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HomeMy WebLinkAbout0340 ; l.endcr'c written agreemenl or applicable law. Borrowcr shall pay the amount uf all mortgage insurance prcmiums in the t manner pravideci under paragraph 2 hereof. ~ Any amounts disbursed by I.enJer pursua~t to this paragraph 7, with intct~est thercon, shall bccome additionai ~ inJebtedness of Borrower secured by this Mongage. Unless Barrower and l.enJe~ agree to othe~ terms of payment, such amounts shall be payable upon natice fram I.cnder to Borrowc~ requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal unde~ the Note unles.~ paymmt of ~ intercst at such rate would be contrar,.~ to applicable law, in which eveot such amounts shall bear interest at the highest rate permiuible under applicable law. Nothing coMained in this paragraph 7 shall require I.ender to incur any expense or take any action hereunde~. 8. IaspecNon, [.ender may make o~ cause to be made reasonable e~tries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying rcasanable cause therefor relatcd to I_ender's interest i~ the Property. 9. Coademaatbn. The proceeds of any award or claim for damages, direct or canuquential, in connection with any condemnation or other taking of the Propeny, or part thereof, or for canveyance i~ lieu of condemnation, are her+eby assigned and shall be paid to I.ender. ~ In ~he event of a total taking af the Property, the proceeds shall be applied to the sums secured by this Martgage. ~ with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrower and I.ender ' otherwise agree in writing, therc shall be applied to the sums secured by this Mortgage such proportion ot the proceeds as is equa) to that proportifln which the amount af 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. If the Prnperty is abandoned by Barrower, or if. after notice by :_~nder to Borrower that the condemnor ofiers to make an award or settk a claim for damages, Borrower fails to respond to l.ender within 30 days after the date such notice is mailed. L.ender is authorized to collect and apply the proceeds, at I.ender c option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unkss Lender and Borrower othervvise agree in writing. 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. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured s by this Mortgage granted by Lender to any successor in interest of Borrower shal) not operate to relcase, in any manoer, the liability of the original Borcower and Borrower'z succesu~n in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherw•ise modify amortization of the sums secured by this Mortgage by reason of any demand made by the orieinal Borrower and Borrower's successors in interest. I1. Forbearance by Lender Not a Walrer. Any forhearance hy I_ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not t~e a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or Mher liens or charges by I.ender shall not he a waiver of Lender s ~ ri htto accelerat h g e t e maturity of the indehtedneu uc~ircd h~~ thit M~n a c. SR 12. Remedies Cumulati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other rig6t or i remedy under this Mortgage or afiorded by law or equity, and may be exercised rnncurrently, independently or successively. ~ 13. Successors and Assiq~as Bound; Joint and Sereral [.iabillry; CapHoos. The covenants and agreements herein ~ contained shall bind, and the rights hereunder shall inure to, the respective successors and assignc of I.ender and Borrower, ~ subject to the provisions of paragraph 17 hereot. All rovenants and agrcements of Borrow~er shall be joint aQd several. i The captions and headings of the paragraph~ of this Mortgage are for comenience only and are not to be used to ~ interpret or define the provisi~ns hereof. ~ 14. Notke. Except for any notice reqoired under applicable law• to be given in another manner. (a) any notice to ~ Borrower provided for in this Mortgage shal) he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addrecs as Borrower ma}• designate by notice to i_ender as provided herein, and (b) any notice to Lender shal) he given by certified mail, return receipt requested. to I.ender s address stated herein or to such other address as Lender ma desi n t . I, a e b~ notice to Borrow•er as rovided herein. An n i v' Y B ) p y ot ce pro ided for m th~s I Mortgage shall be dcemed to have been given to Borrow•er or Lcnder when given in the manner designated herein. ~ 15. Uniform Morftage; GoverninR Iaw; Se~~crabilit}~. This form of mortgage combines uniform covenants for national : ' use and non-uniform covenants with limited ~ariations by jurisdiction to constitu[e a uniform security instrument covering t ~ real property. This Mortgage shall be governed by the law of ihe juricdiction in which the Property ic located. Tn the 5 ~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not af~ect ' 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 arc dcclared to he severablc. * 16. Bormwer's Copy. Borrower shall b~: furnished a conformed copy of the Note and of thic Mortgage at the time . of eaecution or after recordation hereof. I7. T~nsfer of t6e Property; Assumption. if all or am~ part of the Pmperty or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase mone}~ security interest for household appliances, (c) a transfer by devise, _ descent or by operation of 1aw upon the dcath of a joint tenant or fdl the grant of any leasehold interest of three years or less s not containing an option to purchase. 1_ender may, at Lender's optian. declare all the soms secured by this Mortgage to be f immediatel due and a able. I_ender shall have vrai~~ed cuch o tion to accelerate if, t Y p Y p prior to the ~ale 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• ro Ixnder and that the interest payable d1i the sums cecured by this Mortgage shall be at such rate as Lender shall request. If I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has exezuted a written assumption agreement accepted in w•riting by I.ender. I.ender shal) release Borrower from all obligatians under this Mortgage and the Note. If Cender exercises such option to accelerate. I.enJer shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a periocl of not Iess than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If B~rrower fails to pay such aims prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, invoke an~• remedies permitted by paragraph 1 R hereof. r NoN-Urr~FORt?t Covex~tvrs. Borrower and Lender further cavenant and agree as follows: 18. Acceleratioo; Remedks. E:cept as pro~-ided in parpqraph 17 hereof, upon Borrower's breac6 of any coveaaaf or agreemeat of Borrower in t6is Mortgage. inclndir~ the covenants to pay when due any sums secund by this Mortgage, Lender j prior to acceleration s6a11 m~l ootice to Borrower as provided in paragraph 14 hereof specffyiog: (l) t6e broac6; (2) the action reqohed to cure sach breach; (3) A date, not las than 30 days from the date the aotice Ls ma5led to Borrower, by w6ic6 such breach mnaf be cnred; and (4) that failurc to cure such breach on or befon the date specified io the notice may result in ~ccekratbn of t6e snms securrd by t6ts Mortgage, forcclosure by f udicial proceedi~ and sale of tbe Property. 'Ibe notice shall further inform Bomower of t6e right to reinstate nfter acceleration and tt~e right to assert ia t~e foreclosare pruceedi~ the non-e:isteoce ~ a defsulf or aay Mher defense of Borrower to acceler~tion and foreclosure. if the bresch is not enred on or before the date spect6ed in the ootke..Leoder al Lender's option may declare all of the suou secored by thk Mortaa~e to be immediately dne and paya6le withodt furtber demand and may foreclose th~s Mortgage by judicW proceedin~. Lender sba{I be entided to cotlect in wc6 proceeding ntl ezpeoses of foreclosure~ including. but not limited to, rea4onabk attorney's fees, aod cosfs of docamentsry evidence, abstracts and titk reports. 19. Borrowe~'s Righi to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, ` Borrower shall have the right to have any proceedings begun by I_ender to enforce this Mortgage discontinued at any time ~ a~;~, ~ 304 ~a~=E 340 ~ ~ . h f. ~ 2 ~m . .