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HomeMy WebLinkAbout2125 s 4 Lender's written agreement or applicable law. Borrower shalt pay the amount oY 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 ague to other terms ui payment. such amounts shall be payable upon notice from Tender to Borrower requesting payment (hereof, and shall hear interest from the s date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of j interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require (.ender to incur any expense or take any action hereunder. 8. itsspectitHt. i.ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that (.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9, Condemnatbn. 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 i and stall be paid to under. In the event of a total taking of tbe Property, the proceeds shall be applied to the sums sccttred by this Mortgage, E 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 j as is equal to that proportion which the amount of the sums Secured by this Mortgage immediately prior Io the date of I taking bears to.tbe fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds i paid to Borrower. ~ , if the Property is abandoned by Bor:ow•er. 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 restx?nd to (.ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at (.enders option. either to restoration or repair of the Property ur to the sums secured by (his Mortgage. Unless Lender and Borrower otherwise agree in writtne. 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 pa}•ment or modification of amortization of the sums secured by this Mortgage granted by f ender to any successor in interest of Borrower shall not operate to release. in any manner. the liahiliq• of the original Borrower and Borrower's successors in interest. lender shall not be rcyuired to commence proceedings against such successor or refuse to extend time for payment or othen?•isc modify amortization of the sums secured by this Mortgage by reason of an}• demand made h}• the orieinal Borrower and Borrowers successors in interest. 11. Forbearance 6y Lender Not a Wainer. :1n} forbearance by Under in exercising any right or remedy hereunder. or otherwise afforded by applicable law. shall not he ;t 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 be a waiver of Lenders } right to accelerate the maturity of the indebtedness ucured h}• this Mortgage. , 12. Remedies Cumulative. All remedies provided in chic Mortgage are distinct and cumulative to any other right or ' remedy under this Mortgage or afforded by law or equity. anJ may rte exercised concurrently, independently or suc._essively. ' 13. Successors and Assigns Bound; .loint and Several f.iahility; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the n'spective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shalt be joir~ 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 tinder applicable law tip be given in another manner. (a) any notice to Borrower provided for in this Mortgaee shall he given h}• mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower rosy designate by notice to fender as provided herein, and (h) any notice to Lender shall he given by certified mail, return receipt requested. ro Lender s address stated herein or to such other address as Lender may desienate M• notice t~? Borrower as provided herein. Any notice provided for in this , Mortgage shall be deemed to have been given to Bc?rmwer or 1_cnder when given in the manner designated herein. 15. Uniform Mortgage; Governing law: Senerability. This form 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 M• 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 other provisions of this Mortgage or the Note .stitch can t?e given effect without the conflicting provision, and to this ' j end the provisions of the Mortgage and the 'Vote arc declared to he severable. 16. Borrower's Copy. Borrower shall he furnished a conformed cop} of the Note and of this Mortgage at the time j of execution or after recordation hereof. f7. ~ Transfer of the Property; Assumption. If all or am part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to ~ this Mortgage. (h) the creation of a purchase mi~nes• cecurit}• interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death o(a iuint tenant or fell the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may: at 1_ender'c option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall base wais•ed arch option to accelerate if. prior to the sale or transfer. lender and the person to whom the Property is to f?e :ot.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 ac Lender g shall request_ if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in § interest has executed a written assumption agreement accepted in writing by I.endcr, Lender shall release Borrower from all obligations under this Mortgage and the Note. i If Lender exercises such option to accelerate. (.ender shall mail Borrower notice of acceleration in acrnrdance nh paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within g which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such period. s Lender may, without further notice or demand on Borrower..invoke any remedies permitted by paragraph 1R hereof. Noty-Urttrotewt Covt=_~~tvTS. Borrower and Lender further covenant and agree as. follows: 18. Acceleratioe; Remedies. Except as provided is par>graph 17 hereof, upon Borrower's breach of any covenant or sgreement of Borrower in this Mortgage, including the covenants to pay when dtre say sums secured 6y this Mortgsge. (.ender prior to accekntioo shall mail notice to Borrower as provided in para~gnph 14 hereof specifying: (1) the breach; 12) the action required to cure ttucb breach; (3) a date, not less than 30 days from the date the notice its marled to Borrower. by which wch breach must be cured; sad (4) (bat failure to cure wch breach oa or before the date specified in the notice may rtcult in acceleration of the sums secured by this Mortgage. foreclosure by judicral proceeding sad sale of the Property. The notice • shall further inform Borrower of the right to reinstate after sccekration and the right to assert in the foreclowrc proceeding t the twn-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared on P or before the date specified in the notice. (.ender at I.rnder's option may declare ap of the sums secured by this Mortgage to be immediately due and payable without further demand and may forecbse this Mortgage by judicisl proceeding. Lender shall j be eotitkd to collect in such proceeding all expenses of foreclosure, including. but sot limited to, reasonable att~xne:'s fees. and costs of wico~oentary evidence. abstracts and tick reports. ) g 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by thi• Mortgage, Borrower shall have the right to have any proceedings begun by (.ender to enforce this Mortgage discontinued at any time > - i Rc~~ PacE 2125 3 _ ~ r ~ Y+. _