Loading...
HomeMy WebLinkAbout0871 ~ . . ~ ; • w . Lender's written agree~nent or applicabie law. Borrower shall pay the amount of all mortgage insurance premiumt in the maane~ provided under paragraph 2 hereof. Any amounts disbursed by Lcnder pursuant to this paragraph 7, with interest thereon, shall become additional ~ inJebtedness of Borrower securcd by this Mongage. Unless Borrowe~ and l_ender agree to other tertns of payment, such amounts shall be payable upon natice from [.ender to Borrower requesting paymcnt thereof, and shali bear interest from the ~ date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of ~ interesl at such rate would be contrary to applicable law, in which event such amounts shal) bear interest at the high~st rate permiuible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Iaspectba. Le~der may make or cause to be made rcasonable entries upo~ and inspections of the Property. provided that I.ender shal) give Borrower notice prior to any such inspection speci[ying reasonable cause therefor related to Lender's - interest in the Property. ~ { ' 9. Coademnafbn. The ~~oceeds o~ any award or claim for damages, dircct or conxqutntial, in connection with any co~demnation or other taking of the Property, or part thereof, or for conveyance in lieu o[ condemnation, are hercby assigned and shall be paid to Lender. ~ In the event of a tota) taking of the Propeny, the proceeds shall be applied to the sums secured by this Martgage, i~ with the excess, if any, paid to Borruwer. 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 securcd by this Mortgage such proportio~ of the proceeds ~ as is equal to that proportion which the amount of the sums ucured by this Mortgage immediately prior to the date of . taking bears to the fair market value of the Property immcdiately 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 Leoder to Borrower that the condemnor ofFers to mske an award or settle a claim for damages, Borrower fails to respond to I_ender w~ithin 30 days after the date such notice is mailed. Lender is authorized to collect and apply the prceeeds, at Lender'r option, either to restaration or repair of the v Property or to the sumc secured hy this Mortga¢e. 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 Nof Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrow•er and Borrower's successors in interest. Lender shall not be required to commence proceedings against suCh successAr or refuse to extend time for payment or otherwise modify amonization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Rorbearance by Lender Not a Waiver. 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 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 hy this Mortgage. 12. Remedies Comulathe. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or atiorded by iaw or equity, and may be exercised concurr+ently, independently or successively. 13. Succe~ors and Assigas Bound: Joiet a~ Sereral i.iability; Captions. The covenants and agretments 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 wvenants and agreements of Borrower shall be joint and several. The 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 lav?~ 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 Borrower may designate by notice to 1.ender as provided herein. and ~ (b) any notice to Lender shall be given by certified mail, return receipt requested. to I.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 Lender when given in the manner designated herein. . IS. Uniform Mortgage; GorerninR Law; Severabilit~. This form of mortgage combines uniform covenants for national E use and non-~niform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ` real property. "il~is Mortgage shall be governed hy the law of the jurisdiction in whieh the Property is located. In the ~ event that any provision or clause of this Mortgage or the Note conflicts with applicahle law, such conflict shall not affect t 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 are declared to be xverable. 16. Borrower's Copy. Borrower shall be furnished a conformed cop~~ of the Note and of this Mortgage at the time ' of execution or after recordation hereof. F 17. Traasfer of t6e 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 2 th~s 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 leasehotd interest of three years or less ~ not containing an option to purchase. Lender may, at Lender's option, declare all the sums secured by this Mortgage to be ~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. I.ender ~ and the person to whom the Propert} is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to I.ender and that the interest payabk on the sums secured by this Mortgage shall be at such rate as Lender ' shall request. If Lender has waived the option to accele~ate provided in this paragraph 17, and if Bottower's successor in ~ interest has executed 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 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. x Lender may, without further notice or demand on Borrower, invoke any remedia permitted by paragraph 18 hereof. I h Norr-Ur?tFOR~t CovEH~rrrs. Borrower and Lender further covenant and agree as follows: ; 18. Acceleration; Remedies. Except as provided i~ paragraph 17 hereof, upoa Borrower'a breach of aay coveoant or agreemeat of Borrower ie this Mort~a~e. Incloding t6e corenants to pay v~hen doe any soms aecnred by thb Mort~aae. Leoder ' prior to accekratbo sha8 mail notke b Borrower as pmrided ia pacagrapb 14 6ereof specifying: (1) t6e breach; (2) tbe actioa ~ reqoired to core suc6 breac6; (3) a date, not kss than 30 days from the date the notice is mailed to Borrower, 6y whic6 suc6 f breac6 mus! be cured; and (4) t6at hilure to cnre soch breach on or betore the d~e specdied ia tbe nodce insy resdt io sccekntbn ot t6e sama secnred by this Mortgage. forecbwrc by judkial proceedlus ~od sale ef tbe Property. 'Ibe notice K shall furt6er infora4 Borrower of the risht to reinstate ~fter sccckratioo aad the ri~ht to a~ert ia the foreclosnre pe+ocee~ the nou-eztsteoce of a defaak or any other defe~e of Borrowes to accelcrstioo and foreclosure. If the bresch i~ not cured oa - or beforo the date specified in t6e notke, Lender at Lender's optbn may declare all of the sn~ secured by thb Mat=ase to 6e immediately dne and psyabk wit6oot furt6er demaad ~ad may forecbse this Mortgage by judkW proceedios. Lender shaG be eoNded to rnllect ia sac6 proceedfng a9 e:penses of forccbsnre, includie~, but not limjted to, reasowbk ~ttoroe~'s fea, ~ aad costs ot docnmentary evidencq abstracts and title reports. ~ 19. Borrowe~~ Rigbt to Reinstste. Notwithstanding [.ender s acceleration of the sums secuted by this Mortgage. ~ Borrower sfiall have the right to have any proceedings txgun by Lender to enforce this Mortgage discontinuod at any time ~ aeo~ 3U5 ~acF ~