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HomeMy WebLinkAbout1401 • 3~ l J - ' e . ~ ) ~ , Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premittm: in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, sv)tti inlttresf t'i~ereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and tender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest tr+an the daft of disbursement at the rate payable from time to lime nn artstanding principal under the Note unless pa'ymeut of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate _ txrmissibk under applicable law. Nothing contained in this paragraph 7 shall requite Lender to incur any eapeme or fate any action hereunder. s. Iwspectiow. Lender may make or cause to he made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any Stich inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdemnation. 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 therrnf, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds 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 bender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeeds - as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ taking beers to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Properly is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor oRers to mate an award or settle a claim for damages. Borrower fail. to respond to Lender within 30 days after the date such notiod is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to ratontion or repair of tlfE Property 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 the amount o[ such installments. 10. bormwer Not Released. Extension of the time for payment or modification of amortization of the sums ttecttted by this Mortgage granted by I-enikr 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. 1_ender shall not be required to cotnrrtertce 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 Walver. Any forbearance by Lender in exercising any right or remedy heramder, 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 Mortgage. l2. Remedies Cwmnlalire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or atiorded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Swcceswrs and Asdgws Bouwd; Joint awd Severd i.iabr7fly; Captbws. The covenants and agreements herein contained shall bind, and the rights hereunder shall imir~ to, the respective successors and assigns of Lettder and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to lie used to interpret or define the provisions htrrnf. - 14. Notke. Except for any notice rcgtiircd under applicable law to be given in another manner, (a) any ratite 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 Lender as provided herein, and tb) any notice to Lender shall he given by certified mail. retiim 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 deemed to have been given to Borrower or Lender when given in the manner designated herein. lS. Uniform Mortgage; Governi~ Law; Severability. 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. 16. borrower's Copy. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the tithe ~ of execution or after recordation hereof. 17..Traasfer of tart Property; Assumption. if ail or any part of the Frapzrty or an interest therein is soil ar transferred by Borrower without Lender's prior written consent. excluding (al the creation of alien or encumbrance wbordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, 3 descent or by operation of law upon the death of a joint tenant or (dl 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 and the person to whom the Property is to be colt 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. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers 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 s,•ith paragraph 14 her+oof. 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 1R hereof: Now-UNIFOnM CoveNarvTS. Borrower and Lender further covenant and agree as follows: 1lZ. Accderatiow; Rcmedia. E:cep ss provWed iw prapsph 17 herttot, upon borrowa's 6Kaeh of try covettont K ~ agretwrewt of borrower In fhb Mort=a`c. iwclw~wg the corenaMs to py when die sy satyrs aetured by this Mortgage. l.errder . prior to aetelerariow gall mail wotice to borrower as provtded M paragraph /4 hereof specifyiwg: (1) tJre breach: (2) the sefiow regwtr+d b cue ttwc6 breach; (3) a date. wet less thaw 30 days frown the date.the wptke r twatled N banowetr. ~ whkh swch breach otnt be.cwred; owd (4) that hiltrn to twit arch breach ow or before the date gecMed h the wotice sway resdt i• r necdertttlow o~ the ntrwra seenr+ed by thk Mortgage. torecloarrr by jndkial protesdiwg turd ttttfk of the lf'roperty. The wotlts ahaN ftrrfber iwtorm borrswer of the right to reimdate after acceicrNbw nwd the right to arstrt Iw the foreelawre proceednng 1 the wow-exWswct d s detawlt or arty other ddewse of borrower to accelerstiow awd torecbwre. N the breach ita wof esrcd ew or bdorc the date speciBd b the woHce. Lewder at Lender's opiow may declare a8 0[ the wrws seeored h!' tW Mortgage Iw be immediately dire awd pyabk witbowt further demand and may foreclose this Mortgage br jwdicial pr+oteeditag. Lender dab be etsBded to collect d swch proceediwg rr a:pewees of forecloarre. Iwchtidiwg. bwt trot rrNltd M. reasowaMe stt.xsey's fees. awl costs of doc~!~errittry eHdewce, abstrwcts wwd title reprts. 19. borrowa'a Rigbt to Rehatate. Notwithstanding Lenders acceleration of the sums secured by thr Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongsge discontinued at any time r i ~ ~~327 ~~14~