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HomeMy WebLinkAbout0625 l.ender's written agreement or applicabk I~w. Borrower shall pay the unount ot all mortgage insurance premiur~u in the manner pruvided ur~der paragraph 2 hereof. Any amounts disM~rsed by l.enJe~ pursuant to Iha paragraph 7, wilh iaterest thercon, shall become additionai indebteSlncss oF Borrowcr secured by this Mo~tgaga Unless Borrowe~ a~d I.enJer aEroe to other ternu ot payment. such amaunts shaU be payaMe upc~n r?c~lice from I.ender Io Bo~rowe~ requesting payment the~eot, and shal) bea~ intercst trom the date of disbursement at Ihe ratc payabk t~am time to time on, ait:tanding principal under the Note unless payma~t of interest at such rate would be contrary ta a~plicable law, in which erent such amounts shall bear i~terest at the hiahest rate permissibk under applicabk law. Nothing rnntained in this paragraph 7 shall tequirc l.ende~ to i~cur any expense or tate any action hereunder. S. laspection. I.ende~ may make or rause to l+e made reau~nabk entries upon and inspections of the Property. provided that l.ender shall give Borrawer notice prior lo any such inspection specifying rcasonabk cause thercfor related to I.e~der'a inlcrest in the Property. , 9. Coademaatbn. The proceeds of any award or claim for damages, direct or concequential, in connectio~ with any condemnation or other taking of the Property, or paA thereof, or for conveyance in lieu of coodemnation, are hereby assigood and shall be paid to i.ender. in ~he event of a tatal taking af the Pmperty. the proceeds chall be applied ta Ihe sums secured by this Ma~tgage. with ~he exccss, if any, paid t~ Borrower. In the event oF a partial taking at the Property, unlest Borrower and Let~der otherwice agree in writing. there shall be applied to Ihe sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion w•hich ~he amcx~nt of the sums seciired by this Mortgage immediately prior to the date of takiog bears to the fair market value of the Property immediately~ priar to the date of taking, with the balance of the pcoceeds paid to Borrower. If the Property is al~andoneJ by Borrower, or if. after notice by i.ender to Borrower that the condnanor often to make an award or setlle a claim for damages, &?rrower fails to res~nd to t.ender within 30 days after the date such notitt is maited. Lender i~ autharized ta collect and appiy the prc~ceeds, at l.ender's option, either to mtoration or rcpair of the Property or to the sums sccured hy ~his Mortgaite. Unless I_ender and Borrower otherwice agree in writ~ng, any such application of proceeds to principal shall not extend ~r postpone the due date of ihe monthly inst~llmcnts referred ta in paragraphs 1 and 2 herec~f or change the amount of such inctallments. 10. Bonower Not ReleASed. Extension of the time for payment or moditication of amortization of the sums secured by this Morigage granted by I_ender to any ~uccecsor in inlerect of Borrower shall not operate ta releau, in any manner. the liability of the original Borrower and &~rrower'~ successc~rs in interest. I_ender shall not be required ta commence proceedings against such successor or refuse to e~tenJ time for payment or otherwiu modify amortization of thr sums urured by this Mortgage by reason of any demand made b~• the oriQi~al Borrowe~ and Borrower s succescors in interect. 11. Forbearance by i.ender Not a Waiver. Any f~rhearance by I.ender in erercising any right or remedy hercunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or rcmedy The procurement of insurance or the payment ot taxes or other liens or charges by [_ender chall not be a waiver of Lender's right ~o accelerate the maturity of the indehtednets cecurcd hy thic Mortgage. ' 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this MortRage or affordcJ hy law or equity. and may tx erercised concurrently, independently or succe~sively. ' 13. Snecessors and Assi~as Bound:.Joiat and Se~~eral I.iab~'lity; Captions. The covenants and agreements herein contained shall bind, and the riRhts hereunder chall inure to, the respective succecsors and assigns of I_ender ~d Borrower. subject t~ the provisionc of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and uveral. The captions and headings of the paragraphc of thic Mortgage are for convenience only and are not to be uced to interpret ar define the provisions hereof. 14. Notice. Except for any notice reyuired oncier applicable law to be given in another manner. (a) any notice to Borrower provided for in thiz Mortga~e shall he given hy mailing such notice by certified mail addressed to Borrov?~er at the Property Address or at ~uch o~hcr addres~ as Bormwer ma~ designate by noiice to i.ender as provided herein. and (bl any notice to Lender shall he given by certificd mail. return receipt rcquested. to l.ender s address stated herein or to ! such other address as I.ender may detignate by rx?tice to Bormwer as provided herein. Any notice pmvided for in this I Mortgage shaq be deemed to ha~~c bccn given to Bormwer or i.ender when given in the manner designatcd herein. ~ 15. Uniform MortRa~e; Governin~ Law; Se~~erability. Thic (orm of mortgage combines uniform covenants for nationat ~ use and nan-~niform covenant~ with limiteJ variations h~~ jurisdiction to constitute a uniform security instn~ment covering real property. 'i?~is Mortgage shall he governed hy the law of the jurisdiction in which the Property is located_ In the ~ event ~hat any provision or clauce of thie Mortgaee or the Note conflic~s with applicable law, such conflict shal) not affect ~ other pmv~sions of this Mongage or the Ni~te which can be given effect without the conflicting provision. and to ihis ~ end the provisions of thc Mortgagc and the !vote are ~leclared to he severable. 16. Bomower's Copy. BorroK•er shall tx: furniched a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof_ ~ 17. Tnaster of the Propertr; Acsumption. If all or any part of the Property or an interest thercin is sold or transferred ~ by Borrower without Lender's prior wrincn consent. excluding lal the creation of a lien or encumhrance subordinate to ~ this Mortgage. (bl the creation of a purcha~e m~~ner ~ecurity mterest for household appliances, (cl a trancfer h~~ devise. ~ descent or by operation of laK upon the dcath of a j~~~nt tenant or (d) the grant of any leasehold interest of three ~cars or lets not containing an option to purchase. Lender ma~•. at I.ender'c opt~on, declare all ~he sums xcured by this Mortgage to be ~ immediately dut and papable. I_ender thall h~ve w:~ived such option to accelerate if, prior to the ~ale or transfer. l.ender. and the person to whom the Pro~+erty i. t~? be ,oW or transferred reach agreement in writing that the credit of ~uch perxon ~ is satisfactory to [.ender and that the intcrc.t pa~~able <~n the sums secured by this Mortgage shall be at such rate a~ i.ender ~ shall request. If l.ender has waived the option to accelerate provided in this parag~aph 17, and if Borrower', wccessor in ~ interest has executed a written assumption agreement accepted in writing by l.ender, Lender shal) release Borrower from all ~ obligations under this Mortgage and the Nrne. ~ If Lender exercises such option to accelerate. Lender chall mail Borrower notice of acceieration in accordancr ~+~~h _ paragraph 14 hereof. Such notice shall provide a pericxl of not less than 30 days from the date the notice is mailed ~•ithin ~ which Borrower may pay the sums declared due. If Borrovrer fails to pay such sums prior ta the expiralion of wch pen~xi. ~ Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. ~ - Notv-UNtFORnt CoveN~NTS. Borrower and l.ender further covenant and agree as follows: - 18. Acctleratioo; Remedia. E:cept as provided in pars~raph 17 hereof. upon dormwer's brcxh of any coveaant or ~ agreemeat of Borm~+er in t6is MortgaRe, includin~ Ihe coreaants to pay rrben doe sny snms secured by Ihis Mort~age. [.endcr prior to accekratbn shall mafl notice to dorro~+er as provided in pan~aph 14 hereof specNyin~: (1) tbe breach:l2) the adion ~ required to core soc6 bresch; (3) a date, not less than 30 days fmm the dMe tbe notice Ls mailed to Eormwer. by which such breacl~ must be cnred; and (4) that failure to cure such breach on or before the date specified in the notice msy recult in ~ ~ accekration of tbe soms secured by 1hk Mort6age. forccbsure by judicial proceed[~ aad sale of tbe Properry. 'il~e notice ~ shall further inform Borrower of tbe rq~ht to rcinstate after sccekration and the right to aacrt in tbe foreclosuro proceedin~ t6e aon-esistence ot a defsuk or any other dete~ue of Qorrower to accdention aod forecbsurc. If the bresch k aot cnred on ~ or 6efore the date specified io the ratice. Lender at t.ender's oplion may declue sN of the snna secnred by this MortRa~e to be i immediately due and paysblt without turther dem~~d and may /orecbse thts Mortxa6e br judicW proceedinR. Lendtr chall be eudded to collect in sucl~ proceedioB al~ e:Penses of foreclosure. inclndiu~. bnt sot limited to. rcasonabk att~,roey's fees. .:3 and cosfs of docua~eatary e+~idence, sbstracLs and titk repo~ts. 19. Eorror.er's Ri6bt to Reiastate. Notwithctanding Lender's acceleration of the sums securcd by th~i M.~rtgage. ~ ; Borrower shal) have the right to have any procecd~nFs hcgun hy I.ender to enforce this Mortgage diuontmued at any time ~ 80GK 304 Fa~E 6z5 ~ ~~l ~ _ _ _ _ F. n~.c. . . . . . . . . . . . . ~ . . ~ _ . .