the righu hereunder shaU inure to, the respecti~e wccessors and assigns of I.ender and Borrorrer. subject to the provuions oE pangraph 17 hereof. AU rn~enants and aqreemenu o[ Borrower shall be joint and several. The nptions and headings oE the paragraphs of this Atongage are for com•enience only and are not to be used to interprtt or define the provisions hereo(. 14. Notioe. Extept [or any notice required under applicable law to be given in another mannec, (a) any notitt to Borrower pro~ided Eor in this Mongage shali be gi~en by mailing such notice by certified mail addressed to Bonower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lendet shall be gi~en br certified mail, xeturn receipt requested, to Lender's address stated herein or to suth othtr address u Lendu tnay designate by notice w$orro~vtr as provided herein. Any notice pro~•ided [or in this ~iongage shall be deemed w have bten given to Borrower or Lender when gi~•en in the manner designated herein. " 15. Uniform Mortgage; Go~erning I.a~r; Severability. This torm oI mortgage combines unitorm covenants for na- I tional use and_ non-uni[orm m~•enana with limited ~ariations b~ jurisdiction to constitute a uniform security instrument ~ coeering real property. This :~tortg~ge shatl be go~erned by the ?aw of the jurisdiction in which ehe Property is located. In the event that any proeision or clause of this \tortqage or the Note conflicts with applicable law, such conflict shall not a(kct other provisions oE this ~tortgage or the `ote which can be gi~•en ei[ect Mithout. the conflicting provision. and to i this end the pmvisions of the ~1{ortgage and the Note are dedared to be severable. _ 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the ~ote and of this \ioregage at the ti.me ~ E of execution or a(ter recordation hereof. ~ 17. Tran~fer of the Properqr; Assumption. IE all or any part oE the Property or an intemt eherein is sold or trans ferred by Borrower without Lender's prior written rnnsent. excluding (a) the creacion of a lien or encumbrance subordinate ~ to this Atoregage, (b) the veation of a purchase money securitr• interest for household appliances. (c) a transfer by derise, ~ descent or by opention oE law upon the death of a joint tenant or (d) the Rrant of any leasehold interest ot three years or - less not containing an option co purchax, Lender may, at Lender's option, declare all the sums secured by this 1{ortgage to _ be immediately due and payable. L.ender shall have waived such option io acceleraee if, prior co ehe sale or cransfer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that [he nedie of such person u satisEactory to Lender and that the interest papable on che sums secured by chis ~1ortRaRe shall be ac such nte as Lender shall requat. If Lender has waived the option to accelerate provided in this paraqraph 17, and i[ Borrower's suctessor in intemt hu tuecnted a written usumption agreement accepted in wricing by I.ender. Lender shall telease Borrowtr irom all obligations under chis Mortgaqe and the Note. . lf Lender exe~cises such option to accderate. Lender shall mail Borrower notice of accelention in accordance with puagraph 14 htreof. Such notice shall provide a period oE not less than 30 days trom the date the notice is mailed within which Borrower may pay the sums declared due. If Borrawer [ails to pay such sums prior to the expiration of such period. I.ender mar, without further nocice or demand on Borrower, invoke any remedies permicted by paragraph 18 hereof. NON-UNit'ORM Covtx~rrrs. Borrower and I.ender further covenant and agree as [ollows: . ~ 16. Aoceleratioo; Remedia. _ Fa~cepc ad provided in paragraph 17 hereof, upon Borrower's breach of any co~enant or < a~eanent of Bamw+er in this Mortgage, including the mvenaau w pap whrn dae anj suau ~ecured br ehis Mortgage, ~ I.eader prior to acoekraeion ~haU mail nocice co BorroMrer as provided in paragnph i~ hereo[,speciiring: (1) t6e breacL; ~ the actioa required to cure ach breub; (3) a date, not k~s e6an 30 days [rom che da[e the nocice is mailed to Borro~+er. ~ b~ ~rhieh such breach mwt be cured; and (4) that failure to cure such bnach on ot before the date specified in the ratice ma~ ~ tewlt in aoaleration of tbe wms secured br this Mortgage. [oreclowre br jndidal praeeding and ak oE ehe Yrapen~. The ~ notiae i6a11 [urthet inform Borrower of the rig6c to reinsate aferr ucekracion and tLe right w asert in t6e foraloaire proceeding the non~ezistence of a de[ault or any other de[ewe of Borrower w a«eleratioa and fonclowir+e. 1E tLe brex~ i~ ~ not cwrcd on or beforc the date speci[ied in the notice, Lender ae Lendds option a~ay deda~r all o[ che sna~ ~eaired b~ this Mortgagr to be immediately due and payabk without funhtr demand and mar [orcdose this Morcgaae b~ judicial proaed- ~ in~. I.ender ~hall be entitled to rnilect in wch proceeding all eupeases of [oreclawrc. induding, but not limited to, rea~on- able auorneYs fees, and c,o~ts of docuraentary evidence, ab~tracu and titk repocts. ~ ~ 80CK PACE ~ , ~l - ~ _ ` , . ~u3~'a R~'Z.^,i ' _ _ . ~ ~ _ .