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HomeMy WebLinkAbout0146 s : j l.ender's written agreement or applicabie IAw•. Burrower shall pay the amount of all mortgage insurance prcmiums in the manner provided under parag~aph 2 hereot. Any amounts~disbu~sed by ~eoder pursuant ta this parag~aph 7, with interest thercon, shall become additional inJebtedness of Bdrtower secured by this Mortgage. Unless Borrower and I.e~Jer agree to other terms of payment, such amounts shall be pa~~able upoo notice from I.cnder to Borrower requesting payme~t thereof,'and s'hall bear interest_from the Jate of disburseme~t at the rate payable from time to time on outstanding principal under the Note unlcss payment of interest at such rate would be contrary to applicable law, in which eveot such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall requiro Lender to incur any expense or take any action hereunder. 8. ' iaspecHoa. Lende~ may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shap give Borrower notice prior to any such inspection specifying reaso~able cause therefor related to Lender's interest in the Properly. 9. Coademaalbn. The proceedx of any avrard or claim for damages, direct or co~xquential, in connectio~ with any condemnation or other taking of the Propeny, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to I~nder. In the event of a total taking of the Propeny, the proceeds shall t~e 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 I.ender otherwise agree in v?riting. there shall be applied to the sums secured by this Mortgage such proportion of the ptoceeds as is equal to that proporlion 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 Bo~rower. if the Property is abandoned by Borrower, or if, after notice by Lender 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 praceeds, at I_ender's option, either to restoration or repair of the Property or to the sums secured by this Mongage. - • Unless Lender and Borrower otherw~ise 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 sccured by this Mortgage granted by 1_ender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in interat. i_e~der shall not be required to commence proceedings against such successor or refuse ta extend time for payment or othervvise modify amortization of the sums secured by this Martgage by reason of any demand made by the ori¢inal Borrower and Borrower s successors in interest. ll. Forbearance by Lender Not a Walver. Any forhearance by I.ender 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 I.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy 1his.Mortgage. ~ l2. Remedles Cnmulative. 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 concurrenUy, independendy or successively. 13. Snccessors and Assigns Bound; 7oint and Sereral i.iability; Captions. 'il~c covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borcower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shaU be joint and several. The captions and headings of the paragraphc af this Mortgage are for convenience only and are not to be used to interarei or define the provisions hereof. - 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail ~ddressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to t.ender as provided herein, and (b) an~~ notice to Lender shall be given by certified mail, reuim receipt requested. to I.ender s address stated herein or to ' such other addresc 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.ender when given in the manner designated herein. i l5. Uniform Mortgage; Governin~ Law; Severabilify. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited varialions by jurisdiction to constitute a uniform security instrument covering ` real property. This Mortgage shall be gov~rned by the law of the jurisdiction in which the Property is located. In the ! event that any provision or clause of this I?4ortgage or the Note conflicts with applicable law, such conflict shall not af[ect F uther provisions of this Mortgage or the Note w~hich can be given effect without the conflicting provision, and to this F end the provisions of the Mortgage and the Note are declared to be severable. ' 16. Borrowe~s Copy~. Borrower shall be furnished a conformed copy o~ the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ` 17. Transfer of t6e Property; Assumption. If atl or any part of the Property or an interest therein is sold or transferred by Borrower without Lender s prior written consent, excluding (a) the creation of a lien er encumbrartce subordinate to i this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a jaint tenant or (dl the grant of an}• leasehold interest of three years or less s not containing an option to purchase, Lender may, at Lender'c option, declare all the sums secured by this Mortgage to be ; immediately due and payable. Lender shall have waived such aption to accelerate if, prior to the sale or transfer, Lender ~ and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person t is satisfactory te Lender and that the interest payable on the sums secured b~• this Mortgage shall be at such rate as Lender ? shall request. 1f Lender has waived the option to-accelerate provided in this paragraph 17, and if Bortower's successor in interest has executed a written assumption agreement accepted in writing by Lender, I_ender shall release Borrower from all ~ obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. I.ender shall mail Borrower notice of acceleration in accordance with ~ 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 dcie. If Borrower fails ro pay such sums prior to the expiration of such period, ~ [.ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. , ~ Notv-UrriFORt~t CovErv~tv'rs. Borrower and Lender further covenant and agree as follows: ; 18. Acctleratbn; Remedies. Eacept as provided in paragrap6 17 hcreof. upoa Borrowe~s breac6 of aay coveoant or ' agreement of Borrower in t6ts Mortgage, lncluding the corenants to pay when dne any sums secured by this Mortgage, Lender ~ prior to,acceleratioa s6a11 mail notice to Borrower as pmvided in paragraph l4 hereof specifying: (1) t6e brcac6; (1) the action requlred to cnre soch bresc6; (3) a date, not less than 30 dsys from the date t6e notice b mafled to Borrower, by whkh soch breacb must be cored; and (4) that fallure to cure such bnach on or before !he date specl6ed in tLe notice nuy raolt in accderatioa of t6e sun~s secnred by t6~ Mortgage, foreclosun by judicial proceedio; and sak of the Property. 'ILe notiee ~ shdl furt6er inform Borrower of t6e right to reinstate after accekration and t6e rig6t to at~ert io the forecbsor+e proceediu` - tbe noo-ez~steoce of a defank or aay otlier defense of Borrower to accelerstion and foreclosnre. If t6e brtach i~ oot cared on or before tLs date speci6ed in the aotice, Lender at Lender's option may declare all of the su~as secored by t6is Mort6a`e b be ~ immcdiatdy dae and payabk wit6out further demaad and may foreclose thb Mortgage by judkW proceedin`. Lender shall _ ~ be eotitled to colkd ln suc6 proceediog s~U e:penses of torecbsnre, including, but not limifed to, reawnabk attoraty's fea, ` and costs of docomentary evidence, abstncts aad titk reporta. ; 19. Borrower's RT~bt to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. : Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time . . . s~~'~ 308 ~a~: 146 ~ ~ ~ , ~ ~ r . _ ' . . . ~ . ..,r