Loading...
HomeMy WebLinkAbout0171 Le~der's written agroement or applicabb law. Borrowe~ shall pay the unouat ot all moKgage insuranoe premiu~ in tbe maa~er provided u~der pa~ ~aph 2 hereot. • Any amounts disbu~ by Lrnde~ pursuant to tha paragraph 7. with iaterest theeeo~, shail become additional imleb~edness of Borrower securr,d by Ihis Mongage. Unless Bonowe~ and Lender agroe to othe~ ternu ot payment, such amounts shall bc payabk upon natice from i.ender to Bonower requeslina payment thereof. and shall bear interest fr~om the date of disbursemcnt at the ntc payable from time to time on out:tandina principal under the Note unlas paycrtent of inter+est at auch rate would be contnry to applicabk law, in which eve~t such amounts shall bear i~terat at the hiaheat rate permissibk under applicabk Isw. Nothing contained in this paragnph 7 shall require Lender to incur any expense or talce any action hereunder. a. Iatpecfio~. I~nder may make or cause ta be madc reasonabk entries upon and inspections of the Property. provided that l.ender shall give B,orrower notice prior to any such inspection specifying reasonabk cause ther~cfor related to I.ender's interest in the Property. 9. Coodemaafbo. The proceedc af any award or claim for damages, direct or consequential. in co~noction with any condemnation or other taking of the Pr~perty, o~ part thereof, or for conveya~ce in lieu of cond~mnation, are he~eby usigtxd and shall be paid to Lender. In the event of a total taking of the Property, the praceeds ahall be applied to the sums securod by this Mongase, with the excess, if any, paid to Bormwer. ln the event of a panial taking of the Property. unless Borrower and Lender otherwise agree in writing. there shall be applicd to the sums secured by this Mongage such proportion of the pmoeeds as is equal to that proporiion W~hich Ihe amount of the sumc 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 pmoeeds paid to Borrower. if the Property is ahandoned by Borrower, or if, after notice by i.ender to Borrower that the condemnor offerz to make an award or selt[e a claim for damages, Borrower fails to respond to ~ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at l.ender s option, either to ratoration or npair of the Property or to the sums secured by this Mortgage. ' Unless ~ender and Borrower othervvice agree in w•riting, any such application of proceeds to principal shal) not extend or postpone the due date of the monthly installments rcferrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. ~ 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I_ender to any cucccssor in interect of Borrower chall not operate to release, in any manner. the liability of the original Borrower and Borrawer s successars in interest. I_ender shal) not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise madify amortization of thr ~ums _ secured by this Morigage by reason of arty demand made by the original Borrower and Barrower s successors in interec~. ~ ll. Forbeannce by Lender Not s Waiver. Any forhearance hy Lender in exercising any right or remedy hereunder, or otherwise afTorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procuremenCOf insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right ta accelerate the maturity of the indebtednecs seciired hy this Mortgage_ 12. Remedies Comulafh~e. All remeciies provided in this Mortgage are distinct and cumulative tc? any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively_ ' 13. Snecessors and Assi~os Bound:.Joint aad Several i,iaM'tity; CapKons. The covenants and agreements herein contained shall hind, and the ~iRhts hereunder shall inure to. the respective successors and assigns of 1_ender apd Borrower. subject to the provisionc of paragraph 17 hereof. All covcnants and agreemeots of Borrower shall be joi~{ and several_ The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be used to interpret or define the provisions herrnf. 14. Notice. Except for any notice rcyuired unekr 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 the Property Address or at such other addretc as Borrower mav designate by notice to t.ender as provided herein, and (b) any notice tu Lender shall be given hy certified mail, retum receipt rcquested. to I.ender s address stated herein or to such other address as Lender may decignate by riotice to Borrnwer as provided herein. Any notice provided for in this Mortgage shall be deemed to havc becn gi~en to Borrower or Lender when given in the manner designated herein. 15. Uniform Morf~a~e; Governin~ IaN: SeveraM'lity. This form of mortgage combines uniform cover,ants for national use and non-uniform covenantc with limited variations b~~ jircisdiction to constitute a uniform security instroment covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the 'i event that any provision or clause of ~hic Morigage or the Note conflicts with applicable law, such conflict shall not affect other provisions o[ this Mortgage or the Ni+te which can be given effect without the co~flicting provicion, and to this j end the provisions of ~he Mortgage and the Note arc decla?ed to be sev~rable_ 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at ihe time ~ of execution or after recordation hereof. 17. Transfer of t6e Propertv; Acsumplion. If aU or any part of the Property or an interest therein is sold'af'transferred ~ by Borrower without Lender's prior wrinrn consen~. c~ccluding (a) the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creat~on of a purchace money cecurity interest for household appliances. (c) a trancfer hy devise, ; deuent or by operation of law upon the death of a jaint tenant or (d1 the grant of any leasehold interest of thrcc ycars 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 w~ived such option to accelerate if, prior to the sale or transfer. I.ender ~ and the person to whom the Property ic t~. be solJ or transferred reach agreement in writing that the credit of wch per~n ¢ is satisfactory to Lender and that the intcrr~t Rapable on the sums secured by this Mortgage shall be at such rate ac l.ender ' shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ ~ interest has eaecuted a w~itten assumpcion agreement accepted in writing by Ixnder, Lender shall relea~e Borrower from all y obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, t_ender shall mail Borrow•er notice of acceleration in accordancc ~~~i~h ~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within A which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of cuch period. ~ l,ender may, without furthtr notice or demand on ~rrower. invoke any remedia permitted by paragraph 1 R hcrcof. - 3 NoN-UN~foR~?t CovEN~NTS. Bonower and l.ender further covenant and agrce as foltows: ~ IS. Accekratioe; Remedies. Except as provided io para~raph 17 hereof, upon Eorrower's breach of any rn~esant or agreemeat of Borrower in tbis Mortgs~e, includin~ the covenaets to pay whe~ doe any soms secnred by th[s Mort~age. [,ender ; prior to sccekratiod sball mail uotke to Eomowe~ as provWcd in para6raph 14 hereoi specifyi~: (~)1l~e bresch: (2) Ihe actjon reqnired to cnre such brescb; (3) s date. not k~ Ihan 30 dsys fmm the date tbe notke is msikd to Eorrower. by which snch breach must be cored; and (4) thaf fdlure to cure such breac6 oa or before tbe date specif'ied ia the notice m~y resWt in accekntion of t6e sna~ tecared by tbLs MortSa~e, forrclosure by judicial proceedina and sale of the Property. 71~e notice ~ shall furt6er inform Borrower of the riRht to rriastate after accekntion and the ~l~t to ~ssert ia the forecbwrs proetedi~ y tl~e non-existence of a deEauk or any other defcasc of Borrower to accekration and forecbsure. If the breach ~S not cnred on ~ _ or bcforc the date speci6ed in t6e notice. Lender at I.ender's optan may declare a0 of the snms secnred by this Morfga~e to be ~ immediately due and qyabk without further demand and may foreclose th[s Mortaa~t by judicial proceedin~. I.ender chall ~ be eotitkd to coilect in such proceedir~ all expences oi foreclosurc. inclndin`. but uot limited to. reasonabk ata?rney's fees. ' and costs of docao~entary eridence, abstracts snd ~itk reportc. 19. don~o~+e~'s Ri~ht to Reinstate. Notwi~hcianding t.ender s acceleration of the sums secured by th~s M.~rtgage, ~ Borrower shall have the tight to have any proceedings he~un hy I.ender to en(orce this Mortgage discontinucd at any time , > aeoK ~0$ vacf 171 3 P ~ ~ y3 . . . . . . ~ -1...._-_:. .