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HomeMy WebLinkAbout0935 . :.r' L.eoder's writtea asroemeat or spplicable law. Bo~rower shall pay the amount ot al~ mon~ase insuranoe pcemiums in the manaer provided under ps~ajraph 2 hereof. Any anwonts disburaed by t.ende~ punuant to this paragnph 7. with iaterost theroon. shall become additio~nsl i~debted~ess ot Borrower aecueed by this Mortta=e. Unleu 'Borrower and Leoder atree to other tern~s of paymern. :uch smounts shall be psYabk upon tatioe from Lende~ to Bomawe~ requesti~= payment thereot. and shatl bear intertst tran the date ot disbunement at the nte payabk from time to time on outstandina principal undet the Note unless paymeut oi interest at such rate would be contnry to applicsbk law. in which event such amounK shatl bear interat at the hi~hest nte ~ pecmisu'bk uades applicabk law. Nothins c:oMained in tfiis paragraph 7 shall roquit~e i.d~3er to incur any racpense or tate .pr ~ s. IrpeetN~. Lende~ may m~ke or cau~ to be made reasonable entries u,~on and inspections of the Property. provided thst Lendex ~all ~ive Borrower notice prior to aoy such inspoction specityinj reawnabk cawe therefor related to Lender's ; inte~at in t!K PropeKy. 9. Coadeawtioa. 'il~e procceds of any award o~ claim for damaga, direct or consequential. in conneetion with any condemnation or dher taking of ihe Property, or pa~t thereof. or for conveyance in lieu at coodemnation, are hereby assi~oed and thall be paid to I.ender. - ` In the event of a total takina of the Proptrty, the prceeeds shail be applied to ~he sums secured by this Mortsaae. with the exeeu. if any, paid to Borrower. In the event of a pa~tial taking ot the Properry. unkss Borrowcr and I.ender ` othervvise agra in writinR. there shall be appliod to the sums secured by this Mongage such pr~portion of the proae~ ai is equal to that propoAion which the amount of the sums securcd by this Mortgage immediatdy priot to _the date of tatia~ beus to the fair muket vdue of 1he Property immediatety prior to the date of taking, with the balance of the proceeds paid to Borroaer. ~ ~ ' If tbe Property is abandoned by Borrower, or if, after notice by Lender to Bornnwer that the oondemnor offers to make an awaod o~ settk a claim fot damaaes. Borrower tails to respond to I.ender within 30 days after the date such notioe is maikd. I.tnder is authorined to colkct and apply the proceeds. at Lender's option, either to ratontion or ~epair of the Property or to the sums secured by this Mortitaae. Unlas Cender and Borrower otherwise agrce in writing, any such application of procoeds to principal shall not extend or postpone the due date ot ihe monthly installments referred to in paragraphs 1 and 2 hercof or cfia~ge the amount of such installments. . lA. Eorrower Not Releised. Extension of the time for payme~t or modification of amortiution of th~ sums securcd by this Mortgage granted by Lender to any successor in interest of Borrower shall not opente to rekase, in any manna, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against sucfi successor or refuse to extend time for payment or otherwise modify amorti2ation of ihe~sums securcd by this Mortgage by rcason ot any demand made by the original Borrower and Borrower's successors in interest. tt. Forbearmce 6y Lcnder Not a Wairer. Any fortxarance by Lender in exercising any right or remedy hereunder, or otherwise afiorded by applicable law, shall not be a waiver of or preclude the eaercise of any such right or rcmedy. The procurement of iruunnce or tfie payment of taaes or other liens or charges by Lender shall not be a waiver of i.enders right to acceknte the maturity of the iedebtedness secured 6y this Mortgage. 12. Remedies Camnlati~a All rcmedia provided in this Mortgage arr distinct and cumulative to any othe~ right or rcmedy under this Mortgage or aBorded by law or equity, and may be exercised concurr~ently, independently or successively. 13. Successors and Assiens Bound: Joiat snd Several i.iability; Captions. The covenants and agreemenis herein contained shall bind. and the rights hereunder shall inure to, tht nspective successors and assigns of Lendsr and Borrower. subject to the provisions of paragraph 17 hercof. All covenants and agrcements of Borrower shall be joint a~d uveral. ~ The captions and headings of the paragraphs of this Mortgage arc far convenience only and are not to be u~ed to interpr~t or define tht provisions hereof. 14. Nofice. Except for any notice requircd under applicable law to Ix giv~n in anothtr manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addresxd to Borrower at the Property Address or at wch oiher addrcss as Borrower may designate by notice to i_ender as provided herein, and (b) any notice to Lcnder shall be given by artified mail, nturn receipt rcquested. to I.ender's addrcss stated hercin or to such other addras as LJender may d~signate by notice to Bornower u provided h~rcin. Any notice provided ior in this Mortgage shall be daemed to have bee~ given to Borrower or Lender when given in the manner designated herein. ~ 1S. Uniloren Mortgage; Governing I.aw; SeverabiUty. 'Il~is form of mortgage combines uniform covenants for national ~ usc and non-uniform covenants with limited variations by jurisdiction to constitute a uniform s~curity instrument covering ; ; real property. 'il?is Mortgage shall be governed by the law of the jurisdiction in which tfie Property is located. In the ~ ~ ~vtnt that any provision or clause of this Mortgage or tht Note conflicts with applicable law, such conBiM shall not aftect ~ other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this ' cnd tht provisions of 1he Mortgage and the Note arc declared to be seyerable. k 16. Borro~rers Copr. Borcower shalt be furnished a confotm~d copy of the Note and of this Mortgage at ihe tim~ i of execution or after rccordation hereof. ~ 17. Tra~sfer of the Pmperty: Assumptioa. If all or any paR of the Property or an interest therein is sold or transferred i by $orrower without Lender's prior written consent, excl~ding (al the creation of a lien or encombrance subordinate to this Mortgage. (b) the creation of a purchase money ucurity 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 Ies~ not containing an option to purchase. Lender may, at Lender's option, declare all ~he sums 5ecured by this Mortgage to be immediately due and payable. I_ender shall ha~ waived such option to accelerate if, prior to the sale or transfer. I.ender and the person to whom the Property is to be sold or transferred reach agrcement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums sscu~ed by this Mortgage shalt be at such rate as Lender shall request. If i_ender hu waived the option to accelerate provided in this paragraph-17~ and if Borrower's succusor in ~ interest has executed a writte~ assumption agreement accepted in writing by Lender, I_ender shall release Borrower from al~ obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate. t~nder shall mail Borrower notice of acceleration in accordance with ~ par~graph 14 hercof. Such notice shall provide a period o[ not less than 30 days from the date the notice is mailtd within z which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period- i Lender may, without turther notice ot demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. - Nor?-UN~FORM CoveN~rrrs. Bonower and [.ender fuRher covenant and agree as follows: ~ l8. Acceleration; Remedks. Except as provided in paragrrph 17 hereof, upon Borrower's brcach of sny covenant or i a~reemeat ot Borrower in tbis Morf;a~e, Incfuding Ibe corenants to pay Nhen due sny sums secnred by this Mortgage, Lender prior lo seceleration shall ma~l notice to Borrowcr as provided tn paragcspk 14 hereof specifyiog: (1) the breach; (2) the adion ~E reqaired to cure sncb bresch; (3) ~ d9te, not less than 30 days from the date fhe notice is mailed to Borrower. by which sucb ~ brcach must be cnred; and (4j fhat fa~lure lo cure such breacb on or betore the dste specified in tbe nofke may resWf ia ~ accekration ot Iht sums sccnred by thts Mortga~e, forectosurr by judicial proceedint and sale of the Pmpe~. 'IUe notice ~ shall further fnforrn Borrower ot the cight to reinstatt a[le~ sccelentioa ~nd the righl 1o asserf ia the torcclosure procec8iue the non-e:a~teace of a detault or ~nny Mher defenst of Borrower to sccelerotion and toreclosure. If the 6reach is oot cured oa or before the date speci5ed In the notice, I.ender al Lender's option may declare all of Ihe snms securcd by this Moritage to 6e ~ im~aediatefy due a~ payaWe wittaut fnrtber demsnd and msy foreclose thk Mort6a`e by judicial proceedint. Lender shall ~ be eotitled to collect In suc6 proceedin6 ari expeoses o[ foreciosure, iocludin=. but aM limitcd to. nasonabk attorney's ttes, ~ and costs ot documentary evidence, sbstracts snd litk reports. ~ 19. Borrower's Riebt to Reinstde.,. Notwithstanding Lenders accel~ration of the sums securcd by this Mort`aje. ~ Borrower sha11 hav~ tljht~,t~e~ pave.li~? ~bceedings hegun by i_ender to enforce this Mortgage discontinued at aay time j ~ ~ ' ~ ~ ~ ~~396 P~ '9~6 - Paye 3 d l • ~R .