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HomeMy WebLinkAbout0457 I.enJrr's written agrcement or applicable law. tiorcower• ihall pay the amuun~ of all mortgage insurance premiums in the manner providrd under paragraph 2 hercof. Any amo?~ntt disbursed by l.cnJer pursuant to this paragraph 7, wi~h interest thereon, shall become additional indebtedness of Borrower ucurcd by ~his Mortgage. Unless Borrou•rr and l.en~er agree to, othe~ tetms of payment, such amounts shal' t+c payabk up~m nc~tice f~om T_ender to Borrower rcyuesting payment thereof, and shall hear inte~est from the Jate of disburscmcnt at the rate payable from time to time on outstandi~g principal under the Note unless payment ot interest at such rate would be cantrary to applicable law, i~ wf~ich event such amounts shall bear interest at the highest rate permissible undrr applicable law. Nothing contained in this paragraph 7 chall requirc I.ender to ineur any expense or take :+ny action hercunder. 8. iaspectlor. Lender may make or cause to be made reasonable en~ries upon and inspectians of the Propeny, provided th~t I_ender shal) give Borrower ~otice prior to any such inspection specifying rcasonable cause thercfor related to I.ender's intcrest in the Property. 9. Coode~r.aaNon. The proceedc of any award or claim for damages, dircet or consequtntial, in connection with any condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hercby assigned and shall bc paid to i.cnder. in thc event of a total taking of the Property, the proceeds shall t~c applied to ~he sums secared by this 41o~tgage. with the excess, if any, paid to Borrower. In Ihe event of a partial taking of the Property, unless Borrower and Lender oiherwise agrce io writing. therc shall he applied to the sums secured by this Mortgage such .proportion of the proceeds ~ as is equal to that proporiion which the amount of the sumc secured by this Mortgage immediately prior to the date of taking bears to the ~air market value of the Property immediately prior to the date of ~aking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. after natice by l.ender to Borrower that the condemnor c+ffero to make an award or uttle a claim for damages, Botrower fails to respond to l.ender within 30 days after the da~e such notice is mailed, [~nder is authoriud to collect and apply the procceda, at t.ender's optioo, cither to restoration or repair of ihe Property or to the sums secured hy this Mongage. Unless t.ende~ and Borrower otherwise agree in writing. any surh application of proceeds to principal shall not eztend or pcxtpone the due date af the monthly installm~nts referrcd to in paragraphs 1 and 2 hereof ot change the amount of such inslallments. ~ 10. Borro~+er l~ot Rdeased. Extensian of the time for payment or modification of amortization of the sums secured by this Mortgage granted by l.ender to any successor in interest of Borrower shall na~ operate to releax, in any manner, the liability of the original Borrower and Borrower's succtssorc in interest. I.ender shall not he required to commence proccedings against s~~ch successor or refuse to extend time for payme~t or otherwise modify amortization of the sums;- securcd by this Mortgage h~• reau~n of •rny demand made by thc oriqinal Borrower and Borrower's succescors in interest. I1. Forbearance by i.ender Not a Waiver. Any forhearance by I.ender in exercising any right or remedy hercunder, or otherwise aHorded by applicahle law, shall nM tx a waiver of or preclude ~he exercise of any such right or remedy. The procurement o[ insurance or Ihe payment of taxes or other liens or charges by Lender shall not be a vvaiver of I_ender s righl ln ~rr~1~~a~~ eh. ..,arlslty of the indebtedneu cecured hy this Mortgaga 12. Remedks Cumulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or ~ remedy under this Mortgage or aRorded by law or equity, and may be exercised concurrently. independently or successively. 13. Saccessors and Assigos 8ound; Joint and Seven! i.iabifity; Captlons. Tfie covenants and agreements herein - contained shall bind, and the riRhts hereunder shall inure to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph !7 hereof. All covenants and agreements of Borrowet shal) be joint and several. "Il~e captions and headings of the paragraphs of this Mortgage are for rnnve~ience only and are not to be used to interprct or define ihe provisions hereof. 14. Notke. Except for any notice reyuired 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 thc Property Address or at such other address as Borrower may designate by notice to l.ender as provided herein, and - (b) any notice to Lender shall be given by certified mail, return receipt requeated. to l.ender s address stated herein or to 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 to Borrower or Lcnder when given in the manner designated herein. 1S. Uufform iviortRa~e; Governin~ [aw; Severabillty. This torm of mortgage combines uniform covenants for national use and non-uniform covenanls with limited variations by jurisdiction to constitute a uniform securily instrument covering real property. "Ihis Mortgage shall be governed by the law of the jurisdiction in which the Property is Iocated. In the event that any provision or clai~~e of this Mortgage or the Note conflicts w~ith applicable law, such conflict shall not affect . uther provisions of this Mortgage ar the Note which can be given efiect with~ut the conflicting provision, and to this - end the pmvisions of the Mortgage and the Note are decl•rred to be severable. 16. Eorrone~'s Copy. Borrower shali be furnisheJ a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ 17. Transfer of t6e Property: Assumption. If all or any part of tht Property or an interest therein is sold or transferred by Borrower without Lender's prior written concent, excluding lal the creation of a lien or encumbrance subordinate to this Mortgage. (t?) the creation of a purchase money ucurity interest for household appliances, (c) a transfer by devise, dexent 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 noi containing an option to purchase, I.ender may, at l.ender's option. declare all the sums secured hy this Mortgage to be ~mmediately due and payable. [.ender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Properiy is to be sold or transferred ~each agreement in writing that the credit of such person ' is satisfactory to IRnder and that the interest payable on the sums secured by this Mongage shall be at such rate as Lender ~ shall reyuest. If I.ender has waived the option to a~celerate provided in this paragraph 1~, and if Borrower's successor in interest hac exeeuted a writlen assumption agreement accepted in writing by l.ender, Lencier shall releast Borrower from all obligations under this Mortgage and the Note. ' - If Lender exercises s~ich option lo accelerate, I.ender shall mail Borrow-er notice of accekration in accordance with paragraph 14 hercof. 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. I~ Borrower fails to pay such sums prior to the expiration of such period. LenJer may, without further notice or demand on Borrower, invoke any remedies permitled by paragraph 18 hereof. ; ~ Nox-UNiFattM CovexerrTS. Borrower and l.ender further covenant and agree as follows: 18. Accekratfon; Remedks. Lxcept as provWed fa para~raph 17 hereof. upon Bormwe~s bnac6 of any coveaant or ngreement of Borrower in tbis Mortgsge, including the corenants to psy when due any sums tecured by this Mort~afe, Lender prbr to accelentbn shall map aotke to norrower as provided in para~nph 14 bereof specifylo=: (1) tbe bresc6; (2) tbe action ~ reqnired to enre suc6 breach; (3) a date, not kss than 30 days from tbe date the ootke M m~ed to Borrower, by wUic6 snch breach mwt be cnred; aad (4) that failore to cnre soch breach oe or before_ tbe d~e specWed h tbe aotlce may radt M accekratioe of tbe sn~ iecored by this Mortsa~e. toreclowre by judicid proceedlna and sak of tbe Property. 'ILe notiee _ i ; shall further taform Borrower ot the right to reinsUte afler sccelentbn and t6e ri~bt to aeseN in tbe foreclowrs proceedin; the aon-e:istence of a defauN or any dher detense of Eorrower to accekntbn and foreclosure. If the bresch k oot cored os or 6efore tbe date specified ia t6e notice. Lender at Lende~'s option.may declare atl ot the wms secared by lhis Morqs~e to be immedlatdy dne snd parabk witboot further demand aad msy foreclose tbts Mort=a~e by judlctal proceedio~. Leader sball ~ be eoNtled to collect ie snch proceedf~ ~ll cxpeosa of foreclosure. includin=, but not limited to, roa~onabk attorne~'s ie~q, ( and cosb of docnmeMary eWdence. abstnc~s and titk reports. 19. Borrower's Rigbt to Reindate. Notwithstanding [.ender s acceleratian of the sums secured by this Mortgage, E Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time [ ; EooK296 p,~E 4~6 ~ ~ ~ . ~ ~rt ~ -~,~`..~,z~ ~n~-" w~~~.. ~ E^ ' ,~2~ ~ _ . , . ~ , '