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HomeMy WebLinkAbout0775 l.cmier'.s written agreemcnt or applicabb law. BoROwcr shall pay the amount of ait morigage insura~e prcmiums in the manncr provided undcr paragraph 2 hereof. ~ Any amounts disbursed by I.endcr purxuant to thia parag~aph 7, with ia~erat thereoa. shall baome ~dditionat i~debteclncs~s uf Borrowcr securcd by Ihis Mongage. Unlccc &?rrower anJ I.enJe~ agrce to olhe~ temts of payment. such amounts shal) t~e payabk upan ncilicc from Lenckr t~~ Borrowc~ ~equesting payment Ihereof, and shall bcar interest from the date of dicbursement at the tatc payahk from timc lo time oa out:tanding principal under the Note unless payment of interest at such rate would be contrary to applirable law, in which event such amounts shall bea~ interest at the highest t~te permissibk under applicab{e law. Nothing contained i~ thic paragraph 7 shall rcquire I.ender to incu~ any eapense or talce any action hercunder. - 8. lospectio~. I.ender may make ar cause ta be made reascmable e~t~iec u{,on and '+nspectians of the Propcrty, providtd that t.ende~ shall give Borrower notice priar to :~ny such inspection specifying rcasonabk cause therefar rclated to Lender's i~tcrest in thc Property. 9. Coadea~eatioR. The prcxeedc of any award or claim for damages, dircct or consequential, in cannection with any ; condemnation or ather taking of the Property, or part thercof, ~r for conveyance in lieu af cc~ndemnat+on, are hereby astigned , and sfiall t?e paid to l.cnder. tn the event aE a tatal taking of Ihe Pmperly. Ihe prckec~Js chall he applied to Ihe sums sccurcd by this Martgage, - ~ with the excess, if a~y, paid to Bormwer. In the event of a parlial taking of the Property, untecc Be~rrower and Lender ~ olherwise agree in writinR, therc shall be applied to ~he cums secureJ by thic Mortgage cuch Qroportion of the proceeds as i~ equal to that proporlion which the amaint of Ihe sumc secured by thic Mortga~te immediately prior lo the date of taking bears to the fair market value of tfie Pmpcrty immediately priar ta the Jate af taking, with the balance of the pracetds paid to Borrower. If the Property is abandoned by Barrower, or if, aftcr nrnice hy Lender to Bormwer that the condemno~ otfecs to make ' an award or settle a claim !or damages, Borrower fail. tc~ n.~pnnd to I.ender wi~hin 30 days after the date such notice is ; mailed. I.ender is authorized to collect and appty the proceeds. at i.ender s option, either to rGCtonitioo or repair of the ; Properly ar to the sums secured hy this Morlgage. • ~ Unlesc Lende~ and Borrower otherwise agree in K~rilinF. any such application of prnceeds ta principal shall not extend ~ or postponc the due date of tfic monthly ins~allmcnts rcferred to in paragraphs 1 and 2 hercof ar change the amount of s such installments 10. Borrowtr Not Rekased. Extension of the time for payment or modificatian af amartization of the sums secured by this Martgage granted by Ixncier to am suceecci~r in interest of Borrower shall not operate to release, in any manner, the liabilitX of the origina) Borrower and Bc~rrower's succesu~rs in interat. I.ender shall not t~e rcquired to commenee proceedings against such succe9sor ar rcfu~e to extend time for payment cu olherwise madify amortization of the sums secured by thi~ Mortgage by reason of am~ dem•rnd made by the oriRinal Bo~rower and Borrawer s successors in interest. 11. Forbearance by.I.ende~ Not a Waiver. Any forhearance hy I.ender in exercising any right or remedy hereunder, or othe~wise atiorded by applicable law, sfiall not he a waiver of or preclude the exercise of any such right or remedy. Thc procurement of insurancc or the payment of taxcs or other fiens or cfiarges by i.ender shall not he a w•aiver of I_ender's right to accelcrate thc malurity of thc indcbtcdnccs securcci hy thic Mortgagc. 12. Remedies Cowslstl~e. All remedies pr~vided in this Mortgage are distinct and cumulative to any olher right or remeJy unde~ this Mortgage or aftorded by law or equity, and may be exercised concurrently, i~dependently or successively. 13. S~cce~ors a~d Assi~as Bouad; J~iut and Sererat i.iability; Captions. The covenants and agreements herein contained shall bind, and the rights hercunder shall im~re to, the respective succesu~rs and assig~s of I.ender and Barrower, subject to ~he provisions of paragraph 17 hcreof. All covcnants and agreements of Borrowcr shal) be jc~int and several. "il~e captions and headings of the paragraphc of this Morlgage are for convenience only •rnd arc not to be used to interpret or de6ne the provisions hereof. 14. Ndice. Except for any notice required undcr applicable law to be given in anathe~ manner, (a) any notice to ; Borrower pmvided for in this Morig3ee shall be given by mailing such notice by certified mail addressed to Borrower at ` the Property Acldress or at such othe~r addrecs as Bormwer may designate by notice to l.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, retum ceceipt reque.sted. l0 1-ender s address s~ated herein or to ~i u~-.h other address as [.ender may designate by notice to Borrower as provided herein. Any notice provided for i~ this Mortgage shal{ be dcemed to have been given to Borrowcr or I.ender when given in tht manner designated herein. 15. Uoiform Mod~aRe; Gorernia~ Iarr; Seversb~ity. "iliis form ai mortgage combines uniform covenants for national ~ise and non-uniform rnvenants with limited variationc hy jurisdiction to constitute a uniform securiry instrument rnvering real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the event that any provision or claust of this Morigage or Ihe Note conflicts wilh applicabk law, such conflict shall not aftoct othtr provisions of this Mortgage or the Note which can be given eftect witfiout the conflicling pmvision, and lo this end the provisions of thc Mortgage and the Note ar~e ikclared to he severable. ~ 16. dorrowe~s Copy. Borrower shall he furnisheei a conformed copy of the Note and of thic Mortgage at the time of execution or after recordation herrnf. 17. Tran+fer of tbe Property; Assumptioe. If all or any part of the Properiy or an interest therein ic sold or transferred by Borrower without I.ender's prior written consent. excluding (al the crealion of a lien or encumbrance-suhordinate to thi~ Mortgage. (b) the createon of a purchace money security interest for household appliances. (c) a transfer by devise, d~scent or by operation of (aw upon the death of a joint tenant ar (dl the grant of any leasehold interest of three years or less nut rontaining an option to purchase. I_ender may, at l.ender ~ opt+an, declare all tihe snms stcured by this Mortgage to be immediately due and payable. I~nder shall have waived such option to accelerate if, prior to the cale or transfer. Ixnder and the person to whom the Property is to be sold or translerrcd reach agrcement in writing that the credit of such person is satisfactory to [.enckr and that the interest payable on tfie sums secured by this Mortgage shall be at soch rate as l.ender chall request. If I_ender has waived the option to accelerate p~ovided in this paragraph 17, and if Borrower s successor in .n~erest has executed a written assumption agrcement accepted in vrriting by Ixnckr. Lender shall releace Borrower from all '~'igat+ans under tfiis Mortgage and the Note. If Lender exercises such option to accekrate, Lender thafi mail 8orrower notice of acceleration in accordance with aragr~ph 14 heteof. Such notice shal! provide a perial of not lesc than ~Q days fram the date the notice is mailed within ~i h Borrower may pay the sums declared due. lf Borrower fails to pay such sums prior to the expiration of such period, ~••i~r may, withoui further nolice or Jemand on 13orrower, invoke any remedies pemnitled hy paragraph 18 hereof. NoN-UNiFOnut CovErtex~rs. Borrower and I.ender further covenant and agree as follows: l8. AccekraRaa; Raoedies. E:ccp as provided ie para~rapb 17 hereof. opos Dorrnwer's 6reacb of a~y coreaaet or agreemest of Bo~rower i~ t6is Mortaa~e. iecludin~ tbe coveoaats to pay wbea dne aey saa~ secand 6y this Mwi~aae. i.eoder prfor to scceleratbn s6aB mait ootlee to docrower as proridsd iw para~rsph 14 Yereot spectfyio~: (1) tLe breseb; t6e setbn required b cors sac~ Mracb; (3) a date. oot le~s t6an 30 days from tbe date tbe notke is maSed to Borrowu. 6q R6k6 socfi breach mwt 6e cared; aod (4) tbat failure to cure such breacb os or 6etore tbe date speci6td ~ tbe sotjce may ~+a~lt ia accekratioa ot tbe sea~s secwe~ 6y t6~ Morisa~e. foreciostire by jo~cial prnceedla~ snd sale of t1~e Pr~perty. 7Le notke shall fort6er iaform Eorruwer of tbe riRbt to reiostate afler accekndioa and t6e ria6t to aaerl is tbe foreclowre prueeed6~ tbe ooa-eaie~tence of a defaalt or aay Mber defense of aorror~er to accekrstion aod forecbsore. It t6e M+esc~ is oot c~tred o~ or bcfore t6~ date speci6ed is ttie ootke, I.tader at Leodtr's optba iaay declare a9 d tre mw~s sec~red 6y t6(s Mort~e b be imroediately d~ asd psyabk wit5out frrther demana and msy foreclose t~i Mortt~ ti7' ~ P~~R. i.e~der shall be eatitled to coBe~t in ~i pr~nce~dios ~I e:pe~a ot torecloeo~+e. ioctsdio~, b~ ~~sited to, na~oosde attorse~s tas, aod casts af doe~ e~ideoce, sbstrscls aad tHk repo~ts. 19. forrowe~'s Rl~t to Re~tate. Notwithstanding Lender s acceleration of the sums securod by this Mortgage. Bonower shall have the right to have any proccedings txgun by Lender to enforce this Mortgage discontinued at any time ~ ~ R~ 263 RN~E ?si .