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HomeMy WebLinkAbout1022 l.ender's written agrcement or applicable law. Barrower shall pay the amount o( all mongage insurar~ce premiums in the ma~n4r provided under paragraph 2 hercof. Any amounts disbursed by Lender pursuant to this parag~aph 7, with interest thercon, shall become additional • indebtedness of Borrower secured by this Mortgage. Unless Borrower and !_ender agree to other tertns of payme~t. such amounts shall be payable upoo notice from [.ender to Borrower requesting payment thereof, and shall bear intercst from the dat~ of disbursement at the rate payable trom time to time on outstanding principal under the Not~ u~less payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interat at the highest rate permiuibZe under applicable law. Nothing contained in this paragraph 7 shall rcquire Lender to incur a~y expense or take any action hereunder. 8. lnspection. I_ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that l.ender shall give Borrower notice prior to any such inspection specifying rcasonable cause therefor related to Le~der's interest in the Property. 9. Condemnatbe. The proceeds of any award or claim for damages, dircet or consequential, in connection with any co~demnation or other taking of the Propeny, or part thereof, or for eonveyanee in litu of condemnation, are hertby assigned and shall be paid to Lender. in the event of a total taking af the Property, the proceeds shall be applied to the sums secured by this Mongage. with the excess, if any, paid to Borrower. in the event of a partial taking of the Property. u~less Borrower and L.ender otherwise agrce in writing. there shall be applied to the sums secured by this Mortgage such proporti~n of the proceeds as is equal to that proportion which the amount of the sums secured by this Morigage 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. 1f the Propeny is aba~doned by Borrower, or if, after notice by Lende~ to Borrower that the condemnor ofiers to make an award or uttle a claim for damages, Borrower fails to ~espond to [_ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or npair of tl~ Property or to the sums securcd by this Mortgage_ Unless Lender and Borrower otherwise agrce in writing, any such application of proceeds to principal shal) 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. Borrower Not Relezsed. Extension of the time for payment or moditication of amortization of the sums secured by this Mortgage granted by Lender to any successor in intertst of Borrower shall not aperate to release, in any manner, the liability of ih~ original Borrower and Bc?rrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any dema~d made by the original Borrower and Borrower s succe~sors in inter~st. 11. Forbeuance by I.ender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or othen~rise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement 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 secured hy this Mortgage. l2. Remedks Cumulati~e. All r+emedia provided in this Mortgage are dis~inct and cumulative to any other right or - remeJy under this Mortgage or aftorded by law or equity, and may be exercised concurrently, independently or successively. 13. Snccessors and Assigns Bound; Joint and Several i.iabillty; Captbns. The cove~ants and agreements herein contained shall bind, a~d the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to ~he provisiont of paragraph 17 hereof. All co~~enants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and aro not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Bo~rower 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 T.ender as provided herein, and (b) any notice to 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 designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shal) be deemed to have been given to iiorrower or t.ender when grven in the manner designated herein_ 1S. Uniform Morigage; Covernin~ Law; Severability. This form of mongage combines uniform covenants for national ' use and non-uniform rnvenants with limited variations by jurisdiction to constitute a uniform se..urity instrument covering j real property. This Martgage 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 ~+~ith applicable law, such conflict shall not affect E other provisions of this Mortgage or the Note which can be given effect wi~hout the conflicting provision, and to this ~ end ~he pro~•isions of the Mortgage and the Note are declared to be severable. ' 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. ~ l7. Transfer of the Property; Assumption. if all or an}~ part of the Property or an interest 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 ; this Mortgage. (b) the creation of a purchase mone}• security interest for household appliances, (c) a transfer by devise, descent or by operation of law• upon the death of a jaint tenant or (d? the grant of any lessehold 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 d~e and payable. Lender shall have waived such option to accelerate if, ~+rior to the sale or transfer. Lender and the person to whom the Property is to be solJ or transferred reach agreement in writing that the credit of such person ic satisfactory to t.ender and that the interest pa}•able on the soms secured by thic Mortgage shall be at such rate as Lender shall request. If I_ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by I.ender, I_ender shall release Borrower from all ~ obligations under this Mortgage and the Note. If Le~ider exercises such option to accelerate. I.ender sh~ll mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 da~~c fmm the date lhe notice is mailed within ~ w~hich Borrower may pa}' the sums declared due. If BorroKCr fails to pay such sums prior to the expiration of such period. Lcnder may, without further notice or dcmand on Korrow•er, mvoke an}- rcmedies permitted by paragraph 1 R hereof. ~ ~ Norv-UtviFexi?t Cove!v~tvTS. Borrower and I.ender further covenant and agree as follows: ~ l8. Acceleratfon; Remedies. Except as provided in para~raph 17 hereof. upon Borrower's brcach of aay coveaant or ~ agreemeat of Borrower in this Mortga„e. including the covenants to pay when due any sums secured by this Morigige, I.ender prior to acceleration shali mail notice to Borrower as provided in paragraph 14 htreof specffyiog: (1) the bnach; (2) tbe actbn ~ required to cure such brcach; (3) a date. not kss than 30 days from the date the Rotice is mailed to Borrower, by whlc6 suc6 z breach must be cured; and (4) that failure to cure such breach on or before the date specified fo the ootke may radf in ~ accelerntan of the sums secured by this Mortgagt. foreclosure by judicial proceeding and sale of the Property. 'ILe notice shall further inform Borrower of the right ta reinstate after acceleration and the right to a~ert in the foreclosurt proceedin~ ~ the non-existence of a defauh or ~ny other defense of Borrawer to acceleratioo and foreclosure. If the breach is not cnred on ~ or befon the d'te sptrified ia the notice. Lender at Lender's option may declare all of the sums secured by fhis Mortgage to be immediately due and payable without further demand and may foreclose thts'.tiiortgage by judicial proceedin`. Ltader shall ~ be entitled to coUect in such proceeding all expeaus of foreclosure. inclading, but not limited to, rcasoaabk attorney's fees, ~ and costs of docnmentary evidence, abstracts ~nd title reports. ~ 19. Aorrowe~'s Right to Reiostate. Notwithstar.ding Lender's acceleratio~ of the sums securcd by this Mortgage, Borrower shall have :he right to fiave any proceedings hegun by Ler.der to enforce this Mortgage discontinued at any time ~ ~~~~~3U9 Y~~~ 102i ~ a r ' .'Gk'f PX~ :w `'iF~ J - ~r ~ _ w~5 ~1~-.` Y . . ~ ~