Loading...
HomeMy WebLinkAbout0964 Lendei s writton a~teemtnt or applicable law. Borrower shall pay the amount of s4 mortga~e insurance premiums ia the manner providcd under paragraph 2 heroot. Any amounts disbuned by Lender pursuant to tha parag~aph 7, with interat therco~, shall become additional indebtedness of gorrower securcd by this Mortgage. Unless Bo~rower and Lenckr agree to other terms of payment, such amounts shall be payabk upon notice trom I_ender to Borrower rcquesting payment thereof, a~d shall bear intercst from the date of disburxmcnt at the rsite. payabk from time to time on outstanding principal under the Note unless payment of interest at such rate a~ould be contrary to applicable law, in which event such amounts shall bear interest at the higliest rate permissibk under applicabk law. Nothing contained in this paragraph 7 shall rcquire Lender to incur any espease or take any xction hercunder. S. 1~}eetb~. 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 reasonabk causs thercfor related to Ltnder's interest in the Ptoperty. 9. Cowdeiawados. The proceeds of any award or claim for damages, diroct or consequential, in connection with a~y co~demnation or other taking of the Property, or psrt thereoi, or for conveyance in lieu of condemnation, are hereby assigoed and shall be paid to I.~nder. In the event of a total taking of the Propeny, the procceds shall be applied to the s~~ms secured by this Mortgage. with the excas, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, therc shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to ~that proportio~~ which the amount of the sums secured by this Mortgage immediately prior to the date of taking b~ars 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 Lender to Borrower that the condemnor o(fers to make an award or uttlt a claim for damages, Borrower fails to respond to I.ender within 30 days after the date such notice is mailed. Lender is authorized to collect a~d apply the proceeds. at Lender'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 application of proceeds to principal shall not extend ~ or postpone the due date of the tnonthly insta4ments referred to in paragraphs 1 and 2 hercof or change the amount of ~ such installments. ~ 18. Sormwer Nof Relessed. Extension of the time for payment or modification of amortization of the sums socured by this Mortgage granted by Lender to any successor in interest of Borrawe~ shall not operate to release, in any manner, ~ the liability of the original Borcower and 8orrower's successors in interest. Lender shall not be required to commence proccedings against such successor or refuse to extend time for payment or othenvise modify amortization of the suma secured by this Mortgage by reason of any demand made by the ori¢inal Borrower and Borrower s si~ccessors in interest. ; 11. Forbearaece by Leoder Not a Wdver. Any fort+earance by Lender in exercising any right or remedy hereunder, or ~ ~ otherwise afiorded 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 oc charges by i.ender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured hy this Mortgage. ~ l2. Remedies Cnwulaif~e. All rem~dies provided in this Mortgage are distinct and cumulative to any other right or ± f remedy under this Mortgage or afforded by law or equiry, and may be exercised concurrently, independendy or successively. ; 13. Soccesso~s and Assi~es Eound; loint and Several Liabitlty; Captbns. The covenants and agreements herein ~ contained shall bind, and the rights hereunder shall inure 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 taptions 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 Borrower at ~ the Property Address or at such other address as Borrower may designate by notice to 1_ender as provided herein, and , (b) any notice to Lender shall be given by certified mail, return receipt requested. to I.ender s address stated herein or to such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this Mortgage shalt be cieerned to have been given to Borrower or l.ender when given in the manner designated herein. 1S. UniEor~n Mort~age; Governin~ I.aw; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument covering ' real property. This Morigage shall be governed hy the law of the jurisdiction in which the Property is located. Ir~ the ~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the iVote which can be given efiect without the conflicting provision, ahd to this end !he provisions of the Mortgage and the Note arc declared to be severable. ~ 16. Borrower'a Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ 17. Trgnsfer of tbe Property: Assnmption. If aU or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Ixnder'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 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 due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person 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 shali be at such rate as Lender shall request. If l.ender has waived the 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 Cender, Lender shall release Borrower from ail obligatians under this Mortgage and the Iv'ote. If Lender ezercises such opiion to accelerate. I.ender shall mail Borrow~er notice of acceleration 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, ~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ ~ Nox-Clrr~FORnt Coverr~xTS. Borrower and Lender furthei covenant and agree as follows: 18. Accekratioo; Remedies. Ezcep(~ as prov3ded in para~yrr+ph 17 hereof, upon Borrower's breu6 of any coreaant or agreement of Borrower in this Mortg~ge, incioding tbe covenants to pay when due aay snms secured by this Mortgage, i.endcr Prior to acceiention s6a11 ma~ ootke to dorrower as provWcd in paragrapb 14 6ereoE specifyinE: (1) ti~e breacb; (2) t6e action required to cnre sec6 breach; (3) a date, not le~ t6an 30 days from the dyRe tl~e notke 4 maikd to Borrower, by w6kh sacb breach must be cnred: and (4) that failnre to cure snch breach on or beforc the date apec~ed [n the notke may resdt in accekratioo of tbe suo~s secand by this Mortgage. forccbwrc bry judicial proceediag and sak of tbe Property: 'ILe notice shs~ll further inform Borrower of the rig6i to rci~tate after accekration and tbe right to assert jn tbe foreclosere proceeding the non-+existencs o[ a defauk or any other defense of Borrower to accekration and foreclosure. If tbe bresc~ ls not rered oe ~ or before tbe date specified in t~e aotice. Lc~er at Leeder's option may declare aU of the snms secered by this Mo~a`t to be ~ immediatcly due and payabie wit6out fu~ther demand a~d may forecbse thk Mortgage by judicia! Proceediu~• Leoder s6ai1 ~ be eoNtkd to colkct in snc6 proceedlag a8 expe~ea of torecbsure. includin~. but not limited to, nasonabk attoroey's fees, and costs of document~ry evidence, abstracts and tide reporb. 19. Borrower's Right to Reinststt. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings hegun by [_ender to enforce this Mortgage discontinued at any time ~~4~7 P~ 960 ~ , _ _ _ . ~ , ~.w,_ ~ _ . ~ r -