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HomeMy WebLinkAbout1303l.endcr's writtcn agrcemeot or applicable law. Borrowe~ shail pay the amaunt ot all mortgage insu~ance prcmium: in thc manncr providecl under paragraph 2 hereof. Any amounls disbursed by I.endcr purxuaot to this parag~aph 7, with iMet~est thereon, shall becomc additional inJebtedncss of Borrower sccured by this Mongage. Unless Bor~ow~r and I.enJer agreo to othe~ terms of payment, such amaints shall bc payabk upon notice from 1_cnder ta Borrower rcquecling payment thcrcof, and shall brar intcrest from the date of disbursemenl at thc ratc payabk tmm time ta Iime ao a~tstanding p~incipal unde~ the Note unless payment of interest at such rate would be contrary to applicabk law, in which event such amaunts shall bea~ interest at the highest nte pcrmiuible uodcr applicabk law. Nothing contained in this paragraph 7 shall rcquirc l.ender to incur any expense or take any action hcrcunde~. 8. lnspeetbe. Lender may make or cause to be made reaco~able en~ries upon and inspectians of the Praperty, provided that I.ender shall give Borrowe~ notice p~ior to any xuch inspectian specifying reascmabk cause therefo~ related to I.ea~de~'s interest in the Property. 9. Coadea~natbn. The prciccedc of any award or claim for damaga, direct or consequential, in connection with any candemnation or other taking of ~he Property, or part thercof, or for conveyance in lieu of condemnation, aro hercby assigned anJ shall bc paid to Leodcr. in the eve~t of a total taking af thc Pmperty, the proceeJs shall he applied to the cums secured by thix Mortgage. with the excess, if any, paid to Borrower. in the cvent of a partial taking at the Property, unless Borr~wer and i.endc~ o~henwise agroe in writing, therc shall be applied ta the sums secured by thic Mongage such propoNion of the proceeds as ic equal to that proportion which the amount of the sumc secured by this Mortgagt immediately prior to the date of taking bcars to the tair market valuc of thc Propcrty immediately prior to the Jate of taking, with the balance of the proceeds paid to Bo~rower. ~ If the Property is abandoned by Barrower, or if. a(ler noticc by i.ender to Bormwer ihat the condemoor oRen to make an award or uttle a claim for damages, &~rrower failc to res~nd to I.ender within 30 days after the date such rwtice is mailed. Lender is authorized to collect and apply Ihe proceeJs, at 1_ender's option, either to rcstoration or repair of the Propert~ or to the sums securcd by this Mongage. Unless Lender and Borrower otherwice agree in writing, any such application oi praceeds to principal shall not extend or postpone the due dale of the monthly installmcnts rcferrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borwwe~ Not Rek~sed. Fxtension of the time for payment or modilication of amo~tization of ihe sems secured by this Mortgage granted by i.ender to any succecu~r in interett of Barrower shall not operate to rrkau, in any manner. the liability of the original Borrower and Borrower's successorc in intercst. Lender shall not be -equired to commence proceedings against such successor or rcfuse to exlend time far payment or othervvise modify amortization of the sums secured by this Mortgage by reason of any demand made by the oriqinal Bc~rcower and Bc~rrower s succesu~rx in intercst. 11. Forbearaace by I.eader Not a Wairer. Any fonc~arance by i.ender in erercising any right or rcmedy hercunder, or othervvise aBorded by applicable law, shall not he a waivet of or preclude the exercise of any such right or rcmody. 'R~e procureme~t of insurance or the payment of taxec ~r other liens or charges by I.ender c4~a11 not he a waiver of Ltoder s right to accelerate the maturity of Ihe indehtedness cecured hy Ihis Mortgage. 1Z. Remedks Comulati~e. All remedies provided in this Mortgage are dislinct and cumuiative to any other right or remeJy under this Mortgage or affiorded by law or equi~y, anJ may be exerciseci concurrently. independently or successively. 13. Secctssors and A~es Bouad; Joint Aod Sereral Liability: CspSons. The covenants and agreements hercin cantained shall bind, and ihe rights hercunder shall inure ta. the respective succecsors and assigns of Lender and Borrower. subject to the provisions af paragraph 17 hereof. All covenants and agrcements of Borrower shall be jaint and uveral. The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hercof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided !or in this Mortgage shall he given by mailing such notice by certi(ied mail addres~ed Io Borrower at the Property Address or at such dher addrecs as Borrower may designate by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requected. to I.ender s address stated herein or to such other address as Lender may designate b~• nc~tice to Bormwer as provided hercin. Any notice pmvided for in this Mongage shall be deemed to have bcen givcn to Borrower or t_ender when given in the manner designated herein. IS. UaNorm Mortga~e; Governin~ Iaw; Severability. Thic form of mortgage com6ines uniform covenants for national ` use and non-uniform covenants with limited variations by juriuiiction to constitute a uniform security instn~ment covering real property. 71~is Mortgage shall be governed hy the law of the juritdictian in which the Property is located. in the event that any provision or clause of this Morlgage or the Note conflicts with applicahk law. such conflict shall not affect other pr~visions of this Mortgage or the Note which can be given etTect withoui the conflicting pmvision, and to this end the provisions of the Mortgage and the Note arc declared to he scverable_ 16. dorrower's Copy. Borrower shall be farnished a confonned copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tra~sfer of tbe Prope~ty; Assumption. If all or any pan of the Property or an interest therein is sold or trancferred by Borrower without L.ender's prior written consenl. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money cecurity interest for houxhold appliances, (c) a trans(er b~ aevise; descent or by operation of law upon the cieath of a joint tenant or (d) the grant of a~y leasehold interest of three y_ars or kss not containing an option to purchase, I_ender may. at I_ender's option, declare all the sums secured by this MoRgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfe:. Lender a~d the person to whom the Property is to be so1J or trans(erred reach agreement in writing that the credit of such person is satisfactory to I.ender and that the intere,t payable on the sums secured by this Mortgage shall be at such rate as Lender shall rcquest. Tf I.ender has waived the option t~ accelerate provided in this paragraph 17, and if Borrowers successor in interest has exceuted a written assumption agreement accepted in writing by i_ender, Lender shall rekase Borrower from all obligations uncler this Mortgage and the Note. If Lender exercises such option to accelerate. 1_enekr chall mail BorroN•er notice of acceleration in accordance with paragraph 14 Ixreof. Such notice shall provide a periai of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Rorrower fails to pay such sums prior to the expiratien of such period. I_ender may, without further notice or ckmand on Borrower, invoke any remedia permitted by paragraph 18 hereof. Notv-UNiFOrt~t CovEtverrrs. Borrower and 1_ender further covenant and agree as follows: 18. Accekratbe; Rea~edia. F.icep as provided io parsRnph 17 bereof, opw sorrower's bresc6 of s~y co~e~t or agnement of Somnwer ~ tbh Morlaa~e; iocladi~ t6e rnvenaats to p~y whea due aay wo~s secnred by tl~k Mortsa6e, Leoder prior lo sceeleratbw s6a11 mail aotke to dorrower as provided in parsgrsph 14 bereoE specit}~: (1) ttie brscb: (2) tbe sdios reqnired to core soc6 breacb; (3) a dste, not les than 30 days trom tbe dste tbe notke k maikd to Sorrower, by w6k6 socb brescb mmt be cwred; aed (~) t6d failare lo cure snch bresch o0 or 6etore t6e date speel~ed b t6e sotke .q res~lt i~ accelerstb~ of tie wms secared by t6is Mortss~e, foreclosure by jndictal ~roceedie= asd sale ot the Properly. 7Le aotice shaN furtber iafor~ Eorruwer of tl~e ~ht to rclastate dler secekrstioa and t6e ri`6t to arert i~ ti~e foreciosare p~ocee~~ Ibe aoo-e:~tence d a defaok or aoy otber deteme of Borrower to accekntioa and foreclosurr. If t6e brssc~ is ^ot c~red o~ or before t6e dsh cpeei~d fo tbe aotke. Lesder at Lender's optbn may declare a~ of t6e snws secored by tWs Mortsa~e b 6e immediatdr dne awd ~sysbk wit6o~t furtber demaad and may foreclose th~s Morlaa~e ~y ~dkitl proceed~. Le~ sWq 6e eotided to cdkct W secM proceedlag ~ e:peases of toreclosnrc. iacfudir~. bnt oot limited to, rca~ooa6k dtor~ey's fea, and costs of docooxntary evideace, abstrscts and titk xports. 19. Borrowe~'s Ri~6t to Reiastste. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by l.ender to enforce this Mortgage discontinuod at any time 8~348 ~~~130.`3 ~ : , :~ _ ~ ~~~~~.~,~ .~ ~~ _, :