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HomeMy WebLinkAbout0974 . i.l l.encier c written agreement or applirahle law•. Borrawcr shall pa~~ thc amuunt of all mangage insuraoce premiums in the ma~ner provided under paragraph 2 hcrco[. Any amounts disbuned by I.ender pur~uant to this paragraph 7, wi~h irtterest thercoo, shall becomc additional indchtedocss of Barmw•er secured by this Mongage. Unlc~a Borrow•e~ anJ I.enJer agrce to other tcrtns of payment, cuch amoimtc shall he payahlc u~n ~o~irc from Lende~ tu Borrow•cr reyue~'ing pa}•mcnt thercof. and ~hall hear interest from the Jate of dicburseme~t at the rate payahle f~om time to time on outstanding principal ander the Nate uniesc payment of interest at such rate would be cant~arv to applicable law, i~ Which event uich amounts shall bear intertst at the highest rate permissible under applicable law. Nothing contained in thic paragraph 7 shall require I.ender to incur any expense or take any action hereundcr. 8. laspeetbn. I.ender may make or cause to he made reaconahle entriec uEx~n and inspection~ of the Propeny, pravided that l.ende~ shall give Borrower notice prior to any such inspection specifying rcasonable cause therefor related to I_ender's interest in the Property. 9. Condemnatbn. The proceedc of any a~•ard or claim for damages, direct or conceque~tial, in connection with any _ondemnation ar other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hereby asiigned and shall be paid to I.ender. In ~he event of a total taking of the Property, thc prcxceds ~hall be applied to the cums secured by this Mortgage. w•ith the eYCesc, if any, paid to Borrower. In the event of a partial taking of the Praperty, unlecc Barrower and Lender o~herwise agree in writing, there shall be applied to the ~ums securcd by this MortRage such proportion of the proceeds as is equal to that proportion which the amount of the sumc secured by this Mortgage immediately prior ta the date of taking hears to the fair market value of the Property immediately prior to the date of taking, with the balance af the proceeds paid to Borrower. ' if the Property is abandoned bp Borrower. or if, after notice by l.ender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fail~ to res~nd to i.ender within 30 days after the date such notice is mailed, I_ender is authorized to collect and apply the proceeds, at i.ender's option, either to restoration or repair of the Propcrty or to the sums secured hy this Mortgage. Uniess Lender and Borrower otherwise agree in Writing, any such application of praceeds to principal shall not extend or postpone the due date of the monthly installmcnts referrcd lo in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extensian of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I_ende~ to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the ori¢inal Borcower and Borrower'~ successorc in interest. I_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amorCization of the sums secured b}• this Mortgage by reason of any demand made b~• the orieinal Borrower and Borrawer s succes~ors in interest. 11. Forbearance by I.eoder Not a Waiver. Any forhearance M~ I.cnder in cxercising any right or remedy hereunder, or othervvise alTorded by applicahle law, shall not be a waiver of or preclude the exercise of any such right ot remedy. The procurement of insurance or the payment of taxes or other liens or charges by i.ender shall not be a waiver of Lender s right to accelerate the maturity of the indehtednecs secured hy thic Mortgage. 12. Remedies Cumulative. All remedies pro~~ided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded hy law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assi~os Boond; ]oint and Se~~eral Liability; Captions. 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 captions and headingc 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 req?iired under applicable law to be given in another manner, fa) any notice to Borrower pmvided for in this Mortgage shall he given by mailing ~uch notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i_ender as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipf requested. to l.ender s address stated herein or to such other address as Lender may designate b}~ notice to Bormwer as provided herein. Any notice provided for ire this Mortgage shall he deemed to have been given to Borrower or 1_ender when given in the manner designated herein. 15. Uniform Mortga~e; Governin~ Iaw: Severabilify. This form of mortgage combines uniform covenants for national I use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security inslrument covering ~ 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 clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect ! other pro~~isions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note arc declared to he severable. ~ 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time E of execution or after recordation hereof. i 17. Transfer of the Properfy: Assumption. if all or an~~ part of the Property or an interest therein is sold or transferred f by Borrower without I.ender s prior written consent, excluding (a? the creation of a lien or encumbrance suhordinate to this Mortgage. (b) the creation of a purchase money security interest far household appliances. (c) a transfer by devise. descent or by operation of law~ upon the death of a joint tenant or (d1 !he grant of any leasehold interest of three years or less not containing an option to purchase, [_ender 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 ~ale or transfer. I.ender and the person to whom the Property ic 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 sach rate as Lender shail request. If I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrowe~'s successor in interest has executed a written assumption agreement accepted in writing by i_ender, Lender shall release Borrower from all ` obligations under this Mortgage and the Note. If I_ender exercises such option to accelerate, t_enJer shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than ~0 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Bo:rower fails to pay siich sums prior to the eapiration of such period. Lender may, without further notice or demand on Barrower, invoke any remedies permittecl by paragraph 18 hereof. f NON-UNIFORM COVENANTS. BOf~OWCf 8Od I_Ct1dC~ fUrl~lCf COVC(18IIt aOd agTCC 8S fOIIOWS: ' = 18. Acceleratton; Remedks. Except as pmvided in paragrap6 17 hereof. upon Borrowe~s breach of any coveoanf or agreemeat of Borrower in this Mortgage, inclnding t6e covenanfs to pay when due any snms secnred by thit Morlgage, Leoder ~ prior to accekntba sbaU mall aotice to Borrov?er as provided in pArag~ph l4 hereof specNyins: (1) tbe bresch; (2) the setion requlred to cure socb breach; (3) a date, not less than 30 days fmm the ~s!e the nMice is maikd to Borrower, by w6kb sne6 ~ breach mwt be cared; and (4) that failure to cure snch brcsch on or before the dste speci6ed in the ootke may raolt ie accekratioo of t6e sams secared by this Mo~age, forocbsure by judicfal proceeding and sale oE t6e Property. T6e notice ; shall furt6er Inform dorrowe~ of tbe right to ninstate dter accelentba and the right to assert in ti~e foreclosure pruceedi~ a the noa-eststeoce of a defsult or aor otl~er defense of Borrower to accekratbn and forecbwre. If the breach is nM cored on : or before the date specffied ia tbe notke. Lender at Lsader's option may declare all of the snms secnred by t6fa Moet~a~e to be ~ immediately doe aad payabk r?ftbont furtber demand and msy foreclose t6b Mortgase by jndkW proceediot. Lender shaU i be tntitkd to colkct in sach prnceedfu; ap espemes of foreclosure. inclndins. but oot Umited to, rea~oas6k ~torse~s [ea, ~ and costs of docnmeatary evideoce, s6etracts aod titk reports. ~ 19. Eorrower's ~bt to ReimRate. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage. ~ Borrower shall have the right to have any proceedings hegun by I_ender to enforce this Mortgage discontinued at any time ~ 417 ~:~f 97'.3 ~ ~ ~ . ~ . _ _