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HomeMy WebLinkAbout0219 ~ ~ t ~ r , ~ • ~ ' . ~7 1 1 j 1:.~ . •SZ~ ~ • r Le~der's written agrcement or applicable law. Borrowe~ shall pay the amount of all mortgage insurance prcmiums in the ~ manner provided under paragraph 2 hereof. j Aoy amou~ts disbursed by LenJer pursuant to lhis paragraph 7, with intec~est ihereon, shall become additional ~ indebtedneu of Bomower securcd by this Mortgage. Unless Borrowe~ and I.enekr agrce to other terms of paymeM. such amounts shali be payable upon notice from [.ender to Bonower rcquesting payment thereof. and shali bear i~terest from the date of disbursement at the rate payable f~om time to time on a~tstanding principal under the Note unless payment of ~ interest at such nte woui co~trary to applicabic law, in which event such amouats shall bear interest at the highest nte ~ permisaibk tlnder ap 'cabk law. Nothing contained in this paragraph 7 shall requir+e Le~der to incur any eapense or take any action hereu r. S. I~spectioa. Lende~ may mako or cauu to be made rcawnable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such insp4ct~oq~ ~pps1~~ reaaonabk cause thercfor releted to Lender'a interest in the Property. ~ ' ' ~ 9. Coodaasatba. The proceeds of any_ award or claim for damaga, di_re~i o~ consequential. io connection with any - condemnation or othtr taking of the Property. or pan thercof, or for conveyance in lieu of condemnation, are henby sssigned ~ and shall be paid to Lender. ~ ~ In the event of a total taking of the Propeny, the p~oceeds shall be applied to ~he sums securod by this Mortgage, with the excest, if any, paid to Borrower. In the event of a partial taking of the Properry, unless Borrower and Lender j otherwise agree in writiog. there shall be applied to the sums securcd by this Mortgage such proportion of the proceeds ~ as is equal to that proportion which the amount of the sums securcd by this Mortgag~ immediately prior to the date of r taking bears to the fair market value of the Prope~ty immediately prior to the date of taking, with the balance of the procceds t paid to Bornower. If 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 Lender within 30 days after the date such notice is mailed, Lu~der is authoriud to collect and apply the procceds, at Lender's optio~, either to restoration or repair of the Property ot to the sums securcd 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 referrcd 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 secured by this Mottgage granted by Lender to any successor in interest of Borrower shall not operate to rcleau, in any manner, the liability of the original Borrower and Bnrrower s successors in interest. Lender- shall not be required to commence proceedings against such succtssor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbaraace by Lender Not a Wdrer. Any forbearance b~ Lcnder in exercising any right or remedy hercunder, or otherwise afiocded by applicable law, shall ~ot be a waiver of or prcclude the exercise of any such right or remedy. The procurement of insurance or the paymeot of taxes or other lie~s or charges by Lender shall not be a waiver of Lender'a right to accelerate the maturity of the indebtedness secured hy this Mortgage. ~ l2. Remedks Cbmulati~e. All remedia provided in this Mortgagt arc distinct and cumulative to any other right or rcmedy under this Mortgage or afforded by law or equity, and may be exercised concurtrntly, independently or successively. 13. Seccea~ora and Ass~as donad; Jolat aad Sererd T.iabilil~; Csptbas. Tfie covenants and agreeme~ts herein contained shall bind, and the rights hereunder shall inure to~ the respective successon and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreementa of Borrower shall be joint and several. 'il~e 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 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 certi8ed mail addressed to Borrower at . the Property Address or at such other address as Borrower may designate by notice to T.ender as provided herein, and (b) any notice to Lender shall be given by certified mail. retum receipt requested. to l.ender s addresc stated herein or to such other address as Lender may ~designate by notice to Borrower as providtd herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower ot Lender when given in the manner designated herein. ~ 15. Uniform Mortgage: Governin~ Law; Severabillty. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with iimited variations by jurisdiction to constitute a uniform security instrument covering ~ real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. tn the ; i event that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such conflict shall not af~ect ~ ; other provisions of this Mortgage or the Note which can be given effect withoui the conflicting provision, and to this ; end the provisions of the Mortgage and the Note are cieclared to be severable. 3 16. Eormwe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ af execotion or after recordation hereof. i 17. Traasfer of t6e Property; Assumptioa. If all or any part of the Property or an interest therein is sold or transferred ~ by Bocrower without Lender s prior written consent, excluding (a) 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 law upon the death of a joint tenant or fd) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be ~ immediately 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 person ~ is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such ratt as Lender r p shall request. If Lender haz waived the option to accelerate provided in this paragraph 17, and if Borrower's s,iccessor 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 Lender exercises such option to accelerate, Lender shall mail Borrower 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 ~ which Borrower may pay the sums doclared due. If Borrower fails to pay such sums prior to the eapiration of sucfi period, Lender may, without further notice or demand on Borrower, invake any remedies permittcd by paragraph 18 hereof. ~ NoN-L~NtFOatit CovEx~rrrs. Borrower and Lender further covenant and agree as follows: ~ 18. Accekration; Ree~edies. Faccept as provided in para=rap6 17 bereof, npon sorrower's breac6 of aay co~eoant or a~ncment of Borrower in this Mortga6e, Inclndin~ tLe covenants to psy when due any sums =ecnred by t6i~ Morlsa`e, Leoder ~ prbr to accderstion sbail mail notiee to Borrower as pmvlded ie paragrap6 14 6ersof spec[t~: (1) t6e breacb; (2).tbe sctida j uqoired to cars sec6 breacb; (3) a dafe, not less than 30 days from tbe date tbe ootke is wailed to Borrower, b~r whk6 wc6 breac6 mmt be cored; aod (4) that hilnrs to cure aoch breach oa or before tbe date speciBed ia tbe notice may raolt in •ccderalion ot-tbe snms iecared by tl~ Mort~e. forecloBnre by jedici~d proceedjnj aad sak ot t6e Pnnpe~. 'IUe aotice shall fnrther ieform Eorrower of t6e ri=ht to refustate dter sccekratba and tbe ri~6t to a~eN Ia the toreclosrre pe~oesedi~ ~ t6e oou-e:Meoce d a defa~lt or aay ot6er defense of BoROwer to sccekntioa and foreclos~re. if the brac~ ii sot cared oa # or 6efore tbe date speciNed in tbe notice, Lender at Lender's optba may declue all oE tbe snma secnred by t~k Mort~e b be * immedhtdy dne aod payabk wltiant fnrther demaod and may toreclose th4 Mort=a~e by ~udkW P*oce~o~. I.eader s6a~ > 6e eotitled to coUect ia soc6 proceedlot sU e:peosa of foreclosnre. includint, bnt not limitsd to, rea+oesbk attoraey': fea, : asd costs of documentary evideace, abstrscts sod tide rcpoels. ¢ 19. Sorrower's Ritht to ReiaNate. Notwithstanding L.ender s acceleration of the sums secured by this Mortgage, Bonower shall have the right to have any proceedings txgun by Lender to enforce ihis Mortgage discontinued at any time 8~~ 307 219 ; ~ ~ ~ - : ~ - k~:4' Sx. : ~ 4.~~~ ~ -,n'~y. -~~r 1 . c . ~ . .