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HomeMy WebLinkAbout2575 l.endrr's written agreement or applicable law. Borrower shalt 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 h1(iirtbage. Unless Borrower and_ Lender ague to other terms of payment, such amarnts shall he payable trpan erotica from Lender to Borrower reyeresting payment thereof, and shall hear interest from the date of disbursement at the rate payable from time 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 hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require fender to incur any expense or take any action hereunder. 8. laspectioa. 1_ender may make or cause to he made reasonably entries upon and inspections of the Property, provided that lender shall give Borrower Holier prior to any such inspection specifying reasonable cause therefor related to Lender's intrust in the Property. ' 9. Condemnation. The.procreds of any award or claim for damages. direct or conuquyntial, in connection with any condemnation or other taking of the Property, or part therrnf, or for conveyance in lieu of condemnation, are hereby assigned anti s:call by paid to Lender. In the event of a total 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 thy event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall he applied to the sums secure) h}• this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums ucured by Chic Mortgage immediately prior to the date of taking bears to the fair market valor of the Property immediately prior to the dale of taking, with the balance of the proceeds paid to Borrower. if the Property is ahandonyd by Bor: owrr. or if.:?fter Holier by [ ender to Borrower that the condemnor offers to make an award or settle a claim for damages. B?~rmwrr fajl. to rrsxnd to Lender within i0 days after the date such notice is mailed, I_rnder is authorized to collyct and apply the proceeds, at Lender's option, either to restoration or repair of the Proecrty or to the sums secured M• this Mortgage. Unless !.ender and Borrower othyrw•ise agree in wrihne. any such application of prcxreds to principal shall not extend ;?r posepvne the due date of the monthly inct:dlments referred to in paragraphs 1 and 2 hereof or change the amount of sash installments. 10. Harrower Not Released. Extension of the time for payment of modification of amortization of the sums secured by this Mortgage granted by 1 ender to ans• cuccyccor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Bormw•rr's successors in interest. Lender shall not he required to commence proceedings against such successor or refuse to attend time for payment or othenvisr modify amortization- of the sums secured by this Mortgage by reason of am• demand made hs the oririnal Borrower and Borrower's successors in interest. 11. Forbearance by fender Not a Waiver. Am' forhrarancr M• Lender in exercising am• right or remedy hereunder. or otherwise afforded by applicable law. shall not hr a waiver of or preclude the exercise of an}• such right or remedy. The procurement of insurance or the payment of farce or other liens or charges by l.endrr shall not by a waiver of Lender s right to accelerate the maturity of the indehtrdnecs crcurcd M• this Mortgage. 12. Remedies Cnmulatire. Alt remedies provided in chic 1liortgage are distinct and cumulative to an}• other right or remedy under this Mortgage or afforded by law or ryuity.:md may he r~rrcised concurrently. independently or suc~_ecsivrly. 13. Successors and Assigns Hotrod: Joint and Sereral liability; Captions. The covenants and agrremen~s herein contained shall bind, and the rights hercundrr shall inure to. the rrcpectivr successor and assigns of Lender :reed Borrower. subject to the provisions of paragraph 17 hereof. All covcn:?nts and agreements of Borrower shall he joiru and several. The captions and headings of the paraer:?phs of chic Mortgage arc for conveniency only and are not to he used to interpret or define the provisions hereof. 14. Notice. Except for any notice uyuired under :?pplicahlr law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall hr given h}• mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mas~ designate by notice to I.endrr as provided herein, and (h) any notice to [.ender shall hr given by certified mail. return receipt reyuested. to Lenders address stated herein or to such other address as Lender may drsienatr M• notice to Borrower as provided herein. Any notice provided for in this Mortgage shall he deemed to have been gn•rn to Borrower or Linder when given in the manner designated herein. 15. Uniform Mortgage: Governing Law: Seserabilih•. This kirm of mortgage combines uniform rnvenants for national use and non-uniform covenants with limited variations by jurisdiction to rnnstin?te a uniform security instrument covering real property. This Mortgage shall by grn•rrnrd M• the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage nr the Notr conflicts with applicable law. such conflict shall not affect ~ other provisions of this Mortgage or the Notc which can be given effect witho?a the conflicting provision, and to this E end the provisions of the Mortgage and the ~otr arc Jeclarrd to he severable. 16. Borrower's Copy. Borrower shall fx furnished a conformed cop} of the Note and of this ;Mortgage at the time of execution or after recordation hereof. s 17. Transfer of the Property: Assumption. if all ?u ans part of the Property or an interest therein is sold or transferred by Borrower without l_rnder's prior written concept. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (hl the creation of a purchase m,~nev security interest for household appliances. (c)r transfer hs• devise. a descent or by operation of law upon the death of a io~nt tenant or (d? the grant of any leasehold interest of three years or less 1 not containing an option to purchase. I ender may. at Lender's option. declare all the sums secured h}• this hlortgagr to he immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or transfer. Lender t and the person to whom the Property is to he sol.l or trans(rrud reach agreement in writing that the credit of such person is satisfactory to Lender and that the intrust pa}•ahlr on the toms secured by this Mortgage shall he at such rate ac Lender t shall request. If Lender has waived the option to acceler.te 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 Borrower from all a obligations under this Mortgage and the Note. If Lender exercises such option t~ accelerate. Lender shall mail Borrower notice of acceleration in acrnrdancr ~+irh 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 (ails to pay such sums prior to the expiration of such pen?xI. Lender may, without further notice or demand on Florruwer. invoke any remedies permitted by paragraph I R hereof. x Norr-Utvtrorent COVENANTS. Borrower and Lender further covenant and agree as follows: ` l8. Acceleration; 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 this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach: (2) the action " required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such breach most be cored; sad (4) that failure to cure such breach on or betorc the date specified in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding acrd 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 proceedirt6 the non-existence of a defauM or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgafe to be immediately due and payable without further dem:?nd and may foreclose this Mortgage by judicial proceedirtq. I.endrr shall x be entitled to collect in such proceeding all expenses of foreclosure. including, but rat United to. reasonable auurne:'s fees. and costs of wrco~trentary evidence, abstracts and tick reports. _ 19. Borrown's Right to Rinnstste. Notwithstanding Lender's acceleration of the sums secured by the Mortgage. Borrower shall have the right to have any proceedings txgun w lender to enforce this Mortgage discontinued ~t am' time ~ccrr 3U7 ra~~2574 - - a