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HomeMy WebLinkAbout0406 Len~r's written agreement or applicabk low. Borrower shali pay the unounl of all mortgagc insurance premiums in the ma~ner provided under paragraph 2 heroof. Any amounts disbu~d by t.cnder pursuant to this paragraph 7, wi~h interest thereon, shAll become additional indebtedness ot Borrower securcd by this Mor~gage. Uniesc Borrower and I.enJer agree to other tertns of payment~ such amcwnts shall be payat+le upon notice f~om I.ender t~ Borrowcr reques~ing payment thereot, and shall bear intercst from the date of disburxment at the rate payahM frc~m time to time c~n outstanding principal under the Note unless paytaent ot intercst at such rate would be cont~ary to applicable law, in which event such amounts shall t~ear ioterest at the hiahest nte permissibk under applicabk law. Nothing cantained in ~his paragraph 7 shall rcquirc l.endcr lo incur any expense or tate any action hereunder. s. laspectba. l.ender may make or c~use to t+e made reasonable eo~ries upon and inspections of the Prope~ty. pmvided that l_ender shall give Borrawer nMire prior ta any such inspection specifying reasanabk cause therefor rdated to I.q~dePs interest in the Propehy. 9. Co~demeatba. The proce~ds af a~y award o~ claim for damages, direct or ~onsequential, in con~ection with any condemnation or other taking of the Property, or part tAereof, or for conveyance in lieu of condemnation, arc hereby usianed and shall be paid to l.ender. ln the event of. a total taking of the Property. the procetds chall be applied to Ihe sums secured by this Mortgage. - with the excess, if any, paid ta Borrower. ln the event of a par~ial taking of the Property, unless Borrower and Leader othenvise agrce in writinR. therc shalf be applitd to the cums secured by this Mongage such propwtion of the procoeds u is equal to that proportion vrhich the amount of the sumc secured by this Mortgage immediately prior to the date of taking bears to the fair market valu~ of tho Property immediately prior to the date af ~aking, with the balancx of the proceeds paid to Borrower. - - If the Pro~erty is abandoneci by Bor:ower, or if. af~er natice by I.ender to Bornower that the condemnor oRea to mal~e an award or setde a claim for damages, Borr~wer fails to resx~nd to I.ender within 30 days after Ihe date such notiee is mailed, i.ender ic authorized ta collect and apply the proceeds, at l.ender's aptian, eithe~ to ~storation or repair ot the Propeny or to Ihe sums sccured by tllis. Mer~t Unless Lender and Borrower.otbtavise-sasee . v?nting. any such application of prcxeeds to principal shall not extend o~ postpone the due date of tht monthly installm2~ts.referrcd to in paragraphs 1 and 2 hercof or change the amount of such installments. ~ Natvav i ~ ~ 10. eorrower Not Rekased. Eztension of ti~ f5 e for payment or modification of amortization of the sums secured by this Mortgage granted l+y I.ender ia any cucc~cx~F in interest of Borrower shall not ope~ate to releau. in any man~. the liability of the original Borrower and Be?rrower'c successors in interest. I.ender shall not be requircd to cotnmenoe proceedings against such successor or refuse t~ ertend lime for payment or o~hervvise modify amortization of the sums secured by Ihis Morigage by rcason of ~ny demand made by the oriqinal Borrower aod Borrower s wcc~swn in interest. 11. Forbeuance 6y i.ender Not a Waiver. Any forhearance by I_ender in exercising any right or nmedy hereunder, or othenvise a(forded by applicabk law. shall not be a waiver of or prcclud~ the exercise of any such right or remedy. The procorcment of insurance or the payment of taxes or other liens or cha:ges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedneu cecurcd hy this Mortgage. 12. Re~aedks Comnlati~e. All rcmedies pravided in this Mortgage arc distinct and cumulative to any other right or rcmedy under this Mortgage or afforded hy law or equity, and may be exercised concurrently, independently or sucoessivcly_ ' 13. Srcceason aad Assi~us Dound; Jdet aod Sererd i.iab~7Ny; Captlons. The covenants and agreements hetein contained shall bind, and the riRhts.hereunder shall imir~ to. the respective successors and assigns of Lender at~d Borrovrer. subject to the provisions of paragraph 17 hereof. All covenaots and agrcements of Borrower shall be joiry and soveral. 'Il~e captions~and hosdings of ~he paragtaphs of this Mortgage arc for convenience only and are not to tie used to it?terprct or define the provisions hereof. • 11. Notiee. Except for any notice rcquired under applicable law to be given in another manner, (a) any notice to Borrower p~ovided for in this Mortga¢e shall be given by mailing such notice by certifled mail addressed to Borrower at the PropeAy Address or at such aher address as Borrower may d~signate by ~?otice to T.ender u provided hercin, and (b) any notice !o Ltnder shall be givcn hy certificd mail, retum receipt rcquested. to i.ender's addras stated hercin or to such other addross as Lender may decienate by notice to Bormwer u provided htrein. Any rrotice provided for in this ~ Mortgage shall be deemed to have been g~ven to Barrower or Lender when given in the manner designated herein. 1S. Uniform MortRa~e; Governiu~ I.aw; Severabpity. This form of mortgage combinu uniform covenants for national ~ use and no~-uniform covenants with limited variations by jurisdiction to constnute a uniform security instrument covering s real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the ° eveot that any provision or clause of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not af[ect k other provisions of this Mortgage or ~he Note which can be given eBect without the conAicting provision, and to this ~ eod the proviseons of the MortRage and the Ncue are declared to be severablt. $ 16. aonower's Copy. Borrower shall be furniched a conformed cop~• of the Note and of this Mortgage at the time ; of execution or after recordation herrnf. ~ 17. .Traeder of tbe Property: Assemptan. lf all or any part of the Property or an intercst thercin is sold or tnosferted ~ by Borrower without L.ender s prior wriurn consent. excluding (al the creation of a lien or er~umbrance subordinate to ~ this Mortgage. (b) Ihe creatu?n of a purchace money cecurity interest for household appliances, (c) a transfer hy devix. dacent or by operation of law upon the death of a jo~nt tenant or (d) the grant of any leasehold intercst of threc ycars or kss ~ not containing an option to purchase. Lender may. at Lender s option, declarc all the sums securcd by this Mortgage to be immediately due and payable. Lender shall have w•aived such option to accelerate if, prior to the cale or transfer. Lender ~ and the person to whom the Property ic ta be co1J or transferrcd rcach agreement in writing that the crcdit of xuch person ~ is satisfactory to Lender,and that ihe inler~~t payable on the sums secured by this Mortgage shall be at such rale ac Lender _ ~ shall requat. If Lender has waived the op~ion to accelerate provided in ~his paragraph 17, and if Borrower s successor in ~ interest hu executed a written usump~ion agreement accepted in writing by Lender, i.ender shall rckase Borrower frc~m all ~r oblj~ations under this Mortgage and the Note. - ~ if Lender exercixs such option to accelerate. Lender shall mail Borrower notice of acceleration in accordanc~ w•i~h ~ pua~raph 14 hercof. Such notice shall provide a period of not Iess than 30 days from the date the notice i: mailed within ~ which Borrower may pay the sums declared due. If Borrowe~ fails to pay such sums prior to the expiration of cuch peric~d, L.ender may, without furiher notice or demand on Borrower. invoke any remedia permitted by paragrsph 18 hereof. Nwa•UrvtFORM Covetv~rrrs. Bortower and Lender further covenant and a6ra as follo~rs: 1R Accde+atio~; Reiuedia. Escept a~ prorldad i~ paraLrsp6 17 hered. ~Po~ ~*'o~ers ar,~c~ ot ny co~ewt ~r ~ ~ ~ d Eo~rower iw d~k Mat=a=e. l~el~diwL tbe co.eaa~s to py ~e~ are a~y s~ws seeud br N~ Mort~~e. t.e~er " prior Io sccekratlo~ sUaM wup wotke to dorrowe~ as provldcd Iw psra~raph 141~ereot spccMyi~s tbt M~escM:12~~icr sreU reqdrd b cae wc~ MescM: (3) a date. ~ot las t~aw 36 days b+aw N~e aate tl~e wolkc r wafled to ionower. ~ 6reacl~ ~Mt be ened: a~d (1) tl~at hil~rt to c~re sacb breacM ow or retore tbe date qecMd 1~ tbe notke u~sy ees~lt b secekratio~ ot Ire wr secrred by fl~is Mo~qa~e. fwsclosore i~ j~dicW ~roceedi~ a~i ale ot t~e lroperry. 7Ue wotke r; siar fi~ ~tors Doreower ot tYe ~Ut to rel~tate after sccekratioa s~d t~e r1~Mt b aseA iw tLe taecbare N+oc~e~t ~ ~e .o.~e~e~e ot . aet..k o~ awr a~ a~t~~e ot soRO..K ~o .~c~erac~o. s~ ~«~e~towR. N tbe bnac~ M~ot es~cd o~ or betae the dste qee~t'ied ia tl~e ~otice. I.ender st I.ewdcr's opiow r~' 8tcl~e d o[ Nie ww~ ~ee~rei by tW~ Mort~t b ~e . Lender sAaN ~ i~~e1y dne a~i paysbie wit6oN f~her dearand aad wuy tomlo~e tb4 Mo~a~e h' j~dkW ~eeedf~• be ~ to eo0ect iw arer N+oteedini s~ e:ptases of foteclosrrt. focl~, b~t Mt Wsitd a. ~+ero~sbie sttnrnev's fees. ~ ~ a~i co~ ot iocr.'`~eMar~ n'IdC~ce. abarsct~ aw/ tMk rep~ls. ~ 19. ~onowa's R~t t~ Rei~tate. Ndwithstanding Lender s sccekration of the sums securcd by ~h~~ M~rtaa~e. , ~ Borrower :hall have the right to have any proceedi~gs f+e~un hy Lender to entorce this Mortgage diuontinued at any time ~ ~ R yV ~ ~1.r( ~0~/ . ~ .4y'?