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HomeMy WebLinkAbout0310~ Y Lender's written agreement o~ applicable law. l3orrower shall pay the amount of all mortgago insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Le~de~ pursuant ta this parag~aph 7, with intccest thereo~, shall become additianal indebtedness of BorroN•er secured by lhis Mortgage. Unless Borrovver and l.ender agrec to other terms of payment, such amaunts shall be payable upoo n~~tice f~om I_ende~ to Borrower requesting payment thereof, and shall bear intercst from the datc of disbursement at the rate payable f~om time to timc on outstanding principal under thc Note unless payment of interest at such rate would be co~trary to applicable law, in which event such amounts shall bea~ inte~est at the highest rate pertnissible under applicable lave. Nothing contai~ed in this paragtaph 7 shall requioe I.ender to incur any expense or t~lce any action hereunde~. 8. Inspectba. l.ender may make or cause to be made reasonable entries upo~ and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specilying reasonable cause therefor related to Lender s interest in the Property. 9. Condemnation. 'ilie praceedc of any award or claim for damages, direct or consequential, in connection with any co~demnation o~ other taking of the Praperty, or part thereof, or for canveyance in lieu of candem~ation, are hereby assigned and shall be paid to Lende~. In 1he event of a total taking of the Property, the procceds shall be applied to the ~ums secared by this Mongage, with the excess, if any, paid to Bormwer. In the event of a partial taking of the Property, unless Borrower and I.ender otherw~ise agree in writinR. there shalf be applied t~o tht sums secured by this Mortgage such proportion of the proceeds as is equal to that proporiion which the amount of the sums secu~ed by this Martgage 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 ta Borrower. If the Property is abaodoned by Borrower, or if. after notice by I_ender to Borrowe~ that the condemnor otfen to make an aw•ard 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 authoriaed to collect and apply the proceeds, at I.ender's option, either to restoration or repair of the Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writiog, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred ta in paragraphs I and 2 hereof or change the amount of such instailments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortization of the sums secured by this Mortgage granted~by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original BonoNer and Borrower's successors in interest. i_ender 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 by the original Borrower and Borrower s successors in interest. 1l. Forbearance by Lender Not a Waiver. Am~ forhearance by i_ender in exercising any right or remedy hereunder, or o~herwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance or the payment of ta~es or other liens or charges by Lender shall not be a waiver of Lender's right to aceelerate the maturity of the indebtedness secured hy this Mortgage. I2. Remedies Comulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded b~ law or equity, and may be exercised concurrently, independently or successively. l3. Snecessors and A~as Bouad: Joint and Se.•eral i.iability; Captioas. 'ihe 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 ~f paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphc of this Mortgage are for convenience 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, (a) any notice to Borrower provided 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 Borrow~er may designate by notice io T_ender as provided herein, and (bl any notice to Lender shall he given by certified mail, return receipt requested. to [.ender s address stated herein or to such other address as Lender ma~~ designate by notice to Borrower as pravided herein. Any notice provided for in this ~lfortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. I5. Uniform Mortgage: Governin~ I.aw; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations b~• juriscliction t~ constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law• of the jurisdiction in which the Property is located. In the event that any provision or clause of this liortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note u~hich can be given eBect without the conflicting provision, and to this end the provisions of the Mortgage and the tiote are declared to be severable. 16. Borrowe~'s Copy. Borrow•er 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 ant• part of the Property or an interest therein is sold or iransferred by Borrower without I.ender's prior written consent, excluding lal the creation of a lien or encumbrance suhordinate 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 Lender's option, declare all Ihe sums secured by this Mortgage to be immediately due and payable. Lender shall have waived sach option to accelerate if. prior to the sale or transfer. Lender and the person to who~n the Property ic to be sold or transferred reach agreement en writir~g that the credit of such petson is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if t.ender 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. If Lender exercises such option to accelerate. I.ender shall mail Borrow~er notice of acceleration in accordance with paragraph 14 her~of_ Such notice shall provide a period of not less than 30 da}s from the date the notice is mailed within which Borrower may pay the sums declared due_ if Borrower fails to pay soch sums prior to the expiration of such peric~d, ~ender may, without further notice or demand on Borrower.' invoke any remedies permitted by paragraph 18 hereof. Norr-UtviFORt-~t CovENexTS. Bonower and Lender funher covenant and agree as follows: I8. Acceleration; Remedies. E:cept as pmvided ia paragraph 17 6ereof. npon Borrower's bresch of any cooeoant or agreement of BorroRCr in tbk Mortga~e. ioclu~i~ Ihe covenanfs to pay wheo due any sarns secured by t6b Mortaa~e, Leader prior to accekratlon s6a11 mail notice to Borrower as provWed in paragraph 14 6ereof specifyi~: (1) the breacb; (2) tbe acKon required to care suc6 bnach; (3) a date, not las than 30 days fmm the dste ihe notice is mailed to Borrower, by whk6 wcb breach must be cored; and (4) that faUure to cure soch breach on or beEore the dde spec~ed in t6e notke may raoh io accekratioa of the sau~s secnred 6y this Mortgage, loreclosure by judicial proceeding and sale of t6e Pr~uperty. 'ibe notice shal! furt6er infonn Borrower ot the ri=ht to reinctate afler acceleration aed the rigbt to ~ssert in t6e foreclosare ptvicee~e; tbe noa-existence of a defank or any other defense of Borrower to sccekntion a~ forecbsure. If t6e bresch b not cored o~ or before the date specificd ia the notke, Lender at Leoder's option may declare all of the sams sersred by this Morqa~e to be immedlately dae and payable wit6ont furt6cr demand and may foreclose t6is Mort~a~e by jodicW proceedi~: Leader sban be eoti8ed to coDect ie wc6 proctedl~ a8 espensa of foreclosare, inclndlag, but not B~Nted to, reawnsbk attorney's tea, aed cosb of doco~neatary evidence. abstracls snd title reporb. 19. Borrov~e~'s Rljbt to Reiactate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, Borrower shall have the tight to have any proceedings begun by Lender to enforce this Mortgage discontinutd at any time i °°~` .~;::_ :~; -~;;~<` _ ~~`~~x 346 pacf ~g ~ y~~~~~