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HomeMy WebLinkAbout1224 Lender's written agreement or applicable law. Borrower shall pay the amount of III mortgage insurance premiums in the , manner provided under paragraph 2 heroof. Any amounts disbursed; bj? Lender pursuant to This paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secut+od by this Mortgage. Unless Borrower and Lender agree to other terms of payment; such amounts shall be payable upon notice from Ixnder to Borrower requesting payment thereof, and shall bear 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 bear interest at the highest rate permiasibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expanse or take any action hereunder. 8. Inspection. lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that i.ender shall give Borrower ndK•e prior to any such inspection specifying reasonable cause therefor related to Lender'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 therrnf, or for conveyance in lieu of condemnation, are hereby assigned and wall be paid to Lender. 1n the event of a total taking of the Pmpeny. the proxeeds 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 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 b}• Borrower, or if. after notice by Lender to Borrower that the condemnor of[ers 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 restoration or repair' of the Property or to the sums secured by this Mortgage. Unless lender and Borrower otherwise agree in writinc. an}• 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 • wch installments. 10. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to an}• stecccesor in interest of Borrower shall not ope~atc to release. in any manner. the liability of the original Borrower and Borrowers successors in interest. lender shall not he required to commence proceedings against such successor or refuse to extend time for payment or otherw•ice modify amortization of thr sums secured by this Mortgage by reason of and demand made b} the original Borrower and Borrowers strccecsors in interest. 11. Forbearance by Lender Not a Waiver. :~m~ forbearance by 1-ender 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 h}• this Mortgage. 12. Remedies Cnmulatire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently, independently or suc~:essively. ' 13. Saccessors and Assigns Bound:.loint and Several i.iability; Captions. The covenants and agrcemen•s 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 join} and several. 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 hergc?f. 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 he given h}• mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addres. as Borrower ma}• designate by notice to Lender as provided herein. and (h) 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 ma}• desi¢nate b}• notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I_cnder when given in the manner designated herein. 15. Uniform Mortgage: Governing law: Severahilif}•. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h} jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall he governed h}• the law of the jurisdiction in which the Property is located. In the f event that any provision or clause of this Mortgage or the Note rnnflicts with applicable law, such conflict shall not af[ect other provisions of this Mortgage or the Note which can he given effect withrna the conflicting provision, and to this ! end the provisions of the Mortgage and the Notc arc .k-stared to he severable. 16. Borrower's Copy. Borrower shall tx- furnished a conformed cop} of the Note and of this Mortgage at the time of execution or after recordation hereof. i 17. Transfer of the Property; Assumption. if all or an}• part of the Property or an interest therein is sold or transferred $ by Borrower without Lender's prior wriurn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase m~mrv security interest for household appliances. (cl a transfer by devise. descent or by operation of law• upon the death of a joint tenant or (d? the grant of any leasehold interest of three }•cars or less j not containing an option to purchase. Lender ma}•, at 1-ender's option, declare all the sums secured by this Mortgage to he immediately due and payable. Lender shall have Nrived such option to accelerate if. prior to the .ale or transfer. Lender and the person to whom the Property is m he :ol.l 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 as l.cnder shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Bortower•s succexsor in interest has executed a written assumption agreement accepted in writing by i.ender, 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 ith paragraph 14 hereof. Such notice shall provide a pericxl of not less than 30 days from the date the notice is mailed within 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 tR hereof. a Noty-UNIFORM Covt=_tv~Nrs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, includittg the covenants to pay when due any sums secured by this Mortgsge. i.ender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof sptcifyi~: (1) the breach; (2) the ad'an ~ 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 must be cared; sad (4) that failure to cure such breach on or before the date specified in the notice may result in i acceleration of the snn~ secured by this Mortgsge. foreclosure by jndieial proceedittg and sale of the Property. The notice ~ sha8 fnrWer inform Borrower of the right to reinstate after sccekratan and the right to assert in the foreclosure proceeding g the non-ex6teace of a defauN or any other defense of Borrower to acceleration and foreclosure. If the breach is rat cnntd on or before the date specified in the notice. Lender at Lender's option may declare a8 of the runts srcnred by this Mortgtge to be tcid roceedint;. Lender shall immediately due and paysble without further dem:,nd and may foreclose this Mortgage by jud' p - be eudtled to collect in sash proccedtuK a0 expenses of foreclosure, indndiag, bat not limited to. reasonable ~taxnr;'s fees. - and costs of wrc~~tentary evidence, abstracts and title reports. 19. Botrnown's Right to Reinstate. Notwithstanding tenders acceleration of the sums secured by thr M.~rtgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at an}• time ~ i ~ - B^Gw 308 ~acE 1224 =3 ~