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HomeMy WebLinkAbout2190 .agreement or applicable law. Borrower shall pay the amount of alt mortgage insurance premiums in the tnannet provided under paragraph 2 hereof. Any amowtts disbursed by Lender punuant to this paragraph 7, with interest thereon, shall become additional in- debtedness of Borrower secured by this Mortgage. Unless Borrower and !.ender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thercol, and shall bear interest [rote the date of disbursement at the rate payable from time to time un outstanding print ipal under the Nutr unless payment ut interest at such rate would be contrary to applicable law, in which event such amounts sleall tzar interest at the highest r.,tr permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. S, Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, pro- vided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. - 9. (:ondemnation. The proceeds of any award or claim far 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 as- signed 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 \iortgage, with the excess, if any, paid to Borrower. In the event oI 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 a; 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 o[ the pro• seeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otters to make an award or settle a claim [or damages, Borrower tails 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 o[ the Property or to the sums secured by this ~[ortgage. 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 I and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension o[ the time for pa}•ment or modification of amortization of the sums secured h}' this Mortgage granted by Lender to any successor in interest n[ Borrower shall oat operate to release, in an}• manner, the liability of the original Borrower and Borrower's 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 se- cured b}• this Jortgage b}• reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising an}• right or remed}• hereunder, or otherwise afforded by applicable law, shall not be a waiver oI or preclude the exercise o[ any such right ur remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall nut be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this \iortgage. 12. Remedies Cumulative. :\11 remedies pmvidrd in this \iortgage arc distinct and cumulative to any other right or remcds• under this \iortgage or afforded by law or rquin•, and may be exercised cuncurrrnttc. indrl,rndc•utly or ,uccessively. 13. Successors and Assigns Bound; Joint and Several Liability: (:aptions. '1•hr covenants and agreements herein contained shall bind. and the rights hereunder shall inure to, the respective succr,.>„rs :end assigns of Lender and Burrower, subject to the provisions of paragraph 17 hereof. :\ll covenants and agreements of Borrower shall be joint and steers!. The captions and headings o[ the paragraphs o[ this \iortgage are fur convenience ooh :u,d arc not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be f;iv-en in another manner. (a) au.' notice to Borrower provided for in this \iortgage shall be given b}• mailing such notice bv- certified mail addrewrd to Borrower at the Pmprrty :\ddress or at such other address as Borrower cosy de,ignate by notice to Lender as pn,v idrd herein, and (b) ~ any notice to Lender shall be given be certified mail, return receipt requc•strd, to Le•nder's addres, ,tared herein or to such other address as Lender may designate by notice to Bormwer as pmvided herein. :1nc notice provided for in this \iortgage shall be deemed to have been given to Borrower or Lender vwhrn gicrn in the manner de,ignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combine, uniform cov-c•nants for na- tional use and non-uniform rnvrnants with limited variation, by jurisdictirn, to constitute a uniG,rm -ecurirv instrument covering real property. This Mortgage shall be gocenred by the law of the juri,dictiou in which the Property is located. in the event that any provision or clause of this \tortgagr or the \ote conflicts s,•ith apl,lical,lr lays-. such conflict shall not affect other provisions of this \iortgage ar the \ote which can be given effect without the- cou[licting proci,ion, anti to this end the provisions o[ the ~tortgagc and the \ote are declared to he severable. 6 - 3 16. Borrower's Copy. Borrower shall be furnished a cnnforn,ed cop} o[ the \nte and of this \lorty;al;e at the time $ of execution or after recordation hereof. 17. Transfer of the Propert}•: Assumption. If all or any part of the Pmpertc or an interest the-rc•in is ,old ur trans- ferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance sutwrdinatc ~ to this \tortgagr. (b) the creation of a purchase money- srcuritc interest for household al>pli:u,ces. (,1 a trau,Ie•r bs <lecise. descent or by operation of law ulwn the death of a joint tenant or (d) the grant of ans leasehold ir,tere•st of three years or less not containing an option to purchase. Lender may, at Lender's option. declare all the sums secured bs• chi, \iortgage to r t,e immediately due and payable. Lender shall have waived such option to accelerate if, prior to the ,:de 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 satisfacron• to lender and that the interest parable on the sums secured by this 1G,rtgage shall be at such rate as Lender shall request. I( Lender has waived the option to accelerate pmvided in this paragraph li. 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 \iortgage and the \ote. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 1.1 hereof. Such notice shall provide a period of not less than 30 clays from the date the notice is mailed v.•ithin which Borrower may pay the sums declared due. If Borrower faits to pa}- such sums pricer to the expiration of such perirxl, Lender may. without further notice or demand nn Borrower. invoke an}• remedies permitted by paragraph 18 hereof. j NO\-LTrIFOR\i COVe~wtsTS. Borrower and Lender further covenant and agree as follows: ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant ar agreement of Borrower in this Mortgage, including the covenants to pay when due am- sums secured by this Mortgage, r Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specih-ing: (1) the breach: (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the native is mailed to Borrower, by which such breach must be steed; and (4) that failure to cure such breach on or before the date specified in the notice mac result in acceleration of the sums secured by this Jortgage, foreclosure by judicial proceeding and 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 proceeding the non-existence of a default or any other defense o[ Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and I'a}-able without further demand and may foreclose this Mortgage by judicial proceed- ing. Lender shall be entitled to collect in such proceeding all expenses of toreclosrrre, including, but not limited to, reason- = ab4 attorne}•'s tees, and costs of documentary evidence, abstracts and title reports. - g~~, 3U5 ~.a::~2186 r -