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HomeMy WebLinkAbout0098 t_rnder's w~ritten agreement or applirable law. Borrower shall pay the amuunt of all moKgage insurancc prcmiums in the manner pruvided under paragraph 2 hereof. Any amounts dishursed by I_ender pursua~t to this paragraph 7, with interest thercon, shall becomc additional indehtedness of Borrower xcured by this Mortgage. Unless Borrow~er and I.enJer agree to other temu of payment, such amounts shall be payable upon notice from Lender to Borrower requesting paymcnt thereof, and shall bear interest from the date of disbursement at the rate payahle from time to time oo autstandi~g principal under the Note unless payment of interest at such rate would be conlrary to applicable law, in w~hich event such amounts shall bear intercst at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require 1_ender to incur any expense or take any action hereunder. 8. Iaspectbo. l.ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that i_ender shall give Borrower notice prior to any such inspection specilying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnatbn. The procxeds ot apx award or claim for damages, direct or consequential, in connection with any condemnation or other taking of tfie Propeny, or part thereof, 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 Pr~perty, the proceeds shall be applied to the sums securcd by this Mortgage, with the e+ccess, if any, paid to Borrower. t~ the evcnt of a partial ta{:ing 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 ptoceeds as is equal to that propartion which the amount of t~e sums seci~red by this Mortgage immediately prior to the date of taking bears to the fair market value of the Prope~ty immediately 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 Borrower that ihe condemnor ofiers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply ~he proceeds, at Lender's option, either to restoration or repair of the Propeny or to the sums secured b~• this Mortgage. Unless Lender and Borrower otherwise agrce in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the. amount of such installments. 10. Borrower Not Released. Eztension of the time for payment or modificatior, of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to telease, in any manner. the liability of the original Borrower and BorroK~er's successo~s in interest. I.ender shall not be rtiyuired to commence proceedings againu such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by mason of any demand made b}• the oriqinal Borrower and Borrower s successors in interest. 11. Forbearance by Lender 1\ot a Waiver. Any forhearance by I_ender in exercisi~g any right or remedy herumder, or otherwise afTorded b~• applicable law, shall not be a waiver of 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 Len~er shall not be a a•aiver of Lender s ~ right to accelerate the maturity of the indebtedness secured hy this Mortgage. - ` l2. Remedks Comulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or i remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. i 13. Snccessors and Assigas Bound: loint and Se~•eral I.iabAitY; Captions. The covenants and agreements herein I 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 Borrow•er shall be joint and several. ~ The captions and headings of the parag~aphs af this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. ~ 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 Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at g the Property Address or at such other addresc as Borrower may designate by notice to i.ender as providcd herein, and ~ (b) any notice to Lender shall be given by certified mail, return reeeipt requested. to I.ender s address stated herein or to ~ such other address as Lender may designate by notice ta Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been gi~•en to Borrower or [_ender when given in the manner designated herein. ~ 1S. Uniform MortRage; Governin~ I.av?; Severability. This form of mortgage combines uniform covenants for national ; use and non-uniform covenants w~ith limited variations b}• jurisdiction to constitote a uniform securitp instrument covering . ~ real property. This Murtgage shall be governed h~• the lau of the jurisdiction in which the Property is located. 1n the ~ event that any provision ar clause of this Mortgage or the I`ote conflicts with applicable law, such conflict shal) not affect ~ otfier provisions of this Mortgage or the Note w~hich can be given eflect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the tiote are declared to be severable. ~ 16. Borrower's Copy. Borrow~er shall be farniched a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ~ 17. Transfer of the Property; Assumption. If all or an~~ part of the Property or an interest therein is sold or transferred ~ by Borrow•er without L.ender's prior written consent, excluding (al the creati~n of a lien or encumbrance subordinate to ~ thic Mortgage. (b) the creation of a purchase money secority interest for househoid appliances, (c) a transfer by devise, ~ descent or by operation of ]aw 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 purchase. Lender ma}•, at Lender't option, declare all the sums seci~red by this Mortgage to be ~ ~mmediately 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 Propert~• ic to be sold or transferred reach agreement in writing that the credit of such person ~ is satisfactory to Lender and that the interest pa~-able on the ssims secured by this Mortgage shall be at such rate as Lender ~ shall request. lf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in s interest has executed a written assomption agreement accepted in writing by Lender, Lender shal) release Borrower from all obligations under this Mortgage and the Note. If 1_ender exercises such option to accelerate. Lender zhall mail Borrower notice of acceleration in accordanee 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, t f ~ender may. without further notice or demand on Borrower. invoke an}• remedies permitted by paragraph 18 hereof. NoN-Utv~FORi+t CovEx~xTS. Borrower and Lender further covenant and agree as follows: 18. Accelerstion; Remedks. Eacept as provided in paragraph 17 hereof, upoo Borrower's breach of any covenani or agreement of Borrower ia thls Mortgage. including t6e corenants fo pay when dae aay sams secured by t6is Mort=age~ I.eader prior to accekratbn s6a11 mail notice to Borrower as provided in paragnph 14 hereof specifying: (1) the breacb; (2) tbr action rcqulred to evre such brrach; (3) a date, not less than 30 days from the date the notice b maikd to Borrower, by whk6 wch breach must 6e cnred; aod (4) that failure to cure sach brcach on or betore the dde specifled in tbe aotice may raolt ia accekrstioa ot the sums secored by this Morigage, foreclosure by judiciat prceeeding and sale ot tlie Properly. 'ILe aotlce shall forther inform Borrower of the right to reinstafe after scceleration and the rfght to assert in tbe forecbsore proceediut the twn-e:tstence of a default or any other defense of Borrower to acceleration and foreclotare. if t6e breac6 is rat cored on or beEore the dafe apeci8ed in the notice~ Lender at Lender's option mpy declare all of the sams secared by thtt Mort6ase to be immedlately due and payabk without further demand and may foreclose tfib Mortgage by judkW proceediug. Let~ s6aU be entitled to colkct in socb proceeding all e:penses of foreclosure, incfuding. but not Ilmited to, re~onabk attorney's fea, and costs of docomentary evidence, abstracts and titk rcporta. 19. Bormwer's Riaht to Reinatate. Notwithstanding Lender's acceleration of the sums stcurcd by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diseontinuod at a~ry time ~ k ~ ~(1p BOGK ~U5 ~4CE ~70 U _ _ - ~