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HomeMy WebLinkAbout0011 .r F +7+ T Lender's written agr>:emcnt or applir.+hlc law. Borrower shall pay the amount of all mortgage imurance premiums in the manner provided under paragraph 2 hereol. Any amounts disbursed b}• Lcndcr pursuant to this paragraph 7, with interest thereon, shall become additional ' indebtedness of Borrower secured by this Mortgage. l?nless Borrower and Lender agree to other terms of payment, such ` amounts shall be payable upon notice from Under to Borrower rcyucsting payment thereof. and shall hear interest from the date of dichursement at the .rate payable from time to time on outxtanding principal under the Note unless payment of interest at such rate would be contrar}• to applicable law, in which event such amounts shall hear interest at the highest rate i permissible under applicable law. Nothing contained in this paragraph 7 shall require Lcndcr to incur any expense or take any action hereunder. 8. inspection. lender may make or cause to he made reasonable entries upon and inspections of the Property, provided that Lcndcr shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages: direct or consequential, in rnnnection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall t+e paid to Lender. ) Tn the event of a total taking of the Property. the prctrccds shall tic 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 Lcndcr otherwise agree in writing. there shall tte 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 immediateh• prior to the date of taking bears to the fair market value of the Property immediateh• prior to the 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 settle a claim for damages, Borrower fails to respond to Lcndcr within ~0 days after the date such notice is t mailed. Lender is authorized to collect and apply the proceeds, at Lcndcr c option. either to restoration or repair of the 3 Property or to the sums secured by this Mortgage. ~ a~:uc» i.cnuc~ anu uu:larNC1 lgnctN:~c 5~{rca: iii a+~unig. aYn~ iii~ii pt.tnA.nn•n (1i r,.atiia.u+ .:p::c ~ or postpone the due date of the monthly installments referred to in par:tgraphc I and 2 hereof or change the 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 Lcndcr to any a+ccessor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Aormwcr s succcsu,rs in interest. tender shall not tte required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured h}• this Mortgage by mason of an}• demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Am• fonc~:arance he Lender in eacercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not tae a waiver caf or preclude thr exercise of am• such right or remedy. The procurement of insurance or the payment of tapes or.other liens ar charges h}• Lender shall not be a waiver of Lenders _ right to accelerate the maturity of the indebtedness secured M• this !llortgaee. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remed}• under this 1liortgage or atfordrd by law or cyuity. and may tx etercised concurrently, independenth• or successiveh•. -3 13. Successors and Ascignc Bound: Joint and Several Liability: Captions. The covenants and :+greementc herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lcndcr and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. } The captions and headings of the paragraphs of this Mortgage arc for convenience onl}• and are not to tte used to interpret or define the provisions hereof. - 14. Notice. Except for an}• notice required under applicable law to be given in another manner, fa) any notice m a Borrower provided !or in this Mortgage shall tx given h} mailing such notice by certified mail addressed to Borrower at the Propert}' Address or at such other address ac Borrower may designate by notice to fender as provided herein. and (hl anv notice to Lcndcr shall Fx given by certified mail. return receipt requested. to lenders address stated herein or to such other address as Lender may designate by Holier to Borrower as provided herein. Am' notice provided for in this ~tortgagc shall Ix deemed to base txen given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing taw: Seterabilih. Thi. form of mortgage combines uniform rnvcnantc for national use and non-uniform cos•enantc with limited variations h~• jurisdiction to rnnstitute a uniform security instrument crn•ering real property. This Mortgage shall he governed M• the law of the jurisdiction in which the Property is located. In the ~ event that am• provision or clause of this Mortgage or the \ote conflicts with applicable law,. such conflict shall not affect other provisions of this Mortgage or the Note which rut tae given effect without the conflicting pm~•icion, and to this end the provisions of the Mortgage and the emote are declared to tae severable. s 16. Borrower's Cop}•. Borrower shall lac furnishccl a conformed cope of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ~ 17. Transfer of the Property: Assumption. If all or and part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior written consent. esrluding la? the creation of a lien or encumbrance subordinate to a this Mortgage. Ihl the creation of a purchase money security interest for household appliances, fcl a transfer by devise. t descent ur by operation of la« upon the death of a joint tenant or fdr the grant of am- leasehold interest of three },cars or lets - j not containing an caption to purchase. Lcndcr may. at Lcndcr', option. declare all the sums soured M• this Mortgage to taC immcdiatel}• due and payable. Lender shall base ssaived such option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to tae sold or transferred reach agreement in writing that the credit of such person " is saticfacton• tea Lender and that the interest payahlr on the sums secured by ;his Mortgage shall tae at such rate as Lender shall request. If Lender has waived the option to acccler.+te provided in this paragraph 17. and if Borrower's successor in = interest hoc executed a written assumption agreement accepted in writing by Lender, Lcndcr shall release Borrower from all 5 ohligatians under this Mortgage and the Note. If Lender exercises such option to arcelerrtc. Lcndcr shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 3O days from the date the notice is mailed within which Borrower may pat, the sums declared due. If Btarnaaser fails pa} such sums prior to the expiration of such period, .y I r•n~1~•r maa• w~ith~ant frrrthrr n~ati~t• or ~irmand nn Ftorn,wi r imol.r ar» n•medics nermittecl by naraeranh 14 hereof. - NON-1JNIFOR tit COVENANTS. BOrra)wCr and Lender further covenant and agree as follows: y 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof upon Borrower's breach of am• covenant or agreement of Borrower in this liortgage, including the cotenants to pay when due an}~ sums secured by this Mortgage. fender prior to acceleration shall mail notice to Borrower as prodded in paragraph 14 hereof specifying: (1) the breach; (2) the aMion required to cure such breach; (3) a date. nor less than 30 days from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice , - shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding >a the non-existence of a default or anv other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice. Lender at Lender s option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand arsd may foreclose this Mortgage by judicial proceeding. Lender shall - be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees. and costs of documentary evidence. abstracts and title reports. r~ 19. Borrower's Right to Reinstate. Notwithstanding I_en.ler's accelerrtion of the sums secured by this Mortgage. Borrower shall base the right to have am proceedings begun h~ I ender ,o enforce this Mortgage discontinued at an}' Ume r