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HomeMy WebLinkAbout0938 ' ~ ~ ~i I_ender's written agreement or applicable law. Borrawer shall pay thc amount of all mortgage insuranca ~ cmiums in the manner provided unde~ paragraph 2 heroof. Any amounts disburaed by [.ender pursuant to this parag~aph 7, with inttrest the~eon, shall become additianal indebtedness of Borrower secured by this Mortgage. Unless Borrower and I_ender agree to ather terms af payment, such ~ amou~ts shall be payable upon notice from I.ender to Borrower requcsting payment thcrcof, and shall bear interest from the i', date of disbu~sement at the rate payable f~om time to time on outstanding principal under the Note unless payment of interest at such rate would be cantrary ta applicabie taw, in wl~ich event si~ch amounts shall bear interest at ihe highest rate permissible ander applicabla law. Nothing contained in this paragraph 7 shall require I_ender to incur any expense or take any action hereunder. i 8. IespecHon.. Lender may make or ca«se to be made reaxonalslc entriec u~n and inspections of the Properiy, provided that [.ender shali give Borrower natice prior to any such inspection specifying rcasonable cause therefor related to I_ender's interest in thc Property. 9. Condem~tbn. The proceeds of any award or claim for damages, direcl or ~onsequential, in connection with any condemnatian or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total laking of the Property, the proceeds shatl be applied to the sums secured by this Mortgage, . with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal tn that proportion which the amount of the s;~ms sec~~red hy this Mortgage immediately prior to the date of taking bears to the fair market value of the Propcrty immediately prior ta the date of taking, with the balancc of the proceeds paid to Borrower. tf the Propeny is abandaned by Borrower, or if, after noticc by t_ender to Borrower that the condemnor offers to make an award ar settle a claim for damages, Borrower fails to respcmd to I_ender within 30 days afrer the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at i_ender's option, eithet to restoration or repair of the Property or ta the sums secured by this Mortgage. Unless Cender and Borrower otherwise agree in writing, any such application af prc~ceeds to principal shal) not extend or postpone thc due da~e ef the monthly installmeots referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrow~er ~lot Rekst~ed. 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 ~nterest of Barrowe~ shall not aperate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. i_ender shall not be requi~ed to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amonization of the sums secured by thi~ Mortgage by reason of any demand made by the original Borrower and Borrower's sticcessors in interest. 11. Forbeuance by Lender Not s Waiver. Any forbearance by I.ender in exercising any right or remedy hereunder, or olherwise afforded by applicable law, shall not he a waiver o! or preclude the exe~cise of any such right or 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 indebtedness secured hy this Mortgage. 12. Remedks C~muladve. All remecties pra~•ided in this Mortgage are distinct and cumidative to any other right or remedy ~inder this Mortgage or afforded by law nr equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; ]oint and Several Liabllity; Captions. The covenants and agreements herein containeJ shall bind, and the ~ights hereunder shall imire to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hcreof. All rovenants and agreements of Borrower shall be joint and several. - 'ihe captions and headings of the paragraphs af this Mortgage are for convenience only ancf are not to be used to interpret or define the provisions hereof. 14. Notlcr. Exce t for an notice re uired under a luable law to be ~ P Y q pP ' given in another manner, (a) any notice to ~ Borrower provided for irt this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address ar at such other address as Borrower ma}• designate by notice to T.ender as provided herein, and (b) any notice to Lender shall he given by certifieii mail, return 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 shali be deemed to have been given to Borrowcr ar I.cnder u~hen given in the manner designated herein. 1S. Uniform Mortgap,e; Gor•erninR i.aw; Se~~erabillty. This form of mortgage combines iiniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitule a uniform security instrument covering real property. TFiis Mortgage shati be govcrned hy the law~ of the jurisdiction in which the Property is lacated. Ir~ ihe event that any provision or elause of this Mortgage or the Note conflicls u-ith applicable law, such conflict shall not aBeet other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end thc provisions of the Mortgagc and the Note are dcclarcd to he severable. 16. Borrower's Copy. Borrower shatl be furnished a rnnformed copy of thc Note and of this Mortgage at the time ~ of execirtion or after recordation hereof. ~ a 1. Transfer of the Property: Assumption. 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 la) the creation of a lien or encumbra~ce suhordinate to this Mortgage, (b) the creation af a purchase money security interest for household appliances. (c1 s transfer by devise. deticent or by operation of !aw• upon the dcath ~f a jnint tenant or fd? the grant of any leasehold interest of threc years or less not containing an option to purchase. t.ender may, at i.ender's option, declare all the sums secured by this Mortgage to l~e immediately due and payahle. Lender shall have waived such option to accelerate if, prior to the ~ale or transfer. I.ender and the person ta whom the Propcrty is to be solJ or transferred reach agreement in writing that ihe credit of such penon i ic satisfactory to I_ender and that the interest pa}~able on the sums secured by this Mortgage shall be at si~ch rate as I.ender 3 shall request. If 1_ender has waived the optinn to accelera~e provided in this paragraph 17, and if Borrower's successor in q interest has executed a written assumption agreement accepted in writing by i.ender. Lender shaU re(ease Borrow•er from all ? obiigations ondcr this Mortgage and thc ?``otc. If I.ender exercises such nption t~ accelerate. [.enJcr tihall mail B~~rrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period o( not less than 30 Ja)~s from the date the notice is mailed within which Borrow~er may pay the sums deela~ed due. If Borrower fails to pay such sums prior ta the expiration of such periacl. Lender may. without further notice or demand on f3arrc?u~er, inr•oke an)• rrmedies permitted by paragraph 1R hereof. ' No*r-UNiFORrt CoveN~rvTS. Borrower and Lender further covenant and agree as fol(ows: 18. Acceleration; Remedies. Except as provided in p~ra~raph 1'1 hereof, upon Bonower's breach of any coven~nt or a~;reement of Borrower in this ~liortg~e, including the covenartts to pay when due any sums secured by this Mortge};e, i.ender ~ prior to acceleration shRll mal{ notice to Borrower ac provided in paragraph 14 hereof specifying: (1) the breach; (2) the aMion regutred to cure such breaeh; (3) a date. not Itss than 30 days from the date the notice LS mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result i~ acceleration of the sums secared by this Mortga~;e~ forcclosure by judicia! proeeeding and salt of the Property. The notice shal! furiher inform Borrower of the right to reinstate afler acceleralion and the right to assert in the foreclosurc proceeding the non-existence of a deEault or any other defense of Borrowrr to acceleration and foreclosure. If the btesch is not cured on or before the date specified in the notice, [,ender at [.ender's option may dectare a!1 of the sums secured by this Mortgage to 6t immediately due prrd payaWe without furthtr demand aed may foreclose Ihic Mortgage by judicisl procetding. I.ender shall be entitled to collect In such proceeding all expeases of Eoreclosore. including, buf not Bmited to, reawnable attomey's fees, - ~nd costs of documentary evidence, abstracts s~ad Iitle reports. 19. Borrower's Right to Relnst~te. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shail have the right to have any proceedings begun by l.ender to enfarce this Mortgage discontinued at any time s~052a p~c~o93s l ;.r__ s ` _ ; _ - _ , _ : _ -~~~..y ~