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HomeMy WebLinkAbout1277 , : Lender's written agreement or applicable law. Borrower ahali pay the amount of all mortgage insurance poeWwrta 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 scoured 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 from the date of dasbursemrnt at the rate payable from time to tithe on outstanding principal under the Note unless payrnatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate petmissibk under applicable law, Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. >s. isaspectiors. Lender may make or cause to be made reasonable entries.ttpon and inspeMions of the Property, provided { that lender shall give Borrower notK-e prior to any such inspection specifying reasonable cause therefor related to Lender's I interest in the Prolxrty. 9. Cost~demastiioss. 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 Properly. 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 Lertdgr ~ otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceer- as is equal to that proportion which the amount of the sumo secured by this Mortgage immediately prior to the date ref taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the procee.ls paid to Borrower, t If the Property is abandoned by Borrower, or if. after notice by i_ender to Borrower that the condemnor oRen to mate 1 an award or settle a claim for damages, Borrower fail. to respond to Lender within 30 days after the date such notice is i mailed, Lender is authorized to rnllect and apply the proceeds. at Lenders option, either to restoration or repair of the E Proptny 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 fender to any successor in interest of Borrower shall not operate to release, in any manner, i the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to rnmmence j 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 interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by i.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. j The procurement of insurance or the payment of taxes or other liens or charges by Lender shall .not be a waiver of Lender's t right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulatire. 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 AssiRsas Bound:.joint and Several I.iabr'lity; 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 and agreements of Borrower shall be joirll 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. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addres, as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall be given by 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 be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governirs~ Law; Severabilitp. This fotm of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations M• 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 _ i other provisions of this Mortgage or the Note which ern be given effect without the conflicting provision, and to this E end the provisions of the Mortgage and the 'Note arc declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the tune a E of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or arty part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a purchase m~~nej• security interest for household appliances, (cl a transfer by devise, r descent or by operation of law upon the death of a j~nnt tenant or (dl the grant of any leasehold interest of three years or less not containing an option to purchase. Lender 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 t~~ tie so1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa)•able on the sums secured by this Mortgage shall be at such rate as Lender shall request. If i_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower i successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. r if Lender exercises such option t~ accelerate, Lender shall mail Borrower notice of acceleration in accordance ti ith 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 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 18 hereof. Note-Utvtt=coat COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Accekratioo; Remedies. Except ss provided in paragraph 17 hereof, upon Borrower's breach of nay coreaant or sgreement of Borrower in this Mortgage, including the cotenants to pay when due soy sours secured by this Mortgsge. Lender prior to acceleration shall mail notice to Borrower ss provided is paragraph 14 hereof specifying: (I) the breach; (2) the action i required to care snob breach; (3) a date, not less than 30 days from the date the ootke is mailed to Borrower, by which such ~ breach mmt be cured; and (4) that failure to care such breach on or before the date specified is the notice rosy resdt is sccekration of the auras secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate steer sccekration and the right to assert is the foreciosnrr ptroceediag else rwa-existence of a defsuk or asy other defense of Borrower to sccekratioa and foreclosnrr. If the breach is toot eared oe or before the date specified is the notice. Lender at Lender's option may dtcbare aq of the sums secured by this Mortgage to be ~ immediately due grad paysbk without further demand and may foreclose this Mort~ge by judicial proceeding. i.ender dtatl Abe eoBtkd to collect it web proceeding all expenses of foreclosure. includisag, but got limited to, reasonable attorne-r's fees. _ asad costs of wrco~aeatary erideoce, abstracts and tick reports. 19. Borrower's Rlgbt to Reinstate. Notwithstanding (.enders acceleration of the sums secured by thr Mortgage. Borrower shall have the right to have any proceedings begun ~y Lender to enforce this Mortgage discontinued at any time B00!(JU8 PACE1~ / I r. _ - ~ _ _ _