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HomeMy WebLinkAbout2557 !.codex'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 amottnis disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. 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 ft+om the date of disbursement at the rate payahM from tune 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 permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or fate any action hereunder. 8. inspection. fender 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 Leader'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 of the Property, or part thereof, or for conveyance in lieu of condemnation, are 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, 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 secttrrd 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 date of taking, with the balance of the proceeds paid to Borrower. ~ if the Property is abandoned by Borrower, or if. after notice by [.ender to Borrower that the condemnor offers to make ' 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 ratoration or repair of the ' Properly 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 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 Mortgage granted by I.cnder to any successor in intcrect of Borrower shall not operate to release, in any manner. the liability of the original $orrower and Borrower's 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 intcrect. 11. Forbearance 6y Lender Not a Waiver. Any forbearance by Lender 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 this Mortgage. 12. Remedies Camulative. 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 Borrad; .Joint acrd Several Liability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender nerd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirW 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, fa) any notice to Borrower provided for in this Mortgage shall he 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 [.ender 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 by notice to Borrower as provided herein. Any notice provided for in this Mortgage 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 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. 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 Nute which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc ~Ieclared 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. 0 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred € by Borrower without Lender's prior wrinen cancent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase moncs• security interest for household appliances. (c) a transfer by devise. s 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, [.ender 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 :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 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 fender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, 1_ender shall mail Borrower notice of acceleration in accordance s~ith f paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within y 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 1R hereof. t Note-UNrt=oteut Covt:rr~Nrs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided is paragraph 17 hereof, apoa Borrower's breach of nay covertaat or _ agreement of Borrower is this Mortgage. including the covenants to pay when dae any sours secured by this Mortgage. Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach: (2? the action required to care such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such g breach must 6e cared; and (4) that failure to cure such breach on or before the daft specified is the notke may result is acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice t shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceedir~ the non-existence of a defauM or any other defense of Borrower to acceleratbn and foreclosure. If the breach is cwt cured on or before the date specified is the notice. Leader at tender's option may dechtn all of the sums secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortarr6e by judicial proceeding. Lender shall ~ be entitled to rnllect in such proceeding aB expenses of foreclosure, includirrt, but not limited to, retisoaabk att~,rney's fees, ~ and costs of documentary evidence, abstracts sad title reports. 19. Borrower's Right to Reir~tste. Notwithstanding Lenders acceleration of the sums secured by this M,~rtgage, Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time . r k~ 307 ra~~ 2556 t