Loading...
HomeMy WebLinkAbout0940 . • , Lender's written ag~cpent o~ applicable Iaw. Bormwer shall pay the amount of all mortgage insu~ance premium: in the manne~ provided under paragraph 2 hereof. ~ Any amounts disbursed by Lende~ pursuant to this parag~aph 7, with interest theroon, shall become additional indebtedness of Bo~rowe~ securcd by this Mortgage. Unless Borrower and Lender agrce. to othe~ temns of payment. sucfi amounts shall be payable upon notice from Lc~der to Borrower requesting payment the~eof, and shail bear interest from the date of disbursement at the rate payable from time to time on a~tatanding pri~cipal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounta shall bear interest at the highest nte permiuible under applicable law. Nothing contained i~ this paragrAph 7 shall require Lender to incur any expense or take any action hereunder, ~ 8. Inspecttoa. Lender may make or cauu to be made reasonable entrits upon and inspections of the Property. pmvided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lende~'a interest in the Property. 9. Coademaatbn. 'Il~e proceeds of any award or claim for damages, direct or consequential, ie co~nection with any condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation. are hereby assigned and shail be paid to Lender. in the event of a total taking of the Propeny, the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Bonower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agrce in writing, there shall be applied to the sums secured by this Mongage such proporiion of the proceeds as is equal to that proportion which the amount of the sums secured 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 Borrower. If the Property is abandoned by Borrower, or if. after notice. by I.ender to Borrower that the condemnor oifers to make an award or settle a claim for damages, Bonower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender s option. either to restoration or repair of the Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree i~ writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments refemed to in paragraphs 1 and 2 hercof o~ change the amount of such installments. 10. Borrower Not Rekased. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to releau, in any maoner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. il. Forbtarance by I.eader Not a Wairer. Any farbearance by Le~der in exercising any right or remedy hereunder, or otherwise afiorded 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 shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness cecured hy this Mortgage. 12. Remedies Cumulath~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under ihis Mortgage or afforded by law or equity, and may be exercised concurrendy, independently or successively. l3. Snecessors and Assigns aonad; Joiat and Sereral i.iability; Captbns. The covenants and agreements herein contained shall bind, and the rights hereurxler shall inure to, the respective successors and assig~ of Lendec and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only a~rd are not to be used to interpret or define the provisions hercof. . 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 mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i_ender.as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to I.ender's address stated herein 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 Borrower or [.ender when given in the manner designated herein. lS. Uniform Mortgage; Govemin~ Law; Sevcrabilify. This form of mortgage combines uniform rnvenants for national ' use and non-uniform covenants with limited variations b~• jurisdiction to constitate a uniform security instrument covering ~ real propeny. This Mortgage shall be governed hy 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 Note which can be given etTect without the conflicting provision, and to this ~ end the provisions of the Mortgage and ihe Note are declared to be severable_ 16. Borrowe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ~7. TnnSfer of tbe Property; A~umption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without .L.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 household appliances. (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at ~ender's option, declare all the sums secured by ihis Mortgage to be ' immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or .iransfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and ihat the 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 accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lencier, Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. [.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 which Borrower may pay the sums declared due. If Borrow-er fails to pay such sums prior to the eapiration of such period. Lender may, without further notice or demand on l3orrower, invoke any remedies permitted by paragraph 18 hereof. ~ Nox-UNtFORiat CovEN~rrTS. Borrower and Lender furthe~ covenant and agree as follows: ~ 18. Acederation; Rea~edks. Bzcept as pmvWed in paragrap6 l7 hereof, upoo Borrower's breach of any rnvenant w . ~ agreemcnt of Borrower in thtt MortLaee, indnding tbe covenants to pay wben dae any soms ~ecored by t6is Mort~age, I.ender _ ~ prbr to accelentfoo sbaU maU notke to Borrower zs pmvided in paragraph 14 hereof specifyio=: (1) tbe breach; (2) tbe actioo reqnired to cure soch breac6; (3) a dah, not less thsu 30 days from the dNe tbe notice B mailed to Borrower, 6y whk6 snch ~ breac6 mmi be cared; aod (4) tbat failnre to cure snc6 breach o0 or before t6e date spec~cd ia tbe ooHce may resolt in ~ accderation ot We sums secored by t6b Mortga6e. foreclosore by jadicial proceedin6 aod s~e of t6e Propertr. 'il~e notke ~ s6a11 fnrther inform Borrower of tbe ria6t to reinstate afler accekration aad t6e ri~ht to aseert ie the forecloan proc~ ~ t6e non~ezWeoce ot a default or any ot6er defense of Borrower to sccekration and foreclosnre. If the breacb is not cared on or before tbe date speci6ed in t~e notke, Lender at Lender's optbn may declare sq of tbe soms sea~ured by tbk Mort~e to be immcdiatdp dne and payabk w~itboat fnrtber demand and may foreclose t6b Mort~aL~ by jndicial Pr~edioL• Leoder s1uU be entitkd to cdkct in src6 pr~ucecdin6 all ezpeuses of foreclosore, iaclndfoa, bor ¦ot umued to, r~asonabk aaoroeys [ees, aod costs of docamentary eridence. abstrscb and title reporb. 19. Borrower's Ri~6t to Reindate. Notwithstanding Lender s acceleration of the sums securcd bfr this Mortgage. ~ Borrower shall have the right to have any.proceedings begun by Lender to e~force this Mortgage discontinued at any. time ~ aoa~~c~~J ~~sE ~ ~ ~ _ - - - - - ~ - - ~