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HomeMy WebLinkAbout0767 ~ ' . ~ender's written agree~u~t or appticabie lavv. Burrower shall pay the amount of all mortgage insur3ace premiumi in the manner provided under paragraph 2 hercof. Any amounts disbursod by l.ender pursuant to this paragraph 7, with interest thereon, shall become additiona) indebtedness of Borrower securcd by this Mortgage. Unless Eorrowe~ and l.ender agree to other terms of payment, such amounts shal) be payable upon notice from Lender to Borrower rcquesti~g payment thereot, and shall bear interest from the date of disbursemeot at the rate payahle from time to time on outstanding principal u~der the Note unless payment of interat at such rate would be contrary to applicable law, in which event such amounts shall bear inierest at the hightst rate permissible under applicable law. Nothing contained in this paragr,~ph 7 shall requirc Lender to incur any expense or take ~ any actio~ hereunder. ~ 8. Iaspectbn. Lender may make or cause to be made reaconable entries upo~ and inspections of the Prope~ty, provided i that Lende~ shall give Borrower notice prior to any such inspectioo specifying reasonable cause therefor related to Lendet's 3 interest in the Propeny. ' ' ` ` ' = i ~ 9. Coademaatbn. The proceeds of any award or claim for damages, dircet or consequentiat, in conneciion with any j condemnation or other taking of the Property, or pan 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 Property, the procceds shall be applied to the ~ums secured by this MoKgage. ; with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borcower and I.ender otherwise agrce in wtiting, therc shall be applied to the sums secured by this Mortgage such propartion of the proceeds ~ as es 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 Propehy immediately prior to the date of taking, with the balanre of the proceeds ' paid to Horrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offera to make ~ 3 an award or settle a claim for damages. Bc?rrower fails to respond to Lender within 30 days after the date such notice is mailed, L.ender is authorized to collect and apply the proceeds. at i_ender s option, either to rcstoration or repait of the Property or to the sums secured by this Mortgage. Unless i_ender and Borrower otherveise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragtaphs 1 and 2 hereof or change the amount of such installments. 10. Eorrower Nof Released. Extension of the time for payment or modification of amortization of the sums secured by this I?tortgage gtanted b}~ Lender to any successor in interest of Borrower shall not operate to rele~se, in any manner, the liability of the original Borrower and Borrower s successors in interest. Lender shall not be required to commence p~oceedings against such successar or rcfuse to extend time for payment or otherwise modify amortization of the sums secured b}• this Mongage by reason of any demand made b}• the original Borrower and Borrower s successors in interest_ il. Forbearance by t.ender Not a Waive~. An~• forbeara~ce by l.ender in exercising any right or remedy herumder, or otherwise afforded by 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 Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured 6y this Mortgage. ' 12. Remedles Cnmulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or af~orded by law• or equity, and may be exercised concurrently, independently or successively. l3. Soccessors and Assigns Bound; Joint and Sevcral i.iability; Captlons. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borcower, subject to the provisions of paragraph 17 hereof. All covena~ts and agreements of Borrower shall be joint and several. "Ilu 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 hereof. l4. Notke. Except for any notice required under applicable law~ to be given in another manner, (a) any notice 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 Borrowe~ 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 ta Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender w~hen given in the manner designated herein. ~ l5. Unfform Mort~age; Go~emin~ Iav~: SeveraMlit}~. This form of mortgage combines uniform covenants for national use and non-uniform co~~enams with limited variations by jurisdiction to constitute a uniform security instrument covering ' rcal property. This Mortgage shall be gove~ned h~• the lavr 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 w~hich can be given efTect without the conflicting provision, and to this f end the provisions of the Mortgage and the '~iote are declared to be severable. ~ 16. Borrower's Cop~~. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time = of execution or after recordation hereof. a l7. Transfer of the Property; Assumption. If all ~r an}~ part of the Property or an interest therein is sold or transferred ; by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase money securiry interest for household appliances, (e? a transfer by devise. ~ descent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold inte:est of three years or less not containing an option to purchase, Lender may, at Lender's option, declare atl the sums secured by this Mortgage to be ~ immediately due and payable. Lender shall ha~•e a~aived such option to accelerate if, prior to the sale o~ 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 ~he interest pa}~able on the sums secured 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 ezecuted a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate. I_ender shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof_ Such notice shail provide a period of not less than 30 da)•s from the date the notice is mailed within ~ which Borrow•er may pay the sums declared due. If Rorrov?er fails to pay such sums prior to the expiration of such period. a Lender may, without further notice or demand on Borrower, invoke an~~ rcmedies permitted by paragraph 18 hereof. ~ Nox-U?vtFOR~?t CovexerrTS. Borrower and Lender further covenant and agree as follows: `~4 18. Accderation; Remedies. Ezcept as provided in paragrapb 17 hereof, upon Borrower's brrac~ of aoy covenant or agreemeot of Borrower ia th~s Mortgage, lacluding the coveaants to pay when due any sams secnred by this Mortgsge, Lender prbr to accekratioa s6a11 maU ootice to Bomuwer as provided in paragraph 14 6ereof specitying: (1) the breach; (2) t6e actioa J required to cnr+e sach brrcacb; (3) s date, not less than 30 days from the date the notice is m~iled fo Borrower, by w6k6 we6 ~ bresch most be cored; aad (4) that fallure to cnre snch breach on or before the d~te specHied in the nofke may resatt in :3 sccekrstba o[ t6e sams aecnred by th~s Mortgage~ foredowre by judicid proceediua aad sale of the Property. 'ILe notice " shall furd~er iofom~ Borrower of t6e right to rcinstate after accekratioa and lhe right to assert in the foreclowre pruceedit~ the aon-e:istence of a defank or any ot6er defense of Borrower to accekntion and forecbsuro.. If Me bresc6 is ~t cured on or before t6e date speci6ed in t6e notice~ Lender at Lender's optbn may declare s~l of the anuis secured by this Mort~age to be immediately doe aad payable witbout fnrtber demaad and may foreclose this Mortgs~ge by ~udkial proceedto`. Lender shall be eoBtled to collect in wch proceeding ap e:peasa of foreciosorc, includiag, but not Umited to, nasona6k attoroey'a tees, ~ aud cosb of docomentary evidence, a6stracts aad titk roports. .,'~'f- 19. Borrowe~'s R16ht to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, ~ Bonower shall have the right to have any proceedings Fxguo by I_ender to enforce this Mortgage discontinued at any time 5~ Qo~•.3U5 a~~r~ 766 - ~ ~ ~