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HomeMy WebLinkAbout0922 . ?l i t'~ , ~ l.ender's written agrcement or applicable law. Borrower shall pay the amou~t of all mortgage insurance prcmiums in the manner provideJ under paragraph 2 hereof. Any amounts disbursed by 1_en~ier pursuant to this paragraph 7' wi~h in~erexl thereon, shall becomc additional inJeb~edoess of Borrowcr securcd by this Mortgage. Unlesc Borrower anJ I.ender agree to other tcrms of payment. such amounts shall be payable upon natice trom l.endcr to Borrowc~ requc~ting payment thereot, and shall bear interest from the datc of disbursement at thc rate payable fram time to time an outstanding principa~ un~r the Note unless payment of interest at such rate would be contrary ~o applicable law, in which event such amou~s shel) bea~ iqterat at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall rcquire I.ender to incur any expense or take any action hereunder. 8. InspecNon. i.ender may make or cause to be made reaconable en~ries upon and inspectionc of the Propehy. provideJ that Lender shal) give $orrower natice priar to any such inspection specifying reasonable cause therefor related to I_ender's ~ inlerest in the Property. 9. Condemnation. The prcx;eedc of any award or claim for damages, direct or canuquential, in connection with any condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to I_ender. in ~he event of a total taking af thc Propcrty, the proCeeds shall be applied to the cums secured by this Mortgage. with the crcess, if a~y, paid to Borrower. ln the event of 'a partial taking of the Property, unless Borrower and I_ender otherwise agree in writing. there shall be applicd to the ~ums secured by this Mortgage such proportion of the proceeds as is equal to that proportion whieh the amount o( the sumc secured by this Mortgage immediately prior to the date of taking hears to the fair market value of the Properly immediately prior to the date of laking, with the balance of the procceds paid to Borrower. if the Properly is abandoned by Borrower, or if. after notice hy I.ender to Borrower that the condemnor otfers to make an award or settle a claim for damagec, Borrower fail~ to respond to 1_ender within 30 days after the date such notice is mailed. I_ender ic ai~thorized to collect and apply the proceeds, at i.ender's option, either to restoration ar repair of the Property or to the sums secured by this Morlgage. Unless [_ender and Borrower atherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of ' such inslallments. 10. Borrower Not Released. Extension of the time for parment or modificalion of amortization of the sums secured by this Mortgage granted by [_ender to any successor in interect of Borrower shall not operate to releau, in any mann~r, the liability of the original Borrower and Borrower's succescor~ in interest. I.ender shall not he rcquired to commence proceedings against such successor or refuce to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand madr hy the oriQinal Borcower and Borrower s succescorz in interest. 11. Forbeannce by I.ender Not a Waiver. Any forhearance by l.ender in erercising any right or remedy hereunder, or othervvise afforded bq applicahle law, shall not be a waiver of or predude the exercise of anv such right or remedy. , The procurement of insurance or the payment of taxe~ or other liene or charges by I.ender shall not be a waiver of I.ender s ' right to accclcrate the maturily of thc indeMcdness sccarcd by thic Mortgagc. 12. Remedies Cumulative. All remedies pro~~ided in thi~ riortgage arc distinct and cumulative to any ather right or remedy under this Mortgage or aBorded by law or equity, and may be ezerci~ed concurrently. independently or succecsively. 13. Successors and Ass~ns Bound; loinl and Se~ eral l.iability; CapNons. The covenants and agreements herein contained shall bind, and the riQhts hercunder shall inure to. the rc~pective succe~so~~c and astigns of 1_ender and Borrower, sobject to the provisions of paragraph 17 hereof. All covenants and agreementc of Borrower shall be joint and several. The captions and headings of the paragraph~ of Ihis Mortgagr are for convenience only anJ are no.t lo be used to interpret or definc the provisions hereof. 14. Notiee. Except for any notice required unJer applicahle law• to be given in another manner, (a) any notice to Borrower prmided for in this Mortgage shall be givrn h~• mailing wch notice by certified mail addresced to Borrower at the Property Address or at such other addrec. as B~xmw•er ma}• de~ignate by notice to i.ender as pmvidcd herein, and i Ib) any notice to Lender shall Me given by certifieJ mail. return receipt requested: l endert address stated herein or to ~ sueh other addresc as Lender may designate b}• notire t~~ Rorr~~wer as provided herein. Any notice provided for in this f Mortgage shatl be deemed to have bcen given to BorroK~cr or Lender w•hen given in the manner decignated herein. ~ 15. Uniform Mori~~e; GoverninR [.aw•: Se~•erability. Thic form of mongage cc?mbines uniform covenants for national i use and non-uniform rnvenan~s u~ith limited variations by juri~Jicti~n to constitute a unifo:m secority instrument covering real property. This Mor~gage shall be governed h~~ the law~ af the jurisdiction in which the Property is located. In the event that any provision or clause of thic Mortgage or the Note conflictc with applicaMe law, such conflict shall not affect other prrnision~ of this Mortgage or the Note which can I+e given efTect without the conflic:ing pmvision, and ~to this end the provisions of the Mortgage and the Note are declarcd to hc severahle. ~ 16. Borrower's Copy. Borrower shall be furnished a ccmformed copy of the Note and of thic Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property: Assumplion. If all ~~r am• p,rt ~f ~hc Propcrtp or an interest therein ie sold or trancferred by Borrower withoul Lender's prior written c~~nsent. excluding (al the crcation of a lien or encumbrance suhor~inate to this Mortgage. (b) the creation of a purchace money security interest f~r houtehold appliances, (cl a transfer by devise. detcent or h}• operation of law upon the death of a j~~~nt tenant or ld? the grant of a.n~ Icasehold interest of three years or less not containing an option to purchase. Lender may, a~ Lrnder'< <~ptinn. declare all the sums secured by this Mortgage to be ' immediately due and payable. I.ender shall have w•ai~•ed such option ~o accelerate if. prior to the ~ale or transfet. Lender and the person to whom the Property ic to be solJ or transferred reach agreement in w~riting that the credit of such person ic satisfactory to Lender and that the interr,t pa}~able on the wmti xecured by thit Mortgage shall be at such rate as Lender shall request. lf Lender has waived the option to acceterate pmvided in this paragraph 17, an~ if Borrower's successor in interest'hac executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under Ihis Morigage and the Note. If 1_ender exercises such option to accelerate. LenJer ~hall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a peri~~d of not Iess than 30 days from the date the notice is mailed within w•hich Borruwer may pay the sums declared due. If Borrower faih to pac such s~imc prior t~ the expiration of such period. ~ Lender may, without (urther notice or Jemand on Borruwer. im~ke any rcmedies permitted by paragraph 1 R hereof. ~ ~ NON-UNIFORM COYENANTS. BOfrowC~ ~n(I LCf1dC~ fU~tFIC~ CO~•enant and agrce as follows: ~ 18. Acceleratan; Remedies. Except ~ provided in par~raph 17 hereof~ upon Borrower's breach of any covenant or ~ agreement of Borrower in thtc Mortgs~~. including the covenants to pay when due any sums secured by thts Mortgage, Lender ~ prior to acceleration shall mafl notice to Borrower ac provided in par~raph 14 hertof specifying: (1) the brcach; (2) the action required fo cure such breach;•(3) a date, not less Ihan 30 days from the date the notice k mailed to Borrower, by r?hicn sucb ~ breach must be cured; and (4) that failure to cure such breach on or before the date specified in the ootice may raWt ia acceleration of i6e sums secured by lhis Mortgage, foreclosurc by judicial proceeding and salt of the Property. 'IUe notice ~ shall further intorm Borrower of the right to reinstate after accderation and ths right to asxrt in the foreclosure proceediug ~ the non-es~stence of a default or any other defense of Borrower to acceltration and foreclosurc. If the breacb Lc oot cnred oa or betore the date specified fa the notice. Lender at Lsnder's option may declare all of the snms secured by th~s Mortgase to be ~ immediately due and Payabie without further demand and may toreclose th~s Mortgnge by judiclal procetditq~. Lender sl~ali ~ be eotitled to collect in suc6 proceeding all e:penses of foreclosure~ including. but not limitcd to, re~sonable attoroey's fea, and costs of documentary evidence~ abstracts and titk rcpo~ts. 19. Borrov?er's Right to Reiast~te. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings hegun by l.ender to enforce this Mortgage discontinued at any time ~ 3noK~~7$ PacE ~ - - - _ , ,ti ;.;,~F d~~ ,-.x,~*-'~ ~y:: `