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HomeMy WebLinkAbout0054 ~ • ~ Lender's written agrcement or applicabfe law. Borcow4r's~fia~i ay the amouat ~f all martgage iosurance premiums in ihe manner provided under para~~aph 2 hereol. t; Any amounts disbursed by Lender pursuant to this parag~aph 7, with interest thehon~' sh;~ll ~b~come additional indebtedness of Bonower securcd by ~his Mortgage. Unless Bor~ower and I_ender agree to othe~ tlr~ ot payment, such amounts shall be payable upon nolice from l_ender to Borrower requesting paymcnt thereof, and shali bear intercst from the date of disbursement at 1he rate payahle irom time to time~ on outstanding principal under the Note unl~ss paymen! of interat at sueh nte would be cantrary to applicable law, in wkich event such amounts shall bear interest at ihe highest rate permissiblt under applicable law. Nothing contained in this paragraph 7 shall require Lender to incu~ any expense or take any action hercunder. & insptedoa. I.ender may•make or cause to be made reasonable entries upon and inspections of the Properiy. provided that Lende~ shall give Borrower nolice prior to any such inspection specitying reasonabk cause therefor related ta Lender's interest in the Property. 9. Coademaatbn. The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of co~demnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied~ to the sums securcd by this Mortgage, with the excess, if a~y, paid to Borrower_ in the event af a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by ihis Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums ucured by this Mortgage immediately pri~r to the date of ' taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanse of the proceeds - paid to Borrower. If the Property is abandoncd by Borrower, or if, after notice by Lender to Bomower that the condemnor offen to malce an award or settle a claim for damages, Borrower fails to respond to 1_ender within 30 days after the date such notice is mailed, Ltnde~ is authoriud to collect and apply the proceeds, at I~nder s option, either to restoration or npair of the Property or to the sums secured by ~his Mortgage. Unless Lender and Borrower othenvise agree in writing, any sucfi application of proceeds to principal shall nat extend or postpone the due date of the monthly installments refermd to i~i~~para~raphs 1 and 2.hereof o~ change the amount of such installments. ' 10. Dorrower Not Rekated. Extension of the ~ime for payment or modiffcation of amortSz~tion 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 B~irrower'c successors in intercst. Lender- shatl not be required to commence proccedings against such successor or refux to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in intercst. 11. Forbearance by Leader Not a R'aiver. Any forbearance by Lender in cxercising any right or remedy hercu~der, or - otherwise afforded by applicable law, shall not be a waiver of or proclude the exercise of any such right or rcmedy. The procurement of insurance or the payment of taxes or other liens or charges by I.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. l2. Remedies Cmm~laH~e. All rcmedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, indtpendently or successively. 13. Saccessors and Assf6as Bound: Joint and Severd i.isbility; Captbns. The covenants and agreements hercin contained shall bind, and the rights hereunder shall ini~re 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. The captions and headings of the paragraphs of this Mortgage are for conveoience .only and are not to be used to interprct or define the provisions hereo~. 14. Notice. Except for any notice required unckr applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as B~rrower may designate by notice to i_end~r as provided herein, and (b) any notice to Lender shall be given by certified mail, retum receipt requested, to l.ender s address stated herein or to such other address as Lender may designate by ~otice to Borrower as provided herein_ Any notice provided for in this Mortgage shall be dcemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform 1ltortgage; Covernin~ I.aw; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is locaied. In the j eve~t that any provision or clause of this Mortgage or the I~ote conflicts with applicable law, such conflict shall not afitct 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 1Vlortgage and the Note are declared to he severable. 16. Eorrower's Copy. BorroNer shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. . ' 17. Trancfer of tde Properlv: Assumption. If all or an~• 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, (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 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 ~ iinmediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transEer, 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 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 interat has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Nott. If Lender exercises such option to a~celerate, Lender 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 ~he 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, without further notice or demand on Horrower, invoke any remedies permitted,by paragraph 18 hereof. ° Nox-Ux~FORt?t CovEx~twrs. Borrower and Lendor further covenant and agree as follows:' ~ l8. - Acceleration; Remedies. Ezcept as provided io para`raph 17 hereof, upoa dorrower's brcac6 of aay co~enant or ; ~ a~reemeut of Eorrower in thb Mortgage, inclodi~ tbe coveoants to pay ahea dut s~ny sams secnred by thk Mortgage, Leader prbr to sccekratioa ~ball ma0 notke to Bomower as provided ia p~rsgraph 14 hercof spccify~g: (i) tbe bresc6; (2) tbe actioa ~ required to core socb bracb; (3) s date, not less than 30 days fmm tbe date the notice b maikd to Borro~+er, by w6k6 wch ~ brescb mmt be cored; aud (4) t6at failure to cure soch breach oa ar before tbe date spec~ed in tbe ootke mar radt in - acceleratbw ot tbe sum~ aecared by t6ts Mort~e. foreclosun by jndfcial proceedia~ and sak ot tbe Propertr. 1be notice ~ sl~atl forther inform Hon+ower of the ri=ht to reinstate aEfer sccekntbn snd t6e ri~ht to asie~t ia tLe foreclosore pruceedb~ ~ the non-ezideoce of a defaoh or any Mher deferne of Borrower to accekntba and forecloatre. It tbe breac~ L not cmed oa ~ or betore tbe date speci8ed in tbe oodce. Lender at Leader's optjon msy decl~re a~ of the soms secured by t6is Mort=a~e b be ima~tdiatdy due and payabk v?it6oat further demand and may forcclose thb Moriga~e by jndkW procudioL. Leeder sha11 - ~ be eodtled to collect io suc6 proceedio= ap e~eoses of forcclosnre, iacluding. bot not limited to, reasoaabk attor~e~'s fea, and costs of docameetary evidence. abstracts and tiUe reporb. ~ 19. Dorrower'a Rigbt to Rein~tate. Notwithstanding Lender s acccleration of the sums securcd by this Mortgage. Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinuod at ariy time ~ ~ ' 8a~ 283 P~ 54 ~ ~ _ _ _ . - _ _