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HomeMy WebLinkAbout0826 ~~1 I.endci i written agreement or applicable law. Borrower shall pay the amount of all mong~geihsurance premiums in the manner provided under paragraph 2 hereof. Any amounts dishurscd by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of BorA,wer secured by thie Mortgage. Unless Borrawcr'and Lender agree to other terms of payment, such amounts shall ht: payable upon notice from I.cnder to Borrower reytrestinR payment thereof, and shall bear interest from the date of disbursement 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 vchish event,~uch amounts shall bear interest at the highest rate permissible under applicable law.'Nothing contained in this paragraph 7 shall require I:ender to incur-any expense or take any action hereunder, S. Irsspeetlow. iendef 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 spexifying reasonable cause therefor related to Lender's interest in ihaProperty: 9. Cowdewtwwt{bw.' The'p~ocleds of any award or claim for damages, direct or oonsequentiai. in eonnot:tion with any ' condemn:lion or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby at~wed and shall be paid to ~Qe~ s' ~ • ~ `t'"' In the event of a [otal`ta~Cirig 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 Lewder otherwise agree In writing. there shall be applied to the sums secured by this Mongage such proportion of the prooeods as is equal to' that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Propcny immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Harrower, or if. after notice by i_ender to Borrower that the condemnor oRea to make an award or settle a claim For damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the 1?ropeny or to the sums sccurM 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. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mongage granted by I-ender to any successor in interest of Borrower xhall not operate to release, in any manner. the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commenrx proceedings against such successor or refuse to extend tirrte for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. ~ 11. Forbearawee 6y Lewder Not w R?airer. 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 insurancepr the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to accek[ate the matunty of the indebtedness secured by this Mortgage. 12. Renxdks CwarahNire. All remedies provided in this Mongage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independentlg or successively. 13. Swccessors awd Asaigws Found; .7oiwt awd Screral i.iabiiNy; Captbns. The rnvenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender aad 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 Mongage are for convenience only and ar+e not to be used to interpret or define the provisions hereof. 11. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall bt given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dhcr address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall he given by cenificd mail. return 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. 1S. Uwifonw 1Nortgsge; Gorerniwg Law; Severabitity. This form of mortgagt combines uniform rnvenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity instrument covering real properly. This Mortgage shall k governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mongage or the Note conflicts with appticabk law, such conflict shall not afftd 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. )1orrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Trwwsfer of fire Property; Asaumptiow. if a!I or any part of the Properly or an interest therein is sold or transferred by Borrower without Lender's prior writrrn consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d1 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 dire and payable. Lender shall have waived such option to accelerate if, prior to the tale or transfer. Lender and the person to whom the Property is t~~ be colt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and_that the interest Fayable on the sums secured by this Mongage shall be at such rate ac Lender shall rcgttest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumprion agreement accepted in writing by Lander, Lender shall release Borrower from all obligations under this Mongage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance v?ith paragraph i4 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 t,.xlared due. If Borrower fails to pay such sums prior to the expiration of such period, - Lender may, without funher notice or demand on Ibrrower. invoke any remedies permitted by paragraph Ifi hereof. Nor+-UNIFORM CovENANTS. Borrower and Lender funkier covenant and agree ss follows: - lfl. Acceleratioe; Remedies. Except m provided iw parttiraph 17 hereof, wpow fiorrowes's brrcwch of awy eorrewawt or agreement of dorrowtr Iw this MorfgsRe, iwcluding ibe corewaats to pr whew awe swr swwrs sscwred by tbk MortRaRe, Lswder prior to sctekrwtiow shall mail wotke to >sorrowcr as provided iw paragrnph 11 hereof spetitriwg: (1) the beeacb: 121 the setiow rcgwired to ewre strcb breach; (3) a date, woe less thaw 30 days iroat the date the wotice is mailed to Borrower, br wbkh arch bttesch trawN be cwred; awd (4) that tailwtt to cwt stscb breach ow or before fbe date sptcifled iw the wotke mar reswM in secderaKow of the cams accrued by this Mortgage. /atclaswrt by jwdicisl proctedlwg ani sale of the Property. The wotke - . sbsR fwrtber iwforwt )dorrower of the rigb/ to reiwshte after accekrNiow aura the right b aaoert h the forteleswre poceedLtg tbt: now-existewce of a detawN or awy other defense of Borrower to wccelcratiow awrl tertelostrre. It the 6rewcb is woe etwtd ow or before the date specified in the notice. Lender at I.ewders optiow ttsnr.declart aB of tbt sitraas stetrrt! d!' this MortgaRt b be imtwcdiatclr due and parable without further demand and Tway tomlose tb4 Mortsage ?y jtrdiehl proceedfwR. t.ende?•sbaN be entitled to coBeet b strxb proceednwg aft a:pewees of /orecloswrt. bxlwdiag, bwt woe liinritd ta, aasowable atl•.reey's fees, arsd costs of docwwentary e•idence, sbstrscts and silk reports. 19. llorrower's Right to Reiwstate. Notwithstanding Lenders acceleration of the sums secured by this Mongage. Borrower shall have the right to have any procecd~ncc hr}~in by Lender to enforce this Mortgage discontinued at any time 8f,~~K~•.)5 PAGE G1~5 ~ ~ y.~ - _ _