Loading...
HomeMy WebLinkAbout0864 l.e~dcr's written agreement or applirable law. 8orrow~e~ shall pay the amount of all mortgage insurance_premiums in thc manner provided under paragraph 2 hercof. Any amou~ts disbursed by Lender pursuant to this paragraph 7, wi~h interest theroon, shall become additional indebtedness of Borrower securcd by this Mortgage. Unless Borrower and Lender ag~e to other terms of payment, such i amaunts shal) be payable upon notice from I.ender to Borrower requesting payment thereof, and shall bear interest from the ~ date of disbursement at the rate payabk from time ta time on otitstanding principal under the Note unless payment of ; interat at such rate would be contrary to applicable law, in which event such amounts shall bear i~terest at the highest rate ; permiuible under applicable law. Nothing contained in this paragraph 7 shall rcquire Le~der to incur any eapense or take ~ ~ any action hereunder. ~ 8. IaspecHoa. Lender may make or cause to be made reasonable entries upon and inspections of thc Propeny, provided ~ that I.ender shall give Bc~rrower notice prior to any such inspection specilying reasa~able caux therefor related to Cender's ~ interest in the Property. 9. Coademaatbn. 'Il~e proceeds of any award or claim for damages, direct or consequential, it? conneclion with any condemnation or other taking of the Property, or part thereof, or for conveya~ce in lieu of condemnation, are her+eby assigned and shall be paid to Lender. ~ In the eve~t of a total taki~g of the Property. the proceeJs shall he applied to the sums secured by this Martgage. ~ with the excess, if any, Faid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender ; otherwise agree in writing. there shall be applied to the sums secured by this Martgage such proportion of the proceeds # as is equal to that propoNion which the amount of the sums serured by ~his Mortgage immediately priar to the date of taking bears to the fair market value of the Property immediately prior to the Jate of taking, with the balance af the pr~oeceds paid to Borrower. ` If the Property is abandoned by Borrower, or if. after notice by i.ender to Borrower that the condemnor offers to make f 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, Lender is authorized to collect and apply the proceeds, at I_ender s option, either to restoration or repair of the ~ Propeny or to the sums secured by this Mortgage. ? Unless Lender and Borrower otherwise agree in w•riting, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. ~ # 10. Botrower Not Released. Extension of the time for payment or modification of amortization of the sums secured ~ by this Mortgage gra~ted by I.ender to any successor in interest of Borrower shall not operate to release, in any manner, ~ the liabilit;+ of the original Borrow•er and Borrower's successors in interest. Lender shall not be required to commence proceedin~s against such successor or refuse to extend time for payment or otherwise modify amortization of the sums ; secured by thi, Mortgage by reason of any demand made b~~ the uriginal Borrower and Bonower's successors in interest. 11. FotbeArance by Lender Not a Waiver. An~• forhearancc b~~ Lender in exercising any right or remedy hereunder, or : otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy_ ; The procurement of insurance or the payment of taxes o~ other liens or charges by I.ender shall not be a waiver of Lender's ~ right to accelerate the maturity of the indebtedness kcured h~• this Mortgage. ; 12. Remedies Comulatise. All remedies provided in this Mortgage are distinct and cumulative to any other right or y remedy under this Mortgage or afiorded by law or equity, and ma}• be exercis~:d concurrently. independendy o~ successively. ~ I3. Sncceswrs and Assigns Bound; ]oint and Sereral i.iability; Captio~. The covenants and agreements 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. ; 71~e captions and headings of ihe paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice req~iired under 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 Borrower may designate by notice to i.ender as provided herein, and : (b) any notice to Lender shall be given by certificd mail, retum receiPt requested. to i.enders address stated herein or to t such other address as L.ender may designate by notice to Borrower as provided herein. Any notice provided for in this ` Mortgage shall be deemed to have been given ro Borrower or i_ender when given in ihe manner designated herein. ~ l5. Uniform Mortgnge; Governia~ Iaw; Se~eraM`lity. This form of mortgage combines uniform covenants for national ; ose and non,uniform covenants with limited variations b~~ jurisdiction to constitute a uniform security instrument covering f real property. This Mortgage shall be governed by 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 shall not afiect f 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 Mortgage and the Note are declared to be severable. ~ 16. Bormwer's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ~ 17. Traader of t6e Pmperty: Assumption. If all or an~• part of the Property or an interest therein is sold or transferred ~ by Borrower without I.ender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliartces, (c) a transfer b} devise. descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interest of three years or less not containing an option ta 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 sold or transferred reach agreement in writing that the credit of such person is satisfactory to LenJer 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 written assumption agreement accepted in writing by Lender. Lender shal! release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. 1_ender 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 the date the notice is mailed wiihin which Borrower may pay the sums declared due. If Borrouer fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on tiorrower. invoke any remedies permitted by paragraph 18 hereof. x Notv-UtviFOte~?[ Covex~N'rs. Borrower and Lender further covenant and agree as follows: ~ 18. Accderatioa; Remedks. E:cept as provided ia psragraph 17 hereof, upon Borrower's breac6 of aay coveoant or ~ agreemrot of Borrower in t6is Mortgage, including t6e coyenanfs to psy when due a~y snms secorcd by t6k Mortgage, Lender prior to accekration shall mail notice to Bormwer as provided in paragraph 14 hereof specifyiu~: (1) the breac6; (2) the action ~ reqoired to care socb breac6; (3) a date, not kss than 30 days from t6e date the ootice b maikd to Borrower, by wbk6 snch ~ breac6 mmt be cared; and (4) thst failure to cure sncb bresch on or before t6e date specHied io tbe aotke may readt in ~ accderatioe of tbe soms secared by this Mortgs~e, forecbsure by judlcial proceedln~ aod sak of t6e Property. '1Le notice ~ shall further ieform Borrower of t6e right to reiastate after sccekrstioa and tlx right to ~eirf ia t6e fomlosarc proceeding ~ ~ tbe ooo-e:isteoce of a defauk or aay other defense of Borrower to accekration and foreciowr+e. If the 6resch ia not cored on or betore tbe dah speci6ed in t6e ootice, Leader at Lender's option may declue aQ of tbe sums secored by t6is Mortga6E to be ~ immediatdy doe and payabk wkla~t furt6er demasd and may toreclose thLs Mortsage by judicial pmceedi~. Leader s6a11 be eotitled to collect ia snc6 proceediat alt espensa of foreclosnre. includiua, bnt aot Umited to, re~sonabk attorne~s fees, aed costs of documeatary erideoce. ~Strscts and Wk ceports. ~ 19. dorrower's Ri~ht to Rei~tate. Notwithstanding Lender s acceleration of the sums securod by this Mortgage. ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage.diuontinued at any time - ~ ~ aoox295 +gq . ~ - ~ . - _ - _ _ ~ _ _ - . ~ t yti-e~-~-~, v , - S 'uv"~R^-~+~ 3°T-X : - "~y :a,.' ..w- = ' . , . _ ~ ~ - :~.:%~f~:~.