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HomeMy WebLinkAbout2628 Lender a written agreement or applicable law. Borrower shall pay the amount of all mortgage jnsurance prt:tatWr» 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 terms 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 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. inspcctioa. Lender may make or caus.~ to be made reasonable entries upon and inspections of the Property. provided that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. - . 9. Condemnatba. The ptooeeds o~ 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 ~ taking bears to the fair market value of the Property immediately ptrior to the date of taking, with the balance of the proceeds paid to Borrower. t 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 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 riot extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installmWtts,_•, IO..Borrower Not Extension of the time for payment or modification of amortization of the sums secured by this Mortgage grant'• jr~~er tb ~iiy succassor3in-irrterest of Borrower shall not operate to release, in any manner, the liability of the ot~~ nil ~~gqfrbwL~'`adh 1Zt?iTbwef s~ltccessors in interest. Lender shall not be required to commence proceedings against such succbsso~ ~OY'reiu'~'te ~t*xtetrd tie for payment or otherwise modify amortization of the sums secured 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 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 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 Mortgage. l2. Remedies Camuhttlee. 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. • l3. Sacceasws and Assigns Bottad: Joint and Severs) Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the rapective 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 Borcower 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 bcen given to Borrower or Lender when given in the manner designated herein. 15. Uaifomr Mortgage; Governing Law; SeverabiUty. 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 I 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 Note which can be given effect without the conflicting provision, and to this i i 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. Tf all or any part of the Property or an interest therein is sold or transferred ~ 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 grant of any leasehold interat 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 i 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 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 COVENAAt7s. Borrower and Lender further covenant and agree as follows: 18. Accekntbn; Remedks. 1Pscept ro provided in paragraph 17 hereof, upon )borrower's breach of say covenant or agreement of Borrower in fhb Mortgage, indtrding the coveaaMs to pay when doe say soma secured by this Mortgage, Leader ~ prbr to sccderation shall m~ notice to Borrower as prorided in paragraph 14 hereof specHying: (1) the breach; (2) the adios required to care such breach; (3) a dde, not less than 30 days from the date the notice fs maNed to Borrower, by wbkb such ~ breach mast be cared; and (4) tbd failure to core sorb breach on or before the date speei6ed d the aotlce racy resale b acctderrtfioa of the same tiecored by this Mortgage, ftmclosure by judicial proceeding sad sale of the Property. 'lobe notice a shall further inform Borrower of the right to reinstate after sccekratbo and the right to tusert is the foreclowre , g the ono-r~rfstence d a defank or any other defease of Borrower to acceleratiion turd toreebsore• if the breach is not card ow ; or before the date specified in the notke, Leader st Leader's option may declare sR of the mtws secured by this Mortgage to be i immedhtely due and prga6k without farther demmrd and may foreclose thfs Mortgage by judkW proceeding. Leader sbttB be entitled to collect b set:h proceeding aH e:peroes of foreclosure, hrcludiag, hot not limited to, reasonable attorney's fees, ~ rfr fwd costs of docamtwtrrry evidence, abstract and title report. 19. Borrower's Right to RehrWate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, ~ Borrawer shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time UA. g°°~~4 ~A~F26z5 ~