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HomeMy WebLinkAbout0479 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage iasurance premiums in the manner provided under paragraph 2 hereof. Any amou~ts disbursed by Lender pursuant to this paragraph 7, with interest thereo~. shall become additional indebtedness of Borrower securcd by this Mortgage. Unl~ss Borrowe~ and l.encier agrce to other temu of payment. such amounts shall be payablc upon notice f~om Lender.to Borrowe~ rcquesting payment thereof, and shal! bea~ intercst from the date of disbursement at the rate payable fcom tito~ to t~me on outatanding principal under the Note unless payment of interest at such rate would be contrary to applkibk law. m which event such amounts shall bear interest at the highest rate permiuible under applicable law. Nothing contained in this pa~ag~aph 7 shall require Lender to incur any expense or talce any action hercunder. 8. IospecHoa. Lender may make or cause to be made reaso~able entries upon and inspections of the Property, provided that Lender shall give Borrower ~otice prior to any auch inspection specifying reasonable cause therefor related ta Lender's interest i~ the Property. 9. Condemnatbn. The prceeeds of any award or claim for damages, direct or consequential, in cannection with any condemnation or other taking of the Property, or part thereof, or for canveyance in lieu 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; N~ith the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unltss Borrower and Lender othtrwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the pr+oceeds as is 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 Property 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 Borrowor that the condemnor afters to make an award or setHe a claim for damagts, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is suthorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree i~~ writing, any such application of proceeds to principal shall not extend or postpone the d~ie date of the monthly instal{ments referred 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 securcd by this Mortgage granted by Lender to a~y successor in interest of Borrower shall not operate to nlesse, in sny manner. the liability of the original Borrower and Bc~rrower'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 ihe sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest. 1l. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or othervrise afforded by applicable law, shall not be a waiver of or preclude the eaercise of any such right or remedy. The procuremtnt of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of I.ender's right to accelerate the maturity of the indebtcdness secured hy this Mortgage. 12. Remedks Cmm~lafiie. All remedias provided in this Mongage are 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. Snccessors and Assisos Bound; Joiat and Several T.iabiUty; Csptlons. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successon and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower sha11 be joint and several. 'i~e captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicabfe 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 Borrower may designate by notice to T.ender as provided herein, and j (b) any~ ~otice to Lender shall be given by certified mail, retum receipt requested. to I.ender s address stated herein or to ~ such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this ! Mongage shall be deemed to have been given to Borrower or L.ender when given in the manner designated hercin. ~ 15. Uniform Mortgage; Gorerning I.aw; 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 E real property. 'il~is Mongage shall be governed by the iaw 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 which can be given efiect without the conflicting provision, and to this € end the provisions of the Mongage and the Note are declared to be severable. ~ 16. BorrowePs Copy. Borrower shall be furnished a conformed copy of the Note and o! this Mortgage at the time of execution or after recordation hereof_ 17. Transfer of t6e Property; Assumptian. If all o~ any part of the Property or an interest therein is sold or transferred by Borrower without L.ender s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creati~n 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 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, L.ender ~ 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 L.ender and that the interest 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 provided 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 Borrower irom all ~ obligations under this Mortgage and the Note. ~ ~ 1f Lender exercises such option to accelerate, [_ender shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shal~ provide a period of not less than 30 days from the date the notice is mailed within ~ which Borrower may pay tht sums dularod 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. ~ NoH-UNtFORt?t Covenr~rrTS. Bonower and Lender further covenant and agree as follows: ~ 18. Acederatioa; Remedks. Escept as provided ia para`npb l7 hereof, upon Borrower's breach of aay coveoant or agreement of Borrawer in thts Mortga`e, includi~ the coveaanb to pay v?hen dne any sarns eecured by t6is l~iortga6e, Lender ~ prbr to accekratba sball mail notke to Borrower as pmvided in paragraph l4 hereof specH~: (1) t6e hrescb; (2) tLe actba `f~ reqoired to cnre sec~ breach; (3) a dste, not leas tban 30 da~s from the dde tbe aotice it maBed to Borrower, try wbk6 sach breach mmt be cared; and (4) that failare to cure snch breac6 on or before the date ~peci8ed ie t6e ootke ~sy renlt in ~ sccderstion of t6e sams iecored by t6fs Mort6ase, forecbsure by judicW proceedi~ aod sak of t6e Propertz. 1Le notice 4: shall furtber Iefone Borrower of tbe ri66t to refastate dter sccekratiun aad tbe ri=bt to a~ert in tlk foreclosne~e procee~o~ ~ t6e noo-e:isteoce of a deEank or any Wber defense of Borrov?er to accekratioa and forecbsure. If f6e breac6 i~ not cered on or 6etore the date in tbe ootice, I.ender at Leoder's speci&d oPtbn may decl~re all of t6e mms sa~rsd by t6is Mort~a;e b be ~ immediatdy dne aad paysbk wk6oat furt6er demaod aod may foreclose th4 MortBate bp judicW proaedlo~. I.eoder ~ ~ be entltkd to coUect M mc6 proeeedinL all espeasa of foreclosors, inclodiu~, Mit aot Umited to, narooa6le attone~'s fees. ~ and costs of docemeatary evideoce, abstrscts aod Wk reporb. ~ 19. Borrower's R3~6t to Reinstate. Notwithstanding Lender s acceleration of the sums ucured by this Mortgage. _ Bonower shall have the right to have any pr•xeedings begun by Lender to enforce this Mortgage discontinued at any time ~ ~`3 - 479 ~ ~ 310 rA~~ 3UC~K. ~