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HomeMy WebLinkAbout0956 c . . ~ I l.ende~'s writte~ agreement or applicable law. Borruwer shall pay the amount ot al) mortgage insurance premiums in the manncr provided u~dcr paragraph 2 hereof. ' Any amounts disbursed by l.ender pursuant to this paragraph 7, with interest thercon, shall becomc additional i indebtedness of Borrower secured by this Mortgage. Unless Borro~ve~ and l.enckr agrcc to other terms of payment, such 1 p y po requesting payment thereof, and shall bear interest from the ; amounts shall be a a~:s u n naticc f~om 1_endcr to Borrower ~ date of disbursement at thc rate payabk from timc to time an outstanding principa) under the Note unless payment of ; interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate ~ permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ~ 8. IaspecHoa. Lender 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 specifying rcasonable cause therefor related to Lender's ~ ~ interest in the Property. 9. Condemr~atio~. The proceeds of any avvard or claim for damages, direct or consequential, in connection with any ` condemnation or other taking of the Property, 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 Propeny. the proceeds shall be applied to the sums secured by this Mortgage, i with the excess, if any, paid to Borrower. In the event ctf a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secureci by this Mortgage such proportion of the proceeds as is equal to that proportion which the 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 proceeds ~ paid to Borrower. If the Property is abandoned b~• Barrower, or if. after notice hy I.ender to Borrower that the candemnor offers to make ~ an award or settle a claim for damages, Borrower fails to respond to 1_ender within 30 day^s after the date such notice is ~ mailed. I.ender is authorized to callect and apply the prc~ceeds, at I_ender's option, either to restoration or r~pair of the Propeny or to the sums secured by this Mortgage. Unless Lender and Borrow~er othen?~ise agree in writing, any such application of proceeds to principal shaU oot extend or postpone the due date of the mon~hly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. ~ 10. Borrower Not Releas~d. Extensian of the time for payment or modification of amortization of the sums secured ; by this Mortgage granted by I_ender to any succecu~r in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower t succescors in interest. i_ender shall not be req~~ired to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured b)~ lhis M~rtgage by reason of •rny demand made by the ori¢inal Borrower and Borrower s successors in interest. 11. Forbearance by Txnder Nof a Wai~•er. Am• forhearance by I.ender in exercising any right or remedy hereunder, or otherwise afiorded by applicable law, shall not be a waiver af or preclude the exercise of any s~ch right or remedy. The proc:urement of insurance or the payment of taxes or other liens or charges by I_ender shall not be a w•aiver of Lender's right to accelerate the maturity of the indebtedness secured hy thic Mortgage. 12. Remedies Cumulative. All remedies pra~~ided in this 114ortgage are distinct and cumiilative to any other right or remedy under this Mortgage or afforded by law or equity. and ma}• he exercised concurrenUy, independendy or successively. l3. Succcssors and A~ns Bound; ]oint and Se~•eral i.iabillty; Captions. "il~e covenants and agrcements herein ~ contained shall bind, and the rights hereunder shall imire to. the rcspective successors and assigns of i_ender and Borrower. subject to the provisions of paragraph 17 hereof. 411 covenants and agreements of Borrower shall be joint and ceveral. ~ The captions and headings of the paragraph~ of this Mortgage are for convenience only and are not to be used to interpret or definc the provisions hereof. 14. Nofice. Except for any•notice rcquired under applicable law to be given in another manner, (a) any notice to Borrower provided for in Ihis Mortgage shall he given by mailing such notice by certified mail addressed to Bor~ower at the Property Address or at such other address as Borrower may designate by notice to 1_ender as provided herein, and (b) an~• notice to Lender shall he given by certified mail, return receipt requested. to l.ender s address stated herein or to 'I sach other address as Lender may designate by notice tc~ Borrow~er as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrow~er or l.ender when given in the manner designated herein. ~ 15. Uniform Morigs~e; Go~ernin~ Law; Se~•erabilify. This form of mortgage combines uniform covenants for national j use and non-uniform rnvenants with limited variations b~~ juriuiiction to constitute a uniform security instrument cove~ing . ~ real properry. This Mortgage shall be governed hy the law• of the jurisdiction in which the Property is located. 1n the q ~ event that any provision or clause of this Mortgage or the Note confljcts w~ith applicable law, such conflict shall not affect _ other provisions of this Mortgage or the Note which can be given effect without the conflicting pmvision, and to this ' E end the provisions of the Mortgage and the Notc are Jeclared to be severablc. j 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ~ ~ 17. Transfer of t6e Property: Assumption. if all or am• part of the Property or an interest therein is sold or transferred by Borrower without I.ender's prior wriuen consent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money securily interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the dcath of a joint tenantor (d) the grant of any leasehold interest of three years or less not containing an option to purchase, l.ender ma~~, at Lender's option. declare all the sums secured by this Mortgage to be immediatel}• due and payable. Lender shall have w~aived such option to accelerate if. prior to the sale or transfer, I_ender and the prrson to whom the Property is to be sold ar iransferred reach agreement in writing that the credit of such person is satisfactory to Ixnder and that the interest payable on the s«ms secured by thit Mortgage shall be at such rate as i_ender shall request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrov?er's successor in ~ interest has executed a written assumption agreement accepted in writing by 1_ender, Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ 1f Lenderexercises such option to accelerate, Lender ~hall mail Borroa~er notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a periocl of not less than 30 days from the dale the notice is mailed within ; ~ u•hich Borrower may pay the sums declared d~!e_ If Borrower fails !u pay such sums prior to Ihe expiration of such period, { Lender may, without further notice or demand on Borrower. invoke an~• rcmedies permitted by paragraph IR hereof. ~ Nox-UtvtFORM Covetv~NTS. Borrower and i_ender further covenant and agree as follows: ~ 18. Accelention; Remedies. Except as provided in Qaragraph 17 hereof. upon Borrov?er's brcach of any covenant or ~ agreement of Borrower in this Mortgagc, including the covenants to pay when due any sams secared by th~s Mortgage. Lender ~ prior to accderation shall mail notice to Borrower as provided in paragraph la hereof specifying: (l) the breach; (2) the actan ~ required to cure such breach; (3) a date, nof less Wan 30 days from the dAle the ootice is mailed to Borrower, by which such ~ brcach mnst be cured; and (4) thst failure to carc such breach on or 6eforc tt~e date specified ia the aotice may resdt in ~ acceleratloa of tbe sums secund by thLs Mortgage, foreclosurc by judicial proceeding aad sale ot tbe Property. 'IUe notlce ' ~ shall further inform Borrower of the right to reinstate after accderation and tl~e right to assert in t6e Eoreclosure pmceeding j the noa-existence of a default or any other defense of Borrower to accelerstion and forccbsure. If the breac6 is not cnred on or before the date specified in the notice, Lender At Lender's optan may declare all of the wms secarcd by this Modgage to 6e :1 ~ immediately dne and payabk withont furtber demand a~ may fonclose this Mortgage by judicial proceeding. Lender shall be entided to coUect in snc6 proceeding All e:peoses of forcclosure. including. but not limited to, rcawnabk attorney's fees, ~ snd costs of documentary evidence, abstracts xnd title reports. s 19. Borrower's Rig6t to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. ~i Borrower shall have the right to have an}~ proceeJings hegun by 1_ender to enforce this Mortgage discontinued ~at any time s ~ ~ ~;:`;K312 `,,~t : ~54 y - _ . ~