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HomeMy WebLinkAbout1161 Lender's written .b :emcnt or applicable low. Borrower chair pay the amount of ,?it mortgage insurance premiums in the manner provided u::der paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additions: indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms rt payment, such amotmts shall he payable upon notice fmm Lender to Bormwrr reyttesting payment therrnf, and shall he,,: interest from the date of disbursement at the rate payable fmm 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 hear interest at the highest me permissihk under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take any action hereunder. 8. Inspection. lender may make or cause to t+e made reaconahle entries upon and inspections of the Property, provided that lender shall give Borrower notice prior to any each inspection specifying reasonable cause therefor related to Lender's interest in the Properly. 9, Condemnation. 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 s call be paid to l.cnder. 1,~ the event of a total taking of the Property. the proceeds shall he applied to the sums secured by this Mortgage, with the excess, if any, paid ro 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 coma secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the- sum. secured by this Mortgage immediately prior Io 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 M• Bor.ow•cr. or ~f_ after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Brrmwer fail. t.. respond to Lender within 30 days after the date such notice is retailed. fender is authorized to collect :red apply the proceeds. at Lender t t`ption, either to restoration or repair of the Yropcrty or to the sum. secured M• this Mortgage. Unless Lender and Borrower otherv?icr agree in wrihnc. any such application of proceeds to principal shall not extend or postF; rte the due date of the monthly inctallmcntc 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 soma secured by this'~lortgage granted by 1 ender to am• srrcccsxrr in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and &~rrower's successors in interest. lender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortizatu~n of the wms secured by thin Mortgage by reason of am• demand made h~ the ~~rieinal Borrower and Borrower s successors in interest. l 1. Forbearance by Lender Not a Wainer. Any fonc~arance hr I : nder in a:~ercising am• right or remedy hereunder. or otherwise afforded by applicahle law, shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of fuses or other liens or charges by lender shall not he a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this 114ortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded M• law or equity. and may he ecrrciced concurrently. independently or sac -essively. l3. Successors and Assigns Bound:.Joint and Several Liability; Captions. The covenants and agrccmen a herein contained shall hind, 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 joiry and several. The captions and headings of the p:rracr:iphc 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 applicahle law to be given in another manner, fat am• notice to Borrower provided for in this 111ongate shall he given M' mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address ac B.+rn?wer mas_• designate by notice to Lender as provided herein. and (h) any notice to Lender shall he given M• certified mail. return receipt requeated..to I.enderc address stated herein or to such other address as Lender may designate M• nr•tice tr• Borrower as provided herein. Any noti~c provided for in this Mortgage shall he deemed to hac•c been given to Borrower or i.ender when given in the manner designated herein. 15. Uniform Mortgage: Governing I.aw: Severability. 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 rnvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Properly is located. in the ~I event that any provision or clause of this Mortg~ec or the ':lute conflicts with applicable law., such conflict shall not affect ~ other provisions of this Mortgage or the Note s+h~ch can he given effect withot;t the conflicting provision, and to this end the provisions of the 1liortga¢e _and the Mote arc declared to be severable. 16. Borrower's Copy. Borrower shall he furnished a conformed cop} of the Note and of this Mortgage at the time i of execution or after recordation hereof. ~ 17. Transfer of the Property: Accumption. It alt or am part of the Property or an interest therein is sold or transferred f ~ by Borrower without tender's prior wriu~n .ansem. cvcluding fat the creation of a lien or encumbrance subordinate to i this Mortgage. (h) the creation of a pur~h.rse m~mes• security interest for household appliances, fc1 a transfer by devise. € descent or by operation of law upon the death of rant tenant or fd? 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 he immediately due and payable. Lender shall base ++:us~ed such option to accelerate if. prior to the sale or transfer. lender and the person to whom the Pmpem• i. a+ he .ol.l ..r Irancferred reach agreement in writing that the credit rf such person •is satisfactory to Lender and that the interest pa~ahle on the sums secured by this Mortgage shall be at such rate ac 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 fender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If tender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance s+irh paragraph 14 hereof. Such notice shall provide a periikl of not less than i0 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 peri~xi. x Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR herrnf. Noty-UNIFORM CovEYeNTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedks. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender prior to accekratioo shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach: 12) the action required to core snob breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such bresch must be cared; and (4) that failure to cure such breach on or before tbt date specified in the notice rosy result in scceleration of the sums secured by this Mortgage. foreclosure by judicial proct:edirtg sod ask of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure procetdiug the non-existence of s defauN or any other defence of Borrower to acceleration and foreclosure. If the breach is not eared on 3 or before the date specified in the notice, lender at Lender's option may declare aq of the sums secured by this Mortgage to be a immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. i.en4rr shall br: entitled to collect in such proceeding all expenses ref foreclosure. including. but not limited to. reasonable att.rrnr•:'s fees, and costs of .iuco~rxntary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by th~• M.~rtgage. ~ Borrower shall have the right to have any proceeding. lxgun %+y Lender to enforce This Mortgage discontinued at any time ~ 3U5 ~i:.r •~~_1159 r