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HomeMy WebLinkAbout2563 Lender's written agreement or applicable law. Borrower sha4 pay the amount of all mortgage Insurance premiums in 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 secured by this Mortgage. Unlecc Borrower and Lender agree to other terms of payment, such amounts shall Ire payable upon notice from Lender to Borrower requesting payment thereof, and shall hear interest from the date of disbursement at the rate payahle from time to time on attstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Tender to incur any expense or fate any action hereunder. 8. Inspeetbs. lender may make or cause to he made reasonahte entries upon and inspections of the Property, provided tFtat Lender shall give Borrower notice prig to any such inspection specifying reasonable cause therefor related to I_eoder's interest in the Property. 9. Condemnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Properly, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and stall he paid to Lender. in the event of a tot.tl taking of the Property. the proceeds shall he 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 he applied to the come sect+rcd by Chic Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums u-cured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propert}• immediately prior io the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Bor:ower. or if- after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Born+wer fails to resix.nd M lender within 30 days after the date such notice is mailed. i_end4r is authorized to collect and apph• the proceeds. at Lender c option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless 1-ender and Borrower otherwise agree in writine. 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 itstallments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sumc/secured by this Mortgage granted by Lender tc• am• cucceccor in inured of Borrower shall not opc~ate to release. in any manner. the liability of the original Borrower :+nd &~rmwer ~ successors in interest 1-ender shat! not be required to commence pn+ceedings against such successor or refuse 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 sucressors in interest. 11. )Forbearance by Lender Not a Waiver. Any fortxarancr h}• 1_rnder 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 taxes or other liens or charges by Lender shall not he a waiver of Lender s right to accelerate the maturity of the indebtedness secured by fhic Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under This Mortgage or atiorded by law or equity. and may he exercised concurrently. independentl}• or sua:ecsively. 13. Successors and Assigns Bound: Joint and Set•eral I.iabilify; 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 anti agreements of Borrower shall he joiry and ceveral- The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to he used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcyuircd under applicable law to bC given in another manner, fa) any notice to Borrower provided for in this Mortgaee shall be given h}• mailing wch notice by certified mail addressed to Borrower at the Property Address or at wch other address ac Borrower ma_v designate by notice to Lender as provided herein. and (h) any notice to Lender shall hr~gis•en M• certified mail. return 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 Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing taw; Se.erahility. This form of mortgage rnmbines uniform covenants for national use and non-uniform covenants with limited variatianc h~ jurisdiction to rnnstitirte a uniform security instrument covering real property. This Mortgage shall he governed by the law, of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortg:ge or the Note rnnflictc with applicable law, such rnnflict shall not affect other provisions of this Mortgage or the Note which can be given etiect without the conflicting provision, and to this end the provisions of the Mortgage and the V,.te are declared to he severable. 16. Borrower's Copy. Borrower shall he furnished a c+~nformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ 17. Transfer of the Propert~•: Assumption. If alt or am part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinen conxnt. excluding ta? the creation of a lien or encumbrance wbordinate to I this Mortgage. (h) the creation of a purchase m~mev~ security interest for household appliances. (cl a transfer by devise. s descent or by operation of law upon the death of a i+++++t tenant or (d+ the grant of am' leasehold interest of three },ears or lees - ~ not containing an option to purchase. Lender may. at Lender's option, declare all the sums secured by this Mortgage to be tmmediately due and payahle. Lender shall base vv:uved such option to accelerate if, prior to the sate ~r trancfcr. 1-ender and the person to whom the Property is a+ h< sol+l or transferred reach agreement in writing that the credit of wch person + is satisfactory to Lender and that the in!errst payahle on the sums secured h}• this Mortgage shall be at such rate as Linder ~ shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in j interest has executed a written assumption agreement accepted in writing by lender, lender shall release Borrowe: from all ~ obligations under this Mortgage and the Notr. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance ~+ith paragraph 14 hereof. Such notice sh:+ll provide a period of not lest than 30 days fromthe daft the notice is mailed within which Borrower may pay the some declared due. If Borrower fails to pay such cams prior to the expiration of such peri++d. Lender may. without further notice or demand on Borrower. +nvoke any remedies permitted by paragraph IR hereof. Nox-UtvtFOtewt Covey~sv-rs. Borrower and lender further covenant and agree as follows: I8. Acceleratan; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by th[s Mortgage. Lender prior to accekratioa shall mail notice to Borrower as provided in paragraph 14 hereof specityinR: (1) the breach; 121 the actan required to core snob breach; (3) a dale. not less than 30 days from the dste the notice is mailed to Borrower. by which such breach must be cored; and (4) Ihat failure to cure such breach on or before the date specified is the notice may result in acceleration of the sotto secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proctedirrg the non-existence of a dcfauk or any other defense of Borrower to acceleration and foreclosure. if the breach is riot cored on or before the date specified in the notice. Lender at Lender's option may declare a8 of the sntns secured by this MortRafe to be - immediately due and payable without further demand ::nd may foreclose this Mortgage by judicial proceedirtt;. fender shall be entitled to collect in such proceeding all expenses of foreclosure. including, but twt United to, reasonable aunrnr.'s fees, and costs of wicc:~rtentary evidence. abstracts and title reports. 19. Sorrowet't Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by the 41.+rtgage. - Borrower shall have the right to have any proceed+ngs hrgc+n ~v Lender to enforce this Mortgage discontinued at an}• time ge~~ 3Q7 Pace 2562 .