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HomeMy WebLinkAbout0984 • ~ - ~ _ . ~ ~ ~ ~ Lende~'s written agreemen~ or applicabk law. Borrower shsll pay the ur?ount of all mortaage insura~a premiums in the ma~ner p~ovided u~der pa~sgraph 2 hereof. Any amounts disburxd by l.ender pursuant to ~ha paragnph 7, with inter+est thereo~. shall become additionsl inde~itedness af Bor~ower secured by this Mortgage. Unless Borrower and l.enckr agrce to othet ternu of payment. such amounts shall be payabk upoo no~icc from Lender to Bo~row~er requesting payment thereof, and shall bea~ interest irom the date of disbursement at the rate payable from time to time on aitstanding pri~cipal under the Note unless payment of intercst at auch rate would be contnry to applicable law, in which event such amounts shall bear interest at Ihe highest rate permissible under applicable law. Nothing contained in this paragnph 7 shall rcquire Lender to i~cu~ aoy espense or tate any action her~under. ~ 8. Iaspectbn. i_ende~ may make or cause to be made rcasonable entries upon and i~spections of the Prope~ty. provided that Lende~ shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademrwtbn. The proceeds of any award or claim for damaga, direet or consequential, in connection with ~ny condemnation or oiher taking of the Property, or pact thereof, or for conveyance in lieu of condemnation, are hereby usigned and shall be paid to Lender. . In the event of a total taking of the Propeny. the procceds shall be applied to the sums secured by this Mortgage. _ with the excess, if .any, paid to Borrower. In the cvent of a partial taking of the Property. unless Borrower and Lender othenvise agree in writing. there shall be applied to the sums secured by this Mo~Igage such pmpo~tion of the proceeds as is equal to that proportion which the amount of the sum~ secured by this Mortgage immediately prior to the date of taking bears to the fair markrt value of the Property immediately prior to the date of taking, with the balance of the praceeds paid to Borrower. If the Propeny is abandoned by Borrower. or if. after notice by Lender to Borrower that the rnndemnor otfen. to make an award or settle a claim for damages. Borrower fails ta respond to Lender within 30 days after the date such notice is mailed, I.ender is authorized to collect aod apply the proceeds, at i~nder's optio~, either to restontion or repair of the Property or to the sums secured by this Mortgage. ' Unless Lender and Barrower otherwise agree in writing any such application of proceeds to principal shall not extend or postpone the due date of the monthly iostallme~ts referred to in paragraphs 1 and 2 hercof or change the amount of such installments. 10. ~omnwer Not Rekased. Extension af the time for payment or modification of amoniution of !he sums securcd by this Mortgage granted by 1_ender to any successor in interest of Borrower shall not operate to rcleau, in any manner, the liability of the original Borrower and Bc~rrawer's succescorc in intercst. Lende~ shall not be rcquired to commence pro:eedings against such successor or refuce to extend time for payment or otheiwise modify amortization of the sums- secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in intercst. . I1. Forbearance by Lendrr Not a Wairer. Any fort+earance by I.end~r in exercising any right or remedy hercunder, or otherwise afforded by applicable law, shall not be a waiver of or prcclude the exercise of any such right or remody. The procurement of insurance or 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 hy this Mortgage. l2. Remedies Cnmulative. All remedies pravided in this 1?iorigage are distinct aod cumulative to any other right or remedy under this Mortgage or aflorded hy law or equity, and may be-exercised concurrently, independently or successively. 13. Successors aed Asigos Bouad: Joi~t a~d Sereral t.iabitity; Captions. The covenants and agreements herein contained shall bind, and the riRhts hereunder shall inure to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 he~eof. All covenants and agreements of Borrawer shall be joint and several_ 77~e captions and headings of the paragraphc of this Mortgage are for convenience only and are not ta 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 pmvided 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 i.ender as provided herein, and (b) any notice to [.ender shall be given by certified mail, retum receipt requested. to Lender s address stated herein or to ~uch other address as Lender may designate by notice to Borrower as provided herein_ Any notice provided for in this i Mortgage shall t~e deemed to have been given to Borrowcr or 1_ender when given in the manaer designated_ h~rein. 1S. Unifomn MoctEaae; Go~eminE Isw; Se~er~bilit~. This form of mortgage combines uniform covenaMs for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The state and local laws applicable to this Mortgage shall be the laws of lhe jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrowec's Cop~. Borco~rer shall bc fumisbcd a conformed mpy of the Nae and of this Moagage at che time af ezecurion or afcer recordacion hereof. 17. Tr,~nder of t6e Property; Aasumprion. If all or any parc of the Prope~ty or an intcresc thcr~ein is sold or uan~'eaed b' Bonrnra wichart Lender's prior wnttrn consent, ezcluding (a) rhe urauon of ~ lirn or e~xvmbrance subordimce oo th~s MorcBag~• (b) the creacion of a purchax money secunty intetrst for household appliances. (c) a uansfa by devi~e, descent or by operation of law opon the death of a joint tenant or (d? the gram of any leasehold interat of three years or less not containing an option to purchase, I_ender may, at Lender's option, declare all the sums xcured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate it, prior to the sale or transfer. Lender and the person to whom the Properry is to be sold or transferred rcach agreement in wri~ing thaf the credit of such person , is satisfactory to I.encier and that ~he interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall requut. Tf Lender has waived the op~ian to accelerate provided in this paragraph 17, and if Borrower's succasor in interut has executed a written assump~ion agreement accepted in writing by Lender. Lender shall release Borrower from ail oWigations under this Mortgage and the Note. i If ~ender 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 not less than 30 days rtrom the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lende~ may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. NoN-UNiFORrH CoveN~tvTS. Borrower and [.ender further covenant and agree as follows: 18. Acceleration; Remedies. E:cept as pmvided in pan~raph 17 henof. npoa BoROwe~'s breach of aoy co~eaaet or agreemeot of Borrower in tbis Mortgage, iaclading the covenants to pay when dne sny snms secnred by t6b Mort6a6e, i.eoder prbr lo sccekntion sbal! ma0 notice to Borrovrer ~ provided ia ps~raph 14 6ereof specityin~: (1) tbe breac6; (2) tbe sctb~ required to cure socb breacb; (3) s date, oot kss ihan 30 days fmm the date tbe notice is a~ailed to Eorrower. [ry whk6 soci bnach mnst be cared; aod (4) t6at failure to cnre snch breach on or before tbe date specified i~ t6e noNce may r~lt b ~ accekration of t~e sams secnnd by t6is Mort~e, forerlo~uro by jodkial proceedia~ ~md sale of tbe Mperty. 'iLe notke ~ sbaU further infono Eorrower of the ri`6t to reinstate after sccekration and tbe risbl to a~sert ia t6e foreclowre prueeedie~ tbe non-exktence of a defsnM or any otber defease of Borrower to sccekration and forecbwre. If t6e brescl~ is eot cae+cd oe or before t6e dah spccified in t~e ootice. Lender at Lender's optbs msy declare aA of We s~ms secnred by tI~M Mort~e b be immediately doe aad psyabk witbont fnrther demaad aad may torecbse thk Mo~s~e by judicW proceedin~. I.eader s~ be entitkd to coUect ia s~c6 procsedin= afl e:peASes of foreclosure, iacludiug, but sot Hmited to, reawna6le attoroe~'s iea, a~d costs ot docameatary eridence. a6strscts aad t~tle roporb. - 19. Eorrowe~s_ Ri~ht to Reiastate. Notwithstanding Lender s acceleration of the surr~s secured by this Mort~age. Bonower ahall have the rigbt to have any prceeedings begun by Lender to enforce this Mort~age discontinued at any time ~ I ~j ~p 8001 ~~c7~ PACE c~04 ;