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HomeMy WebLinkAbout0952 f ~s Lender's wriuen agreement or applicable Inw. Borrower shall pay the amount of all mortgage insuranct premiums in the manrter pruv~de~ unclzr pa~agraph 2 hertof. . . Any amounts di~hurscd by Len~er pur.uant to this paragraph 7, ~viih uitere~t therton, shall becomt additional in~fcMednest uf t3;~rrowcr securcd by thie Mortgage Unle.c BorroNCr and I.enJer agree to other terms of payment, such amountc shall he payable upon notice frnm I.ender to Borrowrr reyue~ting payment thereof, and shall t~ear interest from the date of disbursement at the rate payahte from time to time on outstanding principai under the Note unlesc payment of interest at such rate would be contrary ~o applicable law, in which event such amoums shall hear interest at the highest rate permissible under applicable law. 1~lothing containeJ in thic paragraph 7 shall require I.ender to incur any txpense or take any action hereunder. 8• Inspection, i_ender may male or cau~c to bc made reasonahle entries upon and inspections of the Property, provided that I_ender shall give Borr~wer noUre prinr to any such inspection specifying reasonable cause therefor rtlated to Lender's interes~ in the Propeny. A Condemt~atbn. The proceedc of any :?ward or claim for damages, direct or consequentiat, in connection with any condemnateon or other taking of the Property, or part thereof, or for con~eyance irt lieu of condemnation, are henby sssigned and shall be paid to L.ender. in the evertt of a total taking of the Propeny. 1he proceeds shall be applied to the sums secored by this Mortgage, with the exc~ss, if any, paid !o Borrowe~. In the event of a partiaf taking of Ihe Propcny, unless Borrowtr and Lender otherwise agrce in writing. there sha!! be applied to the sums securcd by this Mortgage such proportion of the procuds as is equal to that propohion w•hich the amount of the sums secured by this Mortgage immediately priar !o th~ date of taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the balance of the proceeds paid t~ Borrower. If thr Property is aba~doned by Borrower. or if. after notice hy I.ender to Borrower that th~ condemnor oRers to matt an award nr settle a c4aim for dama¢et. B~rrower f~ih t~ res~nd to l.ender within 30 days aher the date such notice is mailed. Lender ic ai?thorized to collect and apply the prc~ceeds, at 1_ender's option, either to restoration or rcpair of the Property ~r tn tAe sumti ~ccured h~~ this Mortga~e. Unless l.ender and Borrower otherwise agree in writing. any such application of proceeds to principa) shall not extend or pcutpone the due date of the monthly inst~llments rcferrcd to in paragrapht 1 and 2 hereof or changt tht amount of such installments. l0. Borrower Not Reieased. Extension of the time for payme~t or mcsdification of amortization of the sums xcured by this MortRage granted by I_ender to any cuccecsor in in~rrect of Borrower shall not operate to release, ~n any manner. the liability of the oriqinal Borrower and $c~rrower'c successorc i~ interest. Lender shall not lx required to commence proceedings against such successor or refuse to extend time for payment or otherv?~ice modify amortizat~on of thr sums ucured by this Mortgage by reason of any demand made b}• the orieinal Borrower and Borrower's successors in interett. ~ 11. Forbearance by I,ettder Not ~ Wsiver. Any f~rhearance by l.ender in eierc+sing any right or remedy hereunder, or athenvise afforded by applicabl~ law, shal) not be a waiver of or preclude the exercise of any such right or rcmedy. The prcxurement of insurance~r tht paymtnt of taxes or other liens or charges by Lender shall noi he a waiver of Lenders right ta accelerate the maturity of the indebtedness secured hy this Mortgage. 12. Remedies Comulatire. All rcmedies provided in this T?lortgage are distinct and cumulative to any other right or remedy unde~ this Mortgage or afforded by law or equity. and may be exercised conturrcntly, independentty or succeuively. ' 13. Soccessors and Assi~ns Bound; Joiat and Severa! l.iability; Captions. The covenan2s and agreements herein contained ahall bind, a~d the rights hereunder shall inure to, the respective succescors and assigns of Lender at~d Borrower. subject to the provisionz of paragraph 17 hertof. All covenants and agreements of Borrower shall be joir~ and s~veral. Ths captions and headings of the paragraphc of this Mortgage are for convenience onty and are not to be u~ed 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 notic~ to Borrowtr provided for in this Mortgaee shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addrcss or at such other addresc as Borrower mav designate by no~ice to i.ender as provided herein, and (t~) any not~ce to Lender shal! tx givcn by certificd mail. retum rcceipt requested. to I enders address stated herein or to sueh other addrcss as Lender may decignate by nntice to Borrc.wer as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. IS. Uniform MortRaRe; Governin~ Iaw; Sever~bility. This form of mortgage combines uniform covenants for national use and non-uniform rnvenants with limired variations h~• juritdiction to constinrte a uniform security instrument covering rcal property. This Mortgage shall be governed hy the law of the jurisdiction in which tht Property is located. in the event that any Provision or clauu of thia Mortgage nr the Note conflicts with appticablt iaw, such conflict shall not atftct other provisions of this Mortgage or the Nnte whrch can be given effect without the con8icting provition, and to this end the provisions of ihe Mortgage and the Note are ~leclared to be severable. 16. Borrower's Copy. Borrower shall be furni~hed a conformed copy of the Note and of this Mortgage at the time of execi~tion or after recordation hereof. t7. Trsnsfer of the Propertv: Assumption. !t all nr any part of the Property or an inttrest therein ic sold or transferred by Borrower without Lender's prior wrin,n consent. excluding Ia? the creation of a lien or eneumbrance subordinate to this Mongage. (b) the creat~on of a purch:~cr mi~nc~~ cecurity mteresl f~r househo(d appliances, fc) a ~rantfer hy deviu. d~scent or by operation of law• upon ihe ~cath of a j~}~nt tenant or (d~ the grant of any leasehald intercst of threc }•cars or less not containing an option to purchase. Lender may. at Lender'~ option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shail have wa~ved such option to a~crlerate if, prior to the cale or transfer. Lender and the person ta whom the Property i. tn bc :oIJ ~r transferred reach agrerment in writing that the credit ~f such perxon is satisfactory to I.ender and that the interr.t pa}able on the se~ms secured by this Mortgage shall be at such rate ac l.ender shall requcst. If Lender has waived the opcion to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by [.ender, Lender shall release Borrower from alt obligations under this Mortgage and the Note. If i.ender exercius such optio?~ to accelerate. Lender ShaU mail Botrower notice of acceleration in accordencc W i~h paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Bor~ower may pay the sums declared dut. I( Borrower fails to pay such sums prior to the ezpiration of such penod. l.ender may, without further notice or demand on Borrower. invoko any remcdiu permetted by paragraph IR hercof. Norv-Utv~FOR!H Coverr~NTS. Borrowcr and Lender further coyenant and agree u follows: 18. Acctleratan; Remcdies. Ezcept as providcd in parasraPh l7 hereof. upoo darrowe~'s Sreacl~ of any covenset or a`recmeat of eorror•er in t6is MartRaRe. inctudin~ I~e corenanfs to pay ~rhsn due sny sums sccured ~y Ihis Mort~s~;e. I.endcr prior to acteke~at3on shalf mall ootk= to Eorrower at provided ia pars~raph 14 hereo~ speclfyin`: (1) the brc~ch; 12) 1he adbn requtred to cure such breach; (3) a datc. not kss than 30 days fmm the date the notice is mWed to eorrawer. by which suc~ breach must be corcd: aod (1) that failure to cure s~ch breach on or before Ihc date speci5ed in tbe notke may re~uh !a •ccekration oE tbe soms secured by this MortRa~e. foeeclosure by judlci~l procetdins snd sak of tbe Property. 'iAe nMke shdl futlhcr inform Borrower ot Ihe rq~ht to rei~att after sccekntion and tbe ri~ht to useri in the fortc{osurt proceeditK tbe twn-e:istence of a defauN or anr dher defence of Sorro~+er to sccekrst'an snd fortclosnre. If the bre~ch is not cond oa or before the d~te speci6ed ia the notice, Lender at ~.rnder's option may dectar~e all of the snn~s sccwnd by this MortRa~e to be immedi~tely due and psysble withaut (urlher demand and msy tonclose tAis Mort=a~e by judiclal pmeeedin~. i.ender cha11 be totitkd to collect in wch proceedirq~ atl expences ~?f torecloxurc. fncludin=, but sot U~nited fo. reasonaDle an~~rncv's fees, aud cosis o[ docunuRtary evidence, sbstracts snd tiNe nports. 19. Dorrowe~s Ri~ht to Reinstatt. ~totwith~~anding 1 ender's acceleration of cht sum4 secu?ed by th~s M~ngage. Borrower shalt have the right to have an~ prcxe~dmis tx~,un b~ Le~der to enf~rce th~s Mortgaqe disconhnued a~ any time 40~ P~~E ~i~ . . . _ _ _ . _ . . ~ .ac,~ ` -'''.S`.=~G, : 5 ~_~`..5'.:~. ._w, - '~•~-~'~r~4`~;