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HomeMy WebLinkAbout0807 J J ~ t lenders written agtoetrtent or applicable law. Botrb~lt~iihaU pay the amount of all mortgsge insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. shall becara additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other tents of payment. such amounts shall be payable upon notice from Y.ender to Borrower requesting payment thereof, and shall bear interest from tha date of disbursemrnt at the rate payable from time to time on outstanding principal under the Note unless psjiment 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 ar take any action hereunder. s. taspectiow. i.ender msy make or cause to be made reasonable entries upon and inspeetions of the Property. provided that Lender shall give Borrower ndice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. CosdesrwNbw. The proceeds of any award or claim for damages, direct or cotrsequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. an 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 evrnt of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall bt applied to the sums sccrrrcd by this Mortgage such proportion of the proceeds as is egwl 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 Property immediatety prior to the date of taking, with the balance of the proceeds - paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor oRers to make an award or settle a claim for damages. Borrower fails to respond to lender within 30 days after ~ihe date such ttotioe 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 writing, any such application of proceeds to principal shall rat extend or postpone the due date of the monthly installmrnts referred to in paragraphs 1 and 2 hereof or change the amount of such installments. Somower Not Reka+cd. Fattension of the time for payment or modification of amortization of the sums secured by this Mortgage snaked 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 interr;.st. Lender shall not be roquired to tommenoe prooeedmgs 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 strecessors in interest. ll. Forrearawee ry iewier Nat a Waiver Any forbearance by Lender in exercising any right or remody lteretmder, a other rise 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 fender's .right to accekratc the maturity of the indebtedness secured by this Mortgage. lt. Ressedies (.`swsrutlvrR. 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 exercised concurrently, independently or successively. ' 13. Ssccewon sad AsstRws Sound: Joint srrtl Seveal ibbiWy; Cspfloss. 'Itse covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender apd Borrower. wbject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and stweral. The options' and headings of the paragraphs of this Mortgage arc for convenience only and are not to lie used to interpret or define the provisions hereof. i4. Notke. 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 be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such abet address as Borrower may 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 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. Usitotns Mort~e: Governitge Law: Severability. This form of mortgage combines uniform covenants for national use and rson-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 rnnflicts with applicable law. such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provisan. and to this end the provisions of the Mortgage and the Note are declared to be severable. lf. Sorsr?wers 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..'I~swster of the )rropesty: Asarrmptios. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate 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 (d) the grant of any leasehold inter+txt of three yban 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 sold or transferred reach agreement in writing that the credit of wch person is satisfactory to Lender and that the inten~ct payable on the sums secured by this Mortgage shall bt at such rate as Lender alkali request. if Lender has waived the opion to accelerate provided in this paragraph 17. and if Bomowe~ s successor in interat has executed a written assumption agreement accepted in writing by Lender. Lender Shan release Borrower tram all obli>ations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekntion in accordan~ti v?•ith paragraph 14 hereof. Such notice shall Provide a Period of not less than 30 days from the date the notice a mailed within which Borrower may pay the wens declared due. if Borrower fails to pay such wens prior to the expiation of such period. Lender Wray. without further ratite or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. Notn•Ut+tt7ottat Covtatuarrrs. Borrower and Lender further covenant and agree as fdbws: ifi. Aecderatiowi Rawetiies. Except ss provNti is paragraph 19 resssf. trpoa Sosrswes'a rseaer st awy cevessrtt K atgrsewewt of Ssrr~ower f• Iris Msrt;sge. iwcwisg tic coresssts to pay crew ~e asty saws stxssei y tris 1MaslRage. Levier • sprbr N aceereratlN sri saY wotice N Sorrswer as prtrn~Md M pmagraplr 11 rercot speelfyiags (1) ire kseaelr; (tl ere setiew trp¦fseti M tssse wet 6seaelrt (3) a dale. rat less tree 31 days tress ere fats t>,e wefke r waittl N Sarra+rer. r!' wllki after rreaer ~ re eslre~ awtl to flat tsi>trre w care went rtreacr e+w ar trefore flit date apecffiati b the wotiet say rssaN f• scederatlsw st fire wtr setwei y this Mortgage. fiKClowtre y }dieiai precuiiag swtl sale of tre tsoperly. '11rc wotke sW ttrarier isferar Sorsrrwer a< ere sylM N seiwstate after sec^eleratioa awd fire rfgft N areA M fire tes+seiw~e proeeeitrg ere sos-edilaoce et a detsslt or awl firer ietesse col Sotrrswer N sccekrafierr arri toreeionrre• It Ae MeacM Is trek easatl ear or idsre ere dale spseiisi i• ere wotke. Lewder st I.estler's optisw say reelste aB at ere twws ssesreti rj Ale Msstpfpe N k irre atsi paysMe witrart ttrrtlrcr iessasd and rosy t«eciae kris Mestrags b ~W prseaeistt. Lender droll rc tsRWsi N e~siset V wet proteeiisL ai espesaes of foreclostne. rrclsiis`. rat wstl iwitei N. sreassrable sdtwweYs fees. W ossfs a[ isea'swwtarp eriiewee. aMttraets asi tide rc/erb. if. Ssssowa's RIgM N Reisstata NotwittntandinE Lender's aceekntion of the sums sectrrod by thr_ Mortgage. ~ Borrower shall bave the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ B00lI PEE - _ ~3 -