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HomeMy WebLinkAbout0293 { ~ ' ! Lender's writtert agreement o~ applicabk law. Borrower ahall pay the amount oE aU mortgage insurance premiums in the manner providcd under paragaph 3 heraof. Aoy amouots disbursed by Lender pursuant to this parag~aph 7. with interest thetwn, shall become additional inckbtedness of Borrowe~ securtd by this Mohgage. Unlecs Borrower and I_enJer agree to other ternts of payment. such amounts shall bc payabk upoo nolicc from i.ender to Borrowcr rcquesting pa me~t thereof, and shall bear interest from the ~ date of disbursement at thc ratc paysbk from timc to time on outatanding~riocipal under thc Notc uoless psyment of ~ interest at such rate would be contrary to applicable law, in which eve~t such amounts shall bear interest at the highest nte permissibk under applicable law. Nothing contained io this paragraph 7 shall roquire Lender to it~cur any expenst or talce ~ any action hereunder. 8. I~q~ecHoe. Lender may make or cause to be made rcasonable entries upon and inspoctions of the Property. provided ~ that i.ender shall give Borrower ~wtice prior to any such inspection ~pecifying reasonabk cause thercfor relatod to Lender's interest in the Property. 9. Coadem~stba. 'ihe proceeds of any award or claim for damages. direct or consequential. in conntction with any condemnation or other taking of the Property, or part tlien~f, or for ccx~v~yan~~e in lieu of condem~ation, are hereby assig~ed ; a~d shall be paid to Lende~. ' ~ In the event of a total taking af the Propcny, the procccds shall bc applied to the sums secured by this Mortgage, ~ with the excess, if any, paid to Borrower. 1n the event of a partial taking af the Property, unless Borrovrer and Lender ' atherwise agree in writinR. therc shall be applied to ~he ~ums sec~~rcc1 by this Mortgage such proportion of the proceeds ; as is equal to that proportion which the amount of the sume secu~ed by this Mortgage immediately prior to ths date of taking bears to the fair market value of Ihe Property immediately pria~ to the date af taki~g, with the balance of the proceeds ; paid to Borrower. ~ If the Property is abandoned by Borrower, or if. after notice by Lcnder to Bormwer that the condemnor offers to malce an award or settle a claim for damages, Borrower fails ~o res~+c~nd to l_ender within 30 days after the date such notice is ~ mailed. Lender is authorized to collect and apply the proceeds, at I.ender s option, cither to restoration or repair of the Properry or to the sums secured by this Mongage. ~ Unless Lender and Borrower othenWise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of ihe monthly installmcnts referrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. • 1A. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums secured by this Mongage granted by I.ender to any succes.x~r in interest of Borrower chall not operate to release, in any manner. ~ the liability of the original Borrower and Borrower't successors in interest. I_ender shall not be required to commence F proceedings against such successor or refuse to extend time far payment or otherwise modify amortization of the sums ~ secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. ~ 11. Rorbearance 6y Geader Not a Wai~er. Any forhearance hy i.ender in exercising any right or remedy hereunder, or ~ otherwise affordecl by applicable law, shall not he a waiver of or preclude the exerciu of any such right or remedy. The procurement of iruurance or the payment of taxcs or other liens or charges by I_ender shall not be a waiver of Le~der's ~ right to accelerate the maturity of the indehtedness ~ecured hy this Mortgage. ~ 12. Remedies Cumulsti~e. All remedics providcd in this Mortgage are distinct and cumulative to any other right or ~ remedy under this Mortgage or afforded hy law or equity, and may be e~ercised concurrently, independently or successively. i 13. Snccessors aad Assi~ns Bound; ]ant and Sereral i.iaM'lify: Captions. The covenants and agrcements herein ~ contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, ~ subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. ~ 'il~e captions and headings of the paragraphs of this Morlgage are for convenience only and ar~e not ta 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 t~e given by mailing such notice by certified mail addretced to Borrower at ; the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein, and ~ (bl any.notice to Lender shall be given by certified mail, ret«m receipt requested. to l.ender s address ~stated herein or to # such other address as L.ender may designate by notice to Borrower as provided herein. Any notice provided for in this ~ Morigage shall be deemed to have been given to Borrower or l.ender when given in lhe manner designated herein. ~ IS. Uniform Mort~~e: Gorerni~ i.aM; Severab7ity. This form of mortgage combines uniform covenants for national ' I~ use and non-uniform covenants with IimiteJ variations by juriuliction to constitute a uniform security instrument covering ~ ~ ` real property. 'Il~is Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. 1n the ~ event that any provision or clause of Ihis Mortgage or the Note conflicts with applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note which can be given effect wi~hout the conflicting provision, and to this , - ~ end the provisions of the Mortgage and the Note are dcclared to be severable. _ 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at ihe time of execution or after recordation hereof. 17. Transfer ot tre Property; 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 creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances. (e) a transfer by devise. descent or by operation of law upon ihe death of a joint tenant or fd) the grant of any leasehold interest of three years or less _ nut containing an option to purchase. Lender may, at 1_ender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, ~rior to the sale or transfer, i.ender 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 I.encier and that the interest payable on the sums secured by this Mortgage shall be at sikh rate as Lender chall request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in :nterest hac executed a written assumption agreement accepted in writing by Lencier. Lender shall release Borrower from all . ti'.igations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with aragraph 14 fiereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within tii-h $orrower may pay the sums dxlared due. If Borrower fails to pay such sums prior to the expiration of such period. ~~~Jer may, without further notice or demand on t3orrower, invoke any remedies permitted by paragraph 18 hereof. ~ Norr-UNtFORSt CoveNerrrs. Borrower and Lender further covenant and agree as follows: ~ l8. Accekratioa; Remedia. E=cep~t as provided io pa~raph 17 I~eroot. epoo Borrowels brac6 of sny co~caaat or agreemeat of Borrower ia t~ Mort;a~e, inclndi~ t6e corenants to pay ~rhea due any soms sccared b~' t6is Mortsa~e, i.eader prior to scederatioo shdl mail sotice M Eorrower as provided ia pars6raph 14 6ereof specK~: (1) tbe breacb; (2) tbe aclioa ~ requjred to care sec~ brescb; (3) a dNe, oot less t6an 30 dars from t6e dste the aMice is a~ to Borrower. bp whic6 socb ~ brrach mmt be cered; aed (4) t6at failare to cure sucb breacb oe or before t6e date speei6ed ~ tbe aotke may radt is . ~ accderaKoe of tre sw~s secard by t6b Mort~e, foreclosurr by jadieW proceedin~ a~d de oE t6e Property. 1Le aatk^e , ~ shaA fortl~er i~form Sorrower d t6e ri~6t to rei~state after secekMiow aod the ri~6t to as~ert is tre [ora~losare proc~edi~ ~ We noatzistevee of a deEa~t or aay otber defea4e of Eorrower to scieleratiow aod foreciowre. If t6e brese6 is aot ca~ed o0 or before t6e d~e speei6ed in tYe notke, Lesder at Leader's optioe rsay dechre ag of tbe mrs aec~rcd b~ t6b Mort=a6e ~o be im~eedjatdy dre aMi pa~abk wld~out fmt6er demaad and msy fonclose tbi~ Morf~a~e b7' 1~k~ P~. i.eeder s6ali be eat~lkd to co0at i~ s~i proceedi~ all espemcs of foreclo~nre, ioclod~, b~t aot iiaited t0. reaso~6le atto~e~'s fees. ~ aad cods ot doe~a~ary e~ideace. abdrscls a¦d tkle ~eporls. 19. dorrowa's Ri~t to Rei¦data Notwithstanding Lender's accelerat~ of the suau socured by this Mortgage. Bonower shall have the rig6t to have any proceedings begun by Lender to enforce this Mortgage discontinued at aay time a i ~ o-~ ~7 ~E ?.~3 ~ ano~ .