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HomeMy WebLinkAbout0989 • ~ ~ • . Gender's wrilten agrccmen! or applicable law. Borrower shall pay the amount of all moMgage inaurance premiums in the matmcr provided under parag~aph 2 hereof. Any smounts disbursed by Le~der pursuant to this paragraph 7, with intet~est therco~, shatl bccome additional indebtedness of Bonower sxured by Ihis Mongage. U~less Borrower and [.enckr agree to other terms of payment, such amounts shall be payable upon noticc irom Lender to Borrower rcquesting payment the~eof, and shall bear interest from the date of d'ubunement at the rate payabk trom time to time on outata~diog p~incipa) unde~ the Note unless payment of interest at such rate would be~contrnry to applics~ble law, in which event such amounts shall bear interest at the highest rate permits~bk unde~ applicabk law. Nothing contained in this paragraph 7 shall rrquire Le~~~ to incur aay expense or takt any actio~ htreundtr. ~ 8• I~pection. Lcnder may make or~cauu to be made reaso~ablc ent~ies upon and inspections of the Property. provided that Lender shall give Borrowe~ notice prior to any such inspection specifying rcasonabk cause therefor retated to Lender's interest in the Pmperty, 9. Coademnadon. The proceeds of any sward or claim for damaga, diroct or consequential, in connection with any coodemnation o~ other taking of the Property, or part thereof, ar for conveyance in lieu of condemnation. are hereby assigned and shaU be paid to Lender. ~ ~ Io the event of a totai taking of tiu Property, the proceeds shall be applied to tha sums secured by this Mo~tgagc, 1 with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Properly„unles~ B~rrower and I.ender otherwise agrce in writing, therc shall be applicd to the sums secured by this Mortgage such pmponion of the procxeds as is equal to that proportion which the amount of the sums secured by this Mongage immediately prior to the d:te of takiag bears to the fair market value of the Property immediately prio~ to the date of taking, with ihe balance of the pmcoeds paid to Borrower. ~ if the Property is abantloned by Borrower, or if, after notice by Lender to Borrower that the condemnor ot~era to make an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 days after the date sach notice is mailed. Lender is authorized to colloct and apply the proceeds, at I.ender s option. either to restoration or repair of the Property or to the sums secured by this. Mortgage. ~ Unless Lender and Borrower otherwix agree in writing, any such application of proceeds to principal shall not eatend or postpone ~he due date of the monthly installments referrcd to in paragraphs i and 2 hereof or change the amount af such installments. 10. Borrower Not Rekzsed. Extension of the time for payment or modiflcation of amortization of the sums secured by this Mortgage granted by Lende~ to any successor in interest of $orrower shap not operate to releaso, in any manner, the liabiliry of the original Borrower and Borrower's successors in interat. Lender shal) not be reyuired to commence proceedings against such successor or rcfuse to extend time for payment "or othenvise modify amortization of the sums secured by this Mortgage by reason of any demand made b~• the original Borrower and Borrower's successors in interest. 11. Forbearanee 6y i.ender Not a Waiver. Any forbearance by I~nder in exercising any right or remtdy hereunder, or otherwise aftorded by appiicable law, shall not be a waiver of or proclude ihe exercise of any such right or remedy. 'i7te procurement of insurance or the payment of taxes or other liens or charges by [.ender shall not be a waiver of Lender's right ~fo accelerate the maturity af the indebtedness cecured hy this Morlgage. ]2. Remedies Cnmulatbe. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or af~orded by (aw or equ+ty, and may be exercised concurr+u»ly, independently or successively. l3. Soccessors aud A~~ Bound: Joint and Se~•eral I.iabillty; Captions. The covenants and agreements herein contained shall bind, and the rights hercunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof_ All covenants and agreements of Borrower shalf be joint and several. The captions and headings of the pa~agraphs of this Mortgage are for convenience only and are not ta be used to interpret or define the provisions hereof. _ 14. NWict. 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 certiRed mail addressed to Borrower at the Property Addrecs or at such other addrecs as B~rrower may designate by notice to T_ender as provided herein, and (b) any notice to Lender shall he given by certified mail, retum receipt rcquested: to 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 Mortgage shall be dcemed to have been given to Borrower or l.cnder when given in the manner dtsignated herein. l5. Uniform Mortgage; Governin~ Iaw; Se~•erabiljty. This form of mortgage combinei uniform covenants for national use and non-uniform covenants with limited.variations hy jurisdiction ta constitute a unifo:~n security instrument covering real property_ 'i~is 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 Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given effect wi~hout the conflicting provision, and to this _ end the provisions of the Mortgage and the Note are Jeclared to be severable. 16. Borrowe~'s Copy. Borrower shall be furnisheJ a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Aswmption. If all or an~• part of thc Pmperty or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of ~a purchase money secur'sty interest for househotd appliances, fc) a t~ansfer by devise. descent or by operation of taw upon the dcath of a jaint tenant or fJ1 the grant of any leasehold interest of three years or less not containing an option to purchase, I_ender may, a~ I.ender's optian, declare all the sums secured by this Mortgage to be immediately due and payable. I_ender shall have waived such option to accelerate if, prior to the sale or transfer. I_ender and the person to whom the Properly is to be sold or transferred rcach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at s~ich rate as Lender shal! request. If I_ender has waived the option to accelerate provided in this paragraph 17, an~ if Borrower's successor in interest has exeeuted a written assumption agreement accepted in writing by Lencier. L.ender shall release Borrower from all obligations under this Mortgage and the Note. - if Lender exercises such option to accelerate. !_ender shai! mai! Borrower notice of acceleration in accordance with paragraph 14 hereof. Sueh 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 sums prior to the expiration of such period, Le~der may, without further notice or demand on l3cirrower, invoke an~• rcmedies permitted by paragraph 18 hereof. Nox-UNiFORM CovEw~xTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedks. Except as provided ia. ps~raph 1'7 hereof. npon Borrower's bteach of su~y rnreoant or agreemeat of Borrower in thk Mortgage, induding the covenants to PAy when doe any sams securcd by t6is Mortgage, Leader prior to acceleratioe shall mail aotice fo Borrower as provfded in pangrsph l4 bereof specifying: (1) tbe breacb; (2) the actbn req~ired to core socb breac6; (3) a dste, not ie~ than 30 days fmm t6e daRe tl~e notice is mailed to Borrower, !ry w6k6 such ~ - breac6 mud 6e enred; aad (4) that failure to cure snch breach oa or before the date speci8ed ie tbe ootke may radt in accekration of tL~ sou~s secnred by this Mortgage, forectosurc br judicial proceed[ng ar~d sale of t6e Property. 1Ls notlce ~ shall fnrtt~er intorm Borrower of the right to rcinstate after accekrafloa snd tbe righc b assert in the foreclosnr~e proceeding the non-es~stence oE a detanlt or any other defense of Borrower to accekntion and foreclosure. if the Aresc6 is not cnred oa or bcfore the date speri6ed in the notice, Lender a! Lender's option may declare W of the snms secored by this Mort~a~e to be immedistdy dne aad p~ayable without further demand and msy toreciose this Mortgage by judicial procecdL~. I,eader sbap be entitkd to cofket in sac6 proccedfng ~ e:peases of torecbwre, includiag, but not limited to, reasonabk sttoroey's fees, alid COBLS OE dOCOmlll~i[y EY~dttlCt~ ~~~CIS SOa MI! R~l011S. -19. Borrowe~'s Right to ReiastUe. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage. - Borrower shal) have the right to have any proceedings begun by Lender to enforce ihis Mortgage discontinued at any time BO~K chyJ PACE ~9