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HomeMy WebLinkAbout1546 t . ~ Ler.;ier's ++ritten agreement or apphrahlc law. Burro++er shall pay the amount of all mortgage insurance premiums in the manner pct+vided under paragraph 2 hereof Am• amount, dishursed M• Lender pur.uant a+ this paragraph 7. with intere.t thereon. shall F+c«ane additional intlehtedness of Borrt+++er secured h+ thrs Mortgage l'nless Borm++er :u?tl I emter agree to other !acme of payment. such anuamh.hall he pa~•ahle upon notice from 1 ender to &~rro++er reyue.ting payment thereof. anti shall i?ear inlerect from the d:?te of dishursemcm at the r.Ue pavahk from time to time un outstanding principal under the Note unless payment of interest at such r:?te would i+e contran• to applicahlc la+v. in which e+•ent such amounts shall hear interest at the highest rate pcrmissihle under applicahlc law. Nothing contained in this paragraph 7 shall require I cndcr to incur any e~pence or take any action hereunder. 8. Inspection. I ender may make or rursc to M: made reasonable entries upon and impectionc of the Property. provided that 1 ender shall.gi+•e Borrower notice prior to any such inspection spxcifying reasonable cause therefor related to Lender's rnten•st in the Pmperh'. 9. Condemnation. The proceeds of am• award or claim for damages. direct or consequential. in connection with any condemnation t.r other taking of the Property. or part thereof, or for conves:?nce in lieu of condemnation, arc herehy assigned anti .hall t+e paid to Lcndcr. In the event of a total taking of the Property. the proceeds shall he applictl to the sums secured M• this Mortgage. with the e~cecs, if any. paid to Borrower. In the event of a partial takinL of the Property. unless Bormwcr and Lcndcr otherwise :?gree in writing. there .hall he applied t¢th+Sertt~securctl by this Mortgage such proportion t.f the prtx:eeds as is equal to that proportion which the amount of the sums secured by this Mortgage immedi:delc prior to the date of ~ taking hears to the fair market value of the Property immediateh• prior to the date of taking. ++ith the halancc of the proceeds paid to Borrower. if the Property is ahandoned M• Bormwcr. or if. after notice by 1 ender to Borrower that the condemnor oRers to make an award or settle a claim for dama?:es. &.rrower fails to res{x,nd to I cotter within z~ das_"s after the date such notice is mailed. I.endcr is authorized to collect and apph• the pn•cecdc. at Lender's option. either to restoration or repair of the . Pmpeny or to the sums secured h~- this ~tortgagc. Unless l ender and Bormwcr otherwise agree in writinL. am• such application of proceeds tt. principal .hall not cstend or ptntp+ute the due date of the monthly installments referred to in paragraphs 1 and hereof or change the amount of .uch installments. 10. Borrower Not Released. E~tcncion of the time for pa~•ment or modification of amortisation of the sums secured by this Murteagc granted by Lender tt• anv_ arcceccor in interest of Borrower shall not operate to release. in any manner. the liahility of the orieinal Borrower :?nd Borrower's successors in interact. Lender shall not he reyuiretl to commence prtK:ec.iings against such successor or refuse to e~tcnd time for pa}•ment or otherwise mntlify amortization of the sums secured h} this 1Nongagc M• reason of am• deritand made h+ the oricinal Borrower and Borm+ce~ s success!+rc in interact. 11. Forbearance b~• i.ender \ot a Waiver. :~n~ forhear:ntce h+ 1 ender in crcrcisinL am• right or remedy hereunder. or ~~Iherw•icc atTurded by applicahlc law, shall not he a w:ricer of or preclude the esercise of am• such rich! or reined}•. "The procurement of insurance or the payment of Lases ar other liens"t+r charges h}- Lender .hall not he :r ++:user of Lender's right to accelerate the maturity of the indehtedness se_ured M this Mortgage. i 12. Remedies Cumulative. Atl remedies pm+ided in thi. Mortgage :+rr distinct :rod cumulati+•e to :u?+- ether rich! or ~ remedy under this Mt+rtgace ur alTorded h+• law or cyuit~.:rnd may he e+errised concurrenN~•. independently or .uccessivel+•. 13. Successors and Assigns Bound: Joint and Se+eral Liabilih; ('aptions. The ctwenantc :rod agreement. herein comainctl shall hind, and the rich!. hereunder shall .inure to. the respective success!+rs antl assigns of Lcntler and Borrower. s{rhject to the pn.+isions of paragr.ph 17 hereof. .111 coven;urts and aereemenh. of Borrower shall lx joint and several. The caption. and hcadim_s of the paragraphs of this ~lortgaLe arc ft~r convenience only and are not to txr used to ittttrprrt or define the provisions hereof. 14. \olice. Esccpe for am• notice reyuirrd under applicahlc l:n+ to he Liven ~n another manner. fat ;un• notice to Bormwcr provided (or in this 11t+rtgagc shall tx given h~- mailinL wch notice M certified mail addressed to 13ormwer at the Pmpert}- AJdress or at such other address ac Borr~•wer m:?v desicnate M masse ro I cndcr as provide) herein. and th? am notice to Lcndcr ,hall he Liven he certified mail. return receipt reyue.ted. to 1 ender'. address stated herein or to such other addres. as Lcndcr ma+ designate h+ notice to Borr~+++er as pro+itled herein. :\n+• notice provided) for in Chic I~ Mortgage shall he deemed to h:ne heart Liven to Borrower or I ender when Liven in the manner designated herein. 15. l"niiorm ~longay~e; Governing Law: Severabilih. "Thi. term of mort~~a~_e comhinec uniform covenants for national use and non-uni(onn covenants with limite.i variations M jrrristhcti~~n to constitrne a uniform cecuritc instrument rnvcring real pct+pen+. This lluntiaLr shall he Luserned by the law of the iurisdicuon rn +vhich the Property is located. In the E event ?hat anv provision t+r clause of this \IortLage or the \~~te rontlicts ~+ith applicahlc law, such conflict shall not aRcct other provisions of this ~tortLaLe or the \oh whr:h c:ur he given rtfr:t ~+ithout the contlictinL provision. and to this end the pn+visions of the \1rrhaLe and the \ote are Jecl:rrcd to he severahk.- 16. Borrower's ('ups. Bornw+er shall he funushetl a cunfonned cope ~+t the tiote and of this Morh_aLe at the time ~ ..f esecution or after recordation hereof. " 17. Transicr of the Propen~::~ssumption. If aft or :un t~ert of the Pmpern• or an rnterrct therein is .old or transferred by &vrnn+er v+ithout Lender's poor ++rinen consent. e~clullinL car the ere:?tion of a lien or encnmhrancc suix+rdinatc to thi. Mortg:rue. th1 the creation of a purchase money .ecuritc interest fir hou.ehuld appliances. /ct a transfer h+• devise. descent ur by oper.rtua? of law opt+n the Jeath of :r n~mt tenant or tJr the Leant of ;mv lcasehold interest of three wars or lace not coot:rininL an option to purchase. 1 antler m.rv. at 1 ender'. rptmn. declare all the sums secured by this \torteage to he ;nuriedi;rtelc due and pavahle. 1 ender shall have v+:rived such rption to accelerate if. prior to the sale or transfer. 1-ender .m.1 the person to wham the Property is to he soli or tr:mslerred reach agreement in +cnunL that the credit of such person satisfa:hvn t.. l emler :end that the intrn•.t pa~ahle on the sums .ecured h+' this 11orh_aLe shall be at such rate ac Lender sh.ril retluest. If 1 cndcr has w•aivetl the option to accelcr.rte provided in this paragraph 17. and if Borrowers successor in interest has executed a wrinen assumption aLreement accepted in v+riting h~- Lender. Lender shall release Bormwcr from all ohligations under this Mortgage and the :`oh. If I cndcr exercises wch option to accelcrate. I er.~ier .h.+II mail Bormwcr notice of :?ccelcration in :?ccordance with ;paragraph 11 hereof. finch noun: shall pnn•idr a period of not lccs than if1 does from the date the notice is mailed within ~.+hich Borrower may p:rv the sums declare) d+rr 11 Bormv+er fails n+ pa+' such some gritvr to the repiration rf such period. Lender ma+•. ++ithout further notice t+r demand on Bormwcr. unoke anv remedies permittr.l hs• paragraph 1R hereof. r° \rl\-i~~ItUH+t ('uvt~+~TS. Bormwcr and Lcndcr further ct.+•cnant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due an} sums secured by this i`lortgage. Lender prior to acceleration shall mail notice to Borrower ac provided in paragraph 14 hereof specifying: (1) the breach: (2) the action required to cure such breach;l3? a date. not lees than 30 days from the date the notice is mailed to Borrower. by which such breach muss 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 be this Mortgage, foreclowre by judicial proceeding and sale of the Properh•. The notice shall further inform Borrower of the rigtrt to reinstate after acceleration and the right to~ascert in the foreclosure proceeding the non-existence of a default or an} other defense of Borrower Io acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice. Lender at Lender's option ma}• declare all of the sums secured b}• this 4lortgage to be immediateh• due and payable without further demand and may foreclose this ~torlgage by judicial proceednrq;. Lender shat) 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. 19. Borrower's Right to Reinstate. Notwithstanding lender's acceleration t.f the wins secured by th?s Mortgage. ' ' Borrower shall have the right to have am proceedine, hegun h~ Lender to enforce this Mortgage discontinued at any time zo~x319 YaGE~.543 .