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HomeMy WebLinkAbout2589 Lender's written agreement or applicabk law. Borrower :hall ~ ~ ~ , ~ . • manner provided under paragraph 2 hereof. pay the amount of all mortgage insurance ptt;mittrrts in the Any amount: disbttrsed by Lender pursuant Io tha paragraph 7, with inicrest thereon, shall become additional inckbtedttess of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such smounts shall be payable upon notice from Ixnder to Borrower requesting payment thereof, and shall bear interest ftm fire date of disbursement at the rate payable from time to time on attstanding principal under the Note unless payment at interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the hight~t rate permitwibk under applicabk law, Nothing contained in this paragraph 7 shall require Lender to incur any experoe or take any action hercurtder. 8. lttspeetiow, Lender may male ~tdCpitse~to!be made reasonable entries upon and inspections of the Property. provided that i.ender shall give Borrower notice prior to an)i such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cewdetwwatk+w. The proceeds of any award or claim for damages, direct or rnnsequential, in rnnnection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned 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 Mortgage, with the excess, it any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. (here shall be applied to the some secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the some 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 takjng, with the balance of the ptoceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by lender to Borrower that the condemnor offers to mate an award or settle a claim for damages, &~rrower fail. to resaond 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 ratoration or repair of the Property or to the sums secured by this Mortgage. 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 oP such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by i.ender to any successor in interest of Borrower shall not operate to release, in any manner, ' the liability of the original Borrower and Borrower's successors in interest. Lender shall not be regttircd to commence proceedings against such successor or refute to extend time for payment or otherwise modify amortizatia~ of the s„ms secured by this Mortgage by mason of any demand made by the orieinal Borrower and Borrower's successors in interest. • 11. Forbearance by Lender Not a Waiver. Any forbearance by i.ender 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. Remedka Cumulaffve. All remedies provided in this Mortgage arc 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 Assigws Bound: Joint and Several f.iability; Captious. The covenants and agreements herein contained shall bind, 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 joir{I and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to be ttscd to interpret or define the provisions hereof. 14. Notice. Except for any notice rcyuired under applicable law to be given in another manner, fa) 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 B~rmwer may designate by notice to Lender as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to Lenders address stated herein or to such other address as Lender may designate b}• nMice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to &?rmwer or lender when given in the manner designated herein. 1S. Ueiform Mortgage; Governing law; Se.~erability. This form Hof mortgage combines uniform covenants for national 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. Tn the event That any provision or clause of Chic Mortgage or the Note conflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or the N~~te which can be given effect without the conflicting provision. and to this end the provisions of the Mortgage and the ?slMe arc 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 after recordation hereof. j 17. Transfer of the Property: Assumption. if alt or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior writtrn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase m~~nes• security interest for household appliances. (c) a transfer by 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 Lender c 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 Properly is to be :old 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 ac I_rnder shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower i successor in i 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 s. ith paragraph 14 hereof. Such notice shall provide a period of not lest 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~xl, t Lender may, without further notice or. demand on Borrower, invoke any remedies permitted by paragraph IR hereof. NON-UNIFORM COVENANTS. BOrrOWer and Lendef further COVtnanl and afire! as follows: ~ 18. Accekratiow; Remedks. Except ss provided in paragraph 17 hereof, upon Borrower's breach of guy covenant or asreeanewt of Borrower in this Mottga~ge, including the covenants to pay whew due any mores secured by tbb Mortgage. f.ewdcr j prior to sccekratbe sbaB mail notke to Borrower as provided in para~grsph 14 hereof specifying: (1) the breach: 121 the aefion _ required to cure such breach; (3) a bade, not less than 30 days from the date the notice b mailed to Borrower. by whkb such ~ breach mast be cursd; atsd (4) thst fdlure to care such breach on or before the date specified iw the notke may result ie eccdetratioe of the sums inured by this Mortgage. foreclosure by judkial proceeding awl ssk of the Property. The notice shall furtWer iaform Borrower of the right to reinstate after scctkratiow sad the right to assert iw the foreclosure ptroeeediug the won-exktence of a defauM or soy other defense of Borrower to acceleration acrd foreclosure. If the breach is sot cared o0 ~ or before the date specified ie the notice. Lender at Lender's optioe rosy dechtre sY of the sown secured by this Mortga~ a to fie immediately dne and paysbk withont further demand and may forecbse tbb Mortgage by judkial proceeding. i.ender shall be eotitkd to collect iA such proetedirrg sN expenses of foreclosure, including, but moot limited to, reasoeabk attornr ~'s fees. 5 atad costs of ~iuc~~wewtary evidence, abstracts and title reports. I9. Borrowet's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings he;tun by Lender to enforce this Mortgage discontinued at any time t SooK306 Pac~t~5$s ~ ~ _ _ - s.