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HomeMy WebLinkAbout0196 l.ende~'s written agreement or applicabk Ivw. Borrowe~ shall psy the amount of all mortgage insurance premiums in the ~ manner provided ur~de~ paragraph 2 heroof. ' ~ Any amau~ts disbuned by I_ende~ pursuant to tha paragroph 7, with interest thereoo, shall become additional imlebtedness ot Bo~rowc~ secured by this Mongage. Unless Bo~rower and l.ender agroe to other terms of payme~~ such amounts shali be payabk upan nc~ticc from i.ender to Borrowc~ requaling paymcnt thereof. and shall bea~ inte~est fr~om the date of disbur.s~ment at the ratc payabk from time to time cx~ outatanding principal under the Note unless psy~tnat ot interest at such rate would be conttary ta applicabk law, in which event s~ch amounts shall bea~ interest at the highest rate permissibk under applicabk law. Nothing ccxUaioed in thiS paragraph 7 shall rcquire I_ende~ to incur any expense or take any action hereunder. 8. laspectio~. l.ender may make or cause ta be made reasonabk ent~ies upon and inspectians of the Property. provided that I.onder shal) give Borrower notice prio~ to any such inspection specitying reasonabl~ cause therefor related to L.ender's interest in the Property. 9. Condemastbn. The proceeds of any award or claim for damaga, dircet or consequential, in connoction with any cot~demnation or other taking of the Property, or patt thercof, a~ for conveyance in lieu of condemnation, aro he[eby assigoed and shall be paid to Lender. in the event of a tatal taking of the Propeny, the prcxec~cis chall be applied to the sums secured by this MoKgage, with the excess, if any, paid to Borrower. ln the cvent of a pa~tial taking of the Aroperty. unless Borrower aad I.ende~ otherwise agrce in writing. ther+e shall be applied to the sums secured by this Mortgage such proportion of the prncads as is equal to that proporiio~ w~hich the amaunt ot ~he sumc cecnred by this Mortgage immediatoly prior to the date of taking bcars to the fair market value of thc Propcrty immediately priar ta the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if, after notice by I.ender to Bormwer that the condcmnor otiers to malce an award or settle a claim for damages. Borrower failc to respond to I.ender within 30 days after the date such notice is mailed, Lender ic authorized to collect and apply the proceeds, at t.ender's optio~, either to restoratio~ or repair of the Property o~ to the sums sccured hy this Mor~Raite.. ~ Unless I_ender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or. postpor'~ Iht due date of the monthly installmcnts rcferrcd to in paragraphs 1 and 2 hereof or change the amou~t of such installmenis. 10. boRewN' Not Releztied. ~EYtension of fhe time for payment or moditicatian of amortization of the sums socured by this M~rtgage granted by Cende~ to any cuccessor in interect of Borrower shall not operate to release, in sny manner, the liability of the original Borrower and Bc~rrower e successorc in interest.' t_ender shall not be required to rnmmence pro:.eedings againu such successor or refuce to ertend time for payment or othenvise modify amortization of thr sums secured by this Mortgage by reason of anv demand madc b~~ the original Borrower and Borrowers successors in interect. 11. Forbearance by i.ender Not a Waiver. Any f~rhearance by l.ender in exercising any right or remedy hereunder, or otherwise atforded by applicahle law. shall not be a waiver ot or preclude the exercise of any such right or remedy. 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 ta accelerate the maturity of the indehtedness cec~ired hy this Mortgage. l2. Remedks Cnmulative. All remeclies provided in this Mortgage are distinct and cumulative to any other right er ' rcmedy under ihis Mortgage or affordeJ by law or equity, and may be exercised concurrently, independently or successively. ' 13. Snccessors and A~os Bound: Joint and Several i.iabilify: Captions. The covenants and agreements herein contained shall bind, and the rights he'+eunder shall imire to. the respective successors and assigns of i_ender ac~d Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirW and several. The captions and headings of the paragraphc of thic Mortgage arc for coovenience only and are not to be ased to interpret or de6ne the provisions hereof. l4. Notice. Except for any notice required unde~ applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgaee shall be given hy mailing such notice by certified mail addressed to Borrower at the Property Address or at such ~~~her addrcss as Borrower mav designate by notice to T_ender as provided herein, and (b) any notice to C.ender shall he given hy certified mail, retum receipt requested. to l.ender s address slated herein or to such other address as Lender may de~ignate by notice tc. Borrowe~ as provided herein. Any notice provided for in thii Mortgage shall be deemed to havc bcen given to Sorrower or Lcnder when given in the manner designated herein. 15. Uniform MortRaRe; Covernin~ laN•: Se~•erabilify. This form of mortgage combines uniform covenants for national use and non-uniform covenantc with IimiteJ variaticx~s h~• jurisdiction to constitute a uniform securiry instrument covering real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the ~ event that any provision or clauu of thie Mnrtgagc or the Note rnnflicts witb applicable law, such conflict shall not affect ( ather provisions of this Mortgage or the Nc?te K~hich can be given effect without the co~flicting pmvision, and to this E end the provisions of the Mortgagc and the Note arc dcclared !o l~e severable. l6. Bormwer's Copy. Borrow•er shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17. Traacfer of tbe Property: Assumption. if all or an~• part of the Property or an interest therein is sald or transferred by Borruwer without Lender s prior writicn consent. excluding fal the creation of a lien er encumbraoce subordinate to this Mortgage, (b) the creat~on of a purcha~c mc.ne~• tecuri~y interest for household appliances, fc) a trans(er hy devise. descent br by operation of law upon the death of a joint tenant or (d1 the grant of an~ leasehold interest of thrcc years or less not containing an option to purchase, l.ender may. at I.ender's option, declare all the s~ms secured by this Mortgage to be immediately due and payable. Lender shall ha~~e ~aived such option ~o accelerate if, prior to the sale or transfer. I_ender and the person to whom the Property i~ ta be :o1J or transferred reach agreement in writing that the credit of ~uch per~an is satisfactory to txnder and that the interr~t pa~•able on the sums secured by this Mortgage shall be at such rate ac I.ender shall request_ If I_ender 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 I.ender, Lender shall release Bo~rower 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 accordanc~ ~~i~h paragraph 14 hereof. Such notice shall provide a period of not Iess than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. if Borrow~er fails to pay such sums prior to the expiration of such pericxi. ~ L.ender may, without further notice or demand on F3orrower, invoke any remedies permitted by paragraph 18 hereof. Norr-UNiFORtit Covetv~NTS. Borrower and Lender further covenant and agree as follows: ~ 18. Accekratan; Remedies. E:cept as pmvided in Qaragraph 17 hereof. npon Eorrower's breac6 of any co~eaant or ~ agreemeat of Borrower in fhis Mortg~t. includi~ the corenants fo pay when due aay sums secnred by thts MortRage. Lender prior to accelentbo shall mail noHce to aorrower as Provided in para6raph 14 6ereoi specifyin=: (1) the btesch: 12/ the actan ~ requlred to core snc6 breac6; (3) a date. not Iess than 30 days from the date tbe notice ia mailed to Eorro~+er. br ~*hich sucb ~ bresch mn~d be cored; and (4) t6at failure 1o cure such bresch on or before t6e dafe specified in the notice may result ia ~ sccekratlon of tbe soms secared by th~s Mortgage. toreclowre by Judicial proceedi~ and sale of tbe Pmperty. 'il~e notice G shall furt6er inform Borrower of the right to roinstate after accekratioa and the right to ~ssert ia the foreclosure proceedi~ ~ tbe non-existence of a defauB or any other defe~e of Borrower to ~ccekrstion and fonclosun. lf tl~e bresc6 is oot cnred on ~ or before the dste specified ia tl~e notice. Lender at I.ender's option may declue all of the sn~ secored br this Moirt~a~e to 6t ~ itW i [.ender chall ~ immediatdy due and payable witlaut further demand and may foreclose thts Mort6s~e by jnd proeeed n~• ~ be eotitled !o colkct in suc6 proceed~oS a0 espenses of forectosure, includiua. but eot limited to. reasonsbk ata,rney's fees. aad costs of documentsry evidence, abstracts and titk reports. ~ 19. Sorrower's Rl~hl to Reinst~e. Notw•ith~tandin~ l.ender s acceleration of the s~ms secured by this Mortgage, ~ Bortower sha0 have the right to have any procecdin~s bcgun %?y i_ender to enforce this Mortgage discontinued at any time ~ , j BGG!( ~U1 i; GE 1,~ - ~ - ~ ~ - - : = ~ r ~ ~ 4~s ~ ~ _ .u.o.cSS~~~~~ :.yvn.~i'Y'W , . . . . ....m. i.c'x^.y.