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HomeMy WebLinkAbout1171, i ' • ~ ,~ +1)~l ~1~ l Lenders wnlten agreement or applicable law. Borrower shall pay the amounl ot all mortgage insurance premi s~ n the ~~~~ ~ r~~ ~ manner provided under paragraph 2 hereot. Any amounts disbursed by Lender pursuant to this paragraph 7, with ~nterest Ihereon, shall become add~tio~al -ndebtedness of Borrower secured by this Mortgage. Unless Bor~owe~ and Lender agree to olher terms of payment, such amounts shall be payable upon notice irom Lender to 8orrower requesting payment thereoi, and sha11 bear lnterest irom the date ot disbursemenl at the rate payabte t~om time to time on outstanding principal under the Note unless paymenl ot ~nterest ai such rate would be cont~ary to applicable law, in which event such amounts shall bear ~nterest at the h~ghest rate perm~ssible u~der applicable law. Nothing contained ~n this paragraph 7 shall ~eqwre Lender to incur any expense or take any action hereunder. 8. Insp~ctlon. lender may make or cause to be made reasonable ent-ies upon and inspect~ons ot the Property, providad that Lender shall give Borrower notice pnor to any such ~nspection specifying reasonable cause theretor re~ated to Lende-'s interest in the Propehy. ~. Cond~mnstlo~. The proceeds of anyaward orclaim lordamages. d~rect or consequential, m connection w~th any condemnation or other tak~ng ot the Properry, or part thereot, or for conveyance in lieu ot condemnaLOn, hereby ass~gned and sna11 be paid to Lender. In the eve~t of a total takfng ot the Properly, the proceeds shall be appi~ed to the sums secured by this Mortgage. with the excess, it any paid to 6orrower. In the event ot a partial tak~ng o1 the Property unless Borrower and Lender otherwise agree in writing, there shall be appl~ed to the sums secu~ed by this Morigage such proportion of the proceeds as is equal to that proport~on which the amount ot the ~ums secured by this Mortgage immediately prior to the date ot taking bears to the tair marlcet value of the Property immediately prior to the date of taking, w~th the balance of the proceeds paid to the Borrower. If the Property is abandoned by Borrower, or if, after notice by lender to Bor~ower that Ihe condemnor ofters to make an award or settle a claim for damages. Borrower fails to respond to Lender withm 30 days alter Ihe date such notice ~s mailed, lender is authorized lo collect and apply the proceeds, a1 Lender s option, e~ther to restoration or repair ot the Property or to the sums secured by this Mortgage. Unless Lender and Borrower othervvise agree in writing, any such appt~cat~~n of proceeds to pnncipal shall not extend or postpone the due date of the monthly installments reterred to in paragraphs 1 and 2 hereot or change the amount of such installments. . 1 O. Borrow~r Not R~Isassd. Extension o! the time for payment or moditication of amortizat~on ot the sums secured by th~s Mortgage granted by Lender to any successor in interest ot Borrower sha11 not operate to release. ~n any manner. the I~ab~lity ot the original Borrower and Borrowers successors ~n interest. Lender shall not be required to commence p-oceedings againsi such success~r or ~efuse to extend time for payment or othennr~se modify amortization ol the sums secured by this Mortgage by reason of any demand made by the onginal Borrower and Borrowers successors ~n interest. 11. Forbsarance by Lendsr Not a Walv~r. Any forbearance by Lender ~n exercising any right or remedy hereunder. or otherwise attorded by appticable Iaw, shall not be a waiver ot or preclude the exerc~se of any suct~ r~ght or remedy. The procurement of insu~ance or the payment ot taxes or other I~ens or charges by Lender shall not be a waiver ot L~nders nght to accelerate the maturity of the indebtedness secured by this Mortgage~ 12. R~msdles Cumutatlve. AII 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. ~ndependently or successively. 13. Successon and Assigns Bound; Joint and Ssversl Uabllity; 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, sub~ect to Ihe prov~sions oi paragraph 17 hereof All covenants and agreements of Borrower shall be ~o~nt and several. The caplions and headings of the paragraphs of th~s M~rtgage are for coven~ence onfy and are not to be used to mterpret or detine the prov~sions hereof. 14. Notic~. Except tor any notice requ~red under appl~cable law to be g~ven m another manner. (a- any notice to Borrower provided for in this Mortgage shatl be g~ven by ma~ling such not~ce by certlfied mail addressed to Borrower at the Property Address or at such other address as 6orrower may designate by not~ce to lender as provided here~n. and (b) any notice to Lender shall be giyen by certified mail, return receipt requested, to Lende~s address stated here~n or to such other address.as Lender may designate by notice to Borrower as prov~ded here~~. Any notice provided tor ~n th~s Mortgage shall be deemed to nave been given to Borrower or Lender when g~ven m the manner designated here~n. 15. Unifonn Mortgag~; Govsrning Law; Ssvsrability. Th~s form of mortgage combines un~form covenanls for nat~onel use and no~runf(orm covenanls with I~m~ted vanahons by ~ur~sd~cUOn to const~tute a un~form secur~ty ~nstrument covenng real property. The state and locat laws appl~cable to th~s Mortgage shal- be ihe taws ot the {unsd~cUOn m wh~ch the Property ~s located. The torego~ng sentence shatl not I~m~t ihe appl~cab~l~ty of tederal law to th~s mortgage In the event that any prov~sson or clause of th~s Mortgage or the Note contl~cts w~th appl~cahte ~aw. such conthct shall not atfect other prov~s~ons of this Mortgaye or the Note wh~ch can be gwen etfect w~thout the cemthct~ng prows~on. ancf to th~s enc; 1he prov~s~ons ot the Mortgage and the Note are .yecia-ed to be severabie 16. Bonowsrs COpy. Borrower shall be furn~shed a conformed copy of the Note and of Ihis Mortgage at the t~me of execution or after recordation hereot. 17. Transf~rof ths Prop~rty; Assumption. If all or any part of the Property or an mterest there~n ~s sold or transferred by Borrower without Lenders prior writteR consen~ exclud~ng ~a) the creat~on of a I~en or encumbrance subord~nate to th~s Mortgage. (b) the creation ot a purchase money secunry interest for household appliances. (c) a transter by devise. descent or by operation ot law upon the death o1 a ~oint tenant or (d) the grant ot any ieasehold ~nterest of three years or less not containing an oplion to purchase. Lender may, at Lende~s option, declare all the sums secured by this Mortgage to be ~mmediately due and payable. Lender shall have waived such option to accelerate ~f pnor to the sale or lransfer. Lender and the person to whom the Property is to be sold or transterred reach agreement m wr~t~ng that the cred~t of such person ~s sat~sfactory to Lender and that the inte~est payable on the sums secured by thls Mortgage sha~I be at such rate as Lender shall request. If lender has wa~ved the option to acceferate prov~ded in this paragraph 17. and it Borrower's successor in ~nterest has executed a wrrtten assumpt~on agreement accepted m writing by Lender. Lender shall release Borrower from alt obligations under this Mortgage and the Nate. If ~ender exercises such option to accelerate. Lende~ shall ma~l Borrower notice ot accelerat~on in accordance w~th paragraph 14 hereot_ Such notice shall prov~de a penod of not less that 30 days from the date the notice ~s mailed within which Borrower may pay lhe sums declared due. It Borrower fails to pay such sums pnor to the exp~rat~on ~f such penod. Lender may, without further notice or demand on Borrower. invoke any remedies perrtutted by paragraph 18 hereot. NON-UNIFORM COVENANTS. Borrower and Lender turther covenant and agree as follows: ~ 18. Accslsrstlon; R~m~dlss. Except a~ provld~d In para~nph 17 her~of. upon Borrowers breach of any covenant or a~rssment of Borrower (n thls Mort~a~~~ includln~ th~ cov~nants to psy wh~n due any sums secured by thls Mort~a~s~ L~nd~r prlor to accet~rstlon shall msil notice to Bo-row~r as provtded In psa~nph 14 hereof spscffytn~: (1) th~ brsach; (Z) the action nquirsd to cun such bresch; (3) a date, not I~ss than 30 dsys from the date the notlc~ Is malled to BoROwsr, by which wch bnach must bo cund; and (4) thsttallursto cure such bresch on or befors the date speclit~d In th~ notlcs may r~sult in accsleration ot ths sums secund by this Mort~s~e, foreclosurs by judlctal proc~sdin~ and sal~ of th~ Prop~rty. Th~ nottc~ shall further intorm Borrow~rof ths rlght to reinstate aReracc~l~ntlon and the rl~ht to ass~rt In th~ for~closun proc~dlnq ths non-~xlste~ce of a default or any other d~fsns~ of 6oROwer to scc~l~rstlon and fonclosun. It th~ broach is not curod on or bsfon the dats speclfled In th~ notlce, L.~nd~~ at L~ndera optlon m~y d~clsro all of th~ sums Hcured by thls Mortya~e to be immedlatety du~ snd payabt~ without fu~thsr demand and may foncloss this Mort~a~s by judlclal proceedin~. Lender shsll b~ entitled ta collsct in such procNdln~ all ~xpensss oi foreclosure, lnctuding, but not Ilmited to, ressonsble attomeys tses, snd cosU of docum~ntary evldence, abstracts and title ~~ports. 19. BoROw~r's Rl~ht to Relnstats. tJotwithstanding Lender s accelerat~on of the sums Secured by th~s Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enlorce th~s Mohgage d~scont~nued at any t~me 8~~~m~c34~ Par,Ei1~~ ~.:~::v::s~