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HomeMy WebLinkAbout0593 pl, ~ahJV tT(~ Lenders wr+tlen agreement or applicable law. Borrower shall pay the amount of all mortgage +nsurance prem+ums +n the manner provided under paragraph 2 hereol. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become addtttonal indebtedness of Borrower secured by IhiB Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear in(erest from the date of dtsburoemenl at the rate payable from time to time on outstanding pfincipal under the Note unless payment of interest at such rate would be contrary to applicable law, in which even) such amounts shall bear interest al the highest rate permissible under applicable law. Nothing contained m this paragraph 7 shall require lender to incur any expense or take any action hereunder. S. In~pectlon. Lender may make or cause to be made reasonable entr+es upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause Iheretor related to Lenders interest in the Property. 9. CondemnatlOn. The proceeds of anyaward or claim for damages, direct or consequential, +n connect+on w:ih any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, hereby ass+gned and shall be paid to Lender. In the event OI a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage. with the sxCesti..if any paid to Borrower. In the event of a partial taking of the Property unless Borrower and Lender otherwise agret3 in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is 9qual to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the lair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to the Borrower. :If th4+Qtbperty is abandonetl by Borrower, or if, after notice by Lender to Borrowe? that the condemnor otters to make an award or settle a claim for damages. Borrower lads to respond to Lender within 30 days after the date such notice +s matted, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoratip@; or repair of the Property or to the sums secured by this Mortgage. Unless Lende? 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 1 and 2 hereof or change the amount of such installments. 1 O. Borrower Not Released. Extension of the t+me for payment or modification of amort+zat+on of the sums secured by this Mortgage granted by lender to any successor in interest of Borrower shall not operate to release. +n any manner, the I+ability of the original Borrower and Borrowers successors in interest. lender shall not be required to commence proceedings against.such successor or relyse to eliCtf3nd lime for p~Yn? t or 4thf3rwi 6 modify amort+zation of the sums secured by 11fis i~Ad~lt eke by t~asov~rofany tfemand made by 1Ne~o~igina~~orrawel ar{~ Bonowers successors +n interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any r+ght or remedy hereunder. or otherwise afforded by applicable law, shall. not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insprance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and curttu~~tiJe to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Uablllty; Captions. The covenants and agreements herein contained shall bind., and the rights hereunder shall inure to, the respective successors and assigns of Lender and 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 paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. - 14. Notice. Except for any notice required under applicable law to be given in another manner, la) any notice to Borrower provided for in this Mortgage shall tie given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may:dergna~e by notioe,lQ LpAdyr as provided herein. and (b) any notice to Lender >:h~ll t~.given by certdied mail, return receipt requested,'to Lenders address stated harem or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this . Mortgage shat) be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Ooverning Law; 8ewrablllty. Ti?i~ form of mbrti3age cohnliines uniform covenants for national use•and non-uniform covenants with limited variations by lunsdiction to constitute a uniform security instrument cover+ng real property. The state and local laws applicable to this Mortgage shall be the laws of the tunsd+ct+on +n which the Property is located. The foregoing sentence shall not limi! the applicabil+ty of federal law to th+s mortgage In the event that any provision or clause of this Mortgage or the Note contticts with applicable taw. such cor+.fiict shat) not affect other ~ provsions of this Mortgage or the Note which can he gwen effect wdhout the conflicting provision. and to th+s end the arovis+ons of the Mortgage and the Note are declared to be severable. 16. Borrowers Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time l of execution or after recordation hereol. 17. Transfer of tfi• Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c)_a transfer by devise. descent or py 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 Lenders option, declare al! the secured by this Mortgage to be I immediately due and payable. Lender shall have waived such option to accelerat~~~fo ffie sa`1e o`r-{?ansZer. Lender 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 Lender and that the interest payable on the sums secured by this Mortgage shalt be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall rplease8orrower from all obligations under this Mortgage and the Note. t If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with parag?aph 14 hereof. Such notice shall provide a period of not less that 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower tails 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. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: ` t 18. Acpleratlon; Remedies. Except as provided In paragraph 17 hereof. upon Borrowers breach of any covenant orsgreetnent qt Borrower In thle Mortgage, including the covenants to pay when due any aums secured ) by this Mortgage, Lender prior to acceleration shall mall notice to Borrower as provided (n paragraph 14 hereof specifying: (1) the breach; (2) the action requlnd to can such beach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cued; and (4) that fallun to cure such breach on or before the date specified In the notice may result in acceteratlon of the sums secured by this Mortgsge, foreclosure by judicial proceeding and sale of the Property. The notice shall furtherlnform Borrowerof the rightto rolnstate sfteraccaleratfon and the right to assert In the foreclosure proceeding the nonexistence of adetault or any other defense of Borrower to scceteratlon and fof~closure. If the beach is not cued on or before the date specitted In the notice. Lender at Lenders optlpn, may dectan all of the sums secured by flits Mortgage to be Immediately due and payable without further demsnd and may foreclose this Mortgage by Judicial proceeding. Lender shall be entitled to collect In such procNdinp all expenses of foreclosure, Including, but not limited to. reasonable attorney's fees, and cosb of documentary evidence, abstrscts and title sports. ~ 19. Borrowers Right to Reinstate.. Notwithstanding Lenders acceleration of the sums secured by th+s Mortgage. Borrower shall have the right to have any proceedings begun by lender to enforce this Mortgage d+scont+nued at any time ' ~ ~ Y ~ f - - - - `