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HomeMy WebLinkAbout1645 , ~ ~ ~ ' Lender's written agreement or applicable law. Borrower shalt pay the amount of all mortgage insurance premiums in the manner provided unckr paragraph 2 hereof. Any atnounts disbursed by Lender pursuant to thu 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 ttMice from I.Mder to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from tune 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 permissible under applicable law. Nothing~contained in this paragraph ~ shall require Lender to incur any expense or take any action hereunder. 8. lgspectiow. 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 interest in the Property. 9, Coedemnatioa. 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 stall be paid to i.ender. in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In Ibe 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 amatnt 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 Properly is abandoned by Bor:ewer, or if. after notice by lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fail. to rest and to Lender within 30 days after the date such notice is mailed. Lender is attthorized~to collect and apply the proceeds, at Lender's option, either to restoration or repair of the ProFerty or to the sums secured by this Mortgage. Unless lender and Borrower otherwise agree in w•ritrne. 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 tbe 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 :+nd Borrower's successors in interest. Lender shall not be required to rnmmence 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 succesw~s in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance M• 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 tares or other liens or charges by fender shall not be a waiver of Lender's right to acceferate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumuhtire. 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 rnncurrently. independently or successively. 13. Successors and Assigra Bound; .Joint and Ses•eral i.iaMlity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of 1_ender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir8 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. 13xcept for any notice rcyuired under applicable law to be given in another manner, fa) any notice to Borrower provided for in. this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addres, as Bc?rrower ma_v designate by notice to lender as provided herein. and (h) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders 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; Governing taw: 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 taw of the jurisdiction in which the Property is located. In the F event that any provision or clause of this Mortgage c?r the Note rnnflicts with applicable law, such conflict shall not 'affect .other provisions of this Mortgage or the Nc?te which can t?e given effect without the conflicting provision, and to this 4 end the provisions of the Mortgage and the Vote arc declared to be severable. 16. BorrowEr's Copy. Borrower shall t+e furnished a conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. 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 Lenders prior wrinen consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a purchase m~~nev security interest for household appliances. (c) a transfer by devise. descent or by operation of law upon the death of a jcnnt tenant or (d? the grant of any leasehold interest of three years or lest not containing an option to purchase. Lender may, at Lender i option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall has•c w:cis•ed acch option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to to :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 Lender shall request. If lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in i 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_ If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance ith . i paragraph 14 hereof. Such notice shall provide a period of not lest than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. tf Borrower faits to pay such sums prior to the expiration of such peri~xl. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph Ift hereof. Nosy-UNIFORM CovEtv~NTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. lg:ceps as provided in paragraph 17 hereof, upon Borrower's breach of soy covenant or agreement of Borrower in this Morigsge, includirgt the rnrenants to pay when doe say sums stcared by this Mortgage. [.ender prior to secekration shall mail notice to Borrower as provided in paragraph 14 bereot specityh~g: (1) the breach: (21 the action required to cnre snob breach; (3) a dsle, not less than 30 days from the date the twtice is mailed to Eorrower. by whkh such breach must fie cared; and (4) that failure to cure such breach on or before the date specified in the notke may result in acceleration of the sums secured by this Mortgage. foreclosure by judkial proceeding and sale of the Property. The notke shall further inform borrower of the right to reiastatc after sccekntion and the right to assert in the forecbsurc proceeding the non-existence of a detauk or any other defense of Borrower to acceleration sad foreciostrre. If the breach is not cared on i ~ or before the datw• specified is the notke. Lender at Lender's option rosy declare aN of the sums secured by thls Mortgs?e to fie ' immediately due sad payable withant further dem:,nd and rosy foreclose this Mortgage by jndicW proceeding. Lender shall be entitled to collect in snob proceeding afl expenses of foreclosure. incindirrg, hot not limited to. reasonable att.?rnr•r's fees. axed costs of wic~~oentsry evidence. abstracts and title reports. ~ I9. dormwer's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by thc~ M.~rtgage, $orrower shall have the right to have any proceedtngs begun ~y Lender to enforce this Mortgage discontinued at any time t U R ter, Boer 3U8 PaGE164~