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HomeMy WebLinkAbout2106 Lender's written agreement or applicable law. Borrower shalt pay the amount of all mortgage insuratce premiums in the . manner provided under paragraph 2 hereof. Any amounts disbUrspiib~ Cattier pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secUrcd by this Mortgages Unless Borrower and Lender agtec to other terms of payment. such amounts shall be payable upon notice from Lender Io Borrower requesting payment thereof, and shall bear interest ftntn 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 me petmissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspectiat. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower rtotire prior to any such inspection specifying reasonable cause therefor relatod to Lender's interest in the Property. 9. Condemrwfbn. 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 s`rall be paid to Lender. In the event of a total taking of the Property. the proceeds shall tx 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 Linder ' 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 proportic,n 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 oftaking, with the balance of the proceeds paid to Borrower. If the Property is ahandoned 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 lender within 30 days after the date such ne~tice 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 Alartgage. Unless tender and Borrower otherwise agree in writine. 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 of modification of amortization of the sums secured by this Mortgage granted by Lender tr• any ciiccecsar in interest of Borrower shall not ope*ate to release, in any manner. the liability of the original Borrower and Borrower ~ 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 am• demand made by the arieinal Borrower and Borrowers successors in interest. ll. Forbearance by Lender I\ot s Wainer. :1ny farhearancc by Lender 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 he a waiver of Lender's right to accelerate the maturity of the indebtedness secured M• this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law ar equity.:ind may he exercised concurrently, independently or successively. ' l3. Successors and Assigns Bound:.loint and Ses~eral Liability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall imire 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 fairy 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 hrrrnf. 14. Notice, Except for any notice rcyuircd under applicat+le law to be given in another manner, (a) 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 ar at aich other address as B~.rn,wer rosy designate by notice to Lender as provided herein, and (h) any notice to Lender shall he gi+rn by certified mail, return receipt requested. to Lenders address stated herein or to such other address as Lender may designate h}• n~tirc tr• Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Harrower or 1_ender when given in the manner designated herein. IS. Uniform Mortgage; Governin>r Law; Ses•erabilih•. 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 tx: governed hs• tits law of the jurisdiction in which the Property is located. In the event that any provision ar clause of this Martg:rgr or the Note rnnflicts with applicable law. such conflict shall not affect _ other provisions of this Mortgage or the Note which ran be given effect without the conflicting provision, and to this end the provisions of the Alortgagc and the tiutc arc Jcclarcd to he severable. 16. Borrower's Copy. Borrower Shall he furnished a rnnlarmcd copy of the Note and of this Mortgage at the time of execution or after recordation herrnf. 17. Transfer of the Property: Assumption. If all ~•r any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinen ~unscnt. rxrluding (a) the creation of a lien or encumbrance su!?ordinate to this Mortgage, (h) the creation of a purchase m+mes~ securits• interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a j~ant tenant ar (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 I immediately due and payable. 1_ender shall base ++-awed such option to accelerate if, prior to the tale or transfer. Lender and the person to wham the Property i. t~~ t+c sat.l ar erancferred reach agreement in writing that the credit of wch person is satisfactory to Lender and that the interest payable an the sums secured by this Mortgage shall be at such rate ac Lender _ F shall request. 1f i.ender has waived the option to accelerate provided in this paragraph 17, and if Harrower i successor in E 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 Notc. ~ If Lender exercises such option M accelerate. Lender .hall mail Borrower notice of acceleration in accordance s.ith j paragraph 14 hereof. Such notice shall provide a period of not Iesc 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 ar demand on Harrower. invoke any remedies permitted by paragraph 18 hereof. I Norv-UNIFORM Covetv~tv7s. Harrower and lender further covenant and agree as follows: i E 18. Acceleration; Remedies. Except as provided in paragraph 17 6ercof, upon Borrower's bresch of any covetmant or agreement of Borrower in ibis Mortga);e. including the covenants to pay when due any soma secured by this Mortgage, Lender prior to sccekntion shall mail notice to Borrower as provided in paragraph 14 hereof specityios: (1) the brrsch; (2) the sct'an required to care such breach; (3) a date. not less than 30 days from the date tbt notice is mailed to Eorrower. by which sorb breach must be cared; and (4) that failure to cure such breach on or before the dste apec~ed is the notice may result in accekntion of the sums secured by this Mortgage. toreclosure by judicial proceeding and sslt of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecbsurt proceeding ; the rwn-a:istcnce of a defauk or any other defense of Borrower to acceleration and forecbwrt. if the breach is not cored oa E or before the date specified in the notice, lender at l.rnder's option may declare all of the snms secured by this Mortgge to be immediately due sod payable without further demand and may foreclose this Mortgage by judicW proeetdiaR. Lender shall K be entitled to collect in such proceeding all expenses ref foreclosure, including. Met oot iimited to, reasonable ata,rnr•r's fees. and costs of riuco!nentary et-idence. abstracts and title reports. j 19. iliormwer's Right to Reinstate. Notwithstanding tender's acceleration of the sums secured by this M.~rtgage, ~ Borrower shalt have the right to have any proceedings begun %+y 1_ender to enforce this Mortgage discontinued at any time FC~rt JO8 P~Cf i -