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HomeMy WebLinkAbout2008 . I • t Lender's written agreement or applicabb law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by I~nder pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unlesss Borrower and Lender agree to other terms of payment, such i amounts shall be payable upon notice from (.ender to Borrower requesting payment (hereof, and shall bear interest from the date of disbursement at the rate payable from tune to time en outstanding principal under the Nate unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require (.ender to incur any expense or take any action hereunder. 8. hsspection. Lender may make ~r sauce to be made reasonable entries upon and inspections of the Property, provided that i-ender shall give Barcower,notice drier to any such inspection cpecitying reasonable cause therefor related to Lender's interest in the Property. • 9. Condemnation. The proceeds of any award ar claim for damages, direct er consequential, in rnnnection with any condemnation ar other taking of the Property, or part therrnf, ar far conveyance in lieu of condemnation, are hereby assigned 4 and shall be paid to Lender. in the event of a fatal taking of the Property. the prcx-ecds shall he applied to the sums secured by this Mortgage. j with the excess, if any, paid to Borrower. In the event of a partial taking et the Property. unless Borrower and (.ender otherwise agree in writing. there shall be applied to the sums secured h}• this Mortgage such proportion of the proceeds ~ as is equal to that proportion which the amottt+t of the assns secured by this Mortgage immediately pricer to the date of s taking bears to the fair market value of the Property immediately pricer to the elate of taking, with the balance of the proceeds paid to Borrower. If the Property is ahandaned by Ber:ewer. er if. after notice by (.ender to Barcewer that the condemnor otters to make an award er settle a claim tar damages. Borrower fails to respond to [.ender within 30 days after the date such notice is j mailed. Lerxkr is atttharized to collect and appl}• the proceeds. at Tender's option, either to restoration or repair of the Property ar to the sums secured M• this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or posti,one the due date of the monlhh• installments referred to in paragraphs 1 and 2 hereof or change the atneunt of such installments. l0. Borrower Not Released. Extension of the time for payment o+ modification of amortization of the sums secured by this Mortgage granted by (.ender to an}• s+tcccsu~r in interest of Bercawer shall not ape~ate to release, in any manner. ~ the liabi.'iry of the original Borrower and Borrower's successors in interest. 1_ender shall not be required to commence I proceedings against such sttecessor ar reface to extend time far payment or othenvice madity amortization of the sums secured by this Mortgage by reason of any demand made by the orieinal Borcrns•er and Borrowers successors in toreros. 11. Forbearance 6y Lender Not a Waiver. Am• forhearance by Lender in e,ercicing any right or remedy hereunder, or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right er remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver of Lender s right tc. accelerate the maturity of the indehtedness secured h}• this Mortgage. t l2. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right er remedy under this Mortgage ar afforded by law or equity. and may he exercised cancurreatly, independently or successivel}•. ' 13. Successors and Assigtss Bound: Joint and Several Liability; Captions. The covenants-and agreements herein contained shall bind, and the rights hen:under shall inure te. the respective successors and assigns of (.ender and Bercower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and are not to be aced to interpret er define the previsions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to _ i.. 'C...l •t ^u,'lre ;5°..`~ to nrrALL•Pr at KarfOWer provided far in this ~iertgaYC Silall tie gl\~l'n ny ttlailuiK 1Ueli iH~idc Ccr;iuw ~:~ui~ o l~- the Property Address or at such other address as Bc~rr~~wer mav_ designate by notice to lender as pmvided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. m lender s address stated herein er to such other address as Lender may designate by nMice to Borrower as provided herein. Any notice pmvided for in this Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortlage: Governin>; Iav?: Severabilih. This form of mortgage rnmbines uniform covenants far national t use and non-uniform covenants with limited variation by jurisdiction to rnnsiiurte a uniform security instrument rnvering s real property. This hlortgage shall be governed hs• the law of the jurisdiction in which the Property is located. In the \ event that any provision or clause of this Mortg~ce is the T~c~te rnnflicts with applicable law, such conflict shall nM affect j } other provisions of this Mortgage er the Note which tin l+e given eflect without the conflicting provision, and to this x end the provisions of the Mortgage and the Mote arc declared to t?e severable. ~ 16. Borrowers Copy. Borrower sh:+Il I+e furnished a•nfortned rnp} of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or anv part of the Property er an interest therein is scald or transferred by Borrower without Lender's prior written c»nsent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a purch:?.c money security interest for household appliances. (cl a transfer by devise. descent or by operation of law upon the death of a ii~tm tenant or (di the grant of am• leasehold interest of three years or less • not containing an option to purchase. Lender may. at Lender's optton. declare all the sums secured by this Mortgage m be immediateh• due and pa}•aMe. Lender shall have w:,ived such option to accelerate if, prior to the sale or transfer. lender and the person to whom the Property is t~~ he .ol.l ~x tranferred reach agreemem in writing that the credit of such person tr is satisfactor}• to Lender and that the interest payable ~~n the cams secured by this Mortgage shall be at such rate as 1_ender 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 written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If i.ender exercises such option t~ accelerate. Lender shall mail Borrower notice of acceleration in acrnrdancc s~ ith a paragraph 14 hereof. Such notice shall provide a period of not less than i0 daps from the date the notice is mailed withtn which Borrower may pay the sums declared due. 1f Harrower fails to pay such sons prior to the expiration of such peri«d. Lender map. without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. NON-UNIFORM COVENANTS. Borrower and (.ender further covenant and agree as follows: 18. Acceleration; Remedies. Except ss pmvided in paragraph 17 hereof, upon Borrower's breach of any cotenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender prior to accekratioo shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; 12) the action required to care such breach; (3) a date, not less than 30 days from the dale the notke is ensiled to Borrower. by which such breach must be cored: and (4) That tsiluro to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. forectosure by judicial proceeding and sale of the Property. The notice ~ sha0 further inform Borrower of the right to reinstate sfter sccekration and the right to assert in the foreclosure proceeding tbt non-existtnct of a defauB or any other deferne of Borrower to acceleration and foreclosure. if the breach is not cured on _ or before the date specified in the notice. (.ender at (.codex's option may declare sq of the sums secured by this Mortgage fo be immediately due and payable without further demand and may foreclose this Mortgage by judicial proeteding. fender shall be entitled to collect in stub proceeding aH expenses of torectosure, including, but sot limited to, reasonable att~irnr~.'s fees, and costs of wrc~ntentary evidence. abstracts and title reports. 19. Borrower's RiBbt to Reiastste. Notwithstandintt Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceeding. Iw fun w (.ender to enforce this Mortgage discontinued at any time R~~r F`r~~ X004