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HomeMy WebLinkAbout2542 3 i Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional j indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such i amounts shall be pa)•able 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 a permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspectba. Lender may make or cause 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. Coademnatba. The proceeds o~-~tay'awara 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. lied to the sums secured by this Mortgage, In the event of a total taking of the Property. the proceeds shall be app with the excess. if any, paid to Borrower. In the event of a partial taking of the Property, unless rtoo ofrthe proceeds otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such propo 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 prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, afar notice by Lender to Borrower that the condemnor offers tom e 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 anato of the monthly nstal ments refe redni sac paraglraphs 1 oand 2 heereof or change rho amount` of or postpone the due d such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secu by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner, the liability of the ot~it~i:~owe~.ttn()cBonow~TS 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 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. 12. Remedies Camulatire. 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. 13. Successors and Assigns Bound; Joint and Several l.isbility; Captbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall intere 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 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 Borrower at the Property Address or at such other address as Borrower may designate by notice to 1_ender as provided herein, and (b) any noticeare~i-ea dtenderl mag,designate by notice torBorrower 1as provided here nen Any notice provided for in this ! such other ad Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated hereto. 15. Uniform Mortgage; Goveraittg Law: Severability, This form of mortgage combines uniform covenants for nations 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 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 end the provisions of the Mortgage and the Note are declared to be severable. 16. Bormv?er's Copy. Borrov.•er 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. if all or an)• part of the Property or an interest therein is sold or transferre 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 (d1 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 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 ~ 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 wit 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 peri 4~ Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Nox-UtvtFOeut Covetv~rtTS. Borrower and Lender further covenant and agree as follows: covenant or 18. Acceleration; Remedies. Except as provided in patragraph 17 hereof, npon Borrower's breach of any Lender agreement of Borrower in this Mortgage, inclnding tbe covenants to pay when doe any same secnred by this Mortgage, prior to acceleration shsD mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action whk6 soch required to core snc6 breach; (3) a date. not less than 30 days from the date the notice is mailed in I~he~nwoKce may ~ breach must be cored; and (4) that failure to care loch breach on udibedo roceedi~itge ~ ~ of the Property. '1l~ nOt~ acceleration of the sums secured by this Mortgage, forecbsare by j P _ shall further inform Borrower of the right to reinstate after acceler~tiokma t~ionhand fotteclosn~ i~t~f~~losore~r+o the nos-existence of a defaolt or any other defense of Borrower to or before the date apecilied in the notice, Lender at Lender's option may declare aD of theti dicWrproce~g, alsaD immediately doe and payable without further demand and may foreclose this Mortgag y ~ be entitled to collect in such procecdirtg all expenses of foreclosure, including, bat not limited to, treasonable Worsey's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shalt have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 3U5 »:,:2537 a0~j~ ;f