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HomeMy WebLinkAbout0435 ,~r ~ s agreanent os applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph Y hereof. Any amounts disbursed by Lender punwnt to this paragraph 7, with interest thereon, shall become additional in- debtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounu shall be payable upon notice from Leader to Borrower requesting payment thereof, and shall bear interest from the date o[ disbursement at the rate payable from tithe to time on outstanding 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 applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inapectloa. Lender may make or cause to be trade reasonable entries upon and inspections of the Property. pro- vided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or rnnsequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby as- signed and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by ehis Mortgage. with the excess, if any, paid to Borrower. In 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 1ltortgage such proportion of the praeeds a~ is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value o[ the Property immediately prior to the date of taking. with the balance of the pro- ceeds 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 for damages, Borrower fails to respond to Lender within 30 days alter the date such notice is mailed. Lender is authorized to rnllect and apply the proceeds, at Lender s option, either to restoration or repair o[ the Property or to the sutras secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such appliation of praeeds 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 secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowers 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 sa 4 cured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any tight or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver at or preclude the exercise of any such right or remedy. The procurement of insurance or the pa}Trrent o[ 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 by this 1lfortgage. 12 Remedies Cumulative. x111 remedies provided in this 3fortgaRe are. distinct and cumulative to any other right or remedy under this Mortgage or afforded b}• law or equity, and may be exercised concurrently. independenth• or successively. l3. Successor and Assigns Bound; Joint and Several Liability; (:apeions. 'The cos•enanu and agree~rtrenu herein contained shall bind, and the rights hereunder shall inure to, the trspective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenanu and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this '.?tortgage arc for com•enience onh• 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 ocher address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested, to Lender'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 \[oregage ~ shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~ 15. Uniform Mortgage; Governing Law; Sevenbility. This form of mortgage combines uniform covenants for na- ` floral use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. 'T'his Mortgage shall be governed by the law of the jurisdiction in which the Propert}• 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 \ote which can be given effect without the conflicting provision. and to - this end the provisions of the Mortgage and the Noce are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a crnrtormed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property~or an interest therein is sold or trans (erred by Borrower without Lender'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 gran[ of an}' leasehold interest of three years or less not containing an option to purchase. Lender may, at Lender s option, declare all the sums secured b}• this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate i[, prior to the sale or transfer, Lender and the person to whom the Property is co be sold or transferred reach. agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa}•able on the sums secured by this Mortgage shall be at such rate as Lender shall request. It Lender has waived the option to accelerate provided in this paragraph l7. and if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. It 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 da}'s from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower tails to pay such sums prior to the expiration o[ such period, s Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph l8 hereof. NO\-Ur;IFORN CovF.rtwnrrs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies Except as provided in paragraph 17 hereof, upon Borrower's breach of any rnvenant or agreement of Borrower in Chia Mortgage, including the rnvenants to pay when due any arms secured by this 3ortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (1~ the action required to sue wth breach; (3) a date, not kss than 30 days from the date the notice is mailed to Borrower, by which such breach must be coved; and (4) that failure to cure such breath on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial. proceeding and sale of the Properly. The • ootia shall further inform Borrower o[ the right to reinstate after acceleration and the right to assert in the torcclosurr proceeding the non-existence o[ a default or any other defense o[ Borrower to acoelention and foreclosure. It the breach is ! not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately, due and payable without further demand and may foreclose this Mortgage by judicial proceed- ing. Lender shall be entitled to collect in such proceeding al! expenses of forcclosarc, including, but not limited to, rea_nn- 1 able attorney's fees. and costs of documentary evidence, abstracts and title reports. ~ ~(1~ 435