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HomeMy WebLinkAbout0972 Lender's writtea ajrament or applicabk law. Borrower shall pay the amount of all morigage iasurana premiums ia tbe manoer provided unde~ Qaragraph 2 hereof. Any amounts disbursed by Lende~~pursuant to thu paragraph 7. with interest thereor~, shall become additio~al indebtedness of Bonowe~ securcd by this Mongage. Unless Borrower and i.encie~ agree to other ternu of payme~t, such amoonts shall be payabk upoo notice f~om I.ender to Borrowe~ rcquesting payment thereof, and shall bear intercst fmm the date of d'ubursement at the nte payabk from time to time on outstsnding principal under the Note u~less payment of interest at such rate would be contnry to applicabk law, in which event such amounts shall bear interest at the highest rate permiuibk under applicabk law. Nothing c;ontained in this paragraph 7 shall rcquire Lender to incur any expense or take any action hereunder. s. 1~ecNo~. Lender may make or cause to be made reasonable entrias upon and inspections of tl~e Property. provided that Lende~ shall give Borrower notice p~ior to any such inspection spxifying reasonabk cause therefor rclated to Lender's interest in the Propetty. 9. Co~e~alba. The proceeds of any award or claim for damages, direct or consequential, in connectio~ with any condemnation or other taking of the Property. or pan thereof, or for conveyance in lieu of condemnation. arc herel~y assigned and shall be paid to Lender. In the eve~t of a total taking of the Propeny. the proceeds shall be applied to the sums secured by this Mongage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unlesc Borrower a~d Lender otherwise agroe in writing. therc shall be applied to the sums secured by this Mongage such proportion of the proceeds as is equal to that proponion which the amou~t 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 Borrowe~. If the Property is abandorkd by BoROwer, or if. after notice by Lender to Borrower that the rnndemnor offers to make an award o~ settk a claim for damages, Bonower fails to respond ta Lender within 30 days after the date such notice it maikd, Lender is authorized to collect and apply ~he proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unles9 Lender and Borrower otherwise agree in writing, any ~such application of proceeds to principal shall not eztend or postpone the due date of the awnthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installmeMs. ~ 10. Eo~rower Not Rek~sed. Extension~of the time for payment or modiRcation of amo~tization of the sums secured by this Mortgage granted by I_ender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Bc?rrower's successors 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 by this Mortgage by reason of any demand made by the original Bomower and Borrower's succeswrs in interest. 11. Forbearance by Lender Not s Wai~er. Any fort~earance by Lender in exercising any right or remedy hereunder, or otherwisc afiorded by applicable law, shall not be a waiver of or proclude the exercise of any such right or remedy. The prceurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. 13. Remedks Cmm~htf~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. 13. Saccessors and Assi~as Eouad; Joint aad Several I.iaM'lity; Captbos. Tfie covenants and agreements henin 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 coveoants aod agrcements of Borrower shall be joint and sevtral. 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 Bonower at the Property Address or at such other address as Bormwer may designate by notice to I_ender as Provided herein. and (b) any notice to Lender shall be given by certified mail, retum receipt requested. to I.ender s address stated herein or to soch other addr~ss as Lender may designate by notice to Borrower as provided herein. Any notice provideci for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the maoner designated herein. IS. Uaiform Mortgage; Coverni~ Law; Sevenbility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constit~te a uniform security instrument rnvering , real 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 claose of this Mortgage or the Nate conflicts with applicable law, such conflict shall not af~ect ! other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ~ eod the provisions of the Mortgage and the Note are Jeclared to be severable. 4 16. eorrowe~'s 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. Transfer of t6e Prope~; Assnmption. Tf all or an}• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (ai 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 Iaw 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 mey, 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 f and the person to whom the Property is to be sold or transferrcd reach agreement in writing that the credit of such person is satisfactory to Lencier and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender 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 Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate, l.ender chall mail Borrovver notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shal! provide a perioci 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 IR hereof. ~ Norr•Uh~FORM CovEx~rrrs. Borrower and Lender further covenant and agree as follows: ~ 18. Acceleratioa; Remedies. Except as provided in para~raph 17 hertof, upoa Eorrower's breac~ of aey coreaaat or ~ agrcemeat of Borrower ia t6is Morl;s`e, inclodin6 the coveoaats to p~y when dne aey soxss secored bp thLs Mo~aae, I.eoder prior to accekntion s1~ mail ootice to Borrower as provided ie para6nph 14 hereof specifyi~: (1) t6e breac~; (2) tbe action ~ rcquir~ed to core sec6 bresc6; (3) s date, nM kss t6aa 39 days from the date t6e nMice is maikd to Borrnwu, by w~icL soc6 breach mmt be csred: and (4) th~ fa7ore to care svch brescb oa or befors t6e dste speci6ed ~ the 0otlce raay radt ie sccekratioa of tbe sams secored by this Mort~a6e, faeclosurr br jndicial proeeediu` ~d sak ot t6e Property. 13e aotice shall furthcr iaEora~ Eorrower of t~e ri6M to rei~tate dter sccekrstioa w~d t6e ri~t fo ~ert ia tbe forcc{osore proc~edi~ ~ the ooe-e:istence of a defauk or aay dl~er defenu of Borrower to accekratioo and foreclw~rr. If t6e bresc6 is not csr+ed on e or before tbe date ~ io t6e eotice, Lender at Leoder's optbn may declart a0 of tbe sa~s secnred by t6is Mort=a~e to be z ~ immediately dne and paya6k w~~t~ont farthcr deannd aad may forccbse t6k Mortgs6e 6y jndicial proceedinL. I.esder s~aB ~ be entitled to collect ia soc6 proceedfu~ a0 expeases of forecbsure. including, M~t not limited to, reasooa6le attoroe~'s [ees, aod costs of documentarv erideace, abstracts aod title rcports. 19. Borrower's Ri66t to Reiostate. Notwithstanding Lender s acceleration of the ~sums secured by this Mortgage. Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mongage discontinued at any time ~o~ 410 Pa~E 972 . ~ . . y . ~ _ ~ _ ~