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HomeMy WebLinkAbout0758 • ~ Lender's written agrcement or appGcabb law. Borrower shall pay the amount of all mortgage insurance prcmiums in the manner provided u~der paragraph 2 hereot. Any smounts disbur:ed by I.cnJer pursuant to tha paragnph 7, with interest therean. shall become additiona) inJebtedness of Bonovrer secu~ed by this~ Mortgage. Unless Borrower and I.en~ler agroe to othe~ terms of payment. such amounts shall be payabk upcin nc~ice fnxn Ixnder to Borrowcr requesting paymcnt thereof, and shal) bear interest from the date of disbursement at lhe ratc payahk t~om time to time on outstanding principa) under the Note unless payma~t of interest at such nte would be contrary to applicabk law, in which event cuch amount~ shall bea~ ieterest at the hiahest nte permissible under applicabk Iaw. Nathing cantaioed in this paragraph 7 shall roquire Lende~ to incur any expense or take any action hereunder. ~ a. I~ectio~, i.ender may make or cause to be made reaconable entries upon and inspections af the Property. provided that l.ender shall give Borrower notice prior to any such inspection spocifying rcasonabk cause thettfor rclatod to I.ender's interest in the Property. . 9. Co~dea~aatios. The proceedc of any award a~ claim for damages, direct or consequential. in connoction with any condemnatan or other taking of the Prapehy, or part thercc~f, or for copveyanee in lieu of condemnation, are hereby assigned _ aad shall be paid to i.ender. ' Tn Ihe event of a tat.~l taking af the Propcny. the prcx-eeds 'shall be applied ta the sums sccured by lhis MoKgage. with the exc~ss, if a~y, paid ta Borrower. In thc cvcnt ~f a pahia) Iaking of the Property, unless Borrower and I.ender otherwise agroe in writing, there shall be applied to the sums secureci by this MoNgage such propoNion of the procoeds as is equal to that proportion v?•hich the amount ~~f the sumc secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. ' - If the Property is abandoneci by Borrower, or if. after notice by 1.ender to Bormwer that the condem~or offers to malct an award or settle a claim for damages. Bonower fail. to respond to 1_endtr within. 30 days after the date such notice is mailed, Lenckr ic authorized to collect and apply the praceeds, at I.ender s option, either to restoration or repair of the Propeny or to the sums secured b? Ihis Morlgage. . ~ Unless I.ender and Borrower othervvice agrce in H•ritine. any such appl~cation of prc~ceeds to principal shall not e~tend or postpone the due date of the monthly installments rcferrcd to in paragraphs 1 and 2 hereof or change the amcwnt of such installments. 16. Borrower Not Rekssed. Extensio~ of the time for payment or modification of amortization of the sums securcd . by this Mortgage granted by I.ender to any aKCCCx~r in intcrcct of Borrower shall not operate ta release, in any ma~ner. the liability of the original Borrower and Borrower'~ successorc in interest. Lender shall not be required to rnmme?Ae proceedings against such succescar or refuce to erlend time for ?ayment or othenvise modify amortizahon of the .ums - secured by this Mortgage by reason of an} demand made by the original Bormwer and Bormwers wccessors in intcrect. 11. Forbearmce by I.ender Not a Waiver. Any fonc~a~ancc hy I.ender io cxercising any right or remedy hcrcunder, or otherwise afforded by applicable law. shail not he a waiver of er preclude ihe exercise of any such right ar remedy. ''I~e procurement of insura~ce or the payment of taces or other iiens or charges by I_ender shall not be a waiver of Lender s right to accelerate the maturity of the indehtedness secured hy this Mongage. 12. Remedies Cumulati~e. All r+emedies provided in this Morigage are distinct and cumulative to any other right or remedy under this Mortgage or afiorded hy lavv ix eyuity. and may be exercised concurrently, independently or sutt-essively. 13. Succe~ors and A~as Bound; ]oiat aad Sereral i.iab~7ity: Csptbos. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the rcspective succecsors and assigns of Lende~ and Borrower. subject to the provision.c of paragraph 17 hercoL All covenants and agreements of Borrower shall be joint and ~everal. 7]~e captions and headings of ihe paragraph~ of this Mortgage are far convenience only and are not to be used to interpret or define the provisions hereof. . 14. Notice. Except for any noti~c rcyuired uncler applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgaee shall he given hy mailing such notice by certified mail addressed to Borrow~er at the PropeRy Address or at such o~he~ addrecc as Borrower may designate by notice to i.ender as provided herein. and ~ (b) any nolice to Lencler shall Me given by certificd mail. retum receipt requested. to l.ender s address stated herein or to such other address as Lender may designate by notice to Bormwer as provided herein. Any notice pmvided for in this Mortgage shall be damed to have l~een givcn to E3ormwer or Lender when given in the manner designated herein. 15. , UaNorm Mort~a~e; Govemin~ Law: Se.erability. This form of mortgage combines uniform covenants for national use and non-uniform.coti~enantc with limited variations br jurisdiction to constitute a uniform secunty instrument covering ~ real property. This Mortgage shall be governed by ~Fie law of the jurisdiction in which the Property is located. In the ~ event that any provision or clause of tF~is Mortgage or thc No~e conflicts v?~ith applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Ne~tc a-hich can be given efTect without the conflicting provisi~n, and to this ~ end the provisions of the Martgage and the Note arc declared to he severable. ~ 16. Eorrowe~'s Copy. Borrower shall be furni~hed a conformed copy of the Note and of this Mortgage at the time f of eaecution or after recordation hereaf. 17. Transfer of the Property: Assumplion. If all or any part of the Property or an interest therein is sold or transferrcd by Borrower without Lknders prior w~itt~n concent. excluding (al the creation of a lien or encumbrance suborJinate to . this Mortgage. (b) the creat~on of a purch~ce mone}• ~ecurity interest for household appliances, (c) a transfer h}~ de~~ise. descent or by operation of law upon the ckath of a joint tenant or (d? the grant of any leasehold interest of threc years or less not containing an option to purchase, Lender may, at t_ender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have u aived such option to avicelerate if, prior to the sale or transfer. I.ender and the person to whom the Property ic to be SoIJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lenckr and that the intercct pa~~able on the sums secured by this Mortgage shal) be at such rate ac I_ender shall request. 1f Cender has waived the option to accelerate provided in this paragraph 17, and if Borrower ~ successor in - interest has executed a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all . obligations under this Mortgage and the Note. If Lender exereises such option ta accelerate. Lender shall mail Borrower notice of acceleration in accordancr a•iih paragraph 14 heccof. Such notice shall provide a period 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 to pay soch sums prior to the expiration of such peri~xl. Lender may, without further notice or demand on E~rrower, invoke any remedies permitted by paragraph 1 R herrnf. x Nox-UHtFattN CovErt~t~t'rs. Borrower and Lender further covenant and agree as follows: ~ 18. Acederatbo; RemeBks. Escept as provided in para6rap` l7 bereof, ~ dorrower's bnac6 of sey coveoant or ~ s~retae~t of ~orrower L t6is Mo~a`e, iacludiag the rnreoaats to psy w6e~ doe ary~ s~ms sec~red Iry tl~ Mort~a~e, Lt~der prior to sccekratbe sia~ ~ ootke b Sorrower as pro~ided io p~rasrsp6 14 6ereof sptc~yfa~: (l) tbe brssc`; (21 tbe setion ~ e~eqnired M eare ssek bnach: (3) a dste, wt leaa t4aa 30 dsys froa tie date tbe eotlce b naiied to dorrower, by whic6 sne6 ~ brac~ ~d be crre$ aed (4) t6aR taile~e fo cere sac6 breacl~ oa or 6eEore tbe date specl6ed a ihe aotice may raWt ie ~ aecderatbe of tre s~rs sa~rcd by this Mort~a~e, foreciusore bp ~icW proc~dia~ a~d sak of tbe Pr~aperty. 'ILe notke ~ shaY brtber i~forat donower d tbe ri~6t to rei~state dter acceleratioa aod tbe ri¢t to assert ie tl~e foreclosrre poeee~L ~ tlee oo~-e:ieteoce d s aefadt or ~y ot6cr detease of Sorrower to accdenitb~ aod foredosor~e. If tbe breac~ is eot cse+ed oa ~ or befor+e tbe dale s~eei6ed i~ ttie notiee. l.ender at Leoder's option may decWe a1 ot t6e sras secrred by th4 Mort~e to be i~edistely dae and pysbie withod fiuther dema~d and may forecbse Ws Mo~e b)' j~dkial ~roete~. Leader sball be eatitled to eolket 1~ s~Y ~roeeedia6 aN e:peasa of forscloswe. iac1~L, b~t ~of IVitei ta. reaso~able morney's Eees. aoa sosb d doc~ry eoWeece, a6~ aed title tepoNs. ~ 19. forrowa's Ri~t to Rei~staRe. Notwithstanding Lender's ucekration of the sums securod by th~s Mortgage, Borrowu shall have the right to have any proccedingS begun by Lender to enforce this Mortgage discontinued at any time ~ ~ a ~287 ~E 755 ~ _ _ _ . --.s~~.l... - . . . h