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HomeMy WebLinkAbout1150Lender's w•ritten agreement or appiicable law~. Borrowe~ shall pay the amount of all moRgage insurance premiums in the manner provided under paragraph 2 hercof. A~y amounts disburxd by I.e~der pursuant to thia parag~aph 7, with interest thereon, shall become additional inJebtedness of Bo~rower secured by this Mortgage. Unltss Borrowcr and 1.enJer agrec to other ternu of payment. such amounts shall be papable upon qpt~ce fram I.ender ta Borrower requosting payment thereof, and shall bear interest fmm the date of disbursement at}the rate payable from time tu time on outstanding principal under the Note 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 applicabfe law. Nothing contained in this paragraph 7 shall requirc I_ender to incur any expense or talce any action hereuader. 8. Iaspectioa. Lender may make or cauu to be made reasonable entries upon and inspections of the Property, provided that i.ender shall give Borrower notice prior to any such inspection speci(ying reasonable cause therefor related to Lender's interest in the Property. 9. CondemnaNon. The praceedc of any award or claim for damages, direct or consequential, in conntction with any condemnation or other taking of the Property, or part thereof, or for co~veyance in lieu af condemnation, are hercby assigned a~d shall be paid to Cender. In the event af a total taking of the Property, the pracceds shall be apptied to the s~ims securcd by this Mongage. with the ercess, if any, paid to Borrower. in the event of a partial taking of th~ Property, u~less Borrower and Lender otherw•ise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as i~ equal to that proportion which the amount of the sums xcured by this Mortgage 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 to Bo~rower. - If the Property is abando~ed b~~ Borrower, or if, af~er notice by Lender to Borrower that the condemnor offen to make an award or setNe a claim for damages, Borrower faik to respond to I_ender within 30 days after the datt such notice is mailed, Lender is authorized to collect and apply the proceeds, at T_ender's option. either to restoration or repair of the Propetty or to the sum~ secured by this Mortgage. Unless Lender and Borrow~er'otherwise agree in writing, a~y such application of proceeds to principal shall not extend or postpone the due da~e of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. .10. Borrower Nat Released. Exte~sion of the time for payment or modification of amortization of the sums securcd 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 Borrow~er 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 modif} amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by I.ender Not a Wsirer. Any forhearance by I.ender in exercising any right or remedy hereunder, or otherwise afiorded by applicable law, shall not be a waiver oi or preclude the exercise of any such right 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 secured hy ihis Mortgage. 12. Remedies CumulnN~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remeJy under this Mortgage or afiorded h~~ law or equity, and may be exercised concurrently, independently or successively. 13. Snccessors and Assigas Bound; Ioin1 and Se~•enl i.iability: Capdons. 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 provisian~ of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. 'Il~e captions and tieadings of the paragraphs of this Mongage are for convenience only and aro 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 mai) addressed to Borrower at the Property Address or at such other addre~s as Rorrower may designate by notice to i_ender as provided herein, and (b) any notice to Lender shall t~e given by certified mail, retum receipt reque~ted. to l.enders address stated herein or to such other address as I_ender may designate by notice to Borrower as p~ovided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or 1_ender when given in the manner dasignated herein. 15. Uniform Mort~a~e; Governin~; Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants w~ith limiteJ variations b}~ jurisdiction to constitute a uniform security instrument cuvering real property. This Mortgage shall be governed hy the iaw• of the jurisdiction in which the Property is located. In the event that any provision or clause of thic Mortgage ar the Note conflicts with applicable law, such conflict shall not affect othec provisions of this Mortgage or the Note ~~hich can be given efiect without the conflicting provision, and to this end the pro~•isions of the Mortgage and the :`ote are Jeclared to be severable. ' 16. Bomower's Cop~. Borrow•er shall t-e (urniched a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof_ 17. Transfer of the Prope~ty: Assumption. If all or an}• part of the Property or an interest therein is sold or transferred by Borrow~er without Lender's prior written consent, excluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage. (bl tfie creation of a purchase money security intercst for household appliances, (e) a transfer by devise, descent or by operation of law upon ihe death of a joint tenant or /d) the grant of any Icasehold intercst of three years or )ess not containing an option to purchase. I_ender may, at Lender'c optian. declare all the sums secured by this Mortgage to be immediately due and pa~able. I_ender shall have waived such option to accelerate if, prior to the cale or transfer. Lender and the person to whom the Prop~.~ty is to be sold or tran3ferred reach agreement in a•riting that the credit of such person is satisfactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If I_ender has waived the option to accelerate provided in this paragraph l7, and if Borrowers successor in interest hac executed a writsen assumption agreement accepted in writins by Lender, I_ender shall release Borrower from all obligations under this Mortgage and the Note. _ Tf I_ender exercises such option to accelerate, I.ender shall mail Borrower notice of acceleration 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 a•hich Borrower may pay the sums declared doe. If Borro~er fails to pay such sums prior to the eapiratien of such period. I_ender may, without further notice or demand on Borrower, invake any remedies permitted by paragraph 18 hereof. No~-UN~FORM CovEtv~xTS. Borrower and Lender further covenant and agree as follows: l8. Accekration; Remcdies. Except as provided fa paragrapb 17 htrtof. upoo Borrower's breach of asy co~eoaut or agreemeat of Borrower in t6h Mortgage, includi~ t6e covenants to psy when dne aay snms secnred by thb Mort=ase, Leader prbr to secekratbe sball msil aotke b Borrower as prorided In parsgr~ph 14 hereof specifyin~: (1) tbe brescb; (2) tbe sdbn reqoired to enre soch brescb; (3) a date, aot les than 30 days from the d~e the nMice is maUed to Borrower, by w6kb sac6 breacb must be cnred; and (4) that failure to cure snch breach oa or before the date speciBed ie the aotlce may resdt ia accekratioe of tbe sums secn~ed by th~C Mortgage, foircclowre by jndkial proceediug aad sale of tbe Property. "ibe aodee shall furthcr inform Borrower of t6e right to rcinsfate dter sccekratbn and tbe ri6ht to as~ert in tLe foreclo~ore proctedi~ tbe aon-e:~stence ot s defanlt or any other defense of Borrower to accelentbn snd foreclowrs. if t6e breach i~ not cored ou or before the date spceified in the notice, Lender at Leode~'s optiom m~y declare sq of the soa~s aecared bp t6is Mort~a~e to be immediatdy dne aod payable witiant further dewaad aad may forecloss this Mortaa~e by jodkial proeeedi~• I.eader s6aU be entitkd to collect in such proceedi~ aD e:peoses of toreclosnre, inclndiog, but oot Umited to, reasoos6le ~ttorney's fea, snd costa ot docnmentary evidence, a6atrscb aad titk reports. 19. Eorrower's Ri`ht to Relnstate. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage. Borrower shall have tht right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at aay time R!l'1K3~7 p~~E11~?