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HomeMy WebLinkAbout0693 ' Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by l.cnder pursuant to this paragraph 7, with interest thereon, shall become additional imkhtedness of Born?wcr secured by this Mortgage. Unless Borrower and Lender agree to other klpl! ~Of payment. such amounts shat) be payahle upon notice from Lender to &~rrower reytresling payment thereof. and shall bear interest froth the date of disbursement at the rate payahle fmm lime to time on outstanding principal under the Note unless pajrtrrettt of interest at such me would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur ttwy expense a take any action hereunder. fl. Iwspectbn. Lender may make or cause to be made reasonable entries upon and inspeMions of the Property. provided that Lender shall Rive Borrower notice prior to any such inspection specifying reasonable cause therefor related to I,glder'a interest in the Property. 9. Condemnatbn. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or other taking of the Property, or pare thereof, or for conveyance in lieu of condemnation, are hereby assignod and shall be paid to Lender. In the event of a total taking of the Properly. the proceeds shall he 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. them shall be applied to the sums secured h)• this Mortgage such proportion of the prooeetls as is equal to that proportion which the amoum of the sums secured by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the Property immediately prior to the Jate of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Bor:ow•er. or if. after notcc by I.cnder to Borrower that the condemnor oRers to make an award or settle a claim for d:rmaKes. Borrower faih to respond to Lender within 30 days after the date such notice is sailed. Lender is authorized to collect and apply the proceeds. a! Lender i option, either to restoration or repair o[ the Property or to the sums secured by this Mortgage. _ Unless Lender and Borrower otherw•icc.agrec in writrne. 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 flee 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 Tender to any successor in interest of Borrower shall not operate to rckatx, in any manner. the liability of the original Borrower and Borrower's successors in interest. 1_endtr shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify atnortiution of the sums secured by this Mortgage by reason of :,ny demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender•Not s Waiver. Any forbearance by Lender in exercising any right or remedy herctmder, or otherwise 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 tares or other liens or charges by Lender shall not be a waiver of L.ender's right to accelerate the maturity of the indeMedness secured by this Mortgage. 12. Remedies Csmulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrcntfy, independently or successively. • 13. Swccessors and Asairas Bound: Joint and Several l.iabr7ity: Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure; to. the respective successors and assigns of Lender aad Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the para¢raphc of this Mortgage art for convenience only and are not to tie used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable 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 certifkd mail addressed to Borrower at the Properly Address or at such other address as Borrower mav_ designate by notice to lender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to i.endePs address stated herein or to i 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. i 1S. Uniform MortRaRe; CoverninR law; Severability. This form of mortgage combines unifomn covenants for national I€ use and non-uniform covenants with IimiteJ variations by jurisdiction to constitute a uniform security instrument covering real properly. This Mortgage shall be governed by the taus 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 edeet without the conflicting provision, and to this I end the provisions of the Mortgage and the Note are declared to be severable. 16. bortrower'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 the Property: Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wriurn consent. excluding lal the creation of a lien or encumbrance wbordinate to this 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 (dl the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may. at 1_ender'c option, declare all the sums secured by this Mortgage to be immediately dire and payable. Lender shall have waived such option to accelerate if, prior to the sale or Iransfet. Lender and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interrct payable on the sums secured by this Mortgage shall be at such rate ac Lender shall tequut. 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 from all obligations under this Mortgage and the Note. Tf Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekntion 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, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. Note-UNIFORM CoveN~NTS. Borrower and Lender further covenant and agree as folk+trs: lg. Accderatiow; Rewuedia. Except as provided is paragraph 17 hereof. trfpow borrawda btratb of a•y eo~ewswt K a~greemewt of borrower b this Mortgage. lsdeding the covenants to par whew doe any swtrra atewrci b!' tWa MorKage. I.ewdetr prior to acceleration shaft rwail ratke to borrower as pro~ldcd in para~raplr 14 bereoi speclffbtg: (1) the baeatb: (2) the setiaw tegolrcd fo came sscb breath; l3) w date. not less tbsw 30 days irotw the date the wodce b trWed a borrower. ~ wttkflt swcb breach meat be nred; and (1) that fafttrrc to cure stash brescb os or bdore the date getlfied fi the works srq resrtlt d sxcekraMow oft the sttwwa aecwrcd by tbts Mortgage. fOrltlOlwre judkW proceeding atad ogle of the Property. The wotkt abaN fwrt~er iwtotrw botmower of the right to reinstate after sccekratbn and the right to atseA iw the fottcioawte Noeetittg the sow-existtwce of a detawlt or mty other defense of borrowrr to aerekratbw and foreclowre. N the brash it not cwt~e~ ow or before the dste apccl6ed iw the notice. Lender at Lenders option wtay declare alt d the sattaa aeewrsd bf tW Merlittlpt! M be itwwtediately dse awl pyabk witbowt twrther dernond and rosy foreclose ebb Morrtgage by jwiitW ptrecsedlsR. Lewder sbai be entitled to colkd T• rrtrtb poeeediog sM expenses nt forcclosare. laclttdirtg, ben wN Ifitsited M. reasewaNt stt.xwetr's fees. and costa of doer. wewfary evidence. abstracts and title report. 19. bornrawa'a Right to Rebnate. Ncxwithstanding Lender's acceleration of the sums secured by the Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 3~;~K J~1 P!GE rl: i`~