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HomeMy WebLinkAbout0028 LenJer's written agreement or applirable law. Borrower shall pay the amuunt of all mortg;~ge insurance premiums in the manner provided under parag~aph 2 hercof. Any amou~ts disbursed by I_enJe~ pursuant to this paragraph 7, with interest thercan, shall become additional inJebtedness of Borrower secured by this Mortgage. Unle.c Bo~rov?~r~ anJ I.ender agree to other terms af payment, such amounts shall be payable upon notice from 1_cnder to Borrow~r reyuetting payment thereat, and shall hear iMerat from the date af disburseme~t at thc rate payable trom time to time on oulstanding principai under the Note untess paytn~~t 3t intercst at such rate would be contrary to applicable law, in v?~hich event such amounts shall be~r inte~est at the highest rate permissible under applicable law_ Nothing contained i~ this paragraph 7 shall require Lender ta incur any expense or take any action hereunder. . 8. Inspectioa. i.ender may make or cause to be made reaconable entriec u~+c~n and inspectiont of the Property, provided that I_ender shall give Borrower notice prior to any such inspection speci(ying reasonable cause therefor related to Lender's interest in the Propetiy. 9. CoademaaNon. The proceedc of any aw•ard or claim for damages, direc~ or concequential, in connection with any condemnation or other taking of the f~roperty, or pan thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds chall be applicd to the cums secured by this Morlgage. with the excess, if any, paid ~to Borrower. Tn the eve~t of a partial taking of ~he Property, unlecs Borrower and I.ender otherwise agree in writing, there shall be applied to !he sums secured by this Mortgagr s~~h pmp~rtion ot the proceeds as is equal to that proportio~ which the amount ot ~he sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value af the Property immcdiately prior to the date of taking, with the balance of the proce~ds paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by I.ender to Bamawer that the condemnor otfers to make an awa~d or settle a claim for damages, Borrower tails to respond to l.ender within 30 days after the date surh notice is mailed, Lender is authorized to collect and apply the proceeds, at I.ender's option, either to restoration or npair of the Propeny or lo the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in w•riting, any such application of proceeds to principal shal! not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Rekased. Extension of the time for payment or modification of amortization of the sums securcd by this Mortgage grantod by Lender to any successor in interest of Borrower shall not operate to rcleau. in any mannar, the liability-of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to e~tend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason ot any demand made by the ori¢inal Borrower and Borrower's successorx in interest. Il. For6earance by Lende~ Not a Waiver. Any forbearance b~• l.ender in exercising any right or remedy hereunder, or otherwise aBorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or rcm~y. The procurement of insurance or the payment of taxes or o[her liens or charges by Lender shaii not be a waiver of I.~ntler's right to accelerate the maturity of ihe indebtedness sccured hy this Mortgage_ 12. Remedks Camulathe. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or atiorded by law or equity, and may be exercised concurrently. independently or ~uccessively. 13. Srccessors and A~ns donnd; loint and Se~•e~ i.iability; Captions. The covenants and agreements herein contained shall bind, arsd the rights hereunder shall inure to, the respective succcssors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrowtr shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hercof. 14. Notice. Extept tor any notice rcquired under applicable law• to be given in another manner. (a) any notice to Borrawer provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Properiy Addrcss or at such other address as Borrower map designate by notice to T_ender as provided herein, and (b) any notice to Lender shall be given by certified mail, retum receipt requested, to i.ender s address stated herein or to such other addrcss as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this _ i Morigage shall be deemed to have been given to Borrower or 1_ender when given in the manner designated herein. 1S. Uoiform Mort~a~e; Governiu~ Law; Sevenbility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jorisdiction to constitute a uniform security instrument covering ( real property. 7l~is Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the f event that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shal) not affect E other provisions of this Mortgage or the Note which can be given efiect without the conflicting provision, and to this E end the provisions of the Mortgage and the Note are cieclared to be xverable. ~ ~ 16. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the timt l of execution or after recordation hereof. ~ 17. Transfer of tbe 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. exctuding Ial the creation of a lieo or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise, ~ dexent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less ~ not containing an option to purchase, Lender may, at Lender'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, prior to the sale or transfer. Lender and the person to whom the Property is to be solJ 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 wriuen assumption agreement accepted in writing by LenJer, Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ Tf I_ender exercises such option to accelerate, I.ender shall mail Borrow~er notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a periocl of not less than 30 days from the date the notice is mailed within ~ which Borrower may pay the sums declared due_ If Borrower fails ro pay such sums prior to the expiration of such period. ~ Lender may. without further notice or eiemand on Borrower, invoke an}• remedies permitled by paragraph 18 hereof. ~ NoN-Ux~FORt?t CovFx~[vrs. Borrower and l.ender further covenant and agree as follows: l8. AcceleraRioa; Remedks. Escept as provided in paragraph 17 hereof. upoa Borrower's brrach of aoy corenaet or ~ agreemeot of Borrower in t6is Matga6e. iacludi~ tbe coveoants to pay when due apy sams secured by this Mortgaae, Lender ~ prbr to accekratioa sbdl mail notke to dorrower as pmvided ia paragrsph 14 hereof specifyios: (1) tbe bra~c6: (2) t6e action ~ reqnired to care snch brcach; (3) a date, not kss than 30 days fmm the date t6e notice b maikd to Borrower, by wbkb sac6 ~ breac6 mud be cured; and (4) thst tailnrr to cure such breach on or beforo tbe dde speci6ed in the ootke may radt in ~ sccekrstbn ot tbe soms secnred by tbis Mortgage, foreclowrc by judicid proceedlo~ and sale of the Propett~. 71~e notice ~ shal! fnrtber inform Bomorrer of tbe ri`6t to reinstste dter sccekration and the ri6ht to assert ia tbe foreclosure proceedin~ ' ~ tbe oon-ex~stence of a defaok or any other defe~e of Borrower to acceleratbn and foreclosore. If the bresch is oot em+ed on ' or betoro the dale specified ie t6e notke. Lender at Leoder's option may dectue aq of the snu~ secnrtd by t~is Mort=ase to be ~ ;mmedistdy dne aad paysbk withont fuAher demand and msy torcclose th~s Mortga~e by judicid proceediog. Lender shall . ~ be eotitkd to copect in wch proceeding all e:peases of foreclosure. iacluding, but not Umited to, ressonabk ~torney's [ees, ~ ~ and costs ot docamentary evideace, abstrscts and titk reports. ~ 19. Bornower's Ria6t to Reiustate. Notwithstanding [_ender's acceleration of the sums securcd by this Mortgage. ~ Borrower sfiall have the right to have any~ proceedinFts begun by I.ender t~ enforce this Mongage discontinued at any time _ ~ ~ 3~ ~ 278 Pa~E 27. ~ - ~ a~ ~k S.r~~._.;_. _ . . . _ . . . . . ' . _ ~23