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HomeMy WebLinkAbout0140 ~ l.ender's written agrceme~t or appli~able law. Borrower shall pay the amuunt of ail morsgage insurance premiums in the manner pravided under p~ragraph 2 hereof. ~ Any amounts disburscd by [.ender pursuant to this parag~aph 7, with interest thereon, shall become additional i~debtedness ~f Borrower securcd by ~his Mortgage. Unless Borrower and Lender agree to other ternns of payment, such ' amounts shall be payable upon notice trom Lender to Borrovrer requesting paymeot thereot, and•shall bea~ interest from ihe date of disbursemeot at the ratc payable from time to time on outsta~ding principal u~det the Note unleu payroant ot ' interest at such rate would be cont~ary to applicable law. in which event such amc+unts shall bear intercst at the highest nte ' permiasibk under applicable law. Nothing contained in this paragraph 7 shall rcquire ~endet to incur any expensa or take ~ any action hereunder. ~ 8. iasptctios. Lender may make or cause to be made reasonable ent~ies o~+cm and inspections of the Property. providtd ~ that l.ender shall give Borrower notice prior to any such inspection specifying reasonabk caux theretor related to Lender's ~ interest i~ the Property. ; 9. Condeineatbn. 'Il~e procetdc of any award or claim for damages, direct or consequential, in connection with any ~ condemnation or other taking of the Property, or part thareof, or for canveyance in lieu of condemnation, are hereby assigned ~ and shall be paid to Lender. in the event of a total taking of the Propeny. the procceds shall t~ applied to the sums xcuro~ by this Mortgage. with the excess, if any, paid to Borrower. In the event of a pahial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this I?lortgage such proporlion of the proceeds , as is equa) 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 PropeNy immediately prior ta the date of taking, with the balance of the pioceeds paid to Borrower. 1f the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the cendtmnor otfen to makt an award or uttle a claim for damages, Borrawer fails to respond to Lender within 30 days after the date such notice is maikd, Lender is authorized to collect and apply the proceeds, at Lender s option, either to restoration or repair of the Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower othenvise agree in w•riting, any such application of procecds to principal shal) not extend or postpone the due daie of the monthly~ installments referred to in paragraphs 1 and 2 heraof or change the amount of such installments. 10. Borrower Not Released. E!ctension of the time for payment or moditication of amortization of the sums securcd ~ by this Mortgage granted by I_ender to any successor in interest of Bonower shall not operate to rckase, in any manner. ~ the liability of the original Borrower and Borrower's successors in interest. I_ender shall not be requircd to eommenca proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the aums ~ secured b}• this I?tortgage by reason of an~~ demand made by the oriqinal Borrower and Borrower's successors in interest. ' 11. Forbearance by I.ender NM a Wsiver. Any fort+earance by I_ender in exercising any right or remedy.hercunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment af tares or other liens or charges by l.ender shall not be a waiver of L.ender'a right to accelerate the maturity of the indebtedness cecured hy thic Mortgage. l2. Remedks ComulaHve. All remedies provided in this Mortgage are distinct and cumulative to any othe~ right or rcmedy under this Mortgage or afforded hy law or equity. and ma}~ be exercised concurrently, independently or successivety. l3. Successors 9nd Assigns Bound; Joint and Several i.iabitfty; Captb~n. The covenants and agreements herein contained shall bind, and the riRhts hereunder shall inure to. the respective successors and assigns of Lender and Bornower. subject to the provisions of paragraph 17 hereot. All covenants and agreenients of Borrower shali be joint and several. The captions and headings of the paragraph~ of this Mortgage are for canvenience only and are not to be used to interpret or define the provisions hereof. • ~ 14. Notice. Except for any notice reqaired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall t~e given by mailing such notice by certified mail addressed to Borrower at ~ the ~Property Address or at such oiher address as Borrower may designate by notice to i_ender as provided hercin, and : ~ (b) any notice to Lender shall be given by certified mail, return receipt reqaested. to l.ender s address stated herein or to such other address as Lende~ may designate by notice to Borrower as provided herein. Any notice provided for in this ~ C Mortgage shall be deemed to have been given to Borrower or Lender w•hen given in the manner designated herein. i 15. Uniform MortgaSe: Go~emin~ Iaw; Seve~bilih•. This form of mortgage combines uniform covenants for national f use and non-uniform covenants w•ith limited variations b}• jurisciiction to constitute a uniform security instroment covering ~ real property. This Mongage shall be governed hy the law of the jurisdictiun in which the Property is la:ated. In the event that any provision or clause of this Mortgage or the Note conflicts w~iih applicable law, such conflict shall not atfect ' ~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are dcclared to be ser•erable. ° ~ 16. ~orrowe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the timt : of execution or after recordation hereof. ~ 17. Tnnsfer of the Pmpcrty: Assumption. If all or any part of the Property or an interest therein is sold or transferred ; by Borrower without Lender's prior written consent, excluding (al the crcation of a lien or encumbrance subordinale to ` this Mortgage. (b) the creati~n of a purchase money security interest f~r household appliances, (c) a transfer by devi~e. descent or by operation of 1aw~ upon the death of a joint tenant or (dl the grant of an~ leasehold interest of three years or less not containing an option to purchase. Lender may, at Lender'~ option, declare all the sums secured by this Mortgage to be , i~mediately 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 he 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. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from al) obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a period 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, withouC further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ Notv-UHtFORt~t Covex~NTS. Borrower and Lender- further covenant and agree as follows: ~ ~ 18. Accelerstion; Remedies. Faccept as provided in psragrap~ 17 hereot, epoo Borwwer'a breach of nny rn~eoaet or j ~ agrcemeat of Borrower ia thls Mort~a6e, ioclndiua t~e coveoaots to p~y wbea doe aoY so~ secored by t6i~ Mort~e, I.eader ~ prior to accekntion s6a11 mail ootke to dorrower as pravided ta psra6rap6 14 6ereof specityi~: (1) t6e 6rescb: (2) ttie adios 3 requlred to core soch breac6: (3) a date, oot less t6aa 30 days trom t6e date t6e aotke is mailed to Eon+owtr. 67 whic6 wcr ~ breach must 6e cared; aod (4) tl~st failure to cnre secb brescb on or before t6e date spec~ed i~ t6e aotice msy ra~lt ia ' ~ accekrntioe of t~ son~s secared by this Mortaa6e. toreclo6nre by jndkial pwceedia~ ~d sale of t6e Property. 'Ibe notke ~ ~ shall further inform Borrower of t6e ria6t to reinstate aHer accekratbe aod tbe ris4t to ~usert ie t6e foreclowre proceed~ ~ t6e non-ezisteace of a dcEaek or any other defen9e of Sorrower to acceleratba aad foreclwure. If t6e breacl~ is nM c~teed oi ~ -0~ or 6efore the date apccified in tLe ootice, Lender at I.eader's optba msy dechre a0 of the sams secarsd by t6is Mortsa~e to be ~ immediatsly dne aod payabk wk6oot fu~ther demaad and nuy forecbse t6k Mort~e by jndkW Proceed~. I.eoder t~aN ~ be eotitkd to colkct in socb prnceed~u~ a8 e~eoses ot toreclosnrs, inclndie~, but not Wdted to, rea~oaabie attorse~'s fea, ~ aod eoda ot docomeatary evideuce, a6strscb and t[tle rsporb. . 19. Dorror?er's Rlg~t to Reiastate. Notwithstanding Lende.r's acceleration of the sums xcured by this Mortgage. ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diuontinued at any time ~ c r i ~5~ PAGE ~ . .~t ~ . . . - _ - r:.;~