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HomeMy WebLinkAbout0994 : . . • l.cedcr's written a~reement or applicab!e law. l3e~rower shalt pay thc urwu~~t ~of atl~'rnortiagc iasurai~e pnxnium~ in the manne~ provided unuer paragraph 2 he.~eof. Auy amounts disburaed by I ender pursuant to tha paragraph 7, with iotertst thereon, sha?I become additional inckbtedness u[ Borrower securod by this Mortgagt. Unless Borrowe~ and Lender agree to othe~ temu of ~yment. such amounts shall be psyYbk upon notice `rorr. I.ender to Borrower rcquesting payment thereaf, and shall bear interad from the date of disbursemest ~st the rate payabk from time to time on autitandln~ principal under the Note u~iess paymait of intercst at such rate would be contrary to applicable law, in which event such amcwnts shall bear inten-~t at the highest nta pernni:sibk ur~der applicabk law. Nothing contained in this paragrsph 7 shall require I.ender to incur aay ez~ense or tatQ any actiun henunder. 8. iaspectioe. I.onder may make or cause to be rnade rcasonaM: entries upon and inspectioiu of the Property, prorided that Lcnder shall give Borrower notice prior to any such inspection specifying reaso~abk cause thcrefor nlated to Lender's interat in the Property. 9. Cademaadoa. The proceeds of any aw~a~~ or claim for damages, diroct o~ cortsequential. in connection with any condemnation or other taking af the Property, or part thercof, or f~r =onveyalice in lieu af condemnation, arc hereby assigned and shall be paid to L.ender. In the event of a total taking of ihe Property. the praceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unltss Borrower aod I.ender otherwise agroe in writing. therc shall br applied to the sums sec:ired by this Mortgage sucN ptbp~lio~ of the proceeds as is equal to that proportion which the amount of the sum3 stcured by this Mortgage immodiately prior to the date of taking bears to the ~fair market value ~f the Property immediately prior to the date of taking, with tf~e balance of the pr~oreeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to B~rrower that the candemnor offas to make an award or settle a claim for damages, ~iorrower fails to respend M Lender within 30 days a~ter the date such notice is . mailed. Lender is suthor.zed to colleet and apply the proceeds. at Lender's option, either to restoration or repair of the Property or to the sums securcd by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not ext~end or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or rhange the amount of such installments. 10. Eorrower Nof Reka~. Extension of the time for payment or modi8cation of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rekase, in any manner, the liability of the original Borrower and Bc~rrower s successors in interest. I.ender shall not be required to comrrK.nce proceedings against soch successor or nfuss to extend time for paymont or othsrwise modify amortization of the sums secured by this Mortgage by reawn of any demand made by the oriRinai Borrower and Bot~ower's successors in interat. 11. Forbearance by i.ender Not a Waiver. Arry fort~earance by Lender in exercising any right or remedy henunder, or otherwise affor~ea by. applicable law, shall not be a waiver of or preclude the exerciu of any such right or remedy. - The procuremenE of irtsurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Len~ePs right to accelerate the maturity af the indebtedness secured hy this Mortgage. 12. Remedks CbmuWi~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage ~r af~orded by Isw or eqwty, and may be exercised concurrenHy, independenNy or successively. 13. Snccessosa and As~igas Bouad; loiat w~d Sererd liability; Captbas. The covenants and agreements heroin contained shall bind, and the rights here~~nder shall inure to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreemer~ts of Borrowar shall be joint and several. 'il~e captions and headings of. the paragraphs of this Mortgage are for canvenience only and are not to be used to interpret ar de5nt the provisions hereof. - 14. Notice. Except for any notice required under applicable law to be giv~n in anoNher manner, (a) any notice 1~ Borrower provided for in this Mortgag~e shall be given by mailing such notice by certified m~i) addressed to Borrower at the Froperty A~dress or at such other address as Borrower may designate by notice to T_ender as prflvided herein. ~nd (b) any notice to Lender shal) be given by certified mail, retum receipt requested. to I.ender s address stated herein or to such other address as Lender mxy designate by notice to Borrower as provided herein. Any notice nrov?ded for in this Mortgage shall be deemed to have been given to Borrower or L.ender when given in the manner designated herein. l5. Unifor~n Mortgs~e; Governin~ Iaw; Serera6ility. This form of mortgage combines uniform covenants for national use and non-uniform covenant~ with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgagz shall be gover~?ed hy the taw of the jurisdiction in which the Property is located: In the event that any provision or clause of this Mortgnge or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be gi~~en effect without the conflicting provision, and to this G end the provisions of the Mortgage and the Note are declared to be severable. i 16. Borrower'a Copy. Borrower shall be fu: niched a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ 17. Traasfer of tbe Propsrty; Assomption. If al! or any part of tFe Property or an interest therein is sold c,r transferrcd ~ by Borrower withcwt Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subord;nate to this Mortgage, (b) the creation of a purchase money sec~rity 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 less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately doe and payable. Lender shall have waived such option to accelerate if, prior to the sale or traresfer, Lender ? and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such petson is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall !~e at such rate as Lender shall request. Tf Lender has waived the option to accelerate provided in this paragraph l7, and if Borrower's successor in interest has eaecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. if Lender ezercises such option to accelerate, 1_ender shall mail Borrower notice of accekration in accordance with paragraph !4 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 fails to pay such siims prior to the expiration of sL~h period, Lender may, wilhout further oatice or demand on Borrawer, invoke any remedies permitted by paragraph 18 hereof. ' ~ NorvUHtFORt~t CovErt~xTS. Borrower and Lender further covenant and agree as follows: 18. Accelention; Reusediea. Escept as provWed in paragrap6 17 hereof, opou Borrower'a breach of gny rnvesnat or ~ agreemtat ef Borrower io t?~Ls Mort~a~e, incbdi~ t6e coveasnts to pay whrn dae any so~s secared by this Mo~age, Leader ~ prior to accekr~tba sbali ma~ notice to Borrower as providsd ia paragraph 14 6ercof specKyin3: (1) the beracb; (2) tbe actbn ~ required to ems ssc~ b~esc6; E3) :~ate, oot ie~s tban 3~0 days from tlee ~te the eotice Ia m~led to ~orrower, by whic6 socb t breach mnst be cared; an~ (4) t6~ Eailure to curc soch breach on or before tLe d~te spec~ed in the aotke ma~ raalt in ~ accekration ot tbc s3ms secnnd by tl~s Mortgage, foreelosare by judicid pmceedi~ and sak ot the Property. 'ibe aotke ~ shall further inform Borro~rer of ti~e rigM to rei~tate after acc~ier~tios and the rigbt to ~ert ia ths foceck~wri proceedh~ ~ the non-e:isteoce of s defaok or any otFxr defer~se of Boirower to aceeleration and fortcbsare. If t6~e brescb is oot cared on or befo:e t6e date spec[fied in the notice, Lender at Lender's optan may declus all ot tl~e sna~ secared by tt~b 1Niortga`e to be immediately doe and psyabie witlaut furtber demand ar.d niay torecMse this Mort;age by judkiai proceedin~• I.ender s6aH be eotitled tu coUect in snch pracecdiq a0 e=penses of forecbwrr. inciading. but nM limfted to, ressonsbk ~toroty's fees, and costs of documentary evideaee, abstracts snd titk reporf3. 19. Borrow~r's Ri~ht to Rx~nstate. Notwi3hstanding Lender's acce{e~at~on of the sums secured by this Mortgage, ~ Borrower shall have the right to have anY proceedings begun by Lender to enforc_ this Mongage ~+iscontintxd at any time : " B~K ~ PN6E s~'~)