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HomeMy WebLinkAbout2582 ' , • i Lender's written agreement or applicable law. Burrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Len.ler pursuant to this paragraph 7, w•nh interest thereon, shall become additional indebtedness of Harrower secured by this ~lartgage. Unless Borrower and 1 en.kr agree to other terms of payment, such amauntc shall he papahlc upon notice from Lender to B~?rrow~r reyuecting payment thereof. and shall hear interest from the • date of Jishursement al-the rate payable from time to time on outstanding principal under the Nate unless payment of interest at such. rate would he contrary to applicable law. in which even) such amounts shall hear interest at the highest rate permissible under applicable law. Nathing contained in this paragraph 7 shall require tender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to he made reasanable entries ulxm and inspectians of the Property. provided that Lender shall give Harrower nMice prior to any such inspection specifying reasanabk cause. thercfar related to Lender's interest in the Property. ~~gg 9. Condemaatbn. The proceed>j o~ Wt~a~Ma~ or claim far damages, direct or cansequential. in connection with any condemnation or other taking of the Property. or part the'Fcof, ar far canveyance in lieu of candemnation, arc hereby assigned and shall he paid to Lender. in the event of a IMaI taking of 111c Property, the proceeds shaft fie applied to the cams secured M• this Mortgage. with the cccess, if any, paid to Harn.wcr. In the event of a partial taking of the Property. unless Borrower and Tender otherwise agree in writing. them shall be applied to the sums secured by this Mortgage such pmportian at the proceeds as is equal to that praportian which the amarnt of ttie sums secured by this Mortgage immediately pricer to the date of taking tzars to the fair market value of the•Property immediately pricer to the date of taking, with ttre balance of the proceeds paid to Borrower. - - If the Property is abandoned by Barrawer, ar if. after native by Lender to Barrawer that t e and n ake an award or settk a claim for damages. Borrawcr fails to respond ro .Lender. within ? is mailed. I~nder is authorized to collect .and apply the proceeds, at Lender { cep ' • Properly of to the sums secured by this Mortgage. Unless.i.ender and Borrower atherwise 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 amatrnt of such installments. 10. Borrower Not Rekssed. Extension of the time for pa}•ment ar madificatian of amartization of the sums secured by this Martgage granted by 1_cnder to any successar in interest of Harrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's succe_csars in interest. Lender shall hat 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 Born~wer 'and Borrowers succescorc in interest. 11. Forbearance by i.ender Not a Wah•er. Any forbearance M• tender in exercising any right or remedy hereunder. or otherwise affarded by applicable law, shall hat be a waiver of ar preclude the exercise of am• such right ar remedy. The procurement of insurance orthe payment of taxes ar other fiche ar charges by Lender shall not he a waiver of Lenders right to accelerate the maturity of the indchtcdncss secured by this Martgagc. 12. Remedies Comalati~e. Alt remedies pravided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage ar affarded by law ar equity. and may he exercised concurrently. independenth• or sucrecsivclp. 13. Successors and Assigns Bound: Joist and Seseral Liability; Captions. The covenants and agrccments herein contained shall hind, and the ritthts hereunder shall inure ta. the ncpective succeswrs and assigns of Lender and Harrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Harrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are far canveniencc anly and are not to t?c used to interpret ar define the provisions hercaf. _ 14. !Votke. Except for any notice required under applicable law to be given in another manner. (a) any notice to &~rrower provided far in this Mortgage shall be given bp. mailing such notice hs• certified mail addressed to Harrower at the Property Address or at such other address as Borrower map designate hp notice to lender as provided herein. and (h) any nalice to 1_ender shalt he given by certified mail. return receipt regyested. to Lender's address stated herein ar to . such other address as Lender map designate by notice to Harrower as provided herein_ Any notice provided for in this `fortgage shall he deemed to have been given to Harrower or lender•wfien given in the manner designated herein. 15. Uniform iltortgsge; Governing iaw: Severabilih•. This farm of mortgage rnmbincs uniform covenants far natiopal use' and non-uniform covenants with limited variations hp jurisdiction to canstitute a uniform security instrument rnvering real property. This Mortgage shall be governed hp the law• of the jurisdiction in which the Property is located. In the. event that any provision ar clause of this Mortgage or the Note rontlicts with applicable taw. such canftict shall not affect other provisions of this Mortgage or the Nate which ran he given effect without the canflicting provision. and to this end the provisions of the Mortgage and the \ote arc declared tc. he ceverahle. 16. Borrower's Cop~•. Borrower shall he furnished conformed cafe of-the Notc and of this Mortgage at the tithe of execution or after retardation hereof. 17. Traasfer of the Propert}: Assumption. 1! all or an}• part of the Property ar an interest therein is sold at transferred by Harrower without Lenders prior written consent. excluding (a1 the crratian of a lien ar encumbrance subordinate to this Mortgage. Ih) the creation of a purchase monec seturitp interest far household appliances, (c) a transfer by devise. descent ar h}• operation of law upon the death of a joint tenam or (d? the grant of arse leasehald interest of three pears or less hat containing an aption to purchase, lender may. at I.ender'.-uption. declare all the sums secured by this Mortgage to be immedirtelp due and payable. Lender shall have waived such option to accelerate if. prior to the tale or transfer. Lender end the person to wham the Property is to be sold or transferred reach agrecmenC in writing that the credit of such person. is 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 1_ender has waived the option to accelerate provided in this paragraph 17, and if Horrower's successor in interest has executed a written assumptian agreement accepted in writing hp Lender. 1_ender shall release Harrower from all obligatians under this Mortgage and the Nate. ~ If lender exercic?~s such option to acceter.?te. Lender shall mail Harrower notice of acceleration in accordance with paragraph 14 hereof. Such native shall provide .a period of n.•i less than 30 daps from the date the notice is mailed within which Harrower map pay the sums declared due. if Harrower fails to pap such sums prior to the expiration of such period, Lender may. without further native or demand on Itormwcr. invakc am• remedies permitted M paragraph 18 hereof. Now-Utar•otet?t Covt=vewTS. Borrower and Lender further rnvenant and agree as follows: - 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this;fortgage. Including the covenants to pay when due any Sams secured by this Mortgage, Lender prior to accekratMn sbaN mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action r required b care such breach; (3) a dstte. not kss than 30 days from the date the notke b mailed to Borrower, by whkh sne6 breach mast be shred; sad (4) that failure to cure such breach on or before the date specified in the ttotke may result in ~ accekration of the saws secured by this :Mortgage. foreclosure by judicial proceeding and sak of the Property. The notice l shag further inform Borrower of the right to reinstate after acceleration and Ibe right b assert in the foreclosure proceeding the son-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the btrcacb is not shred on or before the date specified in the notice. Lender at Leader's option may declare all of the sums secured by this Mortgage b be immediately due and payabk without further demand and may foreclose This Mortgage by judicial proceeding. Lender sbaB be eaWkd to collect in such proceeding all expenses of foreclosure. including, but not limited to, rcasonabk attorney's fees, and costa of documentary eridence. abstracts and Title reports. 19. Borrower's R~ht to Reinstate. Notwithstanding Tenders 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 aooK 3U3 ~~~25~8 a J - "