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HomeMy WebLinkAbout1167 l.endcr's written ,b .em~nt or applicable law. Borrower shat pay the anwunt of .,it mortgage inwrance 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 addition.: indebtedness of Borrower secured by this Mortgage. Unless Borrower and 1_ender agree to other terms of payment, such amounts shall be payable upon rx~ticc from Lender to Borrower rey?resting payment thereof, and shall bey: interest from the date of disbursement at the rate payable from time to time un 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 rate permissible under applicable law. Nothing containal in this paragraph 7 shall require lender to incur any expense or take any action hereunder. 8. laspectioa. 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, Coademtration, 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 ands ?all be paid to I.cndcr. 1.~ the event of a total taking of the Property. the pr?xeeds shall he 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 shalt he applied to the cams secured by this Mortgage such proportion of +he proceeds as is equal to that proportion which the amount of the •sumc 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 ~f. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damaes. &~rrowcr fa;l. t~. rrsp?.nd to 1-ender within 30 days after the date such notice is mailed. I_cnder is authorized to collect and apph• the procredc, a1 Lender's option, either to restoration or repair of the Property or to the sum. secured by this Montage. Unless Lender and Borrower otherv?icc agree in wrihnz_ anv such application of proceeds to principal shalt not extend or po.Ipone the due date of the momhh• installments rrfernd to in paragraphs 1 and 2 hereof or change the amount of such installments lfl. Borrower Not Released. Nxtenaion of the time for payment of mC~dification of amortization of the sumc secured by th :Mortgage granted by 1 ender t?. ans• cucceccor in interest of Borrower shall not operate to release. in any manner. the liahility of the original Borrower and Borrower's successors in interest. 1_ender shall not he required to commence proceedings against such successor or refuse to extend time for payment or otherwise modifi• amortizahou of the sums • secured by this Mortgage by reason of :m~• demand made M the ?•rieinal Borrower and Borrowers successors in interest. 11. Forbearance 6y Lender Not a Wainer. :fin} fonc~aranee In I ~ oder in exercising any right or remedy hereunder, or otherwise afforded by applicahle law. shall not he a waiver of or preclude the exercise of any such riche or remedy. The procurement of insurance or.the payment of taxes or other liens or charges by Under shall not he a waiver of Lender's right to accelerate the maturity of the indeMcdnecs ucured by this hiorteage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to anv other right or remedy under this Mortgage or afiordcd M• law or equity, and may he exercised concurrently. independently or sac .essiveh•. 13. Sneeessors and Assi~as Bound: Joint and Several Liabilih•; Captions. The covenants and agrc~:men s 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 he joiry and several. The captions and headings of the parser:?phc of this Mongage are for convenience only and are not to he used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (alam• notice to Burrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Bormw-er at the Property Address or at such other addrec. as B~~rr.~wcr mas• designate by notice to Lender as provided herein. and (h) any notice to Lender shall he given by certified mail. return receipt requested. to I ender'c address stated herein or to such other address as Lender may designate be notice to Burrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been g?vcn to Borrower ur Lender when given in the manner designated herein. 15. Uniform Mortgage: Gnnernin>; law: Senerability. This form of mortgage combines uniform covenants for national use and non-uniform cm•enants with limited variations M~ jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall he governed hs• the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mongage ?~r the ?tote conflicts with applicable law. such conflict shall not affect other provisions of this Mortgage or the N??tr which can F+e given effect withrna the conflicting prm•icion, and to this end the provisions of the ;Mortgage and the V,?tr are declared to be severable. 16. Borrower's Copy. Borrower shall I+r furni.hed a conformed cop} of the Note and of this Mortgage at the time of execution or after recordation hereof. E 17. Transfer of the Property: Assumption. It aL' or anx part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wriacn consent. excluding lal the creation of a lien or encumbrance subordinate to this Mortgage. Ihl the creation of a pur:ha.e m~~nr~~ security interest for household appliances, (c1 a transfer h}• devise. p descent or by operation of law upon the death of i~~int tenant or td? the grant of any leasehold interest of three years or less not containing an option to purchase. I ender may. at Lender'. option. declare all the sums secured by this Mongage to be j immediately due and pa}•ahle. Lender shall hose «:nred such option to accelerate if. prior to the sale or transfer. Lender • and the person to whom the Properly i. a~ hr .ol.l ~~r transferred reach agreement 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 I ender t shall request. If lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers ,assessor in i interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Burrower from all ~ obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accord:+nce ith s 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 pen?xl. g Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. Note-CltvtFOatvt Covt=_~~xTS. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of soy covenant or agreement of Borrower in this Mortgage. including the covenants to pay when dtre any sums secured by-this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2? the action required to cnre such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such breach must be cured; sad (4) that failure to cure wch breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceedirrg sad sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure pt~oceediag the non-existence of a defauM or say other defence of Borrower to acceleration and foreclosure. If the breach is sot cured on or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgafe to 6e immediately dot and payable without further dem:?nd and may foreclose this Mortgage by judicial proceeding. I.end:r shall be entitled to college in such proceeding all expenses of foreclosure. including. but not limited to, reasonable :atnrnc.'s fees. s and costs of .wco~oeatary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstandintt Lender's acceleration of the sums secured by the M.~rtgage. ~ Borrower shall have the right to have any proc:eedmes hegu:+ ray 1_ender to enforce this Mortgage discontinued at any time s~~F~ 3U5 :~:11U5 e ~z~. _