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HomeMy WebLinkAbout1993 Lender's written agreement or applicable law. Borrower shall pay the amount of aU mortgage insurance premiums in the manner provided under paragraph 2 heroot. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indeMedrtesc of Borrower secured by this Mortgages Unless Borrower and Lender agree to other terms of payment. such amounts shall he payable upon notice from Lender to Borrower requesting payment thereof, and shall hear interest from the date of disbursement at the rate payable from time to time on arlstanding principal under the Note unless pa'ytrsent of interest at such role would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. tl. Iwspectioa. Lender may make or cause to be made rcasonahk entries upon and inspections of the Property, provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property.. 9. Cowdemaatba The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the Property, or part therrnf, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proxeeds shall he applied to the sums secured by this Mortgage, with the excess, if any, paid 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 Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. 1f the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor ofkrs to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice a mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. ~ ~ Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extetW or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. 10. rorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrovver'c successors in interest. 1_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the oriRrnal Borrower and Borrowers successors in interest. ll. Forbearawce by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy herctmder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or rerrtody. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Csmalarre. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Ssceessors gad Assigns Bound; .7oiat gad $ererd IbtDility; Captiows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inrrr~ 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 joigl and several. The captions' and headings of the paragraphs of Chic Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof 14. Notke. Except for any notice required under applicable law to bt given i.n another manner. (a) any notece 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 Lender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address stated herein or to such other address as Lender 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 Lender when given in the manner designated herein. 1S. Ueiform Mortgage; Goreraiag Law: Sererability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this ' end the provisions of the Mortgage and the Note are declared to be severable. lf. Borrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the tune of execution or after recordation herrnf. 17..Traasfer of tie Property: Aswmption. If all or any part of the Property or an interest therein is sold or transferred i by Borrower without Lenders prior wriucn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the crcatron of a purchase money security interest for household appliances. (c) a transfer by devise. ° descent or by operation of law upon the death of a jrnnt tenant or (d) the grant of any leasehold interest of three years or less t cwt containing an option to purchase, Lender may, at Lender c option, declare all the sums secured by this Mortgage to be i r immediately due and payable. Lender shall have waived such option to accelerate if, prior to the Salo or transfer. Le r and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obljJ~ions under this Mortgage and the Nae. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with puagraph 14 hereof. Such notice shall provide a period t,f 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 such srtms prior to-the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lfl hereof. Nov-UrrtFOanr COVENANTS. Borrower and Lender further covenant and agree as folMws: 1>l. Accderatios; Remedla. Etuept as provided iw paragraph 17 bereot. tspow Borrower's bracts of gay eoresawl or agreewtest of Borrower b fib Mortgage. ittcisdiag tie coreaaMs to py wiew doe arty soma secared br tic Mortgage. Leader prbtt b aceelerstlos star sadl wotice to rorrowcr as prorWed b_psragraplt 14 iereol specKybsg: (1) tie bread: (21 tie setba ~ rgdrea b cue tttuci bract; (3) a dsde. got less dears 3A days trove tie date tic aMiee r walled b Borrower. by wild stsci 6reati mat be cared; sad (4) fiat faNare b care strci bread oa or bdoro tie date geeifed iw tie aotiee may restrN d aecceleeratlos-o[ tie stnau secued by tits Mortgage. foreclosare b h~ ! awd sale of tic Property. Tie wotiee liar f'artlter btorm Botmower of tie right to reissbte after seceleratbs gad tie right b aarert a tie toreelosare /roeeedlag tie now-exWesce of a defadt or gay otter decease of rorrower to aecekratbs acrd forrclosare. H tie brexM M aof eared a or before dte date speefifiied b tie aotfce. Lewder at Lender's optiow may declare ar of tie sass secared by tls4 M Lo irw~tdy doe awi pyabie witioat tattier demand awd stay foreclose tfsts Mortgage by ~sdkW proceediaR. be ett?tltled to eorect d asst proceeding V expenses of foreclosure. itcltsdiag. bat woe rsaite~ ta, rsasowabk tNtoraeYs fees. .y awi cots of iocst.`tt+tstsry e~~+ abtrsc~ anti tick nporb. 19. lfiarrowa's Rfigil to Reitrtata Notwithstanding Lenders acceleration of the sums secured by thre Mortgage, ~ Borrower shall have the right to have any proceedings begun by Lender to en[orct this Mortgage discontinued at any time ~ BUCK ~O~ p~rc1988 _ a -