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HomeMy WebLinkAbout1607 Lender's written agreement or applicabb law. Borrower shall pay the amount of sll mortgtye insuratwt: premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by This Mortgage. Unless Borrower and lender agree to other ternts of payment. such, amounts shall be payable upon notice from 1_ender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the me payable from time to time on otttatanding principal under the Note unless paytnatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest me permissible under applicable law. Nothing contained in This paragraph 7 shall require Lender to incur any expt:ttse or fate any action hereunder. 8. lospectlorr. Lender may make or cause to be madR reasonable entries upon and inspections of the Property. provided that Lender shall. give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnatba. The proceeds of any award or claim for damages, direct or consequential, 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 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 this 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 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 takiai; ,bears to the fair market value of the Pmpeny immediately prior to the date of taking, with the balance of the proceeds paid to Borrxxver. If the Property is abandoned by Borrower, or if, after notice by i_ender 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 after the date such notice is . mailed. Lender is authorized to collect and apply the proceeds, at 1_ender i option, either to restoration or repair of the Properly or to the sums secured by 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 changt the amount of such installments. 10. Borrower Nof Released. Extension of the time for payment or modiflcatiort of amortization of the sums secured by this Mortgage granted by Lender to any cttcctssor 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 Stir sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. tl. Forbearance by i.ender Not s Waiver. Any forbearance by I-ender 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 procurement of insurance or the payment of tares 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 Mortgage. 12. Remedies Cnmulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively. 13. Snecessors and Assigns Bound:.]Dint and Sereral i.iabiUry; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of i-ender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jetty 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: Notke. 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 mav_ designate by notice to i_ender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to lenders address stated herein or to such other address as Lender may designate by nMict to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to &rrmwer or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governin(; LaN: Sex•erabitity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage nr the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Niue which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the 'Vote are declared to be severable. 16. Borrower's Copy. Borrower shall tx furnished a conformed 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 ~r any- part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writicn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase mi•nev Security interest for household appliances. (e) a transfer h.• 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. Lender may. at Lender's option, declare all the sums secured by this Mortgage to'be s immediately due and payable. Lender shall have Haived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to Ire :oIJ or transferred reach agreement in writing that the credit of such person 's is satisfactory to Lender and that the interr.t payable on the sums secured try this Mortgage shall be at such rate ac I-ender shall request. If Lender has waived the option to accelerate provided in this paragraph• 17, and if Borrower ~ 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. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance s~ ith n paragraph 14 hereof. Such notice shall provide a period of not Itss than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, 1 Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. i Noty-UNIFORM CovENANTS. Borrower and Lender further covenant and agree as follows: 18. Aecderstion; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or 4 agreement of Borrower in this Mortgage. including the cosenants to pay when due aay snms secured by this Mortgage. Leodcr prbr to actekratioa shag mail rrotke to Borrower as provided in paragraph 14 hereof specifyirrs: (1) the bresch; (21 Stir action - required to tort snob breach; (3) a date, not less than 30 days from the date the notice b mailed to Borrower. by whkb such breath mtnt be cared; and (4) that failure to cure such breach on or before the date apec~ed in the notke may result in • secdetration ofi the soma setored by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after sccekration and the right to assert in the fotecbsnrt procetdLr6 - the non-existence of a defauk or aay other defense of Borrower to acceleration and forecbsurc. If the bresch is Dot cored oa or before the date specified is the notice. Lender at Lender's option may detbuY aq d tbt sums stcnred by this Mortgage to be immediately due snd payable without further demand and may foreclose this Mortgage by judicial proceedir~. i.ender shall be eotitkd to toped in such proceeding all a:pauses of foreclosure. including, hot ant limited to, rtasoaabk attnrney's fees. grad costs of docntnentary evidence, abstracts and tick reports. - 19. Borrower's Right to Reinstate. Notwithstanding lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by 1-ender to enforce this Mortgage discontinued at any time r BOG!t ~O1 PAGE~VO2 J 5= ~ 4. % • t