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HomeMy WebLinkAbout0134 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manne~ provided under paragraph 2 htreof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereo~, shall bccome additional indebtedness of Bor~ower secured by this Mongage. Unless Borrower and l_ender agree to other tertns of payment, such amounts shall be payable upon notice from [_ender to Borrow•er requesting payment thereof, and shall bear interest from the dato of disbursement at the rate payable from time ta time on outstanding principal under the Notc 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 expe~se or take any action hereunder. 8. Inspectioe, i.ender 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 :~ny such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnatb~. The proceeds of any award 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 assigntd and shall be paid to Lender. in the event of. a total taking of the Property, the proceedc shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower_ 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 secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bcars to the fair market valuc of the Property immediately prior to the date of taking, with the balance of the proceeds ~aid to Borrower. if the Property is abandoned by Borrower, or if. after notice by I.ender to Borrower that the condemnor ofters to make an award or settle a claim for damages, Borrower fails to respond to I_ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at I_ender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise 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 paragraphs i and 2 hereof or change the amount of such installmtnts. l0. Bormwer 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 successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower t successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made b~ the ori.ginal Borrower and Borrower s succe~sors in interest. il. Forbearanee by Lender Not a Waiver. Any farhearance by I.ender in exercising any right or remedy hereunder, or othenvise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such tight 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 cecured hy thit Mortgage. 12. Remedies Cumulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remeJy under this Mortgage or aftorded by law or equity, and may~ he exercised concurrently, independently or successively. 13. Successors and Assigns Bo~~nd: Joint and Se~•eral i.iability; CapHons. The covenants and agreements herein contained shall hind, and the riRhts hereunder shall imire to. the respective successors and assigns of Lender and Borrower, subject to the provisionc of paragraph 17 hereof. All co~~enants and agreements of Borrower shall tx~ joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and aro not to be used to interpret or define the provis~ons hereof_ 14. Notice. Except for any notice required under applicable law to be given in another manner. (a? any notice to ' Borrower pmvided 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 ma~~ designate by notice to I.ender as provided herein, and (b) an~- notice to Lender shall he given by certified mail, retum receipt requested. to I.ender x address stated herein or to i cuch other address as i.ender may designate by notice to Borrow•er as provided herein. Any notice provided for in this :4fortgage shall be deemed to have been given to Rorrower or Lender K•hen grven in the manner designated herein. f 15. Uniform MorlRage; Governin~ Law; Severabilify. This form of mortgage combines uniform covenants for national s use and non-uniform crn~enantc w•ith limited variationc h}• juricdiction to constitute a uniform security instrument covering s real propert}•. This Mortgage shall be governed hy the law~ of the juricdiction in which the Property is located. tn the ~ event that any provision or clauk: of thi~ Mortgage or the ?`~~te rnnflictc with applicable law, such conflict shaU not af~eet ~ other pro~ isicn~ of this Mortgage or the Note which can be given e(Tect w~ithout the conflicting provision, and to this ~ end the prc~~~isions of thc Mortgage and the '`ote are declared to be severablc. 16. Borrower's Copy. Borrower shall be furniched a conf~rmed copy of the Note and of thic Mortgage at the time ~ of execution or after recordation hereof. ~ 17. Transfer of fhe Property: Acsumption. If all or an~• part of the Pr~~erty or an interest therein is sold or transferred bp Borrow•er without I.ender's prior written consent, excluding (al the creation of a lien or encumbrance su5ordinate to ~ thit Mortgage, (b) the creation of a purchase money securit~• interest f~r household appliances, (c) a transfer by devise, descent yr by operation of law• upon the death of a joint tenant or fci~ the grant of am• leasehold interest of three years or less ~ not conlaining an option t~ purchase. i.ender ma}•, at 1_ender'c option, declare all the sums secured by this Mortgage to be ~ ~mmediatelp due and payable. I.ender shall ha~~e waived such option m acceterate if. nrior to the cale or transfer. Lender ~ :,nd the person to whiim the Property is to be sol~i or transferred reach agreement in writing that the credit of such person ~ is satitfacton• to [.ender and that the interest pa}•able on the sums secured by thit Mortgage shall be at such rate as Lender ~ shall request. If I.enJer has waived the o~±tion t~ accelerate provided in this paraeraph 17. and if Borrower'.s successor in • ~ interest has executed a written assumption agreement accepted in uriting by I.ender. I.ender shall releace Borrower from all ~ obligations under this Mortgage and the Note. If [.e~ider exercises such option t~ accelerale. Lender ~hall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a peric.d e.f not less than 30 da~c fr~m the date the notice is mailed within : Khich Borrower may pa}~ the sums declared due. If B~rrowrr f:~ilc to pac tuch sums prior tc. the expiration ~f cuch period. = Lrnder may. without further notice ~r Jcmand on Fiormwer. ~m-oke am rrmedies permitted b~• paragraph 1R hereof. NON-UNIFORM COVe:v,?;vTS. Borrower and I.ender f~rther covenant and agree as follows: ~ `y 18. Acceleralion; Remedies. Except ~s pro~•ided in psra~~raph 17 hereof. upon BorrowePs brtach of any covenaat or agreement of Borrower in this Mottga~,e. intladin~ the covenants to pay when due pny sums secured by ihts Mortgage. Lender 3 prior to acceleration shali mail notice to Borrow~er ac provided in paragraph 14 hereof specifying: (1) the brcacb; (2) t6e action g required to cure such breach; (3) a date. not less than 30 day~s from the date !he notice is mailed to Borrower, by which ~uc6 ~ breach must be cured; and that failure to cure such breach on or before the date specified in the noHce may nsdt in ~ acceleration of tbe sums secured by this titortgage. foreclosure by judicial proceeding aod sale of the Property. 'I7~e notict - shall further inform Borrow~er of the right tc reinstate after acceleration and the right to s~ssert in the foreclosurt proceeding Ihe oon-rxistence of a default or anv other defense of Borrower to accelerafion and foreclosure. If the breach is oot cured oa ~ or before the dete sperified in the natice, I.ender at Lender s option may declare all of the sums secured by this Mortaagt to be " immedia2el due and a aWe without further demand and ma foreclose thLs :VSo e b udicial roceedi Lender shall ~ Y P Y ~KaB Y l P ~ be eotided to colleM in such proceeding all expensa of foroclosure. inclading. but not limited to, reasonabk aitoroey's fees. and costs of documentary evidence, abstracts and title rcports. ~ 19. ibrrower's Right to Reinstate. Notw~ithstar.ding Lender'c accekratioi of the sums secured by this Mortgage, ~ Borrower shail have :he right to have any proceedingc hegun by Lerder to enforce this Mortgage discontinued at any time :f i ~ g-~'~~ 313 P~~E 1~4 ~ {