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HomeMy WebLinkAbout0986 . - ~ ~ , ~ Lender's writttn ~greesntnt or rpplicable lxw. Bormwer shal) pay the amount of all mortgage insurance premiums i~ the manncr provided under paragraph 2 he~eof. Any amounts disbursed by Le~der pursuaat to this paragraph 7, with interest thereo~, shall become additional indebtedness of Bonower secured by this Mortgagc. Unless Borcower and Lender agree to othcr terms of payment. such amounts shall be payable upoo notice f~om Cender to Borrower requesting payment thereof. and shatl bear interest from the date of disbursement at the rate payable f~om time to time on o?~istanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicabie law. Nothing rnntained in this paragraph 7 shall require Lender to incur any expense or take any action ~e~:,~r.~~:. ~ ~ 8. Iaspection. I.ender may make or cause to be made reasonable entries upon and inspections of the Property. provided ; that Lender shall give Borrower ootice prior to any such inspection specifying reasonable cause therefor related to Lender's ~ , interest in the Property. 9. CoademnaHon. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taki~g of the Property, or part thereof, or for conve~ °~+ce io lieu of condemnation, are hereby assigned ~ and shall be paid to Lender. In the event~of a total taking of the Property, the proceeds shall be applied to the sums secared by ihis Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property; unless Borrower and I.ender otherwise agree in writing. ihere shall be applied to the sums secun.~d by ihis 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 af 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 offers to make an award or settle a claim fo~ damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at I_ender s option, either to restoration or repair of the Property or to the sums secured b~~ 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 monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secufi~ed by this Mortgage granted by Lender to any successnr in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower 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 Borrowe~ and Borcower s successors in interest. ll. Forbearance by Lender Not s Wai~er. Any fort~earance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procarement 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. l2. Remedies Comulative. All remedies provided in this Mortgage are distinct and cumulative to any olher right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrendy, independently or successively. l3. Saccessors and Assigas Bound; Joiat and Set•eral i.iability; 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 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 T_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 _ such other address as Lender may designate by notice to Borrower as provided herein. • Any notice provided for in this Mortgage shaU be deemed to have been given to Borrower or i_ender when given in the manner desigoated herein. j l5. . Uniform Mortgage; Governin~ I.aw; Severability. 'This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrament covering ~ rr_al DfA~fCriV. ~ic Mnrt~ave 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 provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ~ end the provisions of ihe Mortgage and the Note are declared to be severable. 16. Borrower's. Copy. Borrower shall be f~rnished a conformed copy of-thc Note and of this Mortgage at the time ~ of execution or after recordation hereof. 19. Transfer of the Property; Assumption. If all or any Qart of the Property or an interest therein is sold or transferred by Borrower without I.ender's prior written consent, excluding (a) 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, I_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 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 L.ender 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 Bonower's successor in interest has executed a writter~ assumption agreemen~ 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, Lender 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 Borcower 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 1 S hereof. ~ ~ Nort-UN~FORt~t CovErrerrTS. Borrower and C.ender further covenant and agree as follows: ~ 18. Acceleration; Remedies. Except as provided in paragrop6 17 hereof, opon Borrower's breach of any coveoant or agreemeat of Borrower in Wis Mortgage, inclndi~ tbe coveoants to pay when dne any snms secured by this Mortgage, Leoder ~ prior to acceleration s6at1 mail notice to BorroMer as provided in paragrap6 14 hereof specifying: (1) the breac6; (2) t6e action reqoired to care such breacb; (3) a date, not las than 30 days from the date tbe aotice is maikd to Borrower, by which sncb breac6 mnst be cared; and (4) tlwt failnre to cure svcb breach on or before t6e date speci6ed in the ootice may resdt in ~ sccekration of the sams secured by t!~ Mortgage, foreclosure by judicial proceedin~ and sWe of t6e Property. 'ILe aotice . shaU further inform Borrower of tbe rig6t to reimYafe after 9ccekratioa and the rig6t to assert ia the foreclowre proceedjng ~ t6e non-esisteoce of a defauk or aoy other defense of Borrower to accekratioa and foreclosure. if tbe breach is not cored oa ~ or before t6e date specified in tbe aotice, Leader at Lender's option ms~y declare nU of the wms secured by this Mort~sge to be ~ immediatdy due aad paya6k without fnrt6er demand and may foreclose t6ts Mortgage by judicwl proceeding. Leoder shall be entitled to collect in suc6 proceeding a0 e:peases of forecbsurc, including, but not limited to, reasonabk ~torney's fees, and costs of docnmentary evidence. abstr~cts and titk reports. ~ 19. Borrower's Right to Reiostate. Notwithstanding Lender s aceeleration of the sums secured by this Mortgage. ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 90t.~ ~c~c~ P~Gf c~~ t ~ • - ; . . - -'~~F#. ~ . . . .