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HomeMy WebLinkAbout0504• . ~~ , ;~ ,~ ~ . I.endcr i written agreement or applicable few. Borrower shall pay the amount of all mortgage insurance premiums in the manner pnwided under paragraph 2 hereof. Any atnounts disbursed by Lender pursuant to this paragraph 7, with intercd therrnn, shall become additional indchtcdncsc of Harn-Nrr u:curcd by this Mortgage. Unless Borrower and !.ender agree to other terntc of payment, such amounts shall he payable upon notice fmn- I.cnder u. Borrower req-tcsting payment thereof, and shall altir interest from the date a( disbursement at the rate payable tram time to time on outstanding principal under the NMe unless payment of interest at such rate would be contrary to applicable law, in which event arch amounts shall hear 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. inspection. Lender may make ar ca-~~c to be made reacanable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prier to any such inspection specifying reasonable cause therctor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in rnnttection 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 Properly. the proceeds 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 BotTOwer 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 pricer to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, wish the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrasver. or if. after notice by 1_ender to Borrower that the condemnor offers to make an award ar settle a claim far damages. Harrower fail. to respond to 1_ender within 30 days after the date such notice is mailed. Lender is authorized 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 in v-•rittng. any such application of proceeds to principal shall not extend or postoone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums securssd by this Mortgage granted by lender to any successor in intered of Harrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in interest. fender shall not be required to commence proceedings against such successor or refuse to extend lime far payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not s R-dver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance Qr the payment of taxes or other liens or charges by i.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmulative. All remedies provided in this Mortgage arc distinct and cumulative to any othe( right or remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently, independently or successively. ' 13. Successors sad Assigns Bound:.Joint sad Sevetd i.iability; Captbns. The covenants and agreements herein contained shall bind, and the rights hereunder shat! inure to. the respective successors and assigns of Lender apd Borrow-tr. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirv and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions herec-f. 11. Notke. 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 certified mail addressed to Harrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (h) any notice to Lender shall be given by certified mail, return receipt requested. to 1 ender s address stated herein or to such other address as Lender may decitrnate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or !.ender when given in the manner designated herein. 1S. Unitorm Mortgage: Corerniag law: Seversbilily. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h~• jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is totaled. In the event that any provision or clause of this Mortgage or the Nate conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate arc declared to be severable. 16. Isorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the tithe of execution ar after recordation hereof. 17. Trsttster 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 pricer writi~n consent. excluding (al the creation of a lien ar encumbrance subordinate to this Mortgage. (bl the creation of a purch~u: money security interest far household appliances. (e) a transfer by devise, descent or by operation of law upon the death o(a joint tenant or (dt the grant of any leasehold interest of three years or less not containing an option to purchase. I-ender may, at l.ende~ c option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w:uvtd s-ich option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be :o1J or transferred reach agreement in writing that the credit of ouch person is satisfactory to Lender and that the intrust payable on the sums secured by this Mortgage shall bt at such rate ac Lender shall request. It lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a_successor in interest has executed a written assumption agreement accepted in writing by i_ender, Lender shall rtlease Borrower tram all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of trot less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. i( 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. NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows: 18. Accckratba; Remedks. IExcep ss provided is parsgrapb 17 hereof. upon •orrower's breach of any corernrtt or atrsxmeat of Borrower is this Mortgage. including the corcaaMs to pay when due sey sums secured by fhb Mortgage. Lender prbr to accekratbo shall mail notke to dorrowcr ss provided is paragraph 14 hereof specfftying: (1) the breach: 121 the sdba raequircd to cnre such breach; 13) s date. not less than 30 days from the date the isMke b mailed to iorrower. by whkh such 6seach mint be cured; sad (4) that failure to cure such breatw oa or before the date specfbcd is the aotke may resuN h acciilerstioa of the sums secured by Ihb Mortgage. torrcbsure by judicid proceeding and sale of the Property. The notke shall further inform Borrower of the right to reinst:te dtcr acctlcrstba and the right to assert fa the foreclosure proteedbt~ the aoa-existence of a dtfsuN or any other defence of Borrower to acceleration and forecbsure. it the breselt b aM cursed o0 or bdore the date specified is the notke. Lender at f .eader's optbw any Bechar N of the wars secured bl' fhb Mortgage 1o be immediately dne sad payable without further demand and may foeeebse ebb Mortgage by judkW procesdiag. Lender chap be eatitkd to cogett M sorb proceeding all expenses of forecbwre. iacludias. but ant timitd to. rcttsonabk stt.irnev's fees. and tests of dotuttseatary evidence. sbstrscts and title reports. 19. 11<orrower's Right to RdiutNe. Notwithstanding 1 ender s acceleration o/ the sums secured by this Mortgage. Borrower shall have the right to have am prcxeedmcc tx}~in by Lender to enforce this Mortgage discontinued at any time B~~K 344 PAGE t~4 - - ~:. -