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HomeMy WebLinkAbout0978 Lender's written agreement or appticable law. Borrower shall pa~ the amuunt of all niortgage in~ur~nce premiums in the manner provide.i under paragraph 2 hereof. Any amounts dishursed by I.cnder pursuant to this paragraph 7, with interest thereon, shall become additional in~iehtedness of Borrow~er secured by tfiis Mortgage. t1nle~s Borroa•er an~ 1_ender agree to other terms of payment, such amounts shall be payable u~x~n rn~tire from I.ende~ to Borrowcr reyuesting payment therrof, and shall bear interest from the date of disbursement at the rate payable frc~m time to time on outstandinR principal under the Note unless payrtent of interest at such rate would be contrary to app~icable laH•, in which event such amounts shali t+ear interest at the highest rate permissible under applicable law. Nothing conta~ned in this paragraph 7 shall require I.ender ta incur any expense or take any action hereunder. 8. InspecHon. I_ender may make or cause to be made reaconable entriec u~,c~n and inspections of the Property, provided that I.ender shaU give Borrow~er notice prior to any such inspectian specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnatbn. The proceed~ of any award or claim for damages, direct or consequent+al, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and sfial{ be paid to Lender. In the event of a total taking of tfie Pmf+crty. the proceeds sha{I be applieJ to the sums secured by this Mortgage. with the excess, if any, paid to Bormwer. In the event of a partial taking af the Property, unless Borrower and I.ender otherwise agree in writing. there shall be applied to the sums secured by thi~ Mort~age such proportion of the proceeds as is equal to that proportion ~vhich the amount of the sumc secured by this Mortgage immediately prior to the date of taking bears to the fair ma~ket 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 Barrower, or if. after notice by I.ender to Borrower that the condemnor offers to make an award or settie a claim for damages, Borrower fails to res~nd to l.ender 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 Properiy or to the sums secured by this 141ortgage. Unless Lender and Borrower otherwise agree in writine. am~ such application of proceeds to principal shall not extend or postpone the due date of the monthf}• installmcros referred ta in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Nof Relessed. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted 'oy l.ender to any successor in intere~t of Borrower ~hall not operate to release, in any manner. the tiability of the ~riginal Borrow~er and Borrower's successors in interest. Lender shall not be required ta commence proc;eedings against such successor or refuse to extend time fa~ payment or otherw+se modify amortizatian of the sums secured b~• this MoRgage by reasan of any demand made br the ori¢inal Borrower and Borrower's successors in interest. 11. Forbearaace by I.ender Not a Waiver. Any f~rhearance b~~ I.ender in erercising any right or remedy hereunder, or otherwise afforded b}~ aQpl+cable law, shall not t~e a waiver of or preclude the exercise of am• such right or remedy. The prociirement of insurance or the payment of tares or ather liens or charges b}~ I.ender shall not be a w•aiver of Lender's right to accelerate the maturity of the indebtedness sc:cured hy this Mortgage. 12. Remedies Cumuiative. All remedies pro~~ided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aftorded by law os equity, and may he exercised concurrentiy. independently or successively. 13. Successors and Assigns Bound; Joint and Se~eral Liabitity; Captions. The covenants and agreements herein contained shall bind, and the riRhts hereunder shall inure to, the respective successors and assigns of i.ender and Borrower. s~~bject to the provisions of paragraph 17 hereof. All co~~enants and agreements of Borrower shall be joint and several. The captions and headingt of the paragrapht of this Mortgage are for convenience only and are not to be used to interpret o: define the provisions hereof. l4. Notiee. Except for any notice r~q~iired under applicable law~ to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given bp mailing such notice by certiFed mail addressed to Borrower at the Property Address or at such other addre~s as Barrower may designatc by notice to i.ender as provided herein. and , (b) any notice to Lender shall he given by certified mail. return receipt requested. to l.ender's address stated herein or to ~ such other address as Lender may designate b~~ notice to Bormw~er as provided herein. Any notice provided for in this ~ Mortgage shal{ he deemed to have been given to Sorrower or i.ender w•hen given in the manner designated herein. r 15. Uniform Mortgage; Governin~ I,aw; Sererabllity. This form of mortgage combines uniform covenants for nati~nal ~ use and non-uniform covenants with limited variations bp jurisdiction to constitute a uniform security instrument covering I real property. 'TT~is Mortgage shall be governed b}• the iaw of the jurisdiction in which the Property is located. In the i event that any provision or elause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect ~ other provisions of this Mortgage or th~ Note ~hich can be given effect without the conEiicting provision, and to this f end the provisions of the Mortgage and the Note are dcclared to be severable. ' 16. Borrower's Copy. Borrowcr shall be furnished a conformed copy of the Note and of this Mortgage at the time ' c~f execution or after recordat~on hereof. 17. Trsinsfer of the Property: Assumption. If all o~ ari~• part of the Property or an interest therein is so{d or transferred ~ by Borrower without Lender's prior written consent. excluding (al the creation of a tien or encumbrance subordinate to ~ tfiis Mortgage, (b) the creation of a purchase money securitp interest for household ap~liances. (cl a transfer by devise, ~ descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold inierest of threc years or less not containing an option to purchase, I_ender may. at I.ender's option, declare all the sums secured by this Mortgage to be § immediately due and payable. Lender shall ha~~e 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 pers~n i~ satisfactory to Lender 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 Qaragraph l7, and if Borrower's successor +n interest has executed a written assumption agreement accepted in w~ri:ing by Lender, Lender shall release Borrower from all ~ obligations ur~der this Mortgage and the Note. ~ If Lender exercises such option to accelerate. Lender shaif maif $orrower 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 with+n ~ which t3orrawer may pay the sums declared due. If Borrower fails to pay such sums prior ro the expiration of such perio~. ; Lender may, without further notice or demand on ~3orrower, invoke any remedies permiited by ~+aragraph 18 hereof. ~ ~ NON-UNIFORM COVENANTS. BOfiOWC~ 3ftd Lei1~:r further covenant and agree as foilows: ~ 18. Acceleratioo; Remedies. Except as provided in par~raph 17 hereof, upoa Borrower's breach of any coveaant or agreement of Borrower in tfiis hiortgage, including the covenants to pay when due any snms secured by t61s Mortgage, Lender prior to acceleratioa shsll mail aotice to Borrower as provided in paragrsph 14 hereof specitying: (1) the breach; (2) t6e action requircd to cure sacb breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by whkh such breach must be cared; and (4) that failure to cure such breach on or beforc the date specified in the ootice awy c+esdt in accckr~tion of the snms securcd by this Mortgage. foreclosure by judicial proceeding and sak of the Property. 'ilie notice shall furiher inform aorrower of the right to reinst~te after accelecation and the right to s~ert in the fomiosure proceedjng the noo-existence of a default or any other defense of Boeruwer to arceleration aad foreclosure. If tht breach is oot cnred on or before the d~te specified in the notice. Lender at Lender's option msy declare all of the sn~s securcd by tht~ Mort;age to be S immedis~tcly due and payablt witiant further demand s?nd may foreciose thi~ Mortgrige by judicial proceeding. Lender shalt ; be entided to collect ln suc6 proceeding aq exQeases of toreclosure. inctuding, but ne~t Umited to, reasonable attorney's fees, ~ snd costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this MoRgage, Borrower shall fiave the right to have an~~ proceedings hegun by I_ender to enforce this Mortgage discontinued at any time c~; K 45~1 p~GE 91 C7 ~ s ~..~~:~4 = ~ . ~ .~5:~ . r , . _ _M . ~ . - ~