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HomeMy WebLinkAbout1796 - . t Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premium: 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 ternns of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursement at the rate payable from time to time on out:landing 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 permiuibk under applicable law. Nothing rnntained in this paragraph 7 shall require Lender to incur any 4xpertse or take any action hereunder. 8. inspection. Lender may make or cause to be made 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. Coademaatba. 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 [or conveyance in lieu of condemnation, arc 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 taking bears to the fair market 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 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 i_ender within 30 days after the date such notice is mailed, Lender is authorized ~to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property 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 change the amount of such installments. 10: Borrower Not IRekased.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 secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Leader Not a R?aiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude t_he exercise of any such right or remedy. The procurement 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 soured by this Mortgage. 12. Remedies Cnmulatitre. 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. Successors and Assigns Bound; Joint and Several T.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 Tender 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 Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. UaNorm Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national ?ise aii'd 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. Ip the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shalt 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 the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be 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 or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding lal 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, Lender 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 Lender and that the interest payable on the saris 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 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. 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 Borrower 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 18 hereof. Nox-UNIFORM CovErterrrs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedks. Ezcept as provided in"paragraph 17 hereof, upon Borrower's breach of any covenant or ;Y agrsement of Borrower is ibis Mortgage, including the covenants to pay when dne any sums secured by t66 Mortgage, Leodtr ~ prior to accekratba shall mail notice to Borrower as provided is paragraph 14 hereof apecifyirrg: (1) the breach; (2) the action required to cure soc6 breach; (3) a date, not less than 30 days from the date the notice b mailed to Borrower, by wbkb such breach mtrd be cured; and (4) tbat~failare to cure such breach o0 or before the date specified ie the notice may rradt is ~ acceleration of the same secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. Tire ootke shall fnrtber inform Borrower of the right to reinstate after sccekntion gad the right to assert in the fortcioanre proceeding the non-exkteoce of a default or goy other defer~e of Borrower to accekratkn and foreclosure. if the breach is not cared on or before the date sperf&d is the notice, Lerder at Lender's option may declare a8 of the sums secured by ebb Mortgage to fie immediately due gad payable without further demand gad may forecbse ebb Mortgage by judicial proceeding. Leader abaq be entitled to collect is snc6 proceedin< atT espeoses of forsclosore, including, hot not limited to, reasonable attorney's fees, gad costs of documentary evidence, abstracts noel title reports. 19. Borrower's Right to Reiastste. Notwithstanding Lenders acceleration 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 BOOK VV3 PACE, 79 4