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HomeMy WebLinkAbout0979 . . ~ l.ender's writteo agreement or applirablc lavv. Ho~rower shall pay the amount of all mongage insurance premiums in the manner pravideJ under parag~aph 2 hereof. Any amounts disbursed by i.endcr purcuant t~. this paragraph 7, with intcrest thereon, shall become additional indeb~edness of Barrower secured by this Mortgage. Unlecs Bormwer and I.cnJe~ ag~•c to other terms of paymcnt, such amounts shal) he payable upon notire fmm Lcnder to BorroN•er requeqing payment therrnf. a~d shall hear interest fmm the datc of disb~~rsemcnt at the rate payahle from time to time on outstanding principal under the Note unless payment of interest at such rate would be cantranr to applicable law, in w~hich event such amounts shall bea~ interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 chall require i.ender to incur any expense or take any action hereunder. 8. lnspectioa. Lender may make or cause to be made reacc~nable enlries upon and inspections of the Property, pravided that i.ender shall give Borrower nMice prior to any such inspection specifying reasa~able cause therefor related to Lender's interest in the Property. 9, CondemnaHon. The proceedc of any aH•ard or claim for damages, direct or consequential, in connection with any condemnation o~ other taking of the Property, or pan thereof, or for conveyance in lieu of eondemnation, are hereby assigned and shall be paid to I_ender. In the event of a total taking of the Property, the proceeJs shall be applied to the ~ums secured by this Mortgage. with ihe ercess, if any, paid to Borrower. In thc event of a partial taking of the Property, unless Bormwer and I.ender otherwise agree in writing. there shall Ue applied to the cums secured by thic Mortgage such proportian of the proceeds as is equal to that proportion which the amount of the sumc secured b~~ this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the Jate of taking, with the balance of the proceeds paid to Borrower. if the Properry is abandoned by Borrow•er, or if. after notice by I.ender ro Bormwer that the condemnor offers to make an award or settle a claim for damages, Borrawer fails to respond 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 ar to the sums secu:ed by this Mortgage. Unless Lender and Borrower otherwise agree in w~ritinc. any such application of proceeds to principal shall not extend or postpone the due date af the monthly installmcn~s referred to in paragraphs 1 and 2 hereof or change the amount of ;uch i~tallmeQts_ ' 10. Borrower Nof Relensed. Extensian of the time for payment or modification of amortization 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 af the original Borrow~er and Borrower's suceessors in interest. Lender shall not t+e required to commence proceedings against such successor or refuse to extend time for payment or othervvise modify amortization of the sums secured by ~his Mortgage b}• reason of any demand made by the orieinal Borrower and Borrower s succescors in interest. tl. Forbearance by I.ender Not a Waiver. An~~ forhearance by I.ender in exercising any right ar remedy hereimder, or atherwise afforded by applicable law, shall not Ue a waiver af 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 I_ender chall not be a waiver of Lender s right to accelerate the maturity of the indehtedness secured hy this Mortgage. l2. Remedies Comulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afiorded b}~ law or equity, and may be exercised concurrently, independently or successively. l3. Successors and Assigns Bo~nd; Joint and Se~~eral Liabilify; Captlons. 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 1~ hereof. All covenants and ag~eements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for canvenience 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 designaie by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certified mail. retum receipt requested. to l.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 shall be deemed to have been given to Borrower or I_ender when given in the manner designated herein. 15. Uniform Mortgagt; Govemin~ Law; Severability. This form of mortgage combines uniform covenants for national i use and non-uniform covenants with limited variations b~~ jurisdiction to constitute a uniform security instrument covering real property. 'Tliis Mortgage shall be governed by the lavr 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 j other provisions of this Mortgage or the Note which can be given efiect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are dcclared to bc severablc. 16. Borrowe~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_ I 1~. Transfer of the Property: Assumption. If all or an~• part of the Pmperty or an interest therein is sold or transferred j by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance sutwrdinate to d this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer b}~ devise, ~ descent or by operation of iaw upon the death of a joint tenant or (d? the grant of any leasehold interest of threc years or less not containing an option to purchase, 1_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 sale or transfer. Lender ~ and ihe person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to LenJer and that the interest payable on [he sums secured by this Mortgage shall be at such rate as Lender ~ shall request. lf i.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 Lencier. Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate. I_ender shall mail Borrower 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 Borrow~er fails to pay such sums prior to the expiration af such period, Lender may, without further notice or demand on t3orrower, invoke any remedies permitted by paragraph 18 hereof. ` Norr-UrrtFOR~t CovEtv~r~rs. Borrower and Lender funher covenant and agree as follows: ; 18. Acceleration; Remedies. F,areept a6 pmvided in paragrapb 17 hereof, upon Borrowe~s breac6 of any coveoant or agreemeot of Borrower in this Mortgage, including tbe coveoants to pay w6en due sny sums secured by thts Mortgage, Lender , prior to accekntion s6a11 mail notice to Borrower as provided in paragraph 14 hereof specifyin~: (1) the 6reach; (2) t6e acHon reqnlred to cnre snc6 breac6; (3) a date, not less than 30 days from the date the notice ts maikd to Borrower, by w6k6 such breach muat 6e cored; aod (4) that failure to cure such breach on or before the d~e speci6ed in tbe notice may ranlt in acceleratioa of tbe snais secored by th~ Mortgage, foreclosun by judicial prceeeding and sak of t6e Prope~ty. 'ILe aotke shall further loform Eorrower of the right to relnstate after accelention aad the right to assert in t6e forecbsure proceeding ~ the aon-e:isteoce of a default or any Mher defense of Borrower to acceleration and foreclosurc. IE tbe breach Ls not cnred on s or before the date speci6ed in t6e notlce, Lender at Leoder's optbn roay declare ap of the snms securcd by this Mort~e to be & unmedfatdy doe and Qayabk w~Hlaot furt6er demand and may foreclose thb Mortgage by judkW proceedin<. I.eoder shall ~ be enHNed to collect in sacL proceeding sq e:peoses of forecbsnre, L~cludl~, but aot limited to, re~sonabk sttorne~'s fees, ~ and costs of docnaxatary e~3deoce, abstracb and titk reporb: ~ 19. Borrower's Rig6t to Reinatate. Notwithstaoding Lender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proccedings hegun by Lender to enforce this Mongage diuontinued at any time P E ~,ur,x P!6f ~ ~ - ~ ~ - • ~ ~-:3..~~