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HomeMy WebLinkAbout0896 l.ender's written agt+eemcnl or applicabk law. Bor~owe~ shull pay the amount of all mortgage insurance prcmiums in the manner provideJ unde~ paragraph 2 heroot. A~y amounts disburscd by l.cnck~ pursuant to thia parag~aph 7, with interest thereoo, shall become additiona) imiebtednesc ot Borrower stcu by this Mortga~ge. U~lecc Borrower and I.enJer agree to other terms of paymeo~ such t amounts shall be payabk ~ipcx~ ticc t~om I.wfder ta Borrowcr requesling payment thereoF. an~1 shall bear inte~est from the date of disbursement at the rate payahk from time to ~ime on outstanding principal under the 1Qote unless psyrnent ot intefest at such rat~ would be cantrarv to applicable iaw, in which event such amaun/s shall bear interest at the highest nte p~.rnnissibk under applicable law. Nothing contained in this paragraph 7 shall require I.ender to incur a~y expense or talce any action hereunder. • 8. la.specfbs. [.ender may make or cause to be made reasonabk e~tries u~n an mspeclio~s uf lh~?mperty. prov~d~d that l.ender xhat) give &~rrower notice prior to any such inspection specifying rea~ana~k cause iherefor related to I.ender's interest in the Property. 9. Condemnation. The pmceedc of any award ar claim for elamages, direct ar consequential, in connection with any condemnation or other taking of Ihe Property. or part therrnf, or far a~nveyance i~ lieu of condemnaticx~, a~e hereby assigned and shall be paid to l.ender. • , In Ihe event of a total taking of thc Property. the prcxceds chall hc applied ti+ the sums secured by this Mortgage, with the eticess, if any, paid to Borrower. In thc cvcnt oi a partial taking of the Property, unless Borrower and I.e~der otherwise ag~ee in wriling. therc shall be applied to the ~ums securcd h}• thic Mortgage such proportion of the procoeds as is equa) to that pmporlion w•hich the amount o( Ihe sumc secured by this MoRga~te immediately prior to ihe date of taking bears to the fair market value of the Property immediatel~~ prior to the date of taking, with the balance of the proceeds paid to Borrower. lf the Troperty is ahandoned by Bor~ower, or if. afler notice hy i.ender to Bormwer that the condemnot offtrs to make an award or settle a claim for damagc~. B~umwer fail. t~? r~s~nd M 1_ender within 30 days after the date such notice is mailed. Lender i~ authorized to collect and apply ~he prc~ceeds. at Lender's option, either to ratoration or repair of the PropertY oz to the sumc sccured by thic Mor~gage. Unles.: i_ender and Borrow~er othenvi~ agree in wrihne. any such application of proceeds to principal shall not extend or postpon~ the dt!e date of the monthly instrllmcnts referrcd to in paragraph~ 1 and 2 hereof or change the amount of sucb installments. 10. Borrowe~ Not Released. Fxten~ion of ~hc timc for payment or modification of amortization of the sums secured by this Mortgage granted by I.enJer t~• any S~KCC~cc?r in intcrest of Borrower ~hall not operate to release, in any manner, the liability of the original Borcower and &~rrower'~ successc~rs io inlerest. i_ender shall not be reqaired to commence proceedings agains{ such sucrecsar or rcfuce t~ erlend time for payment or othervvise modify amortizahon of thc wms serured hy thic Mortgage by rcau~n uf :mr demand made by the oriGinal Borrower and Borrower s successors in imerec~_ 11. Forbearance by I.ender Not a Wai~•er. Any f~rhearance by i_ender in eYercising any right or remedy hereunder, or otherwise afTorded hy applicahle law. shall not he a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taticc or other liens or charges by~ I.ender shal) not be a waiver of 1_ender's right to accelerate the maturity of the indebtedne~s cecured hy thic Martgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remeJy ander this Mortgage or afTorded h}~ law or equiry, and may be exerciced rnncurre~Ny, independenUy or succeccively. ' 13. Successors and A~os Boond; .Joint and Several f.iability; Captions. The covenants and agreements herein contained shall bind, and the riRhts hen:under shall imire to. the rc~pective successors and assigns of 1_ender and Borrower. subject to the provision~ of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headingc of the para¢raph~ ~f thic Mortgage are for convenience only and are not to be i~sed to interpret or define the provi~ionc hereof. 14. Notice. Except for any notire rcyuired under applicable law to be given in another manner. (a) any notice to Sorrower provided for in this Mortga~e ~hall he given hy mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addrec; as Bormwer mav designate by notice to T.ender as provided herein. and (h) any notice to Lender shall he given by certifieel m~il. reuim receipt requested. to t.ender s address stated herein or to such other address as Lender may de~ignate b)~ n~tire ta Borrower as provided herein. Any notice provided for io this Mortgage shall be deemed to ha~c tken ~eh~en to B~rrower or 1_ender when given in the manner designated herein. 15. Uniform MortRa~e: Go~ernin~ I.aw; Se.~eraMlitq. This form of mortgage cambines uniform covenants for national s use and nomuniform cm~enams with IimiteJ variations M• jurisdiction to constitute a uniform security instrument covering s real property. This Mortgage shall be governed h~~ the law~ of the jurisdiction in which the Property is located. in the ' event that any provision or clauce of thi. P1c?rtga¢e ~~r the Note rnnflicts w•ith applicable law, such confliet shal) not afiect f other provisions of this Mortgage or the N~+tr Nhich ran be given efiect without the conflicting provision, and to ihis ~ end the pravisions of thc Mortgagc and thc 'Votc arc Jcclared to t~e ceverable. ; 16. Borrower's Copy. Borrow~er thall tx: furni.heJ a a~nformed copy of the Note and of this Mortgage at the time > of execution or after recordation hereof. ; 17. Transfer of the Property: Assumption. If all ~•r any part of the Property or an interest therein is sold or transferred ; by Borrowcr without Lender's prior writtrn cuncent. excluding (al the creation of a lien or encumbrance sutx?rdinate to ~ this Mortgage, fb) the creation of a purch;,u: mnne~ ccrurin• imerest for household appliances, (cl a transfer hy devise. ~ descent or by operation of law~ upon the Jcath of a j~~~nt tenant or (dl the grant of any leasehold interest of threc )'cars or lecs ~ not containing an option to purchase. Lender ma}•. at Lender's option, declare all the sums secured by this Mortgage to be ~ immediatelq due and payable. Lender shall ha~•e ~aivcd sucFi option to accelerate if, prior to the cale or transfer_ l.ender ; and the persnn to whom the Properry ic t~? tx ~o{~I or ~ransferred reach agreement in writing that the credit of cuch person _ is satisfactory to Lender and that the interr.t pa~~able on the sums ucured by this Mortgage shall be at such rate as Len er ~ ~ shall request. if I_ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's tiuccessor in ~ interest has executed a written assumption agreement accepted in writing by l.ender, 1_ender shall release Borrower from all ~ obligations under this Mortgage and thc Note. If l.ender ezercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordanc~ ~~h x paragraph 14 hereof. Such notice shall provide a pc:ricxl of not Iess than 30 days from the date the notice is mailed u•ithin which Borrower may pay the sumc declared due. If Borrower fails to pay such sums prior to the expiration of such peri~.d. ~ Lender may, without forther noticc or demand on Borrower. invoke any remedies permitted by paragraph 1 R hercof. ~ - NoN-UN~FOant CoveN~NTS. Borrower and I_ender further covenant and agree as follows: 18. Accekrataa; Remedia. E:cept as pmvidcd in psra~raph 17 hercof. upon Borrower's breach ot any corenant or agrecmeat of Borrower in t6is Mortgage. :ncluding the cosenanfs to pay when due aay soms stcund by thk Morfgage. I.ender prior to accelentbn s6a11 mail notke to Borrower a~ provided in para~raph 14 6ereof specityin`: (1) tbe breach: (2) the ad'an ; required to cnre snch brrach; (3) a date. not less than 30 days from tbe date the aotjce b maikd fo ~orrower. bY .rhech suc6 breac6 mwt be cured; aod (4) ttwt faifure fo cure such bresch on or befon the d~e specMied ia the notice may result in secekration uf t6t s~n~s secured by this Mortgsge. /onclosure by jadkial proceedi~ and sak of tbe Property. 'Il~e notice - shatl further inform Borrower of tl~e riqht to reinstate afler accderation and the ris6t to assert in the foreclosure proctedin~ ~ t6e non-e:istencr of s defank or any other defense of Borrower to acceleration snd foreclosure. if the breach is not cnred on ~ or beforc the date spccified ia the notice. Lender af t.cnder's option may derlue aQ of the snms secored by tkis Mort~s~e to be imaxdiately due and payablc without Eurther demand and mav foreclose this Mortaa6e by judicial proceedin~. l.ender chall be entided to cofleet in wc6 proceedir~ all expenses ~~f foreclosure. inciudi~. but not limited to, rc~sonabk attnrney's fees. and costc of docuauntary evidence, absirscts and titk rcports. ~ 19. Eorrov?e~'a R~ht to Reiastate. Notwilh~~andmg I.ender s acceleration of the sums secured by th~s Mortgage, Borrower shal) have the right to have any proceed~ng. tx:~un ~y I.ender to enforce this Mortgage discontinued at any time ~ z ~~ox 29z ~~~f 894 ~ ; - - . _ ~ - ~ ~ - _ r~-_ ~ - _ z ~ ~ ~ ~,.,~€`c~.v g~ S r ~_e- ~ •":'-r,v~-x~'?-5.a;s~ +~"a+'-:.x°~~".``~" - s~.:'~.. , . _ "