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HomeMy WebLinkAbout0966 . . ~ ' ' . f.t~ ' i . + r ~ . I.ender's written agrcement or applicable law. Borrower shall pay the amount of all mongage insurance premiums in the manner provided u~dar parag~aph 2 hercot. Any amounts disburaed by Lendcr pursuant to this paragraph 7. with iatercst thercon, shall becomc additional ioJebtedneu of Borrowcr securcd by Ihis Mongagc. Uoless Borrowe~ and Lenckr agrcc to othe~ ternu of paymeot, such amcx~nis shall be payabk upoo nc~tice f~om Cender to Borrowe~ rcquesting payment theroof, and shal) bea~ interest from the date of disburscmeot at the ratc payabk trom time to iime on out:tanding principal under the Note unless psyment of interat at such mte would be contrary to applicable law, in which event such amounts shall bear interat at the highest nte permissible under applicabk law. Nothing corUained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. inspection. Lende~ may make or cause to be made reaconable ent~ies upoa and inspections of the Property. provided that I.ender shall give Borrower notice prior to any such inspection specifying rcasonable cause theretor related to Lender'a interest in the Property. 9. Condemaatbe. The proceeds of any award or claim for damaga, direct or consequential, in con~ection with any condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to Ihe sums secure~ by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of Ihe Property. ~ql~{s $orrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proce~ds as is equal to that proportion which the amount of the sums secured by ihis 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 ofters to make an award ar settle a claim for darnages, Borrower fails to respond to I_ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at I_ender's option, either to restoration or rcpair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in w•riting, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installmcnts referred to in paragraphs 1 and 2 hercof or change the amount of such installments. l0. Borrowe~ Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by i.ender to any successor in interest of Borrov?er shall not operate to release, in any manner. the liabili~y 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 othervrise modify amortization of the sums secured b~• this Mortgage by reason of any demand made by the original Bormwer and Borrower's successQrs in interest. ll. Forbearance by I.ender Not a Waiver. An}• forbearance b~• i.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 I.ender shall ~ot be a waiver of Lender s right to accelerate the maturity of the indebtedness ~ecured hy ihis Mortgage. ~ 12. Remedies Cumulative. All rcmedies provided in this I?lortgage are dis~inct and cumulative to any other right or ' remedy under this Mortgage or afiorded hy law~ or equity, and may he exercised concurrently, independently or saccessively_ 13. Successors and Assigns Bound; 7otnt and Se~•eral i.isbility: C3ptions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and ascigns of I_ender 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 Mortgagc are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. !a) any notice to $orrower pruvided for in this Mortgage shall he given by mailing cuch ~notice by certified mail addressed to Borrower at ' the Property Address or at such other address as Borro~•er ma}• designate by notice to T.ender as provided herein, and ~ (b) anp notice to Lender shall be given by certified mail. return reccipt requested. to I.ender s address stated herein or to such other address as I.ender may designate b}• notice to Borrower as provided herein. Any notice provided for in this Mortgage shall he deemed to have been givcn to Borrower or I.ender w•hen given in the manner designated herein. i IS. Uniform Mortga~e; Governin~ Law: Se~•erabilif~•. Thic form of mortgage combines uniform covenants for national 1. ; use and non-uniform covenants with limited variationt M~ juricdiction to constitute a uniform security instrument covering j ~ real property. This Mortgage shall be governed hy ~he law of the juriscliction in which the Property is located. In the ~ event that any provision or clause of this Mortgage or the Nore conflicts with applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note whinc ~an be given efiect without the conflicting provision, and to this ( end the provisions of the Mortgagc and the Note are Jcclarcd t~ be severable. ' 16. Borrower's Copy. Borrower shall be furni~(~eJ a conformed copy of 1he Note and of thic Mortgage at the time j of execution or after recordation hereof_ ~ 17. Transfer of the Propert~~: Assumption. if all or ant~ pan of thc Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior written consent. excluding (a1 the creation of a lien or encumbrance subordinate to q this Mortgage. (b) the creation of a purchase money securitt~ interest for household appliances, (c) a transfer by devise. ~ deccent or by operation of law• upon the dea~h of a joint tenant or (d? the grant of any leasehold interest of three years or less ~ not containing an option to purchase, 1_ender ma}~, at i.ender's opti~~n. declare all the sums secured by this Mortgage to be ~ immediately due and payable. I_ender shall ha~~e waived such option to accelerate if. prior to the sale or transfer, Lender e and the person to wham the Property ic to be sofJ or trans(erred reach agreement in writing that the credit of such person ~ is satisfactory to LenJer and that the interest pa}•able on the sums secured by thic Mortgage shall be at such rate as Lender ~ shall request. If t_ender has waived Ih~ 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 LenJer. Ixnder shal) release Borrower from all ~ obligations under this Mortgage and the Note. s If I_ender exercises such option to accelerate, t_ender ~hall mail Borrow•er notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a period of not Iess than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If BorroHer fails to pay such sums prior to the expiration of such period. ' Lendcr may, without f~rther notice or Jemand on Borrowcr. invoke an~~ remedies permitted by paragraph 18 hereof. ~ i f Norr-UNtFORt?t Coveti~xTS. Borrower and I.enJer furiher covenant and agree as follows: ~ ~ l8. Acceleratan; Remedies. E:cept as provided in paragrnph 17 hereof, upon Borrower's breach of any covenaat or agreement of Borrower ia this Mortgage. including the corenanfs to pay when dae any soms secured by this Mortgage, Leader ~ prior to accderatbn sba0 mail notice to Borrower ~ provided in paragraph 14 hereof specffying: (1) the bnach; (2) the action ; requ'ued to cnre soch brcach; (3) a date, not less than 30 days from the date the ootice is mailed to Borrower, by whlch sucb ~ breach must 6e cnred; and (4) tlwt failure to cure such breach on or before the date speci6ed io the notice may resolt in ~ accekration oE t6e snuis secured by this Mortg~e, foreclosure by judlcial procecding and sale of the Property. 'ILe notfce ~ shaU further iaform Borrower of the right to rei~tafe after sccelention and the right to asserf in the foreclosure proceeding e the non-existeoce of a default or rny other defense of Borrov~er to acceknfion and forecbsure. If tbe breach is oot cored oa k or before the date specified in the notice. Leader at I.ender's optioa may decls~re alt of the snms secnred by this Mortgage to be ~ immediately due and psiyable without further dcmand and may foreclose thLs Mortgage by judicial proceedius. Lender shall ~ be endUed to co0ect in such proceeding all expeoses of foreclosure. iacluding~ but aot limited to, reasoaabk sttorney's fees, ~ and costs of documentary evidence, a6stracts and titk reports. ~ 19. Bormwer's Right to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Morlgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time ~ g~~7 9~i5 ~