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HomeMy WebLinkAbout1373 _ - . . . _ _ ~ Lender's written agree~ne~t or applicable law. Borrower shall pay the amount of all mort~age insurance premiwtu in the manner p~ovided unde~ paragraph 2 hereof. ~ Any amounts disbursed by Lender pursuant to this parag~sph 7. with interost thereon, shall become additional indebted~ess of Borrowor secured by this Mortgage. Unless 8orrower and Lende~ agree to other ternu of paymen~ such unounts shall be psyable upon notice f~om Lender to Bomower requesting payment thereof. and shall bea~ interest fmm the date of disbursement at the rate payable from time to time on out:tanding principal under the Note unless payment ot interest at auch rate would be contrary to applicable Iaw, in which event such amounts shall bear interest at the highest nte permissible under applicable law. Nothing contained in this parag~aph 7 shall require Lender to incur any expense or take any action hereuader. 8. Iatpectlo~. I.ender may make o~ cause to be made reasonable entries upon and inspections of the Property. pro~ided that I.ender shall give Borrower notice prior to any such i~spectio~ specifying reasonabk cause therefor relatod to I.ender's interest in ihe Property. ~ 9. Coademaatba. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property. or part the~eof, or for canveyance in lieu of condemnation, are heroby assigned and shall be paid to Lender. ~ Tn the event of a total taking of the Property, the procceds shall be -applied to the sums sccured by this Martgage, with the excess, if any, paid to Hott~o~er; 1ri the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writinR. there shall be spplied to the sums secured by this Mortgage such pmponion of the procads as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to tbe fair market vdue of th~ Propeny immediately prior to the date of taking, with the balance of the procceds 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 settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, L.ender is authoriud to collect and apply the proceeds, at I.ender's option, either to restoration or repair of the Propeny or to the sums secured by this Mortgags. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or pcutpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. . 10. Dormwer Not Rekased. Extension of the time for payment or moditication 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. the liability of the original Borrower and Borrower's successors in interest. Lender shall not be tequired to commence proceedings again'st such successor or refuse to extend time for payment or othervvise modif~r amortization of the sums secur~ed by this Mortgage by reason of any demand made by the oriqi~al Borrower and Borrower's successors in interest. l l. Forbearance by Lender Not a Wdver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise aftorded 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. Remedies Camulati~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 succeuively. 13. Saccessors and Asaigas Bouod; Joint aad Sevenl i.iabiiity; Captions. 'il~e covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective 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 arc _ for convenience oniy and are not to be used to interpret or defirte the provisions hereof. ld. Notice. 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, retum receipt requested. to t.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 dcemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mortga~e; Governin~ Law; Serernbility. This form of mortgage combina uniform covenants for national use and non-uniform covenants with limit2d variations by jurisdiction to constitute a uniform security instrument covering ' reat property. 71~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 applicabk law, such conflict shall not atiect other 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. E 16. dorrower'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. ~ 17. Traasfer of t6t Property; Assumption. if all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgagt, (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 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 soch 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. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. S~ch 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 dectared due. If Borrower fails to pay such sums prior to the expiration of such period, ~ Lender may, without further notice or demand on Borrower. invoke any remedies.permitted by paragraph 18 hereof. Nox-UH~FOteM CovENerrrs. Bonower and Lender further covenant aod agree as follows: ~ 18. Accekration; Remedks. E:cept as provided ia pa~raph 17 hereof. upoa Borrower's bresci of aey co~eoant or ~ s~greement of Borrower in thb Mort~age, iaclodiu~ tLe covensnts to pay when due any anms secnred by t6b Mort~~e, I.eoder ~ prior to accekratlon sbaD ~aail notke to dorrower ~ provided ia para`rap6 14 6ereof specN~: (1) !Ye bresc6; (2) t~e adion ~ reqnlred to cnre soc6 brracb; ~ date, not less Wan 30 days irom tbe d~e the notke M maikd to Borrower, by wl~kh wcb ~ breach most be cared; and (4) tbat hilnre to cure snch bresch oa or be[ore tbe date speci6ed in tbe ootke aay resdt is sccderatioe o~ the aams secnred by this Mort=age, forecbsnre by judicW proceedi~ and aale ot tbe Property. '11~e aotice ~ sh~l! fnrtber inform Borcower of t6e rig6t to roiostate aEter sccekration and tbe rig6t to ae~ert in t6e foreclowre proeadf~ ~ tbe ooo-ezisteace of a default or sey M6er defense of dorror?er to accekntbo and toreclosure. if the brae6 L sot csred os ~ or betore t6e date speci6~d ie the notke, Lender af Lender's optbn ~osy declare aU of ti~e mms xcared by t6is Mort~a~s b 6e ~ ime~ediatdy dae aod payabk wkboat farther demaad a~ may foreclose thb Mortgs`e by judkW Lesder shaU be esdded to coBed io s~ procee~in` a~ ezpe~a of toreclosnre, ioctodfo=, bnt not ~mited to, reawsabk attone~s fea, ~ asd cosL of docao~catary evidence, abstrscb aud tide rsportr. 19. Sorruwe~s Ri~t to Rein~tde. Notwithstanding [.ender s acceleration of the sums secured by this Mortgage. ~ Borrower ahall have the right to have any proceedings txgun by Lender to enforce this Mortgage discontinued at any time e ~ ~ L.,~;~312 ~,{;F137 ~ 1 : . _ ~ . . _ _ .