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HomeMy WebLinkAbout0929 . ~ ! ~ . ; l.endcr's written agriement or applicable law. B~rrower shall psy the amount of all mortgage insurance premiums in the manner provided under parag~aph 2 heroof. Any amounts disburaed by [.cnder pursuant to this paragraph 7, w~th interest thereo~, shall become additional inckbtedness of Borrower secured by Ihis Mortgage. Unless Borrowe~ and Lender agree to othe~ ternu of payment. such amaints shall be payable upon notice fram I_ender to Borrower rcquesting payment thereof. and shall bear interest from the date of disbursement at the rate payable f~om timc to time an outstandi~g prin~i~pl tb~ Note unless payment ot interest at such rate would be cont~ary to applicable law, in which event such amounfa a1l~bear interest at the highest rate permiuible under applicable law. Nothing rnntained in this paragraph 7 shall require i.ender to incur any expense or take any action hereuader. ' 8. iospecHoa. i_sndtr may make or cause to be made reasonable entries upon and inspections of the Properl}r. provided that Le~der shall give Bonower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademnatbn. 'T?ie proceeds of any award or claim for damages, direct or conseque~tial, in rnnnection with any condemnation or other taking of the Property, or part the~eof, or for conveyance in lieu of condemnation, are hereby assigned and shall t+e paid to Lender. in the event of a total taking of the Property. the proceeds shall be applied to tha stims secured by this Mo~tgage. with the exceu, if any, paid to Borrower. 1n thc event of a partial taking of ihe Property. u~less Borrower and Lender otherwise agree in writing, there shall be applied to thc sums secured by this Mortgage such pmportion of the proceeds as is equal to that proporiion 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 Propeny immediately priar to the date of taking, with the balance of the proceeds paid to Borrower. 1f the Property is abandoned by Borrower, or if, after notice by I_ender to Borrower that the condemnor offers to make an awa~d or settle a claim for damages, Borrower fails ta respond to l_ender within 30 days after the date such notice is mailed, Lender is authoriud to collect and apply the proceeds, at i.ender s option, either to rtstoration or repair of the Aropeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referrcd to in pa~agraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Releaced. Extension of the time for payment or modification of amortization of ihe sums securcd by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rclease, in any manner, the liability of the original Borrower and Borrower s successors in intercst. Lender shall not be required to commence proceedings against such suttessor or refuse to extend time for payment or otherwise modify amortization af the sums secured by this Mortgage by reason of aoy demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by I.ender Not a Waiver. Any forhearance by I.ender in exercising any right or remedy hereunder, o: otherwise afforded by applicable law, shall not be a waivet of or preclude the exercise of an~ such right or remedy. The procurement of insurance or the payment of taYes or other liens or charges by I_ender shal! not be_a waiver of Lender s right to accelerate the maturity of the indebtedness sccured hy this Mortgage. 12. Remedies Cumulati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successiveiy. 13. Snccessors and AssiRos Bound; Joint and Sereral i.iability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective succescors and assigns of i_ender and Borrower. subject to the; provisions of paragraph 17 hereof. All covenants and agreements of Borrow~er shall be joint and several. "Il~e 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 hercof. 14. Notice. Except for any notice reqoired under applicable law to be given in another manner, (a) any notice to Bonower provided for in tF.is Mortgage shall be given hy mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by nolice to I.ender as previded herein, and (b) any notice to I.ender shall be given by certified mail. return receipt requested. to [.ender s address stated herein or to ~uch other address as Lender may~ designate by notice ta Borrower as provided herein. Any notice provided for in this Mortgage shall bc deemed to have been given to Borrower or i.ender when given in thc manner designated herein. - 15. Uniform Mortgage; Gorernin~ Law; Se~•erabilit~~. This form of mortgage cambines oniform covenants for national • use and non-uniform covenants with limited variations hy jurisdiction to constitute a unifo:m security instn~ment covering real property. This Mortgage shall be governed hy the law~ of the jurisdiction in which the Property is located. in the event ~hat any provision or clause of this Mortgage or the Note conflicts v?•ith applicable law. such conflict shall not affect ~ other prrnisions of this Mortgage or the Note which can be gi~•en effect withaut the conflicting provision. and to this E end the provisions of the Mortgage and the Note are declared to he severable. 16. Bomower'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. - ~ 17. Transfer of the Propetty: Assumption. if all or am• part of the Property or an interest therein is sald or transferred z by Borrower without Lender's prior written consent, excluding lal the creation of a lien or encumbrance suhordinate to ~ this Mortgage. (b) the creation of a purchase money security interest for household apptiances, (c) a transfer by devise, ~ descent or by operation of law upon the dcath of a joint tenant or (d? the grant of any leasehold interest of three years or less ~ not containing an option to purchase, Lender ma}•, at I_ender's option, declare all the sums secured by this Mortgage to be immeJiately due and payable. Lender shall have w•aived such option to accelerate if, prior to the sale or transfer, t_ender ~ and the person to whom the Property is to be sold or transferred reach agreement in a•riting that the credit of such person is satisfactory to I_ender and that the interest pa}•able on the sums secured by this Mortgage shall be at such rate as Lender ~ shalf request. If 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 by LenJer. Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. If I_ender exercises such option to accelerate, t.en~er ~hall mail BorroN~er notice of acceleration in accordanee with ~ paragraph 14 hereof. Such notice shall provide a perioci of not Iess than 30 days from the date the notice is mailed within ~ w-hich Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, [_ender may, without further notice or demand on Borrawer, invoke anp remedies permitteci by paragraph 18 hereof. ~ NoN-UtviFOtea~t CovErr~twrs. Borrower and I.ender further covenant and agree as follows: 18. Acceleration; Remcdies. Except as provided in parag~aph 17 hereof. upon Bormwer's breac6 of aay rnveaaat or ~ agreemeat of Borrower ia t6is Mortgage. inclnding tMe covenants to pay r?hen due any sams secured by this Mortgsge, Lender - prior to acceleratlon sball mail aoBce to Borrower as provided ie paragraph 14 hereof specifying: (1) the br+eacb; (2) t6e ~ction ; required to cure soch breac6; (3) a date, not less than 30 days from tbe d~e tbe aotice is mafkd to Borrower, by whk6 sncb t breach mast be cnted; and (4) that failure to cure such bnach oa or before ihc date specified io the aotke may resalt in ~ accekntion oE the sumg secnred by thit Mortgage, fonclowre by judicial proceeding aad sale of tbe Propert~. 'ILe ootice shall further inform Borrower of the right to reiastate affer accekratan and the right to assert in tbe forecbsure proceediug the nont:isteace of a defauit or any other defe~e of Borrower to accekration and foreclosnre. If t6e breach is oot cnred on ~ or before t6e date speci6ed 'm the notice, Lender at Lender's optioo may declare aq of the sums secnred by this Mortaa~e to be ~ immediately dne and payable without further demand and may forecbse thLs biorq~age by jndicial procecdj~. Lender shall ~ be eotitkd to coUect in wch Proceeding all expenses of forccbsure, includio~. bnt not 4mited to, rc~sonable attoroep's •fees, w and costs of docameatary evideace, a6stracis and titk reports. ~ 19. Borrower's Rig6t to Reindate. Notwithstanding (.ender's acceleration of the sums secured by this Mortgage, ` Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued ~at any time d~ PA6E ~ s - ~ s - - - .zr~ d'- , ~ e- . . _ . .1 ;~ru.