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HomeMy WebLinkAbout0205 [.ender's written agreement or applicable law. Borrower shatl pay the smount of all mongage insurance pKmium~'in the manner providcd unde~ paragraph 2 hercof. Any amounts disbursed by Lender pursuant to thit paragraph 7, with interest thereon, shall become additiona) inciebtedness of Bo~rower securcd by this Mongage. Unless Borrower and Lender agrce to other ternu of payment. such amounts shal) be payable upon notice f~om Lende~ to Borrowe~ requesting payment thereof. and shall bear intercst frum the date of disbursement at the nte payabic from time to time on outsta~ding principal under the~ Note unless payment of . interest at such rate would be contrary to applicable law. in which event such Amounts shall bear interat at the highest rate permissibk under applicable law. Nothing contained in this paragraph ~ shall require Lender to incur any expense or take a~y action hercunder. 8. Ia~pectba. Lende~ may make or cauu to be made rcasonuble entries upon and inspections of the Prope»y. provided that i.ender shall give Borrower notice prior to any such inspection specifying reawnable caux therefor related to I.ende~'s interest in the Property. • ti 9. Coedemnatbn. The proceeds of an7i aw~rd or claim fo~ damaga, dircct or co~seqaential, in rnnnoction with any condemnation or other taking of the Property. or part thercof, or for conveyance in lieu of condemnation. are hereby assigne~ and shall be paid to Lender. . in the event of a total taking of the Property, the proceeda shall be applied to the sums securcd by this Mortgage, with the excess, if any, paid to Borrower. in the ev~nt of a partial laking of the Property, unlas Borrowcr aod I.ender otherwise agroe in writing. therc shall be applied to the sums socured. by this Mortgage such proportion of the proce~ds as is equal to that proportion which the amount af the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. Tf f~M {~MMMV ie w~~wAn.~~.~ On 7~ ~l~~ ~ L.. 7'_~' w_ • w --'r"v y~:~v~~,:. vi u. a~?ei nvQiC,a. o~ a.a.uuw tG uV~~~11iG1 wal ~IIG GYIIYCUIUI/l UItC1i lU ll1i~C 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 authoriud to collect and apply the proceeds, at Lender's option, either to ratoration or repair of the Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agroe in writing, any such application of proceeds to pri~cipal shali not exte~d 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. Borrower Not Rekased. Extension of the time for payment or modiflcation of amortization of the sums securcd by this Mortgage granted by Lender to any successor in interest of Borrower shall not ~operate to rekase, in any manneT, the liability of the original Borcower and Borrower s successors in intercst. Lender shall not be required to commence proceedings against such successor or refux to extend time for payme~t or othenvise mudify amortization of the sums securcd by this Mortgage by reason of any demand made by the original Borrower and Borcower's succesiors in interest. 11. Rorbearance by i,endtr Not a Wdver. Any forbearance by Lender in exercising any right or rcmedy hereu~der, or ~ otherwise affordod by applicable law, shall not be a waiver of or prcclude the exercise .of any such right or remedy. The procurement of insurance or the paymcnt of taxes or other liens or charges by I.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness securcd hy this Mortgage. ` 12. Remedies Cnmulstf?e, All remedies 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 exercised concurrently, independently or successively. ~ l3. Socce~on and A ~ ssi~~s Bouod; Joiat aad Severd i,isbNty; Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inurc to, the respective successon and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. ~?ll covenants and agrcements of Borrower shall be joint and several. j The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to ~ F interpret or define the provisions hercof. ; k 14. Nalce. Except for any notice required under applicable law to be given in another manner, (a) any notice to ; ~ Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at ~ ~ the Property Address or at such other address as Borrower may designate by notice to i_ender as provided herein, and # , (b) any notice to Lender shall be given by certified mail. return receipt roquested. ro I_ender s address stated herein or to ~ f such other addrcss as Lender may designate by notice to Borrower as provided herein. Any ~notice provided for in this ~ Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner daignated herein. ~ _ 1S. Uaiform Mortgage; GoverninR Law; Sevenbiiity. This form of mortgage combints uniform coveqants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument rnvering ~ F real property. Tl~is Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the ~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not alfect ~ oth~r provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are declared to be severable. ~ l6. Eorr+owe~s Copy. Borrower shall be furnished a confornned copy of the Note and of this Mortgage at the time ~ ~ of execution or after recordation hereof. 17. Traatfer of t6e Propertv; Assumption. If all or any part of the Property or an intercst therein is sold or transferred ! ~ by Borrower without I.ender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to t a this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, ~ ~ descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interat of three years or less ; ~ not containing an option to purchase, Lender may, at Lender c option, declare all the sums securcd by this Mortgage to be . immediatety due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender ! ~ and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such peeson € 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 s~ccesaor in interest has executed a written auumptian agreement accepted in writing hy Lender. Lender shall release Borrower trom all ~ obligations under thes Mortgage and. the Nota ~ if Lender exercises such opti~n to accelerate. [_ender shall mail Borrower notice of aecekration 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 ~ which Borrower may pay the sums declared due. if Borrawer fails to pay such sums prior to the expiration of such period. s Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ Norr-UtviFORM CovENe~wrs. Borrower and Lender further covenant and agree as follows: ~ l8. Accekrdioa; Rcmedks. Eacep as provWed in para6rap6 l7 hereof, opos Borrowe~s breacr of any coreasnt or a~reemeat of Borrower ia t6fs Mortsa~e, iaclodin` the coveoaats to pay w6ea dee asy soms secored b~ thk Mortsa~e, Leoder t prior fo accelerstba s6a~ ma0 notke to aorrower as provided io p~r~raph 14 6ereof specH~: (1) tl~e brescb; (2) tLe sdio, { reqnired to cor~e soc~ brracb; (3) a date. not kss than 30 dars from the date tbe~notiee is ~ to ~orrower, bp wrich wcti breac6 mn~t be csrrd; and (4) that failore b cnre snch bresc6 oa or before the date specl8ed b t6e ~otke ~r e~aWt i~ - accekratfon oE t~e so~os iecured by t6b Mort~a~e. torecbwre by jodicW procetdb~ aod sde of t6e Property. 'Ibe aotice ' ahall forWer iaform Bonower of t6e rig6t to reinstate after secekratbn snd t6e ri~hC to aesert ia tl~e toreclow~e pe~ocee~ tbe nos~e~teece of a detanlt or aa~ other defewae of Borrower to acceknitioe ~ad for~eclowre. It tbe breacM i~ oot c~ed o~ ~ or betore We date speci&d in the notke~ Lender at Leoder's optbn ewp declarc a~ oE tbe soms ~ecared b~ thh Mo~t~a~e b be - imteedhtdy dm aed parable w~ithont furt6er demand and ~ay forecloae t6i~ Mo~age ~7 f~dicfai lrooeed~• Le~der sbaY be eoNtkd to colket ie wch proeecdia` ~Y e~emes of forec{osare, iwcladin~, bat 0ot Ilodted to, rcatonabie attoree~'a i~a, aed cods ot docameotary erWeuce. a6shscb aod title reporb. 19. Borrower'~ Ri~bt to Reis~tite. Notwithstanding Len~r s acceleration of the sums securcd by this l~iortgage, Borrower ahall have the right to have any proccedings begun by Lender to enforce this Mortgage discontinuod at aay time ~R CC~~ =.1;:f ~ ~ ~ ~ M ~ ~ - ~il „r.T _ ~ ~ ~ ' ' ~ _ ; ~ _ ~ 5.'- :