83006230 - Laserfiche WebLink

Browse

r 83--1)06230 ~ Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. shan become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursement at the: rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law. in which event such amounts shan bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder, 8. IIISpet'tlon. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any slIch inspection specifying reasonable cause therefor related to LeJ1der's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential. in connection with any condemnation or other taking of the Prope!.1y. or part thereof. or for conveyance in lieu of condemnation. are hereby assigned and shall be paid 10 Lender. In the event of a lotal taking of the Properly. the proceeds shall be applied to the sums secured bY lhis Mortgage, with the excess, if any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and. Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of' the proceeds as is equal to that proportion which the amount of the sums secured 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 Borrower. If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such noti_ce -is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option. either to restoration or repair-- of the Property or to the sums secured hy this Mortgage. Unless Lender and Borrower otherwise agree in wriring:. any 5uch application of proceeds to principal shall not -extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured 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 Borrower's successors in interest. Lender shan not be required to commence proceedings against such successor or refuse to extend time for payment or othcIv:ise 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, 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender ~hall not be a wHiver of Lender~s right to accelerate the maturity of the indebtedness secured hy this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law ('Ir equity. and may he exercised concurrently, independently or successively. 13. Successors and Assigns Bound: Joint and Se"eral l.iability: Captions. The covenants and agreements herein contained shall bind, and the rights hereunder sh,,11 inure to. the respective slIccessors "nd assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage arc 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 Jaw to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing stich notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by nOlice to Lender as provided herein. and (b) any notice to Lender shall be given hy certified mail. return receipt requested. to Lender's address stated herein or to such o(her address as Lender may designale hy notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or l.cnder when given in the manner designated herein, 15. Uniform l\1ortgage; GOl'eming Law: Severability. This form of mortgage combines uniform covenants for national lIse and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be go\'crnt:d hy the law of the juris.diction in which the Property is located. In the event that any provision or clallse of this Mortgage or the Note crllltlicts. with applicable law. such conflict shall not affect other provisions of this Mortgage or the Note \\thich can be given cffc(,.t without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to he severable. 16. Borrower's Copy. Borrower shall be furnished rl conformed copy of the Note and of this Mortgage at the time of eKcclltion or after recordation hereof. 17. Transfer of the Property; Assumption. If all i.'r any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consen!. l:xcluding (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 death of a joint tenant or (d) the grant of any leasehold interest of three year~ or Jess not containing an option (0 purchase. Lender may. at Lender's option. declare ~lll the 'iums secured by this Mortgage to be immediately due and payable. Lender shall have w.liv~d stich option to accelerate if. prior to the ~alc or transfer, Lender and the persoo 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 interes.t p~lyable on the sums. seemed hy this Mortgage shall he at such rate as Lender shall request. If lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in interest has executed a \\Titten assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If lender exercises such option t(, accelerate. l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not Jess than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If BorrO\....er fails !o pay slIch sums prior to the ex.piration ()f sllch period. lender may, without further notice or demand on Borrow'cr, invoke any remedies permitted by paragraph 18 hereof. NON.UNlfORM COVENANTS. Borrower and Lender further covenant .lod agree 3S follows: 18. Acceleration; Remedies. Except as provided in par'dgraph .7 hereof, upon Borrowers breach of an)' covenant or agree~ent of Borrower in this Mortgage, including the cO\-'t!:nanls to pay when due an,y sums secured by this l\rlortgage, Lemler prior to ....I.ratlon .....1 maD notk. to Borrower as provid.d in p.r.Rroph 14 h.r.of specifying: (I) Ihe hr.ach: (2) u., attion required _to cure such lR'eatb; (3) -a date. nol Ics.'i than 30 days from the dale the noth:e is mailed '0 Borrol\'cr, by ..hich such ~h m~ be cured; and (4) that faUure to cure such bre.ch ou or before the d.te specified in th. notl.. may ~U i~:~eluation of the SlIRts secured by fbi-'i Mortgage, foreclosure by judicial pro,..eeding and sale of the Property. 'I;JM ~~e _~ ,rurf_her inform BOlTower of the_ rigbl 10 reinstate after aC4.:-elertdion and tbe right to assert in the foredosure ~Ip& 1he noD..e~le-nCt of.-a def-ault or 8.n)' otller defense of Borrower to ec_celeration and foredosure. If the breach .is ~ e~~,oft: OJ' ~fore, the date specified in lbl" noticc-, tender at tender's option may det..lare all of the sums secured b.y tlI"'M~rt&"Ie to belRlllledi.\ltely due .nd pay.b1e without furlh<< demand and ma) forecluse hy judicial proceeding. tend.r ~,IN:, e~e~ to Co-Ikct in sudt: pi'Q('t'edlq aU exJH'll.,ws -of foredo-sun. indudiog, but not limited to, ("(M..--ts of docuDlf'ntar): oyldq~. a'-'raef$""", title ..porto. t,~ '.tJ'O'n~;I'" RJaht tq Reinst.te. Notwithst<to-dinU Len<Jcr\ al.:cdcration of the sums secured by [hi!;. MOrlgagt.\ l:Iorrowe'r shaH have t~ tig:ht to 'ha\'e un)' pmceeding~ be,gun by Lt:'nder to -c-nforcc !hi';. Mort.gagc dbCt1otioued at any timi.~ n ,;: -I