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HomeMy WebLinkAbout1422 f j ` k Lender's written agreement or applicable law. Borrower shall pay the amoiin~~of all mortgage insurance premiums in tht 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. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting paY nncithlreunde the Note unl paymenttof s date of disbursement at the rate paygblt ~to(n 4tn~ to time on outstanding p pa interest at such rate would be contrarf to ap kabb law, in which event such amounts shall bear interest at the highest rate permissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take e any action hereunder. s 8. inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided ' that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's a interest in the Property. - 9. Coademaatba. 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. red to the sums secured h this Mort age. Y g IA the event of a total taking of the Property, the proceeds shall be appl' with the excess, if any, paid to Borrower. Tn 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 tha proceeds as is equal to that proportion which the amount of the sums secured by thi at~of tale n rmwith the balance of the p atroceeds ~ taking bears to the fair market value of the Property immediately prior to the d e 8 paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor often 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 agl ments refergred t in paragraphs 1 oand 2oc hereotf or change the amount of or postpone the due date of the monthly costa 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 Lender 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 interest. Lender shall not be required to commence 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 Borrower's successors in interest. I1. Forbearance by Lender Not a R~dver. Any forbearance by Lender 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 Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 1Z. Remedks Cumulative. 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. Captions. 'Tire covenants and agreements herein 13. Snccessors and Assigns Bound: Joint and Several T.iability; 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 joint and several. The captions and headings of the paragraphs of this Mortgage arc 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 address as Borrower may designate by notice to T.cnder as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Tenders 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 dcemed to have been given to Borrower or Lender when given in the manner designated herein. l5. Uniform Mortgage; Goverairrg Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of tfre 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 other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. • 17. Trarufer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred f by Borrower without Lenders prior written consent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of iaw upon the death of a joint tenant or (d) 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 to be sold 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 Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor rn j interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all T obligations under this Mortgage and the Note. - If Lender exercises such option to accelerate. 1_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 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 hereo . - Nort-UTIIFORM COVENANTS. Borrower and Lender further covenant and agree as~nlloo ~s breach of any covenant t!r 'J 18.. Accekratbo; Remedies. Except a provided is paragraph 17 hereof, opoo agreement of Borrower is this Mortgage, iacludiog the covtaanh to pay when doe nay arms scented by this Mortgage, Lender prbr to accekntion shall maB notke to Borrower as provided in partignph 14 hereof specifying: (1) the breach; (2) the action ' wbkb soc6 ~ required to care such breach; (3) a date, not less than 38 days fratm the date the aotlce is mailed is tbe~ootice racy turtle in breach mast be cargd; and (4) that failure to cure sorb breach on or before the die aed of the property. 'Itie notice accderation of the sums scented by this Mortgage, fureclosnre by jadicial proceednK sbaB fnrtber inform Borrower of the right to reinstate meter accekntion and the right to assert in the foreclowre p ibe non-existence of a defaok or nay other defense of Eorrower to accekntbn and foreciowte. If the breach is not cored ~ or before the date specified in the adke, Lender at Lender's option may declare dl of the soma secured by this Mortgage immedr<ately due and payable witboot further demand and may foreclose this Mortgage by jl~~ P ~O~ s6aU 6e entitled to collect in secb proceedn°g atll expeasa of foreclosure, including, but not Umited to, tKasooabk attorney's tea, and cods of documentary evidence. abdracb and tkk roporb. 19. >lorrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time BOOK ~S PAGE -