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HomeMy WebLinkAbout0930 ' a ~ . ' . Lender's written a~rcement or spplicabk law. Borrower shall pay the unount of all mongage insurance prcmiums in the• manner provided under paragraph 2 heroof. Any amounts disbursed by Lender pursuant to tfiis paragraph 7, with iaterest thercon, shall [+ecome additional indebtedness of Borrower securcd by this Mortgage. Unless Borrower and Lende~ agree to other tecros of payment, such amounts shall be payable upon notice from Lender to Borrower requ~sting payment thereof, and shali btar interest from the date of disburxment at the rate payable from time to time on outstanding principal under the Note unless payment ot interest at such rate woutd be contrary to applicable law, in which event such amounts shail bear interest at the highest nte permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. inspectbo. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender'a interest in the Property. 9. CoodemnaHon. The proceeds of any award or claim for damages, dircct or consequential, in connection with any condem~ation or other taking of the Property, or part 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 the sums secured by this Mortgage, with the erc~ss, if any, paid to Borrower. 1n the event of a partial taking of the Property, unless Borrower and I.ender otherwise agrce in writing. there shall be. applied to the sums secured by this Mortgage such proportion of the Qrocteds as is equal to that proportion which the amount of the sums secured by this Mortgage immediattly 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 ot[ers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notict is mailed, L.ender is authorized to collect and apply the proceeds, at Lender's aption, either to restoration or repair of the Property 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 referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Nof Rck~ed. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's s?~ccessors 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 b}• this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in intertst. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereuader, or otherwise aftorded 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 Lender shall not be a vvaiver of Lender's ~ right to accelerate the maturity of the indebtedness se.ured hy this Mortgage. ' 12. Remedies ComulaN~e. All remedies provided in this Mortgage are 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 successively. y I3. Snccessors and Assigns Boand: Joint and Se~eral i.iability; Captiom. The covenants and agreements herein : contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, j 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 Mortgage 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 Borrovver provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrou~er may designate by notice to T_ender as provided herein, and (b) any notice to Lender shall be given bp certified mail, return receipt requested, to I.ender s address stated hercin or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this , ;~lortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mort~agr, Governin~; Law; Se~~erability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering rea{ property. This Mortgage shall be governed hy the law• of the jurisdiction in which the Property is located. In the ~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shal) not affect i other provisions of this Mortgage or the Note which can be given etiect without the conflicting provision, and to this E end the provisions of the Mortgage and the Nate are declared to be severable. 16. Bor?ower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of exec?ition or after recordation hereof. ~ 17. Traasfer of the Property: Assumption. tf all or any part of the Property or an interest therein is sold or transfened ~ by Borrower without Lender's prior written consent, excluding (al 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 dtvise, ~ 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 ~ r.ot containing an option to purchase, Lender may, at Lender's option, declare all the sums s~cured by this Mortgage to be immediately due and payable. Lender shali have waived such option to accelerate if, prior to the sale or transfer, I.ender and the ~,erson to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Cender has waived the option to accelerate provided in this paragraph 17, and if Borrower's suceessor in i~terest ha; executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. SEE REVERSE SIDE HEREOF. If i_ender exercises such option to ac~elerate, Lender shall mail Borrower notice of acceferation 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 fails to pay such sums prior to the expiration of such period, LenJer may, without further notice or demand on Borrow•er, invoke any remedies permitted by paragraph 18 hereof. Norr-UNtFORM Covex~xTS. Borrower and Lender further covenaret and agree as follows: ; ~ ~ ~ 18. Accelerntion; Remedies. E:cept as provided in parograph 17 hereof, npo~s Eorrowe~s breach of any covenant or a agreement of Borrower in this Mortgage, including the covenants to pay when due any sams secured by t6js Mortgsse, I.eoder ; prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specKyiu~: (I) tlx breacb; (2) the actb~ ~ required to cure sucb breacb; (3) a date, not less than 30 days from thc date the aotice is a~ailed to Borrowu, br w6kh weh 't breach must be cured; and (4) that failorc to cure such brcach on or before the date speci6ed ia the ootke may resdt i~ ~ 'cceleration of the snms sccured by thL~ Mortgage, forcclosure by judicial proceediag and s~e oi tbe Property. 'ILe notke ~ shall f~~rther inform Borrower ot the right to refastate after acceleration and the ri~ht to ~ert ia tbe foreclowre procadia~ ~ the non-existence oE a defauk or aay ott~sr defense of Borrower to accekration and forecbsure. i[ the breac6 b not curta o0 ~ or before the date specified in the notice, Lcnder st Lender's option may declare a8 of the sams secnrsd by this Mort~aee to be ~ immediately due and payable without furtber demand and may fortcloss thic Mortgage by jndlcia! proceedin=. Leoder shall ~ be entitlcd to collect io suc6 proceediog all expenses of foreclosnre, includiag, but not iimited tq reasonabk attorner's fea, ~ and costs of documeatary evidence, abstrncts aad titk reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums securtd by this Mottgage, ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ BOOK ~IJiJ P~GF ~I~ ~ - ~ ~ - - - az.~-~~- - - ~ ~ _