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HomeMy WebLinkAbout0939 { Lcnder's written agreement or applicable law. Borrowcr shall psy the amount of all mortgage insurance premiums in the manner provided under parag~aph 2 hereof. , Any amounts disbursed by l.ender pursuant to this paragrapfi 7, wi~h interest -theroon, shall becf~e additional indebtedness of Borrower ucured by this Mortgage. Unless Borrower and I.ender agree to other terms of payment, such amounts shall be payable upon notice from I_ender ~o Bor~ow~r reyuesting payment thereof, and shall bear interest from the dat~ of disbursement at the rate payahle from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such a~ounts shall bea~ interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require I.ender to incur any expenu or take any action hereunder. 8. Inspectioa. Lender may make or ca~!se to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice priar to any such inspection specifying reasonable cause thercfor related to Lender's interest in the Property. 9. Condem~aHon. The proceedc af any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in liet~ of condertmation, are hereby assigned and shall be paid to I.ender. - in the event of a total taking of the Property, the proceeds shall be applied to the cums secured by this Mortgage. with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrower 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 pmportion which the amacmt of the sums se~ured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediatel~~ prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by I.ender to Bormwer thai the condemnor offers to make an awa~~ or settle a claim fer damages, Borrower fails to respond to I.ender within 30 days after the date such notice is mailed, Lendrr is authorized to collect and apply the proceeds. at I.ender's option, either to re~toration or repair of the Property o~ tr the sums secured hy this Mortgage. Unless Lender and Borrower other~~ise agree in ~•riting, any such application of proceeds to principal shall not extend or pv~tpone the due date of the monthly installme~ts referred ta in paragraphs 1 and 2 hereof or change the amount of such installments. 10. B~~wer Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by i.ender to any successor in interect of Borrower shall not operate to release, in any manner, the liability of the original Borrower 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 otherw~ise modify amortization of the sums secured by this Mortgage by reason of any demand made b}~ the oriqinal Borrower and Borrower s successors in interest. ll. Forbearance by Lender Not a Waiver. Any forhearance b~• I.ender in exercising any right or remedy hereunde~, o: otherwise afTorded by applicable law, shall not he 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 I_ender shal! not be a waiver of Lender's right to accelerate the maturity of the indehtedness secured hy thic Martgage. 12. Remedies Cumulati~e. All remedies pro~~ided in thi~ Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded h}• law or equity. and ma}• be exercised concurrendy. independently or successively. 13. Successors and Ass~ns Bound; Joint and Se~eral i.iability: Captions. The covenants and agreements herein contained shall bind, and the riRhts hereunder shall inure to. the respective succes~ora ar.d ascigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreemenic of Borrower shall be joint and several. The captions and headings of the paragraph~ 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 I3K' t0 be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given hy mailing such noSice by certified mail addressed to Borrow-er at - thc Property Address or at such other address as Borrower ma~~ designatc by notice to i_ender as provided herein. and (bl an}• notice to Lender shall he given by certified mail, retum receipt requested, ta I ender's address stated herein or to such other address as Lender may designate b~~ notice to Borrower as provided herein. Any notice provided for in this I Mortgage shall be deemed to have been given to Borrower or l.ender when given in the manner designated herein_ ~ l5. Uniform Mortgs~e; Governing Law; Sererab7ity. This form of mortgage combines uniform covenants for national j use and non•uniform covenants with limited variations h}• jurisdiction to consti[ute a unifo:m security instrument covering real propert}~. This Mortgage shall be governed h}• the law• ~f the jurisdiction in which the Property is located. in the E event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not aftect ~ other provisions of this Morigage or the Note which can be given efiect without the conflicting provision. and to this i end the provisions of the Mortgage and the Notc are declared to he severable. ~ 16. Borrower's Copy. Borrow•er shall t~ furnished a conformed copy of the Notr and of thi~ Mortgage at the time ~ of execution or after recordation hereof. ~ 17. Transfer of the Property: Assumption. If all or an~~ part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior written consent, excluding la) 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 by operation of iaµ~ upon the death of a joim tenant or (d? the grant of any leasehold interest of three years or less E not containing an option to purchase, Lender map, at 1_ender's option, declare all the sums secured by this Mortgage to be ' immediately due and payable. Lender shall have w•ai~•ed such option to accelerate if, prior ro the sale or transfer. I_ender and the Eserson to whom the Property is to be sold or transferred reach agreement in writing that the credit af such person is satisfactory to I_enJer and that the interest payable on the sumc secured by this Mortgage shall be at such rate as Lender shall request. (f I_ender has waived the option to accelerate provided in this paragraph 17, an~ if Borrower's successor in interest has executed a written assumption agreement accepted in writing b}• Lender, Lender shall release Borrower from all obligations under this 111ortgage and the Note. If Lender exercises such option to acce[erate. I.ender thall mail Borrower notice of acceteration 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 which Borrower may pay the sums declared due. If Borrower fails to pa~• such tums prior to the expiration of s~ich period. ~ C.ender may, without further notice or demand on Borrower. invoke anq remedies permitted hy paragraph 1 R hereof. ~ ~ ~ NoN-UNiFOR~t Coverv~NTS. Borrower and Lender furiher covenant and agree as followc: ~ I8. Acceleratan; Remedks. Exce~ as provided in paragraph 17 hereof, upon Borrowe~'s breach of any co~enant or ~ ~greement of Borro~ver in thjs Mortgage, including the covenants to pay when due any sums stcnred by this Mortgage, Ltader ~ prbr fo acceleration sball mail notice to Borrawer as provided in paragraph 14 hereof specifying: (1) t6e breach; (2) t6e sction ~ required to curc such breac6; (3) a date, aot less than 30 days ~rom tfie date tiu ootice !s mailed to Borrower, by whkh soch ~ breach must be cnrcd; and (4) ttwt fallurc to cure such breach on or beEorr the date speci6ed in the ootke may resdt ia acceleration o[ the sums secprcd by this Mortgaqe, forcclosure by judicial procecding and sak of the Property. 'Ibe aotice ~ shall further inform Borrov?er of the rigdt to reinstate after acceleration and the right to acsert in the forecbsurc proceed~ ~ the non-existence of a defauk or any other defe~e of Borrower to acceleration and forecbsurc. If the bnac6 is not corcd on ~ or beforc the dste speci6ed in tbe notice, Lentier at Lender's option may declare all of the snms secnred by thls Mortgage to be immediately due and payabk ~vvilhout further demand and may forecbse thEs Mortgage by judlcial proceeding. I.ender sball ~ be entided to coNect in sach procceding aU expe~eses of foreclosurr. including, but not Umited to, rcasonabk attorney's fees, and costs of documentary evidence, abstracts and titk reports. ~ 19. Barrower's Rjg6t to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mottgage,, Borrower shall have the right to have any proceedings t~egun by Lender to enforce this Mortgage discontinued at any time ~ so~361 P~~E ~38 [ ~ ~ _ _ ~~-~tly .,~i~i..~fi+~.~~i: .NV....r.._ . ~ ~ s..._. .,~~.~.a._e:.~'T~t3.