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HomeMy WebLinkAbout0614 . , . ~ ~ i . ~ I.ender's written agreemont or applicable law. Borcower shall pay the amount ot all ~irtio~tgage insurance premiums in the manner p~ovided under pa~agraph 2 hereof. Any amounts disbursed by Le~der punuant to this paragtaph 7, with interest thereo~, shall bccome additional indebtedn~s of Borrower securcd by this Mongage. Unless Bo~rowe~ and Lender agree to other terms of payment. such amounts shall be payable upon notice from Lende~ to Borrower rcquesting payment thereof, a~d shall bear interest from the date of disbursement at the rnte payabk from time to time on outstandi~g principal under the Note unless payment of intercst at such rate would be contrary to ~pplicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothirig contained in this paragnph 7 shall rcquire Lender to incur any eapense or take any action hercunder. 8. iotpectba. l.ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable caux therefor related to Lender's interest in the Property. ~ 9. Condemaatbn. 'i~e proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property. or part thercof, or for ccu~veyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. tn ~he event of a total taking of the Property, the proceeds shall be applied to the sums securcd by this Mortgage, with the excess, if any, paid to Borroa?er. In the event of a partial taking of the Property. unless BoROwer and Lender othenvise agree in writinR. there shall be applied to the sums securcd by this Mo~tgage such proportion of the proc~eds as is equa) to that propoRion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market vslue of the Property immediately prior to ihe date of taking, with the balance of the proceeds paid to Borrower. ' If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or uttle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is suthoriud to collect and apply the proceeds, at I.ender s option, either to restontion or repair of the Propeny or to the sums secured 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 referred to in paragraphs 1 and 2 hereof or change ihe amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner. th~ liability of the original Borrower and Borrow•er s succeswrs in intercst. Lender shall not be required to commence p~oceedings against such successor or rcfuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reawn of any demand made by the original Borrower and Borrower s successors in interest. 11. Forbearance by Lender Not a Wdver. Any forbearance by I_ender in exercising any right or remedy hereunder, or othen~+ise afforded by applicable law, shall nat 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 charg~s by Lender shall not be a waive~ of Lender's right to accelerate the maturity of the indebtedness securcd hy this Mortgage. 12. Remedies Camulatire. Atl remedies provided in this Mortgage are distinct and cumulative to any oth~r right or remedy under this Mortgage or atiorded by law or equity, and may be exercised concurrently, independently or successively. l3. Snecessors •and Assigns dound; Joint and Several i.iabiUfy; Captbos. The covenants and agreements hercin contained shall bind, and the rights hereunder shall intire to, the rcspective successors• and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mongage are for convtnience only and are not to be used to interpret or define the provisions hereof. 14. Notke. Eacept 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 Bonower 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 requested. to i.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 shall be deemed to have been given to Bo~rower or Lender when given in the manner designated herein. iS. Uniform Mortga~e; Governio~ I.aw; Sererability. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ` real property. This Mortgage shall be governed h~ the law of the jurisdic?ion 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 affect other provisions of this Mortgage or the Note which can be given effecl without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. ` 16. Dorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Morigage at the time ~ of execution or after recordation hereof. 17. Traasfer of t6e Property; AssumpUon. If all or any part of the Property or an interest therein is sold or transferred ~ by Borrow~er without Lender's prior written consent, excluding (al the crcation 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 (d) the grant of any leasehold interest of three years or less ~ not containing an option to purchau, t_ender 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 rate as Lender ~ 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. ~ 1f Lender extrcixs 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 declared due. if Borrower fails to pay such sums prior to the expirateon of such period, Lender may, without further notice or derr~and on Borrower, invoke any remedies permitted by paragraph 18 hereof. 3 Nox-UHtFOxM CovECV{?wrs. Borrower and Lender further covenant a~d agre~ as follows: ~ 18. Accekratbn; Remedies. Ezcept as provided la para`rapb 17 hereof, opon Borrowers breach of any coreuant or r agreemeot of Eorrower in t6k Mortgs`e. includiu6 tbe covenan» to pay-when dae any wma secared by tl~ Mo~ase. I.ender prbr to accekratbe shaD mail eotke to Borrower as pro~ided is psragnpb 14 hcrcot speciE}~ing: (1) t6e breac6; (2) tbe action ~ required to care sach bresc6; (3) a date, eot k~ tbsn 30 d,ys from the date t6e aotke is wsNed to Eorrower, by.w6k6 sac6 ; breac~ mwt be cared; aod (4) that failure to cnre sac6 breach o0 or betore t6e date speciRed is the eotke ~nay resdt jn ~ sccekratbn of t6e snms ictored by ihb Mort=age. forecbwn br jodkid procetdins sad aak of the Prupert~. 'iLe notice ~ s6aN fnrtbcr inform Borrower of tbe ~M to reiastste dter accekratioa aad t6e riQ6t to aetert i~ tl~e forecloare peocee~ ~ tbe oon-ezisteoce of a defauk or ~y otker defease ot Eorrower to ~ccckrstba aad torecloaire. tf the brescM ls oot cared o~ ~ or before tbe date spert8ed in tbe notice. Lender at I.ender's optbn may dechre aH oE tbe snas secrred by t64 Mor~e b be ~ immedhtdy dne aud p~ya6k widaet turt6e~ demand aad may foreclou t6b Mort~a[~ bl' ~dkW Proe~. Leada stiaU be ~Ntled to co~ect iA sec6 Proceedie~ ~ e:peura of fweclosure. inclndlo=. bat not Wsited to, rsaw~sbk sttoreeys tees, ~ aed cosb ot docomenhry erldence, abdrscb aod tkle repo~b. ~ 19. Eorrower's Ri`6t to Rein~tate. Notwitlutanding Lender s acceferation of the sums sccurcd by this Mortgage. ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinuod at any time _ ; ~JGr ~er E Fi~ ~