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HomeMy WebLinkAbout0927 I_e~der i written agreement or applicable lavv. Borrower shall pay Ihe amount of all mortgage insurance prcmiums in the manner provideJ under parag~aph 2 hereof. - Any amounls dishursed by I.enJer purcuant to this parag~aph 7, with ~ntercst thtreon, shall become additional inJchtednesc ot Borrawer secured by ~his Mongage. Unletc BarraNer and l.ender agree to other terms ot payment, such amountc chall he payahle upon notire from I.ender to Aorrowrr reyuet~ing payment thercof: and shall bear inlerest from the da~e of disbu~sement at thc ~atc payable trom time to time on ou~standing principal under the Note unless payment of i~terest at such rate would be rnMrary ~o applicable law~, i~ which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in thic paragraph 7 shall require l.ender to incur any expense or take any action hereunder. 8. Inspectlon. I ender may make or rause m F~e made rea~onahle en~riec u~n and inspectionc of the Properly, provided thrl Lender chall give Borrower notire prior to any ~urh inspection ~Ex;cifying reasonable cause therefor related to Lender's ~ntcrctt in Ihc Property. . 9. Condemoatioo. The pnxeede of any aw•ard or rlaim far damaees, direc~ or rnncequential, in connection with any ~ondemnation or other takinR of ~he Property, or part thereof, or for conveyance in lieu of condemnation, are hercby assigned and ~h~ll I+r paid to I.endcr. In the evenl of a total ~aking of the Propcrly, thc pnkceds chall t~c applied to ~he ~ums secored by Ihis Mortgflae. with the crcecs. if any. paid to BormWer In ~hc c~•cnt of ~ partial taking of the Properly, unless Borrower and Len~+er niherNi~ agree in writin~. there sh~ll be applied to ~he .umc cecureJ hy this Mortgage ~uch proportion of the procetds as ic equal to that pr.~Ex~nion which the amount o( Ihe sum~ ,ecured hy this Mortgage immediately prior to the date t~f taking hears ro the fair market valoc of the Propcrh• immediately~ pri~r to thc date of taking, with the balance af Ihe proceeds p~id In Borrower. If the Properly ic abandoned b~~ Borrow•cr. ~r if. aher nMice hv I ender to Bo~mwer that ~he condemnor ofiers to make an aH~ard ~~r ,etlle a claim for damnge,. B~rrower faih ~o re,pond Ic? Lender within 30 days after the date such notice is mailed. 1_ender ic authoriTed to cellec~ and apph• the prckeeds. at I.ender'c option. either to resroration or rcpair of the Propcrl}' or lo thc sum~ ~ccurcd hy Ihis Mor~gagc. Unles~ Lender and Borrower otherw•ise agree in Hritine. an~• such application of procecdc to principa) shall not extend ~~r ~.~ipone thc due J:~te of the monthl~~ inslallments referrcd to in paragraphs 1 and 2 hereof or change the amount of ~uch ~nstallmentc. 10. Borrower Not Released. F.xtension of the ~ime f~~r payment or modification of amorlization of Ihe sums secured hy thie M~~rtFage graMed by Lender to an}• cuccec~ar in interetit of Borrower thall not operate to rtleas~, in any manner. thr liah~li~~~ ~~f ~hc oriqinal Borrowcr and B~•rrowcr'~ succcstorc in interes~. l.ender shall not he required to commence proc~eJing~ again~t wch siiccecsor or retuce to e+ctend time for payment or otherwice modify amortization of the sums .e: ured h~ thie Mortgage h~• reation of an}~ demand made b~~ the orieinal Bormwer and Borrower s succescors in inter~st. 11. Forbearance by I.ender Not a Wai~•e~. Any i~rhearance h~~ Lcnder in eYercising any right or remedy hereunder, or ~~~herwi~e afTarded hp applicable law. shall not t~e a waiver of or preclude the exercise of any such right or remedy. Th~ procurement of insurance or the payment of tare~ or othcr liens or charges by I.ender tihall not he a waiver of I.ender's right t~~ accclcratc Ihe maturi~y of lhc indeb~cdnc~s urured hy Ihi~ Mortgage. 12. Remedies Cumulati~~e. All remeelies prmidcd in this Alorigage are distinct and cumolative to any other right or rrmeJ~• ~inder Ihis MortRagr or afiardeJ hy law ~~r equit}•. :~nd ma}• be ererciced rnncurrently, independently c~r successively. 13. Succ~ssorc and Assi~ns Bound: Joint ~nd Se~eral I.iabilifr; Captions. The covenants and agreements herein ~ontained ~hall hind, and thc riRhtc hereunder shall inure to. thc rc~pective succe~~ort and assigns of I_ender and Borrower. .ubjrct to the provi~ion~ c.( paragraph 17 hereo(. All co~'rn~nts anJ agreement~ of Borrower ~hall be jc.iM and several. The raptiunti anJ heading~ of the paragraph~ of thic Mortg~gr are for rnnvenience only and are not to be used to inlerpret or define the provicic~ns he~eof. 14. ~otice. Except for any notice reyuired under applicable law to be given in another manner. (a) any notice to Burru~er preivided for in ~hic Mortgage thall he giv~n h~• m~iling wch notice by certified mail addresced to Borrower at the Propert}• AJdress c,r at wch uther addre.ti as B~~rr~~wer ma~~ de~ignate by notice to I e~der as provided herein, and Ih) am notice ro I.ender thall he gi~en b~• cerlified mail. ret~irn rece~pt reque~ted. ~0 1 enderc address stated herein or to wch ~~~her addres~ 1_endcr ma}• drsignate b~• n~tire t~~ B~rmwcr as pro~•ided herein. Any notice provided for in this ~tungagc shall hc deem~d to ha~c ~en gi~•en to B~rrower or 1 rnder'when grven in the manner designated herein. 15. t'niform ;11orfRa~e; Go~~ernin~ I.aw; Se.•erabilih. Thi~ (~um of mortgage comhines uniform covenants for national utie and n~~n-unif~~rm c~~~~enantc Hith Iimi~eJ ~•ariation~ M ~unuhctic.n t~ constitute a uniform securit}• instrument covering real pmpert~~. Thiti !ltortgage Shal) tx guvernrd h~ the law ~f the juri~Jictic.n in w•hich the Property~ ic located. ln the i ~vent iha~ an~~ provisi~~n ~~r clau~e e~( thic Mortgage ~~r ~he \ute c~nflict~ uith applicable law, such conflict shall not affecl I ~~Iher pm~nionti of Ihit 111or[gage ur ~hc N~te Hh~nc ~,in Ixx giv~n efFert withnu~ the conflicting provicion, and to this ; end Ihe pruvitiionc of the Mortgage and th~ tiotr are ~lrclared ti~ he tieverahle. ` 16. Borrower's Cop~•. Borro..cr ShaU be ftirni.hed a ~i~nf~~rmed cop~~ of thc Notc and of thic blortgage at the time uf e~ecution nr after recordation hereof. ~ 17. Transfer of the Propert~; Acsumption. If :~U i~r an~ pert of the Pmperty or an interest therein ic sold or transferred hy Borrowrr Nithout I_ender's pn~r ~rilten c~~naent. e~rludfng fal thr rreation of a lien or encumbrance subordinate to ~ thi~ Mortgage. Ib) the creation ~f a purchaK mone}~ ~ecurit~ in.terest for household appliances. (cl a transfer by deviu, j de~cent ~r by operation of law upon the Jeath ~•f a jaint tcnant or (d? the grant of any Icasehold interest of three years or less ~ not rnntaining an oplion t~? purchase. Lender may, at Lcnder'~ ~~pt~on. declare all the cumc secured by this Mortgage to be _ ~mmediately~ due and payable. Lrnder chall ha~e waived wch option tc accelerate if, prior to thr ~ale or transfer, Lender f ~ anJ the per~on to w•hom the Proper~y ic to be sold or transferred reach agreement in writing ~hat the credit of such person ~ ic saticfactor} to I.ender ~ ' s~-reqvcst. If Lender has w~aived the option tn acc.lerate provided in this paragraph 17, and if Borrower's successor in ~ ~nterest ha~ executed a written assumption agreement accepted in wriUng by i_Fnder. Lender shall release Borrower from all g obligations unJer this Mortgage and the Note. ~ If I_e~der exercisec ~uch option to accelerate. LenJer ,hall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such nolice shall provide a pericxi ~•f not lesc than i0 days from the date the notice is mailed within ~ which Borrower ma~~ pay the wms declared due. if Borrower (ail~ to paq such ~ums prior to the expiration of such period, ~ LenJer may. w~thout further nrn~cc ~r dcmand c~n Hormw•er. ~m~oke an} rcmedies permrtted by paragraph 18 hereof. ~ No!~-I~NIFORM COVFNAPiTS Borrower and I.ender further covenant and agree as follows: . ~ 18. Accderation; Remedies. F.xcept aS pro.ided in paraRraph 17 hertof~ upon Borrowe~'s bnach of any covenanf or t agreement of Borrower in this M1iortga~e, includinR the co~enants to pay when due any sums secured by thLs Mortgaat, Leedtr ~ prior to accelerolion shall mai! notice to $orrower u provided in paragraph 14 hereof specifying: (1) the bresch; (2) tbe action ~ required fo cure such breach: (3) a date. not less Ihan 30 days trom the date the notice is mailed fo Borrower. by whk6 suc6 , breach must be cured; and (4) that failure to cun such breach on or beforc the date speci6ed i~ the notke may resnlf ia ~ accclention of the sums secured by Ihis ~lortgage. forcclosure by judiclal proceeding and sale of the Property. The notice ' shall further inform Borrower of the ri~h1 to reinslate after acceleration and the righl to acsert in the foreclosure proctedina j the non-existence of a default or any other defense of Borrower fo scceleration and foreclosute. lf tl~e breach is not cnred on ~ or before 1he date specified in the notice. Lender al I.ender's option may declue all of the sums secured by this Mortaa`e to be ~ immediately due and payable without furiher demand and may foreclose th[s Mortgagt by judicial proceedfn`. Lender shall be entitled to collect in such proceeding all expeases of foreciosure, including. but not limlted to, reasonable attornep's fees, ~ and cosfs ot documentary evidence. abstrac~s and litk reports. ~ 19. Borrower's RiRhl to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by [.ender to enforce this Mortgage discontinued at any time Addtndu~ to Paragrap~ 15. The state and local laws applicable to this mortgage shall be the laas of the jurisdiction in which the property is located. The toregoing sentence shall not limit the applicability of tederal law to this mortgage. BOr''K ~'~6'f ~ I ~ - ~ ~ . .