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HomeMy WebLinkAbout0949 Lr.nder's written agrcement or applicable law. Borrowcr shall pay the amount of aU mortgage insurance premiums in the manner provided under paragraph 2 t~treof. 4; i Any amounts disburud by Lencier pursuant to thia paragraph 7, with inte~yW Ihpreon, shs~l~~ ome additional inciebtedness of Borrower secured by th':s Mortgage. Unless Borrow•er and ~encier agme to other terms of payment, such amounts shall bt payable upon notice from I.ender to Bcurower requesting payment thereof, and shali bear interat from the date of disbursemtnt at the rate payable from time to time on outstanding principal under the Note unless payment of intercst at such rate would be contrary to applicable law, in which event such amou~ts shall bear interest at the highest rate permissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereuader. 8. Iasperttoo. Lender may make or cause to be made reasonable entries upon and inspections of the Properry, provided that [_ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Prope[ty. 9. Condemnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Preperty, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned a~d shall be paid to L.ender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Barrower. In the event of a partial taking of the Property, unless Borcower and Lender otherwise agree in writinR. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal 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 Properry is abandoned b~~ Borrow~er, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settie a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to cullect and apply the proceeds, at I.ender's option, 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 applicalion of proceeds to principal shal) not extend or postpone the due date of the monthly installments referred ta in paragraphs 1 and 2 hereof or change the amount of such installments. . 10. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any suc:cessor in interest of Borrower shall not operate to mlease, in any ;nanner, the liabifity of the original Borrower and Bnrrower's successors in inte~est. Lender shall not be tequirod to commenee proceedings against such successor or refuse to extend time for payment or otherwise modify arr~qrtitation of the sumc secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s succr.,~ors in interest. 11. Forbear~nce by [.ender Not s Wai~•er. .qnp forbearance by I.ender in exercising any right or remedy hereiinder, or otherwise aflorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or rem~dy. The procurement of insurance or the payment of taxes or other liens or charges by I_ender shall not be a waiver of I_ender s right to accelerate the maturity of the indebtedness secured hy this Mortgage. 12. Remedies Cumulative. 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 concurrendy, independently or successively. ; 13. Soccessors and Assigns Bound; Joint and Se~~ersl I.iabiUty; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall i~ure to, the respective successors 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 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 Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borro~ver at the Pro rty Address or at such other address as Borrower may designate by notice to T.ender as provided herein, and Fe I (b) any notice to Lender shall be given by certified mail, retum receipt requested. ro I.ender s address stated herein or to such other address as Lender may designate b}• notice to Borrower as provided herein. Any notice provided for in this ~ Mortgage shall be deemed to have been given to Borrow~er or i_ender when given in the manner designated herein. f 15. Uniform Mortgage; Governin~ I.aw; Severability. This form of mortgage combines tiniform covenants for national f use and non-uniform covenants with limited variations b~~ jurisdiction to constitute a uniform security instrument covering ~ real property. This Mortgage shall be governed by the law of the jurisdiction ire which the Property is located. In the f event that any provision or clause of this Mortgaee or the Note conflicts w~ith applicable law, such conflict shall not affect ` otFer provisions of this Mortgage or the Note w•hich can be given effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are declared to he severahle_ ~ 16. Borrov~er's Cop}•. Borrower shall be furnished a conformed copy of the Note and af this Mortgage at the time of exec~rtion or afrer recordation hereof. j 17. Transfer of the Propert~~; Assumption. If all or am• part of the Praperty or an interest thecein is sold or transferred ~ by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance sutwrdinate to z thi; Mortgage. (b) the creation of a purchase money securit}~ interest for household appliances. (c) a transfer by devise. descenf or by operation of law• upon the death of a joint tenant or (~ii the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at I.ender's option, declare all the sums secured by this A4ortgage to be ~mmediately due aod payable. Cender shall have w•ai~~ed such option to acce]erate if, prior to the sale or transfer. I.ender and the person to whom the Propert}• is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inierest pa}~able on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelcrate provided in this paragraph 17, an~ if Borrower's successor in i interest has executed a writteo assumption agreement accepted in writing by Lender, Lender shall release Borrower from all ~ obligat~ons under this Mortgage and the Note. If Lender eaercises such option to accelerate, Lender ,hall mail BorroH~er notice of acceleration in accordarce with ~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed withir? ~ which Borrower may pay the sums declared due. If Borro~~er fails to pa}~ such sums prior to the expiration of such perioci. ~ Lendcr ma}•, w~ithuut f~arther notice or demand on Borrow~er, invczke an}' remedies pc:rmitted by paragraph 18 hereof. ~ Nox-UNtFORtit Coven~tvrs. Borrower and l.ender further co~~enant and agree as follows: ~ 18. Acceleration; Remedies. Except as pro~~ided in paragraph 17 hereof, upoo Borrowers bresch of any co~•enant or agreement of Borrower in this Mortga~e, including the co~•enants to pay w•hen due any sums secured by this Mortgage, Lender prior to acceieration shall mail notice to Borrowrr as provided in paragraph 14 hereof specifyia~: (l) the bresch; (2) the action required to cure such hreach; (3) a date. not less than 30 da~•s from the date the notice is mailed to Borrower. by which such brcach must be cured; and (4) that failure to cure such breach on or befon the date spscified io ihe notice may resalt in acceieration of t6e sums secured by this Mortgage~ foreclosure by judicial proceeding and sale of the Property. 'I7~e notice shall further inform Bormwer of the right to reinstate after acceleration and the right to acsert in the foreclosure proceeding the rton-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in t6e notice~ Lender at Lender's option may declare all of the sums secured by this Mortgage to be ~ immediately due and payabie without further demnnd and may foreclose this Mortgage by judicial procceding. Lender shall ~ be entitled to collect in sach proceeding all expenses of foreclosure. including, but not U~nitcd to, reasonable attorney s fees, fi and costs of documentary evidence, abstracts and title reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, ' Aorrower shall have the right to have am~ proceedings begun by Lender to enforce this Mortgage discont':nued at any time ~~~~407 P~~f 945 ~ - - - _ - ~ ~ - - ~ : ~ ~