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HomeMy WebLinkAbout2683 . ' ~ 1 ~ ,t 'Lender's written agreement or applicabb law. Borrower shah pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. _ Any amounts disbursed by lender pursuant to tha paragraph 7, with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgages Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable 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 tune on outstanding principal under the Nate unless payment of interest at such me would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing rnntained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. g. Inspection. Lender may make c~ttie4o ~ made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice' to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9., Condemsstbn. The proceeds of any award or claim for damages, direct or consequential, in conttectan with any condemnation or other taking of the Property, or pare thereof, or for conveyance in lieu of condemnation, are hereby assigned and stall 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 amarnt of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Pmpcrty immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Properly is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor often to make an award or settle a claim for damages, &+rn+wer 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 PmFeny or to the sums secured by this Mortgage. Uukss lender and Borrower otherwise agree in v?•ritrnc. any such application of proceeds 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 ~ttch installments. 10• 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 ctrccecsor in interest of Borrower shall not operate to release. in any manner, tae liability of the original Borrower and &•rrowcr i succesu+rs in interest. [.ender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the wms secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not s Wainer. Any fnrf+earance 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 Csmuhttin. All reme<lies 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 s?ra:essively. • ~ 13. Successors and Assigns )sound; Joint ass Sereral I.iaM'lity; Captions. 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 jnirq and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be aced to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner. (a) 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 aher address as Borrower mess' designate by notice to Lender as provided herein, and (h) any notice to Lender shall be given by certified mail. return receipt requested. to lenders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for iri this Mortgage shall be deemed to have been given' to Borrower or lender when given in the manner designated herein. 15. Uniform Mortgsgr. CovernirrR law; Severabilitp. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations hs• juriuiiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed h~• the law of the jurisdiction in which the- Property is located. in the event that any provision or clause of this Mortgaee ar the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which ern t+e given effect without the conflicting provision, and to this end the provisions of the Mortgage and the !Vote arc declared to be severable. 16, Borrower's Copy. Borrower shall be furnished ~ conformed cope of the Notc and of this Mortgage at the time of execution or after recordation hereof. ! 17. Trassfer of the Property; Assumption. If all or an}• part of the Property or an interest therein is sold or transferred f by Borrower without Lender's prior writrrn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (hl the creation of a purchase m~~nev securiq• interest for household appliances, (c) a transfer h}• 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 t.ender'c option. declare all the sums secured by this Mortgage to be f immediately due and payable. Lender shall have waived such option to accelerate if, prior to the tale or transfer, fender F and the person to whom the Property is to l+e :ol.l or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the imerrst payable on the sums secured by this Mortgage shall be at such rate ac lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower: successor in interest has executed a written assumption agreement accepted in writing by [_ender, Lender shall release Borrower from all obligations under this Mortgage and the Note. i if Lender exercises such option to accelerate. Lender shall -mail Borrower notice of acceleration in acrnrdancr kith 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. It Borrower fails to pay such sums prior to the expiration of such pen.xl, I Lender may, without further notice or demand nn Borrower. invoke any remedies permitted by paragraph IR hereof. Nor-1JNIFORM Covt=_HxNrs. Borrower and Lender further covenant and agree as follows: i 18. Acederatios; Remedies. Excep ss provided is paragraph 17 hereof, epos Borrower's brt:ach of awy covesant or agreement of Borrower is this Mortgage. iacludirrg the corerwnts to pay whew due asy sams secsred by tbls Mortgage. Lender prior to acceleration shall maB notice to Borrower ss provided in Paragraph 14 hereof specifying: (1) the breach;/2) the action required to cure ssrcb breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach ®ust be cured; sad (4) that failure to cure such bresch on or before the date specked is the notice may result in acederalios of the was secured by this Mortgsge, torealosure by judicial proceeding ass sale of the Property. The notice shat! further infons Borrower of the right to reinstate steer accekratios ass the right to sssert is the foreclosuro pr+oceedisg the son-exktesce oft a default or any other defense of Borrower to acceleration and toreclosurr. It the breach is not cured os ~ or before the dste specified is the sotke. lender a1 l.rnder's option rosy declare aq of the sums secured by this Mortgages to be 1 immediately due and payable without further demand and rosy foreclose this Mortgage by judicW proceeding. Lender shall be estltkd to collect is sash proceeding sN a:penses .?f foreclosure, including, but not limited to, rcarossble attnrne,'s fees, r ass costs of wrct.~sestary evidence, abstracts ass title reports. 19. Bormwa's Right to Reinstate. Notw•ithstrnding Lender's acceleration of the sums secured by thr• Mortgage. ~ Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time ~ R ~6 vACEZ6 'v t g00K ~ ! u.r f,."; - r' i~ W