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HomeMy WebLinkAbout1651 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums 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 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 payment thereof. and shall bear interest from the date of disbursement at the rate payable froih titrtt: to titre on attstanding 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 7 shall require Lender to incur any expense or take any action hereunder. 8. Iospcctiow. 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. j 9. Condemnatbn. The proceeds of any award or claim for damages, direct or consequential, in connectan with any i condemnation or other taking of the Property, or part thereof, or for tx~trveyance in lieu of condemnation, are hereby assigned and stall be paid to Lender. t 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 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 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 [.ender within 30 days after the date such notice is mailed. [.ender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the • Pmrerty or to the sums secured M• this Mortgage. . Unless 1_ender 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 inslahments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by i.ender M any successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Bc?rmwer c successors in interest. Tender shall not he 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 ant• demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forhearancr 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 he a waiver of Lender s right to accelerate the maturity of the indeMedness srcurcd by this Mortgage. 12. Remedies Cnmulati~e. All remedies provided in this Mortgage arc distinct and.crrmulative to any other right or remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently, independently or successively. 13. Successors and Assigns Bound: Joint and Several i.iability; Captions. The covenants and agreements herein contained shall bind, and the rights hen:rrnder shall inure to. the respective successors and assigns of i_ender and Borrower. subject to the provisions-of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir>J and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not fo he aced to interpret or define the provisions hereof. 14. Notice. Elecept 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 Sormwer at the Property Address or at such other addrres as Borrower may designate by notice to lender as provided herein. and (bl any notice to Lender shall he given by certified mail. return receipt requested. to [.enders address stated herein or to such other address as [.coder may designate by notice to Sormwer as provided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Sormwer or lender when given in the manner designated herein. 15. Uniform MoriRage: Governing [aw: Severability. This form of mortgage combines uniform covenants for national use and non-uniform rnvenantc with limited variations be jurisdiction to rnnstitute 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 effect I other provisions of this Mortgage or the Note which can be given effect withora the conflicting provision, and to this E end the provisions of the Mortgage and the ?Vote arc itcclared to be severable" 16. Borrower's Copy. Borrower shall br furnished a rnnformed cop} 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}• pan of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding sal the creation of a lien or encumbrance subordinate to ~ this Mortgage. Ib) the creation of a purchase monrv securit}• 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 e not containing an option to purchase. I_endPr may. at Lender's option, declare all the sums secured by this Mortgage to I+e immediately due and payable. Lender shall have w:uvrd such option to accelerate if. prior to the tale or transfer. I-ender j and the person to whom the Property is to be :ol.l 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 i.ender ~ shall request. If i.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower ti wccessor 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. A If Lender exercises such option to accelerate. 1_ender shall mail Borrower notice of acceleration in accordance s. irh s 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 IS hereof. Norv-UrvrFOant Covetv~HTS. Borrower and lender further covenant and agree as follows: 18. Acceleratao; Remedies. )Except m provided in paragraph 17 hereof, upon Borrower's breach of any corensnt or agreement of Borrower io this Mortgage, including the covenants to pay when doe any sums secured by this Mortgage. I.endcr 3 prior to accekratioo shall mail notice to >dorrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to core such breach; (3) a date. not lei than 30 days from the date the notke is mailed to >dorrower, by which such bresch most be cored; and (4) that failure to cure snch brescb on or before the date specifed in the notice may result in acceleration of the snrrss secured by this Mortgage. toreclosurr by judicial proceeding and sale of the Property. The notice shall further inform Eorrower of the right to reinstate after acceleration and the right to assert is the- forecksure proceeding s the non-esistence of a default or any other defense of Borrower to acceleratkn and foreclosure. If the breach is not cnrrd on or before the date specified in the notice, Lender at Lender's option may declare aB of the snras secured by this MortRafe to be immediately due and paysbie without further demand and may torecbse this Mortgage by judicial proceeding. i.ender shall be entitled to collect in such proceeding aM a:perrses ref foreclosure. including, hot not limited to. reasonable atl~,rncv's fees. and costs of uuc~~oentary evidence. abstracts and Iitk reports. a 19. >Rorrowe~'s Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by thi• M.~rtgage. Borrower shall have the right to have any praceed~ngs begun ~y [.ender to enforce this Mortgage discontinued .rt any time • g~k~3U8 ~~~165i F d d ~ _ ~.gx - =tom f" . ,e