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HomeMy WebLinkAbout0935 • ~ t Lender's w~tten ngreement or applicable law. Borrower shall pay the amount ot all mottgage insutance premiums in the man~er p~~vided unde~ pa~agraph 2 hereot. Any amounts disbursed by ~ender pursuant to this paragraph 7, with interest thereon, shall become additional inciebtedneu of Borrower secured by this Mongage. Unless Bor~ower and ~ender agree to othe~ terms of payment, such amounts shall be payable upo~ notice f~om l.cnder to Borrower rcquesting payment thereof. and shall bear interest from the date of disbursement at the rate payable from time to ti~m an outatanding principal under the Note unless payment of i~terest at such rate would be co~trary ta applicable law, in which event such amou~ts shall bear interat at the highest rate permiuibk under applicabk law. Nothing co~taintd in this paragraph 7 shall rcquire Lender to incur any expense or take any action hereunder. S. I~pectio~. Lender may make or cauu to be made reasonable entries upon and inspections of the Property, provided that Leoder shall give Borrower notice prior to any such i~spectio~ specifying reasonabk cause therefor rclated to L.ender's interest in the Property. 9. CoademnaNoa. The proceeds of any award or claim for damages, dircet or consequential, in connection with any condemnation or other taking of tfte P.roMeCq?. ot`pan thercof, or for conveyance in litu of condemnation, are hereby assigned and shall be paid to Lender. ' In the event of a total taking of the Property, the proceeds shall be applied to the sums securcd by this Mortgage, with the excess, if any, paid to Borcower. in the event of a partial taking of the Property, unless Borrower and I.e~der o~herwise agrce in writing, ther+e shall be applied to the sums secured by ihis 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 ihe date of taking bears to the fsir market value of the Property immediatcly prior to 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 Lender to BoROwer that the condemnor offers to make an award or xttle a claim for damagts, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lendcr s option, either to restoration or repair of the Property or to the sums securcd by this MortRage. Unless Lender and Borrowe~ othenvise agree in writing, any such applicatian of proceeds to principal shall not extend or postpone the due date of the monthly installments referned to in paragraphs 1 and 2 hercof or change the amount of such installments. 10. BoROwer Not Rekased. Eztension of the time for payment or modiflcation of amortization of the sums secured by this Morigage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, ~ the liability of the original Borrower and Borrower's successors in interest. Lender shall not be rtquired to commence proceedings against such successor or refuse to extend time for payment or othervvise modify amortization of tht sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest. 11. Forbearance by I.ender Not a Wdver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exerciu of any such right or remedy. The procurcment of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured 6y this Mortgage. l2. Remedks Cnmolati~e. All remedies provided in this Mortgage aro 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. Saccessors aad A~ Bound; Joiat and Severd I.iability; Captlons. The co~enants 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. 'Tlu captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hercof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgag4 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 certified mail, return receipt requested. to l.ender 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 i_ender when given in che manner designated herein. . 1S. Uniform Mort~age; Goreroln~ Law; Severability. 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 r real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. Tn the ~ event that any provision or clause of this Nortgage 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 efiect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are declared to be severable. ; 16. Eorrower'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. k 17. Tnosfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to ; this Mortgage, (b) the creation 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 joint tenant or (d) the grant of any leasehold interest of three years or less ~ not containing an option to p~rchase, Lender may, at Lender's option, declare all the sums secured by this I?iortgage 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 Lender and that the i~terest 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 providcd in this paragraph 17, and if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release B~rrower from all ~ obligations under this Mortgage and the Note. " if Lender exercises such option to accelerate, I_ender shall Enail 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 within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Notv-UN~FORt.t Covert~ri'rs. Borrowor and Lender funher covenant and agree as follows: ~ 18. Aeceleration; Remedks. Faccept as provided in psra~raph l7 6ercof. npon Borrower's breach of aev coveaaat or , - agreemest of Borrower in t~is Mortgase, iac~ndin` tbe coveoants to pay whca due any sums secored by thi~ Mort~a~e, Leoder ~ prbr to sccekratba s6aD ma8 notice to Eorrower as prosided ia pua~raph l4 hereof specifyio`: (1) tLe bresc6; (2) tbe ubioa ~ reqoired to care soc` brescb; (3) a datt, not less ihaa 30 dsys from tbe date tbe notice b ma~ed to Borrower, by w6kh sec6 breac6 mmt be cared; ~d (4) that failone to cure socb breach on or before the date speci6ed is t6e aodce maY *+aal~ in accekntbo aE t6e soms stcortd by thls Mortgage, foreclosare by jndkW proceediag aod sde of t6e Property. 'ILe aotlce ~ ahaq furWsr inform Borrower of the ri~M to reindste sNer scceleratba aod the rig~t to aesed ia tLe foreclowre proceedi~K the non-e:isteoce of a defaek or any ot6er defense of Borrower to accekradoa snd forecfosare. If tbe brac6 is oot cored ou or before 16e date speciBed in tbe notice, Lender ~i Leader's option awy dectare aH ot the soms secsred br t6b Mort6a~e to be immtdhtely dae and payabk withont furtber demand siad may forecb~e thk Mortsa~e by fndkW proceedfe~. I.eader s6a0 ~ 6e eatitkd to colkd be srch proceediu` d espensa ot foreclosure, includlua, but not Umited to, reawaabie attorney's fea, - ~ aod cods ot docnmeatary evideuce. abstn~cb aad 6tle reporb. ~ 19. Borrower's Rt~ht to Reindate. Notwithstanding L.ender s acceleration of the sums stcured by this Mortgage, Borcower ahall have the right to have any proceedings txgun by Lender to enforce this Mortgage discontinued at any time 4 1 g00K PAGE ' ° a ~04 935 r ~ ~