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HomeMy WebLinkAbout1998Lender's written agrcement or applicabk law. Borrowe~ shall pay the amount of all mongage insurance premiums in the manner provided under parag~aph 2 hereof. Any unounts disbursed by Lender pursuant to thia paragraph 7, with intercst thercon, shall become additional indebtedneu of Borrowe~ securcd by this Mongage. Unless Bor~ower and I.enJer agree to other lernu of payment. such amouots shall be payabk upon notice from I.e~der to Borrower rcqoesting payment thereof, and shall bear i~terost from the date of disbursement at the rate payable from timc ta time o0 outsta~ding principal under the Notc unless payment ot interest at such rate would be contrary to applicable law, in which event auch amounts shall bear iaterest at the highest rate permissibk under applicabk law. Nothing co~tained in this paragraph 9 shall rcquire I.ender to incur any exper~se or take any action hercunder. 8. Iaspectlo~. Lender may make or cause to be made reaconable e~tries upon and inspections of the Property. pmvided that Leoder shall give Borrowet notice prior to any such inspection specifying reasonable caux thercfor related to Lender'a interest in the Property. 9. Cosdemnstbn. The proceeds of any award or claim for damaga, direct or consequential, in connection with any condemnation or other taking of the Propeny, or pan thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lende~. I~ the event of a total taking of the Pmpehy. the proceeds shall be applied to ~he cums securcd by this Mo~tgage. with the excess, if _any. paid to Borrower. in the event of a partial taking of the Property, unless Borrower and Lender otherwise agrce in wtitinR, there shall be applied to the sums secured by this Mortgage such proportion of the pr+octeds as is equal to that proportion which the amount of the sums secured by this Mongage immediately prior to the date of taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the balance of the pr+oceeds paid to Borrower. Tf tht Property is abandoned by Borrower. or if. after ~otice by Lender to Borrower that the condemnor offers to malte an award or settle a claim for damages, Borrower fails to respond to I_ender within 30 days after ihe date such notice is mailed. L.ender is suthorized to collect aod apply the proceeds, at Lender;s, option. either to restotation or repair of the Propeny or to the sums securcd by this Mortgage. •~ Unlas Lender and Borrower otherwise ag~ee in writing, any such applic~atie~°of• pco~ct~d~ to prineipal shall aot eatend or poslpone the due date of thc monthly installments referred to in paragraph~=1< and 2 hereof or l°hanae the amount of such installments_ ' ~ - 10. Sorrowe~ Not Rekssed. Extension of the time for payment or modiRcation of amonization of the sumi securcd by this Mortgage granted by I.ender to any successor in interest of Borrower shall not operate to rclease, in any manner. the liability of the qrigina) Borrower and Bc~rrower e successors in interest. Lender shal) not be required to commenee proceedings againu such successor or refuse to extend time for payment or otherwise modify amortization of the sums ucured by this Morigage by reason of any demand made by the original Bocrower and Bonower's successors in interest. ll. Forbeuaoce by Lender Not a Wdver. An}• forbearance by Lende~ in e~ercising any right or remedy hera~nder, 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 insurance or the payment of taxes or other liens or charges by Lender shal) not be a waiver of Lende~'s right to accelerate the maturity of the indebtedness secured hy this Mortgage. l2. Remedies Cnroulati~e. Alf remedies pmvided in this Mortgage are distinct and cumulative to any other right or rcmedy under this Mortgage or afforded hy Iaw or equity, and may be exercised concurrently, independently or successively. 13. Sncce~ors aad As~gas Eouad; Jolat and Se~~eral LiabNty: Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Bomower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of ihe paragrrphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. ~xcept 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 ~cuch notice by certified mail addressed to Borrower at the Property Address or at such other address as Bormwer may .designate by notice to T_ender as provided herein, and (b) any notice to Lender shall Ue given by certified mail. return reteipt requested. to i.ender s address stated hercin or to 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 Borrow•er or I_ender when given in the manner designated hercin. lS. Uniform Mort~age; Covernin~ Iaw; Sevenbility. This form of mortgage combines uoiform covenants for national use and non-uniform covenants with limited variations b~~ jarisciiction to constitute a uniform security instrument rnvering real property. This Mortgage shall be governed hy the law of ihe jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or ~he Note conflicts wi~h applicable law, such conflict shall not afiect other provisions of this Mortgage or the Note which can be given effect without the conflicting prc~vision, and to ihis end the provisions of the Mortgage and the Note are dcclared to be severable_ 16. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of eaecution or after recordation hereof. ~ 17. Tra~fer of t6e Pmperty; A~umption. If all or an~• part of the Property or an interest therein is sold or transferred ~by Borrower without I.ender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for houxhold appliances, (c) a transfer by'devise, descent or by operation of law upon the death of a joint tenant or (d) ihe grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at Lender ~ option, declare all the sums secured by this Mortgage to be immediately due and payable_ Lender shall have waived such option to accelerate if, prior to ~ he sale or transfer, Lender and the person to whom the Property is to be solJ or iransferred reach agreement in writing that the credit of such person is satisfactory to Lender and that ihe interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accele~ate provided in this paragraph 17, and if Bonower's successor in interest has executed a written auumption 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, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hcreof. Such notice shal! 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 Borrow•er fails to pay such soms prior to the expiration of such period. Lender may, without further notice oS demand on E3orrower, im•oke any remedies permitted by paragraph 18 hereof. I1iox-UtvtFOSt-s Covervetwrs. Borrower and Lender further covenant and agree as follows: 18. Accekration; Remedies. Excep as provided Is para6rap6 17 6ercof. upoa Borrower's bresc6 ot aay co•eoa~t or agneuunt of Borrower fn tl~is Mort~a~e, iacladin~ tbe rnrensnts to pay when dee any snma secared by th~s Mortaa`e, i.eoder prbr to sccekratbn sbdl aWl notke to Borrower as prorided ia paraaraph 14 6ereof sptcif~: (1) the brescb; (2) t6e sctioa rcquired to cure soc6 bresc6; (3) a date, aot less t6an 30 days fmm the date the noNce b mailed to norrower, by whk6 mc6 bresch mwt be crrcd; aod (4) t6at failere to cure soch bresc6 oa or 6efore tbe dste speciBed ia ttie ootke ma~ raolt is sccekratfoa of We semc secored by th[s Mortssge. fo~eclowre br jndicid proceedia~ ~d sale of tbe Property. 7be ndke s6aq further iafonu Eorrower ot tbe ~ht to rclastate dter accelerstion pod tbe risbt to as~ert ie tre for~cio~nre proeeedi~ the ooe-e:iedence ot a defaalt or aoy Mher deteme of Borrower to accekration and foreclosnre. if t6e breac6 is vot crrcd oe or beforc the date speciied io t6e notke, Leader at I.eoder's optioo msy dcclar~e aA of ibe soms:ecarcd by tris Moet~a~e ~0 6e Ia~medhtdy doe and p~yabk wklaot fnrt6er demand wd may fareclose t6is Mort~a`e by jndiciai proceedis~. Leaaer sbaN 6e eotitled to coUect la soch pruceedi~ all expea~a of forecbsurs, inclndio=, bnt not ~m~ted tw rearoeab~e aetor.eys tea, ssd cosb of docuo~eatary evideece~ absnscts sad title reporls. 19. Sorruwe~'~ Ri66t to Reio~tate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings hegun by ~endc•r to enforce this Mortgage discontinuod at any time ~ ~ .~ ._ - ": .. ~~: ,s~ .E ~ '~'Ci.~'Uis's`v'X''P'~'vu..4~~'i-'.. +i'K?.~'+n..:;,~,.z.- _ :. '~;~ ~~~X348 P~;F1996 - ..a~~ ~ ~~~~~ .