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HomeMy WebLinkAbout0310 l.cnder's written agrcert~ent or applicable law. Borrower shall pay the amuunt ot all mortgage insurance prcmiums in the ' manner provided under paragraph 2 hercol. Any smounts disbursed by Lendcr pursuant ta thia paragraph 7, with interest thercao, shall brcory~ addition~i indebtedness of Borrower secured by this Mongage. Unless BorroN~e~ anJ ~.e~der agree to other tertns of payment, such amounts shali be payable upan no~ice from [.c~der ta Borrower ~equesting payment Ihereof. and shall bear ioterat from the date of disbursement at the rate payable from time to ~ime on outstanding p~incipal under ihe Note u~less psyme~t of interest at such rate would be conlrary to applica~ble law, in which eve~t such amounts shall bea~ interest at the highest rate permissiblo unde~ applicabk law. Nothing containod in this paragraph 7 shall require Lender to incur any expenu or take any action hereunder. ~ 8. Iatpecfioa. Le~der may make or causc to be made reasonable cntriec upon and inspectians of the Propcrty, provided that i.ender shall give Borrower notice prio~ to any such inspection specifying reasonable cause therefor related to I.ender's interest in the Property. 9. Coademwtbn. The proceedi of any award or cl~im for damages, dirccl or conuquential, in co~nection with any condemnation or olher taking of the Propeny, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. ~ ~ In the eveot of a total tal:ing of the Propen}, the proceeds shall be applied to the sums securcd by this Mortgage. with the excess, if any, paid ta Borrower. in the event of a partia) taking of the Property, unless Borrower and Lender otherwise agree in writinR. there shall be applied to the sums secureJ by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately' prior ta ihe date of taking bears to the fair market value of the Property immediately prior to the date of taking, with Ihe balance of the proceeds paid to Borrower. - If the Property is abandoned by Borrower, or if. after natice by I_ender to Bornower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to i.ender within ~0 days after the date such notice is mailed. L.ender is suthoriud to collect 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. ilnlesc ~ender and Borrower otherwice agree in writing, any such application of praceeds to principal shal) not extend or postpone thc due date of the monthly installmcnts rcferrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. 10: Borrower Not Rekased. Extension of the ~ime for payment or mc~dification of amortization of the sums secured by this Mortgage granted by I_ender to any auccessor in interect of Borrower shall not operate to release. in any manner, the liabilit~ of the original Borrowe~ and Borrower'c succescors in interest. i.ender shall not be required to commenee proceedings against such s~~ccessor or refuse to extenJ time for payment or othervvise modify amortization of the sums secured by this Mortgage by reason of aoy demand made b~~ the ori¢inal Borrower and Borrower s successors in interest. ll. Forbearaace by I.ender Not a Waiver. Any forbearance b~• l.ender in erercising any right or remedy hereonder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxec or other liens or chargex by I.ender shall not be a w•aiver of Lender's right to acceterate the maturity of ihe indebtedness ~cured h~~ thic Mortgage. l2. Remedies Cnmulattie. All remodies provided in this 11~ortgage are dis~inct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and ma~• he ezercised concurrently, independently or successively. 13. Successors and Assigas Bound; ]oint and Seceral I.iability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. ~he respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreementc of Borrow•er shall be joint and several. The captions and headings of the paragraphc of this Mortgage arc fcir convenicnce only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under appiicable 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 Borrow~er at the Property Addrecc or at such other addrecs as Borr~,w•er ma~• designate by notice to i.ender as provided herein. and (b) an}• notice to Lender shall be given by certified mail. return receipt requested. to I.ender s address stated herein or to s~ch other address as I_ender may designate by notice to Bormw•er as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or t.ender when given in the manner designated herein. . 15. Uniform Morigage; Governin~ Iaw: Se.~errb~'lit~. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited ~~ariations hy jurisdiction to constitute a uniform security instrument rnvering rea) property. This Mortgage shall be governed h~~ the law of the juricdiction in which the Preperty is located. In ihe ~ 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 w~hich can be given efiect without the conflicting provision. and to this i end the provisions of the Mortgage and the \ote arc declared to he severable. ' 16. Bormwer's Copy. Borrower shall be furnished a conforrr?ed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Pmperty: Assumption. If all or an~• part of the Pmperty or an interest therein is sold or transferred ~ by Borrower withoui Lender's prior written consent, eYCluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase money security interest for household appliances. (cl a transfer by devise. ~ descent or by operation of law~ upon the death of a j~~int tenant or (dl the grant of any leasehold intercst of three years or less ~ not containing an option to purchase. Lender may, at Lender'c option. declare all the sums secured by this Mortgage to be immediately due and payable. [_ender shall have waived tuch option to accelerate if, prior to the sale or transfer. Lender ~ and the person ta whom the Property is to be sold or transferred rcach agreement in writing that the credit of such person is satisfactory to Ixnder and that the interest payahle on the sums secured by this Mortgage shall be at such rate as Lender ~ shall request. if I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest hac executed a written assumption agreement accepted in writing by l.ender, LenJer shal) release Borrower from al) ~ obligations under this Mortgage and the Note. If Cender exercises such option to accelerate. Lender chall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a pericxi of not less than 30 days from the date the notice is mailed within ~ H~hich Borrower may pay the sums declared due. If Borrouer fails to pay such sums prior to the expiration of such period, ~ Lender may. without further notice or demand on Barrower. invoke an}~ remedies permit~ed by paragraph I R hereof. ~ ~ Nox-UNtFORtH Covex~xTS. Borrower and I_ender further covenant and agree as follows: ~ l8. Acederation; Remedks. E:cept s~ provided ia para~raph 17 hereot. upon Borrower's brcach of any coveaaat or _ agreement of Borrower in t6is Mortgage, including the rnvenants to pay when due any snms secnred by th~ Mortgage, Lender prior to acceleration s6a11 m~l ootice to Borrower as provided in parsgrap6 14 hereof specifying: (1) tbe breac6; (2) the actbn ~ reqaired to care snch breac6; (3) a date. not las t6an 30 days from t6e date t6e notice ~ msikd to Borrower. by whk6 sach = breach must be cored; and (4) that failurc to cure such brench on or before the date speci6ed in the aotice may resolt in accekration ot tbe soms secured by tbis Mortgage, foreclosurc by judicial proceeding and sak of the Pmperty. 1Le notict shall further inform Borrower of the right to reinsfate after sccelention and the right to a~evt in the foreclosurs proceeding the aoa-extsteace of a detaak or any other defense of Borrower to acceleration and forecbsnrr. If the breach ~ oot rured on ~ or 6efore tbe dale spcrified in t6e notice, Lender at Leoder's option may dectare sp of the snms secured by t6is Mort~s`e to be ~ immediatdy due and payabk wit6oot furtber demand and may foreclo'se this Mortgage by judicial prceeedios. Lender shall be eoti8ed to coUect in snc6 praccedin~ all e:peases of forecbsure. includjng. but oot timited to, nasonabk attwney's fees, , ~ and costs of docomentary evidencq abstracts aad titk roports. ~ 19. Borrower's Rigbt to Reinstate. Notwithstanding Lender s acceleration of the surns secuted by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage dixontinued at any time ~ . ~ ~ S~,~r ~ ~ ° F 3U4 310 ~M . ~ ~ ~ + - - - _ P,~ ~ ,a~ • ~ < "~.~x~~ ° . - <