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HomeMy WebLinkAbout2862I.eader's writtea agrament or applicabk law. Bo~rower shall pay the amount ot ap monaage insuranoe premiumt ia the maarier provided under paragraph 2 hereof. Any amounts disbursed by I.ender pursua~t ~o this pang~aph ?. with interest thereon, shall become addidonal indebtedckss of Borrower secured by this Martgage. Unless Borrowe~ aod l.ender agroe to other ternu of payment. such smounts shall be payabk upoo notice f~om Lender to Borrowe~ rcquesting payment thereof. and shall bea~ interest from the date of d'ubursement at the rate payabk from time to time on outatanding principal under the Note unless payment of interat at such rate would be cont~ary to applicable law, in which event such amounta shall bear interest at the highest nte permiasibk under applicabk law. Nothing contained in this paragraph 7 shall require i.ender to incur any eapense or talce any action hereu~der. a• I~spectbs. Leode~ may make or cauu to be made rcawnable entries upon and inspoctions of the Property. provided that Leoder shaq give Borruwer notice prior to any such inspection specifying reasonabk caux therefor related to Lender's interest in the Property. 9. Coodea~aalbe. The proceeds of any award or claim for damages, diroct or consequential, in connection with any condemoation ot other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the procceds shall b~ applied to the sums secured by this Mortgage. with the excess, if any, paid to Bonower. In the event nf a partial taking of the Property. unless Bornower and Lender otherwise agroe in writing, there shall he applied to the sums secured by this Mortgage such proportion of the proceods as is equa) to that proporlion which the amount of Ihe sums secu~ed by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borcower. if the Property is abandoned by Borrower, or if. after notice by Lender to Borrowe~ that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to I_ender within 30 daya after the da~e such notice is mailed, I.ender is suthorized to collect and apply the proceeds, at Lender's option, either to ratoration or ~+epair of the Propeny or to the sums secured by this MortRage. Unless Lender and Borrower otherwise agree in w•riting. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installme~ts referrcd to in paragraphs 1 and 2 hercof or change the amount of such installments. 10. Sorruwer Not Rekaced. Extension of the time for payment or modiflcation of amortization of the sums securcd by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Bc+rrower ~ successors in interest. Lender shall not be required to commence proceedings 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 successors in interest. ll. Forbearance by Leader NM a R-aiver. Any forbearance by I_ender in exercising any right or remedy hereunder. or otherwise aBorded by applicable law, shall not be a waiver of or preclude the exe~cise c-f any such right or remody. 77~e prceurement of insurance or the payment of taxes or other liens or charges by Lender shall not b~ a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. l2. Remedks Cumnlati~e. 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 ezercised concurrently, independently or succes~vely. 13. Soccessors and Asei~ns dound; Jant and Seve~l i.iaM'lity; Captio~. 'il~e covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Bornower, subject to the provisions of paragraph 17 hereof. All covenants and agreementc of Borrower shall be joint and several. 71ie captions and headiogs of the paragraphs of this Mortgage are for convenience only and are not to be used 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 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 other address 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 requested, to I.ender s address stated herein or to such other address as Lender may designate by notice to Berrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or l_ender when given in the manner designated herein. 1S. Uaifora~ Mort~a~e; Gorerniu~ Law; Severability. "i?~is form of mortgage combines oniform covenants for natiooal use and non-uniform covenants with limited variations by jurisciiction to constitote a uniform security instrument covering real property. This Mortgage shall be governed by the 1aw of the jurisdic~ion in which the Property is located. 1n the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or ihe Note which can be given efiect without the conflicting provision, and to this end the provisions of Ihe Mortgage and the Note are declared to be severable. 16. Eornower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execation or after recordation hereof. l7. Transfer of t~e Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without I.ender s prior wri~ten consent, excluding (a) the creation of a lien or encumbrance subordinate 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 ckath of a joint tenant or (d1 the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender'.s option, declare all the sums secured by this Mortgage to be immed~ately 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 such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. )f Lender has waivod the oplion to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If t,ender exercises such option to accelerate, [_ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a perioci of not less than 30 days from ihe date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke an}• remedies permitted by paragraph 18 hereof. Notv-UNtFOR~-t CovEtverrrs. Borrower and l.ender funher covenant and agrce as follows: 18. Accelerrtioo; Remedies. E:cept as provided in parsgrap6 17 6ered, epon Sorrower's breach of a~y co~e~/ or a`retmeot of Eorrower in tLis Mort~a~e, incfndin~ tbe rnvenants to pay when doe asy soms secored by thh Morf;s`e, I.e~er prior to sccderaUoa sbaB mail notke to eorrower as provfded in parasrapb 14 bcnof spccif~: (1) tbe 6reac6; (2) tbe actba reqaired to cere sec6 breacb; (3) a date, oot les8 t~an 30 days from t6e dde t6e notice b maikd to Sorrower, by w6k6 soe~ bresch mmt be crred; aod (4) t6at failore to cure such bresch on or before tbe date specf6ed ia the ootke ss~ ra~lt ie accderatioe ot t6e s~as secnrrd by t6b Mort6a~e, foreclo~ure by jadkid procecdin6 aod sak of tbe Tropeirty. 'Itie 0otke s6a11 fnrt6er inform Dorrower of t6e riaht to rei~tate dter sccekntion aad tbe rig6t to arert ia tbe foreclosore proeeedfw~ tLe non-e:isteoce d a defaok or aey dher defe~e of Borrower to accekrafioe aad toreclosnre. If the breac~ is not emd us or before t6e date spcci8~d io tbe oofice, Lender at Ltnder's optba may declars a9 of tbe soau secnrrd 6~ d~k Mort~e ~u be immedhtely doe aad p~yabie wit6oat furtber demand snd may foreclose t6is Mort=age by j~dicW Proceedi~t. i.eeder sWR be eatltled to coDeet i4 socr praceedin6 aY e:peoses of foreclosure, includins. bnt nM ljmited to, reawasbie attone~'a tas, asd cosb of docnmestary e~fdence, abstracb aed title repor~c. 19. dorrower's Ri~6t to Reio~tate. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage. Borrower shall have the right to have any proceedings txgun by Lender to enforce this Mortgage dixontinued at any time - ~ ~.:,_ ~ ~,~~.~ .__~ _~ ~~~x~48 F~~E2860 -- ~ ~ f~.; ~ .~~