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HomeMy WebLinkAbout0651 I.endcr's writtcn agreement or applicable law. Borrower shall pay the amuunt of all mortga~e insurance premiums in the ' ma~ner provided under paragraph 2 hereot. : ` Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, sTta11' become additional indebtedness of Borrower securcd by this Mongage. Unless Borrower and I.enJer agrce to other terms of payme~t, such , amounts shall be payable upon noticc f~om I_ender to Borrower rcquesting payment thcreuf, and shall bear interest !mm the date of disburseme~t at the ratc payable trom time to time on o~nsta~ding principal under the Note unless payment of interest at such rate w•ould be contrary to applicable law, in which event sttch amounts shall bear interest at the highest rate permiuible under applicable law. Nothing contained in this patagraph 7 shall require Lender to incur any expense or take any actio~ hereunder. 8. IaspeeHoa. Lender may make or cause to be made reasonable entries upon and i~spections of the Property, provided that Le~der shall give Borrower notice prior to any such inspection specifying reasonable cause therefor rclated to Lender's interest in the Property. 9. Condemaatbn. The proceeds of any awat+d Qrrclairo for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc heceby assigned and shall be paid to Cender. in the event of a total taking of the Propeny, the proceed: shall be applied to the sums secured by this Mo~tgage. w•ith the excess, if any, paid to Bo~rower. ln the event of a partial taking of the Property, unless Borrower and I.ender otherw~se agree in writing. therc shall be applied to the sums secured by this Mo~tgage such proportio~ of the proceeds , as is equal to that proportion which the amount of the sums secured by this btortgage immedistely prior to the date of ~ taking bears to the fair markct value of th~ Property immediately prior to tf~e date of taking, with the balance of the proceeds paid to Borrower. 1f the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers 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 proceeds, at i_ender's option, either to restoration or repair of the Propeny 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 hereof or change the amount of such installments. 10. Borrow~er Not Released. Extension of the time for payment or modification of amortization of the sums 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 the original Borrower and Bc~rrower s soccessors in in!erest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or othenvise modify amortization of the sums secured by this Mortgage by~ reason of any demand made by the original Borrower and Borrower s successors in inter~st. 11. Rorbearance by Lender Not a Waiver. Any forbearance by t_ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procorement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness securcd hy this Mortgage. 12. Remedies Cumulative. All remedia 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 ezercised concurrently, independently or successively. 13. Soccesso~s and Assigns Bound: Joint and Sevenl i3ability; Captbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective saccessors and assigns of Lender and Borrower, subj~ct to the provisions of paragraph 1"l hereof. All covenants and agrcements 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 define the provisions hereof. l4. Notke. Except for any notice required under applicablo law to be given in another manner, (a) any notice to Burrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addross or at such other addrecs as Borrower may designate by notice to I.ender as provided herein, and (b) any notice ro Lender shall be given by certified mail. retum receipt requested. to l.ender s address stated herein or to ; such other address as Lender may desigr.ate by notice to Borrower as provided herein. Any notice provided for in this j Mortgage shall be deemed to have been given ta Borrower or Lender when given in the maoner designated herein. ~ 15. Uniform Mortq~e; Governin~ Iaw: Severability. This form of mortgage combina uniform covenants for nati~nal E use and non-uniform covenants with limited ~~riations by jurisdiction to constitute a uniform security instrument covering ~ real property. This Mortgage shall be governed hy the law af the jurisdiction in which the Property is located. In the ~ event that any provisiun or clause of this Mortgage or the Note conflicts w~ith applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note w•hich can t~e given effect w~ithout the conflicting provision, and to this : end the provisions of the Mortgage and the Note are declared to be severabte. t 16. Borrower'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. Transfer of t6e Property: Assumption. If all or any part of the Property or an interest therein is sold or tran~ferred ~ 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 lav?• 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, Cender may, at Lender's option, declare all the sums secured by this Mortgage to be ~ ~mmediately due and payable. Lender shall have waived such option ta accelerate if, prior to the sale or transfer. Lender ~ and the person ro whom the Property is to be sold or transferred reach agreement in writing that the credit of such person ~a is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ~ shall rcquest. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in ~ interest has executed a viwritten assumption agreement accepted in writing by I.ender. Lender sha11 release Borrower from all r obligations under this Mortgage and the Note. - ~ If Lender exercises such option to accelerate, Lender shall mail Borrow•er 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 ~ w~hich Borrower may pay the sums declared due. lf Borrow•er fails to pay such sums prior to the expiration of sach period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ - Nox-UHiFOa~?t CovErv~twrs. Borrower and Lender further covenant and agree as follows: - 18. Accelcration; Remedies. E:cept as provided in pa~raph 17 hereof, upoo Borror?er's brtach of any covenaat or ~ agreement of Borrower in t6is Mortgsge. inclnding tbe coveoaats to pay when dne any snms secnred by ti~ Mortg~e, Leader - prior fo accekratioa s6a11 mail aotke to Borrower as providcd in para~raph 14 6treof specifying: (1) the bresch; (2) the actioo rsqulrcd to care sac6 breac6; (3) a dste, not less than 30 days from t6e date the ootice b maikd to Borrower, by w6k6 snc6 brsach must be cercd: aad (4) that hUurr to•curc snch breach oa or before the date specifled io tbe aodct nay re~d~ ip accekrat~oa ot tbe snms secnrcd by th~ Mortgage~ foreclosure bp jndlcial proceedins and sak of tbe Property. 'IUe aotke shall furt6er inform Borrower of tl~e ri`6t to reinstate after scctleratbn snd the right to ~sert ie tbe fortclo~nre proceedln~ ~s the eoo-existence ot a defank or s~ay other defense of Borrower to accderatbn and foreclowre. If tbe bresc~ 4 not cm+ed on I or betore the date specifkd ia tbe notice. Lender at Ltader's option may dec{ue all of the soms secored by thb Mort=ase to be ~ ~ immedhtel~ dne aad psyable aithoot turt6er demand and may foreclosc thls Mortga`e by ~udkial proceedtot• under a6aU r_ be entitled to colkct in socb proceedi~ aH e:pcosa of torecbsnre, includln`. but aot limited to, rcasona6le attorner's ea+ an~1 cosb ot docameatary eridence, abstracb and title reporb. ~ ~ ' ~ 19. Dorrower's Right to Reioatste. 13otwithstanding Lender s acceleration of the sums securcd by this Mortgage, g Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage ~discontinuod at any time ~ BORK JV~ fAGE U51 - - - - - - ~ - " l > _ _ _ . ; - , _