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HomeMy WebLinkAbout0510 ~ •E•i~~ f Lender's written agreement or applicable law, Borrower shall pay the amount of all mortgage insurance premiurru in the meaner provided under paragraph 2 hareot. _ Any amounts disbursed by Lender pursuant to this paragraph 7. Wjth iatert3sf, thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lt:nier•lgreb to other terms of payment, such amounts shall 6e payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursement at the rate payable from time to time on oubtanding principal Wtder the Note unless payrneat of intereu at such me would be contrary to applicable law, in which event such arnouats ihall bear interat at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 fkaEi! ,regain Leader to incur any expense ar take any action hereunder. >L Isspectlon. Lender 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 cause, therefor related to Lender': interest in the Property. ~ - ~ 9. Coadematlus. 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 thereof, or for rnnveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the pr.~-eeda shall be applied •to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by -this Mortgage immediately prior to the date of taking bean to the fair market value of the Property 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. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Property.,br to the sums secured by this Mortgage. [h41es; T,errder and Borrower otherwise agee in writing, any suc~t"'~ ~ ' a iori;d~ 'to' nci t shall not extend ,~aPlll~, ~ ~ Mi Pa or postpone ta'te due date of the monthly installments referred to ir~paragraplts 1 and 2 hereof or change the amount of such i~s)ailrgtsets. . 10..i 11i~s~ower Riot Reka'ed. Extension ~of the time for payment or modification of amortization of the sums secured lfy this Mortgage gtpnted 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 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 demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Walrer. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise 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 by this Mortgages - 12. Remedies Camabthe. 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 successively. 13. 3aecessors sad Asaigas Eoasd; joist and 3ereral i.isbiUty; Captions. The covenants and agcements 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. Tbe 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. 14. 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, return receipt requested.. to Lender'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 detmed to have-been given to Borrower or Lender when given in the manner designated herein. IS. Uniform Mortgage; Governing Law; Sererabllity. 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 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 applicable law, such conflict shall not affect 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. p 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time t of execution or after recordation hereof. 17. Trsn~er of tie 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 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 (d1 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 5 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 3 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 expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. - Noty-UNIFORM CovFH~tv'rs. Borrower and Lender further covenant and agce as follows: g la. Accekratbs; Remedies. lfarcept as provided in paragraph 17 hereof, epos Borrower's breach of any covenant or agreement of Borrower in fhb Mortgage, iaelading the covenants to pay robes dae any sums secured by tbb Morl=age, Leader = prbr to sccdentbn aiaall mail notke to Borrower as provided la paragraph 14 hereof apedtyiag: (1) the breach; (2) the sdbs regrrlred to clue sack breach;. (3). a date, not. less than 30 days from the date the sotice b mailed to Borrower, by whk6 sacs breach most be cared; and (4) that failore to cure sack breach on or before the daft specified is the nMke may malt io sccekratlon of the soma iecsred by this Mortg~e, foreclosure by jadkW proceeding and ask of tht lroperty. The notke shag farrier inform aorr+ower of tie right to rehastate after scceknttlon sad tie right b assert is tie toreclosarte pr~oeeedlnz the norrexbtesee d a defsak or say other defersre of Borrower to sccekrstlon sad toreclowrt. If tide bread b cot cared oe or before the date speeiBed M tie sotice, Lender at Lender's optics may dcebre aB of the wrna aecored by tits Mortgage to be iusasedirtely dae sal payable wkioat further demand and rosy foreclose lib Mortpge by jndicW proceeding. Leader ahaN 6e estiBed to collect b anc6 proceednss aB expenses of torecloanre, btclodis`, bat sot Bmitesl to, reasonable attorney's fees, sad coals at docameatary evfdesce, >t6atrscb sad thk rsporb. 19. Borrower's Right to Reissue. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ' F BOCK 314 PQ~E 508 _