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HomeMy WebLinkAbout0946 • ~ . Lender's writtea agrcement o~ applicable law. Borrower shall pay the emoue/ o$ all mong~o~rance premiums in the man~er provided under paragraph 2 hereof. ' Any amou~ts disbursed by Lender pursuant to this parag~aph 7. with interest thereon, shall become additional inciebtedness of Borrower secured by this Mortgage. Unlcss Borrow~er a~d l:e~cier agrre to othor terms of payment, such amounts shall be payable upon notice fram i.ender to Borrower requesting payment thereof, and shall bear iotercst from the datc of disbursement at thc rate payable from timc to time on outstanding principal under the Note unless payment of intercst at such rate would be contrary to applicable Iaw, in which event such amou~ts shall besr interat at the highest rate permissible under applicablc law. Nothing contained in this paragraph 7 shall requir+e Lender to incur a~y expense or tilce any action hereu~der. 8. InspecHoa. Lender may make or cause to be made reasonable entries upon and inspections of the Propecty. provided that Lender shall give Borrower notice prior to any such inspection specifying reaso~able cause thercfor related to Lender's interest in the Propeny. 9. Co~demaaHon. 'fl~e proceeds of any award ar claim fo~ damaga, direcl or consequential. in connectio~i with any condemnation or dher taking of the Property, or part thereof, o~ for conveyance in lieu of condemnation, are hereby assig~ed and shall t+e paid to Lender. in the event of a total taking of the Properly, the proceeds shall be applied to the sums secured by this Mortgage, w~ith the excess, if any, paid to Borrower. in the event af a partial taking of the Property. unless Borrower and Lender otherwise agrce in writing, thtrc shall be applied to the sums stcured by this Mortgage such proportion of the proceeds as is equai 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 offers to make an award or settle a claim for damages, Borrower fails ~o respond to I.ender within 30 days after the date such notice is mailed. Lende~ is authorized to collect and apply the proceeds, at i.ender s option, either ta ratoration or repair of tht Property or to the sums secured by this MortRage. Unless Lender and Borrower otherwise agree in w~riting, any such applicatian of proceeds to principal shall not extend or postpone the due date of the moothly installmcnts referrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrow~er Not Rekased. Extension of the time far payment or modification of amortization of the sums secured by this Mortgage granted by i_ender to any successor in inlerest of Borrower shall not operate to r+elease, in any manner, 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 Borrowers succe~rs in interest. - 11. Forbearance by Lender Not a Waiver. Any forhearance by l.cnder in exercising any right or remedy hereunder, or otherwise afforded 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 1_ender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured hy this Mortgage. 12. Remedies Cnmulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or 'i remedy under this Mortgage or afiorded by law or equily. and ma}• be exercised rnncurrently, independenNy or successively. I 13. Snccessors and Assiqos Bound; Joint and Se~•eral i.iabilify; Captions. The covenants and agrcements herein contained shall bind, and the rights hereunder shall inure to, the respective succecsc~rs and assigns of Lender 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 paragraphc of this Mortgage are for convenience only and are not ta be used to interpret or de6ne the provisions hereof. 14. Notice. Except for any notice required under applicable law• to be given in another manner. (a) an~ notice to Borrower provided for in this Mortgage shall be given by mailing surh notice by certified mail add~essed to Borrower at the Property Address or at such other address as Borrower may designate by notice to f_ender as provided herein, and (b) any notice to Lender shall be given b~~ certified mail, return receipt requested. to l.ender s address stated herein or to such other address as [_ender may designate by notice to Biirrow•er as provided herein. Any notice provided for in this Mortgage shal) be deemed to have been given to Borrow•er or [.ender w~hen given in the manner designated herein. 15. Uniform Morl~age; Governin~ Law; Se~•erability. 71~is form of mortgage combines uniform covenants for national use and non-uniform covenantc with limited variations b~• jurisdiction to constitute a unifonn security instniment covering ~ rea) property_ This Mortgage shall be governed h~~ the law~ of the jurisdiction in which the Property is located. in the E event that any provision or clause of this Mortgage ~r the Note conflicts w•ith applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note which ~an be gi~•en effect without the conflicting pravision, and to this ; end the provisions of the Mortgage and the Nate are declared to he severable. ' 16. Borrower's Copy. Borrow~er shall be furnished a rnnformed copy of the Notc and of this Mortgage ai the time t of ezecution or after recordation hereof. ; 17. Transfer of the Propertv: Assumption. If all ~.r an~• part of the Propeny or an interest therein is sold or transferred ~ by Borrower without L.ender's prior written consent. excluding (a) 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 fJ? Ihe grant of an}~ leasehold interest of threc years or less ~ not containing an option to purchase, I.ender may~, at 1_ender's option. declare all the sums secured by this Mortgage to be ~ immediately due and payable. Lender shall ha~•e ~•aived such option to accelerale if, prior to the sale or transfer, Lender ~ and the person to whom the Property ic to be solJ or transferred nach agreement in writing that the credit of such person ~ is satisfactory to I.enJer and tha~ the iMerest pa~~able on the sums secured by thic Mortgage shall be at such rate as Lender ~ shall request. if I_ender has waived the option to accelerate proviJed in this paraRraph 17, and if Borrower's successor in ~ interest haa executed a written assumption agreement accepted in ~•riting by Lender. Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelera~e. Lender shall mail Borrow•er notice af 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 Borrower faik to pay such sums prior to the expiration of such period. _ I.ender may, without further notice or demand on Borrower. im•oke any rcmedies permitted b}• paragraph 18 hereof. ~ Notv-Utv~FOreM CoverretvTS. Borrower and Lender funher covenant and agree as follows: - 18. Acceleration; Remedks. Except as provided in paragraph 17 hereof, opon Bormwe~'s breach of aoy coveaant or } agreemcnt of Borrower in th~s Mortgage, including the covenants to pay when due any sums secnred by this Mortgsge, Leader ~ prior to acceleration s6a11 mail notice to Borrower as provided in paragraph 14 6ereof specifyiog: (1) the bnach; (2) t6e ~ction required to cure sucb b~c6; (3) a date. not less tban 30 days from the date the aotice b maikd to Borrower, by whk6 such ` breach must be cared; and (4) that failure to cure such breach on or before the date speci6ed in the ootict may resdt in ; accekration oE the sams secared by this Mortgage, foreclosure by judicial proceeding aad sak of the Property. 'Ibe notlce ~ shall further inform Borrower of the rigbt to ninstate after acceleration and t6e rigbt to assert in the foreclosnre proceeding ~ tlie noo-e:~stence of a detantt or any other defense of Borrower to acceleratbn and forecbsnre. If the breach is oot cured on ~ or before the date specified ia the notice, Lender at Lender's option may declare ap of the sums secured by t6is Mortaa~e to be ~ immediately due and payable withont further demand And may foreclose thk Mortgage by jndicial proceeding. Lender shaU ~ be eotitled to collect in sach proceeding all expenses of foreclowrc, including. bnt not limifed to, rcasonabk attorney's fees, ~ and costc ot docu~nentsry evidence, abstracts and tiQe rcporb. t 19. Borrnv?er's Right to Reinstate. Notwithstanding 1_ender s acceleration of the sums secured by this Mortgage. ~ Borrower shall have the tight to have any proceedings hegun by Lender to enforce this Mongage discontinued at any time ~ s~oK397 ~a~E 945 ~ _ a ~ _ - -