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HomeMy WebLinkAbout0608 y.:t1. ~ ~ l.TI:E Lenders written agreement or applicable law. Borrower shall pay the amount of all h~~lr~l~insuranc~liums ~n the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of d~sbu?sement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender.to incur any expense or take any action hereunder. 8. Inspection. 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 causetherefor related to Lenders interest in the Property. 9. Condemnstlon. The proceeds of any award orclaim for damages, direct or consequential, in connection with any condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, hereby assigned and shall be paid to Lender. In the eyent of a total taking of the Property, the proceeds shall be applied to the sums secure:I by this Mortgage. with the excess, if any paid to Borrower. In the event of a partial taking of the Property unless Borrower and Lender othennase agree in writing, there shall be applied to the sums secured by this (Mortgage ~uch~roportioq ot;the proceeds as is equal to that proportion which the amount of the sums secured b~ 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 the Borrower. If the Property ~s 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 tads to respond to Lender within 30 days after the date such nonce ~s mailed. Lender is authorized to collect and apply the proceeds, at lenders option, either to restoration or repair of the 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 of such installments. 1 O. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by LPnrfer t~ any suCGPSSnr in interest of Borrower shall not operate to retease_ in any manner. the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time.ior payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the origins! Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. 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 lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. Atl 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 exercised concurrently, independently or successively. 13. Successors end Assigns Bound; Joint and Sevsrol Liability; Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be lo,nt and several The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any nonce required under applicable law to be given in another manner, tat any notice to Borrower provided for in this Mortgage shall be given by matting such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may gesignate.by notice to Lender as provided herein. and Ibl any notice to Lender shaft 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 Lender when given in the manner designated herein. 15. Uniform Mortgage; Covsming Law; Severablllty.-This Corm of mortgage combines uniform covenants for national use and non-uniform covenants w+th limited variations by lu~istJict~onto constitute a undorm.security instrument covering real property The state and focal taws applicable to this Mortgage shal? be the laws of the jurisdiction in tivhich the Property +s located The foregoing sentence shall not limit the applicability of federal law to this mortgage In the event chat any provision or cause of this Mortgage or the Note conflicts with applicable law. such contiict shall not affect other provisiGns of this Mortgage or thc? Note which can he given effect without the conflicting provis+nn and t~ lnis end the provisions of the Mrrtgage and the Note are decared to be severable 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time i of execution or after recordation hereof. 17. Transfer of the Property; Assumption. It alt or any part of the Property or an interest therein is sold or transferred { by Borrower without Lenders prior written consent, excluding la) the creation of a lien or encumbrance subordinate to t th+s Mortgage. tb) the creation of a purchase money security interest for household appliances. lc) a transfer by devise. € descent or by operation of law upon the death of a point tenant or(d) the grant of any leasehold interest of three years or less I no[ containing an option to purchase. Lender may, at Lender's option, declare all the sums secured by this Mortgage to be t 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 solo or transferred reach agreement in writing that the credit of sucn 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. If 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 retease Borrowerfrom all obligations under this Mortgage and the Note. If I ender exercises such option to arcP!erate. Lender sha!1 mat! Borrower notice o! acceleration ir? accordance with j paragraph 14 hereof. Such notice shall provide a period o1 not less that 30 days from the date the police is mailed within .which Borrower may pay the sums declared due. If Borrower fads io pay such~ims prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided In paragraph 17 heroof, upon Borrowers breach of any 3 covenant or agreement of Borrower In this Mortgagfa, including the covenants to pay when due any sums secured r by this Mortgage, Lender prior to acceleration shall mall notice to Borrower ss provided In paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice Is mailed to Borrower, by which such breach must be cured; and (4) thatfafluro to cure such breach on or before the date specified in the notice may result In acceleration of th• sums secured by this Mortgage, foreclosure byJud(clsl proceeding and sale of the Property. The notice shall furtherinform BOrrowerof the rightto reinstate after acceleration and the right to assert In the foroclosure proceeding the non-sxisbnce of a default or any 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 Lenders option may declare all of the sums securod by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judtcfsl 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. 19. Borrower's Right to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. Borrower shat! nave the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time .~3z P~ X07 -