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HomeMy WebLinkAbout0206 ' 1 • Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance prcmiutna in the: manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragr+~ Interest thereon, shall become additional indebtedness of Borrower xcured by this Mortgage. Unless Borrow r an 1 ruder agrce to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thtrcof. and shall hear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa'yrnettt of interest at such rate would be contrary to applicable law, in which event Such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expetae or take any action hereunder. laspectba. 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 LtatdePa interest in the Property. 9. Cowdemnatbn, The proceeds of any award or claim for damages. direct or consequential, in conrtoetion with any condemnation or other taking of the Property, or part therrnL 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 Pmperty. 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, ttn{tss Borrower and Lender otherwise agree in writing. there shall be applied to the Gums secured by this Mortgage such proportion of the proceed: as is equal to that proportion which the amount the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immcdiatcly prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is ahandonc.l by Bor:ewer. or if. after notice by T.cnder to Borrower that the condemnor oftets to mate an award or settle a claim for damage.. Borrower fail. to res~ond to Lender within 30 days after the date such notice is mailed, Lender is attthori~ed to collect and apply the proceeds, at Lender's option, either to restoration or repair Of tbE Property or to the sums secured by this Mortgage. Unless Lender and Bo: rower otherwise agree in v.•rittnc. 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 of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums aecut+ed 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 sttccessorc 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 Bormw•er and Borrower's successors in interest. 11. Forbearance by lender Not a Wainer. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwix afforded by applicable law, shall not be a waiver of or preclude the exercix of any such right or remedy. The procurement of insurance or the payment of tares or other liens e~ charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. 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 exercixd concurrently, independently or successively. ' 13. Successors and Assigws Bound:.]ant and Several Liability; Captbas. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender sad 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 Mortgage are for convenience only and are not to lie used to interpret or define the provisions hereof. 14. Notice. Except for any notice reyttired 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 addresxd to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders 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 (_ender when given in the manner designated herein. 1S. Uniform Mortgage; Governing Law: SeveraM'lity, This form of mortgage combines uniform covenants for national ux 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 'Vote are declared to be xverable. ~ 15. )sorrower's Copy. Borrower shall be furnished a conformed cop}' of the Note and of this Mortgage at the time i of execution or after recordation hereof. 17..Transfer of the Properly; Assumption. If all or any part of the Property or an interat 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 houxhold appliances, (c) a transfer by devise. j descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaxhold interat of three years or less rent containing an option to purchax. tender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w:uved such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is a. be sold or transferred reach agreement in writing that the credit of such person a is satisfactory to Lender and that the interest payable on the sums xcured by this Mortgage shall be at such rate ac Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in t interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obljSations under this Mortgage and the Note. If Lender exercixs such option to accelerate, tender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not Ices 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. NoN-Uftlt?OItM CovENeNTS. Borrower and Lender further covenant and agree s: follows: ~ Ii. Aectkratbw; Rswredia. )E:cept at provided is panagnpb 17 tiered. tnpow dorrowetfs 6awer d awe eorsiawt K agne>.ewt d Eorrower in this Mont=age. h~ctuditag the covenants to pay whew dre wy wwn sscursti ~ Seta MtxtgttBe; Lewder prbr !o aeetnlentbw shall mall twtke to Qorrower as prorldcd Iw paragraph 14 berated speeMyfag: (1) the btneacr; (21 ere scttow requirr<d to sus web brsscr; (3) a daft. toot less than 30 days from the date the woHee r ttasNed to borrower. by which weir 5 btreaeh wttut be need; and (4) that failure to cure such breach oa or before the date specMed iw the ttwtke wuy resell b accdcratioa d the watt teetered by this Mortgags. forsclosur< by judkial proesedM~g ttwd sale d the Tr~opsrty. The works sraY fartrer iwtorra borrower d the riRhl to reinstate after acceknatbw and the right to alscrt iw the toretlowR ptroese~wg ere woo-a:iatsace of a detaok or awe other ddsese of llonrower to accekrNba awd torecbwre. N the 6rexlr M roof c~we~i.aw or befone the date specified i. tee taotice. Lctndsr at Lender's optbw may dcchut all d ere wwu seewnr d!' felt Mortgage fe tit imwredhtdy due sad payable without further demand and may foreclose this Mortgage h' judkW ptroceedlwR. Lender shag be tiwtlflsd to collect d wcr proceediwg aN expenses of foreclosure. Including. but wet Iltwiter tsi, reaaowabls atturneY'a fees. • used coats d tiwcn!taeatary eridewcs. abstracts awd lick reports. 19. )dorrowes's Right to Rthtstate. Notwithstanding Lender's acceleration of the sums secured by th~~ Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time gC{~N(e~~ PdGE { ' --do-