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HomeMy WebLinkAbout2666 , Lender's written agnxment or applicable law. Borrower shall pay the srnount of all mortgage insutattoe pitemtutrtit yin the manner provided under paragraph 2 hereof. ' Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secuttd by this Mortgage. Unless Borrower and Lender ague to other terms of payment. such ; amounts shall be payable upon notice from Lender to Borrower roqucsting 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 paymatt of interest at such me would be contrary to applicable law, in which event such amounts shall bear interest at the hight~t rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ' >l. Iaspectio~. Tander 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. 1• ~ ' e ` ` t 9. Cotsderaaatba. The proceeds of any award or claim for damages, direct or consequential, in connection with any 't condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and wall 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, if any, paid to Borrower. In the event of 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 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 hate of taking, with the balance of the proceeds 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 fails to respond to Lender within 30 days after the daft such notice is mailed. Lender is authorized to collect and apply the proceeds. at tender'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 proxeeds to principal 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. 1R Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured 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 original Borrower and Borrower i successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwiu modify amortization of the sums secured by this Mortgage by reason of •rny demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by i.ettder Not s Waiver. Any forhearancr by 1_ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares 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 chic Mortgage. 12. Remedies Ctrmulathe. All remedies provided in this Mortgage arse 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. Streceseors and Assigns Bound; .loint and Several liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender at?d Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shalt be joiry and several The captions and headings of the paragraphs of chic Mortgage arc for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcy„ired under applicable law to be given in another manner, fa) any notice to Borrower provided for in this Mortgaee shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as &~rmwer may designate by notice to Lender as provided herein, and (t,) any notice to Lender shall be given by certified mail. return receipt requested. to 1-enders 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 Mortgage shall be deemed to have been given to Borrower or l.cnder when given in the manner designated herein. 1S. Uniform Mortgage: Governing law: SeveraMlity. This form of 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 this Mortgage ,•r the Note conflicts with applicable law, such conflict shall not affect _ other provisions of This-Mortgage or the Note which can be given attest without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. 16. Borrower's Copy. Borrower shall t?e furnished a conformed cops 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 any pan of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding fat the creation of a lien or encumbrance subordinate to E this Mortgage. (b) the creation of a purchase mnnc~• security interest for household appliances, fe) a transfer by devise, descent or by operation of law upon the death of a j,~int tenant or (dl the grant of any leasehold interest of three years or less g not containing an option to purchase. Lender may, at 1_ender t option, declare all the sums secured by this Mortgage to be i 1 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 a. be c,,ld or transferred reach agreement in writing that the credit of such person s 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 [_ender 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, [_ender 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 t, ith 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 period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1 R hereof. No»-U»tt=oat?t Cove»e»rs. Borrower and Lender further covenant and agree as followr. 18. Accderatioa; Remcdks. )Except m provided in paragnpb 17 bereo/. npoa Eorrower's bresch of any covenant or agrseaaeat of Borrower V fhb Mortgage indndirtR the covenants to pay whew due any sums stcnred by this Mortgsge. header priior to sccekrstioa shah mail aotke to itotmower as provided in Paragraph 14 hereof stecftyirtg: (1) the bresch:/2) the sdioa - trcgeiired to care arch breach; (3) a date. not less than 3A days from the date the aotke b aaaBed to Iltorrowcr. by whkh such breach rotor be clued; sad (4) that tsilnre to rnre arch breach on or before the dMe specified in the ratke may result ie aeettktMba of the sowrs secured by fhb Mortgsge. foreclosure by jadkisl proceeding sad ssk of the Property. The notice shall tnrthtr inform Borrower of the right to rrirtstate after sccekratioa and the right to assert is the toreclosnre proceedbig e the aoa-existence of a defaok or say other defense of Borrower to accekratiou and foreclosure. It the breach b sot cnrtd oa or before the date specified is the aotke. Lender at [.rnder's option may declare aq of the arms secured by ebb Mortgrt~e to be - immediately due sad paysbk witbont further demand and may foreclose fhb Mortgage by judkisl proceeding. i.ender shall - i be eatitfed to collect M snob proceeding aq expenses of foreclosure. iaclndittg. Met not f3mittd to. reasoaabk att~,rnr is fees. t sad costs of tiuc:~eeatary evidence. abstracts and title reports. 19. dorrown's Right to Reimtste. Notwithstanding Lender's accekradon of the sums secured by th,• Mortgage, ti Borrower shall have the right to have any proceed,ngs F,egun by Lender to enforce this Mortgage discontinued at any time 3 SOfRiK JVU PACE~s6z - ~