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HomeMy WebLinkAbout1203 ~~'?~ic''~ '~"4~~ i I_cndr~ s written agnwmcnt or applicahk law. &trrowcr shall pay the amount of all murtgabe insurance premiums in the manner provided under paragraph 2 hereof. An)• amounts disbursed by Lender pursuant to this paragraph 7, with intrrcct thereon, shall become additional indrh?ednrsc of Borrower secured by this Mortgage. l.'nlecc Bormwcr and Lender agnY; to other terms of payment. such amounts shall he pa}•ahlc ulx~n nt?tice from Lender to Bormwcr rcyuccting payment thereof. anJ shall hear interest from the date of dichursrment at the rate payable from time to time nn outstanding principal under the Note unless payment of interest at such rate would he contran• to applic;ahle law, in which event each amounts shall hear interest at the highest raft permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take any action hereunder. f3. Inspection. 1_ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall gist Borrower n~dice prior to any such inspection specifying reasonable cause therefor related to sender's interest in the Property. 9. Condemnation. The pnceedc of any award or claim far 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, arc hereby assigned and shall be paid to I.cnder. In the event of a total taking of the Properly. the proceeds shall he applied to the came secured by this Mortgage. with the excess, if any, paid to-Borrower. In the event of a partial taking of the Property. ttnlrcc Bormwcr and i_endcr otherwise agree in writing. (here shall he applied to the cams secure) by Chic Mortgage such pro rt', ~ t~ proceeds as is equal to that proportion tc•hich the amount of the sums secured by this Mortgage immediateh ~p~r t6 thh date of taking hears 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 Prope»y is abandoned by Borrower, or if. after notice by Lender to Bormwcr that the condemnor offers to make an award or settle a claim for damagrc. Borrower fails to respond te. Lender within i0 days after the date each notice is mailed. Ixnder is authorized to collect and apply the proceeds. at lender i option. either to restoration or ~rcpair of the Proprrt)• or to the sums sccttnY! b)• this Mortgage. , Unless [_ender and Bormwcr otherwise agree in writittc, an}• such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and ~ hereof or change the amount of such installments. 10. Borro~!rer 1Vof -Released. Extension of the time far pa}•ment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in sneered of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Bc?rmwer c successors in interest. Lender shall not he required to rnmmenee proceedings against such successor or refuse to extend tints for payment or othenvice modify amortization of the sums secured b}• this Mortgage h}• reason of an}• demand made b}• the orieinal Borrower and Borrowers cttccescorc in interest. il. Forbearance by Lender Not a Walter. Am• fonc~arancc h}• lender in exercising am• right or remedy hereunder: or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of an}• such right or remedy. The procurement of insurance or the pa}•ment of taxes or other liens or charges by lender shall not he a w;iivrr of Lender s right to accelerate the maturity of the indebtedness crcttrcd h}• this mortgage. _ 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cttmttlative to an}• ether right or remedy under this Mortgage or afforded by law or rgoity. and may he exercised rnncurrentl}•, independentl}• or succecsiveh~_ 13. Successors and Assigns Bound; loin! and Several Liability; Captions. The covenants and agrrentrnts herein contained shall bind. and the rights hereunder shall inure to, the n-spective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to he need to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Bormwcr provided for in this 1liortgage shall he given by mailing such notice h}• certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate h}• notice to Tender as provided herein. and th) any notice to Lender shall he given by certified mail return receipt requrcted. to lenders address stated herein or to such other address as Lender may designate by notice to Bormv.•rr as provided herein. Any notice provided for in this - Mortgage shall he deemed tq have been given to Borrower or I.rnder c~hrn given in the manner designated herein. 15. Uniform Mortgage: Governing law; Severabilih•. This form of mortga¢e combines uniform covenants for n:+lional ose and non-uniform rnvenaMs with limited variations by jurisdiction to constiurtr a uniform securiry• instrument covering I real propert)•. This Mortgage shall he governed by the law• of the jurisdiction in which the Pmprrt}• is located. In the i event that any provision or clause of this Mortgage or the \otr conflicts with applicable law. such conflict shall not affect k other provisions of this Mortgage or the Notr which can be given ellect without the conflicting provision. and to this end the pmcicionc of the Mortgage and the \otr art declared d? hr cevrrahlr. i 16. Borrower's Copy. Borrower Shall be furnisheJ a conformed copy of the Note and of this Mortgage at the time f of execution or after ntiordation hereof. 17. Transfer of the Proper!}•: Assumption. If all or an}• part of the Property or an interest therein is sold or transferred ' by Borrower without Lender's prior written consent. excluding sal else oration of a lien or encumbrance subordinate to this Mortgage. Ih) the creation of a purchase money security interest for household appliances. (c) a transfer by devise. descent or by operation of la?v upon the death of a joint irnant or (d? the grant of an}• leasehold interest of three years or less not containing an option to purchase. Lender ma}•. at Lrnder'c option. declare all the sums secured by this Mortgage to be immediateh' 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 Proprrt}• is to be sold or transferred reach agreement in writing that the credit of such person is sarisfactor}• to I_endrr and that the interest pa}•ahle 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 Tender, Lender shall release Borrower from all I obligations under this Mortgage and the Notc. 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 i0 days from the date the notice is mailed within which Borrower may pay the sums declared due_ if Borrower taste to pay such sums prior to the expiration of such period. Lender may. without further notice or demand on Bormwcr. invoke any remedies permitted by paragraph if;hereof. ~ Nort-UNIFORM Covt=_Netwrs. Borrower and Lender further covenant and agree as follows: ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any cotrenaat or agreement of Borrower is this Mortgage. including the cotenants to pay when dne any sums scented 6y this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in pattigraph 14 hereof specifying: (1) the breach; (2) the sctioa I required to care snob breach; (3) a date. not kss than 30 days from the date the notice b maned to Borrower, by wbk6 snob breach must be cared; sad (4) that failure to cure snch breach on or before the daft specified is the notke rosy tresdt in - sccekration of t6t snrus scented by this Mortgage. foreclosure by judicial proceeding and sak of the Property. The notice shag further inform Borrower of the right to reinstate after scceleration and the right to assert is the fortcloaure proceedh>s the aoo-a:istence of a defa0k or nay other defense of Borrower to accekration and foreclosure. If the bresch B not cared oa or before the date specified is the notice. Lender at Lender's option may declare a0 of the sums txcutrcd 6y this Mortgage to be immediately due sad payable without fudber demand and may foreclose this Mortgage by judicW proceeding. Lender shall be entitled to collect in such proceeding all a:pettses of foreclosure, including, but not limited to, ttasonabk sttortrey's fen, and costs of documentary erideace, abatracb and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings hr~tun by Lender to enforce this Mortgage discontinued at any time n k ~ P~GE~~ - ~.r~. ~