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HomeMy WebLinkAbout0213 1 • ' ~ Lender's written a~n;ement or applicable IaW. Borrower shall pay the amount of all mortgage insurance prcmiultt: in the manner provided ptt~dci• pdraAaraph 2 hereof. Any amounts disbursed by I.cnder pursuant to this paragraph 7, with interest thereon, shall become additional . indebtedness of Horrower secured by this Mortgage. Unless Borrower and Lender agree to other temps of payment. such amounts shall be payahle upon notice from Lender to Borrower requesting payment thereof, and shall bear interest fr+an the date of disbursement at the rate payahle fmm time to time on outstanding principal under the Note unless payment of interest at such rate wuuid be contrary to applicable law, in which event such amounts shall hear interest at the hijhest rate permissible under applicable law. Nothing contained in this paragraph 7 shall rcgttirc Lender to incur any expeme or take any action hereunder. 8. hasTtection. i_ender 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's interest in the Property. 9. Coadetnttatioa. The proceeds of any award or claim (fir damages, direct or consequential, in connection with any condemnation or other taking of the Property. or part thereof, or for a~nveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total takin¢ of the Property. the proceeds shall he applied to the stems secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, ttnltsc Borrower and Lender otherwix agree in writing. there shall be applied to the sums secured by chic 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 bears 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 Property is abandoned by Borsower. 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 dale 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 or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in v.•rittne. 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 secured 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 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 stints secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in inttrett. 11. Forbearance by Lender Not a Waiver. Any forbearance by i_ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not he 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 ht a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Comulstire. 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, :?nd may tx exercised concurrently. independently or successively. 13. Strccessors and AssiRas Bound:.Ioint and Several T.iaM'litr; Capibos. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender seed Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several. 'flee captions-and headings of the paragraphs of this Mortgage are for convenience only and arc not to be used to interpret or define the provisions hereof. 11. Notke. Except for any notice rcyuired under applicable law tp 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 mav_ designate by notice to lender as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested, to Lenders address stated herein or to such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this Mortgage shall be dremed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mortgsje; Gortrning I,aw; 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 ooverinj 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. I 16. borrower's Copy. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time E of execution or after recordation hereof. 17. ,Transfer of the Property; Assnmption. If all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender i prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. Ib) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, 1 descent or by operation of law upon the death of a joint tenant or (d) 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 a. be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interrst 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 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 remedits permitted by paragraph 18 hereof. IVON-UNIFORM I:OVENANTS- f30rrOWer and Ltndtr tUrtlttt COVtnanl and ajrce as tOllOwi: lf). Acederatba; Reatedks. Except as provided is paragrspb 17 rered. opow btnrrowttr's breast of awr eortaawt K a jrtemeet of borrower is trfs Mortjaje, Inclodiaj ere covenants to pay rotes Bete awr wan srzcttred by tris Motlgagc. Leader i prbr to acedtrstloe srttN mail ratke to Borrower as provided In ~aragrsplr 14 recsot sptcUrr~g: (1) the breatr; (21 ere sxtioa ( required to setae such breast; (3) a data rat less thin 30 days trorw ere dstc ere aotke i. twaNcd to borrower. br wrkr stnclt brescr most be cared; stag (4) trot faUare to can socr breast on or bdore ere date getified h ire .once stsr resole i. a acceleration of ere wttlr sectored br tri: MorljsRe. toreclosare br judkW proeeedht j sad sale of ere rroperly. 'ilte notice stall fertrer intone borrower of ere rijM to rclastrtte deer accekratloa and the titre fo assert is ere toreclosart proeeeig ere aoa-exkletnce of a dtfaak or gar otter defense of borrower to accekrstba sad toreclowre. N the breast fs aof esrr<d a T or before the Bette specified i• ere wotice. Lender at Lender's opts star declare d o1 ere rotes seared br trfa Mortgsgt tbo be irearediatelr dtle sad prabk witroat ttlrther demand and mar foreclose frets Mortgage rr pdicial proeeediag. Lender srW be eaNtkd fo to0act is stncr proceeding aN expenses of /oreclosare. hxladiag~ btM sot Yraittd b. reasottarit irt.,rneY's fees. sad costs of docr:~eentarr evidetoce. sbstract and title report. a 19. bonown's Rijn to Reinstate. Notwithstanding Lenders acceleration of the sums secured by ihts Mortjaje, ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time dr,OK PAGE ~•3 y ~Y~j ~ r~ I'