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HomeMy WebLinkAbout2971 agreement or applicable law. Borrower :}tall pay the amount of all mortgage insurance premiums in the manner provided under paragraph Y hereof. Any amount: disbursed by Lender purswnt to this paragraph 7, with interest thereon, shall become additional in- debtedness of Borrower secured by this Mortgage. Unleu Borrower and Lender agree to other terms o[ payment. wch amounts shall be payable upon notice from Lender to Borrower requiting payment therm(, 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 o[ interest at such rate would be contrary to applicable law. in which event such amounts shall Ixar 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. 6. Inspection. Lender may make or cruse to be made reasonable entries upon and inspections of the Properly. pro- vided that Lender shall give Borrower notice prior to any such irupection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking o[ the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby as- • signed attd shall be paid to Lender. • In the event of a total taking of the Properly, the proceeds shall be applied to the sums secured by this Mortgage. with the excess. i[ any, paid to Borrower. In the event of a partial taking of the Properly, unless Borrower and Lender othcrwix agree in writing, there shall be applied. to the sums secured by this Mortgage such proportion of the proceeds as is equal co that proportion which the amount o[ the sums secured by this 1?fortgage immediately. prior to the date of taking bears to the Lair market value of the Property immediately prior to the date of taking, with the balance of the pro- coeds paid to Borrower. If the Properly is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor otters to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date wch notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwix agree in writing, any such application of praeeds to prinripal shall not extend or postpone the due date of the monthly installments 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 sums secured by this ~Eortgage granted by Lender to any successor in inttrest ~of Borrower shall rtot operate to releax, in any manner. ehe liability of the original Borrower and Borrowers wccessors in interest. Lender shall not be required eo commence pratedings against wch wccessor or re[ux to extend time for payment or otherwise modify amortization of the sums se- cured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. il. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applipble law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement o[ 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 xcured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this !Mortgage are. distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equiiy, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liabt7ity; Captions. "The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective wccesson attd assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements o[ 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. • l4. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in. this lfongage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address a3 Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, reeurn 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 \fongage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing law; Severability. This form of mortgage combines uniform cotenants for na• tional use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument cotering real property. This 5ortgage shall be governed by ehe law of the jurisdiction in which ehe Property is located. In the event that any provision or claux of this Mortgage or ehe Note conflicts with applicable law, such conflict shall not i 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 ~Eortgage 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 alter recordation hereof. 17. 'Transfer of the Property; Assumption. I[ all or any part of the Property or an interest therein is sold or trans• e ferred 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 bf devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lenders 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 pa}•able on the sums xcured by this 1ltortgage shall be ac such rate as Lender shall request. If Lender has waived the option to accelerate prui:ded in this paragraph 17, and i[ 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 exertixs wch option eo 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 da}^s 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. t Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. NOr~'UtsIFORM Covrxaxrs. 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 covenwt or agreement o[ Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (I) the breach; the action required to cure 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; and (4) that Iailure to cure such breach on or before the date specified in the notice may 5 molt in acceleration of the sums secured by this Mortgage. foredostue by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to rcinsate after aecelention and the right to assert in the forcdosure ~~{~oceeding the nonexistence o[ a default or any other defense of Borrower to acceleration and foreclosure. If dte breach is not cured on or before the date specified in the notice. Lender at Lender's option may declare all of the wms secured by this Mortgage to be immediately due and payable without fnnher demand and may foreclose this Mortgage by judicial proceed- ing. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reason- able attorney's fees, and costs of docvmentacy evidence, abstracts and title reports q(;~ SCGI(VIIJ PAC~2c~~ - - .