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HomeMy WebLinkAbout2142 _ Lender's written agreement a applicable law. Borrower shalt pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by 1_ender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secatr~d ~ this Mongage. Unless Borrower and Lender ague to other terms of payment. such amounts shall be payabk upon not from lender to Borrower requesting payment thereof, and shall bear interest from the date of disburxment 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 hear interest at the highest rate petmissibk under applicabk law. NMhing contained in this paragraph 7 shall require Lender to incur any expense or take • any action hereunder. 8. hsspectiorr. 1.endtr may make ar cause to he 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. Coodemnatba. 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 wall be paid to Lender. In the event of a total taking of the Property, the proceeds shall he 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 amotutt 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 Bor:ower.or if. after notice by l.cnder to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fail. to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Tender c option, either to restoration or repair of the ' Properly or to the sums secured by this Martga¢e. 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 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. !_ender shall not be required to rnmmence ~ Toceedings against such successor or refute to extend time for payment or otherwise modify amortization of the s~~ms secured by this Mortgage by reason of am• demand made b>• the arieinal Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Wai~•er. Am• forbearance by Lender in exercising any right or remedy hereunder, or therwise afforded by applicable law, shall not t+e a waiver of ar preclude the exercise of any such tight or remedy. The procurement of insurance or the payment of taxes ar 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. 12. Remedies Cumulative. Ali remedies provided in this Islartgage arc distinct and cumulative to any other right or remedy tinder this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or successively_ 13. Successors and Assigtas Bound; Joint and Several Liability; Captions. The covenants and agreements herein 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 he 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 hereof. 14. Notice. Except far any notice rcyuired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Martgaee shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addres. ac Borrower mas• designate by notice to Lender as provided herein, and _ (b) and notice to Lender shall he given by certified mail. retain receipt requested. to lender c 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 6e deemed to have been given to Harrower or 1_cnder when given in the manner designated herein. 15. Uniform MoriRage: Governing Law•; Ses•erability. This form of mortgage rnmbines 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 he governed by the law of the jurisdiction in which the Property is located. In the event that any provision ar clause of this Mortg:ge 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 arc Jcclared to he severable_ 16. Borrower's Copy. Borrower shall be furni.hed a conformed cop} of the Note and of this Mortgage at the time - of execution or after recordation hereof. E 17. Transfer of the Property; Assumption. if all ar any part of the Property or an interest therein is sold or transferred € by Borrower without Lender's prior wrinrn cuncent. excluding (al the creation of a lien ar encumbrance subordinate to l this Mortgage, (b) the creattan of a purchase mones• security interest far household appliances, (c) a transfer hs• devise, descent or by operation of law upon the death of a joint 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 he immediately due and payable. Lender shall has•e waived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be calf or transferred reach agreement in writing that the credit of such person - is satisfactory to Lender and that the interest payable an the sums secured by this Mortgage shall be at such rate ac Lender 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 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 acrnrdance ith ~ paragraph 14 hereof. Such notice shall provide a pericxl of not lest than 30 days from the date the notice is mailed within s which Borrower may pay the sums declared due. If Borrower faits to pay such sums prior to the expiration of such period. Ixnder may, without further notice ar demand an Harrower. invoke any remedies permitted by paragraph 1R hereof. - t NON-UNIFORM t.~OVENANTS- Borrower and I_CndCr fUrthef COVMBnI and a$ite aS fOIIOWS: ' I8. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's brescb of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage. Lender prior to accekratios shall mail notke to Borrower as provided in paragraph 14 hereof specifying: (1) the breach: l2) the action - tt+equir+ed to cure larch breach; (3) a date, not less than 30 days from the date the notice is maikd to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in accderation of the sums secured by this Mortgage. forecbsure by judicial proceeding and sale of the Property. The notice - sha0 ffnrtber inform Borrower of the right to reinstate after accekratan and the right to assert in the forecbsure pmccedia6 f the ran-existence of a defauM or any other defense of Borrower to acceleration and foreclosure. If the breach k not cared on or before the date specified is the notice. lender at I.rnder's option may declare ap of the sums secured by this Mortgsfe to be immediately due and paysbk without further demand and may foreclose this Mortgage by judicial proceeding. I.endrr shall - be endued to collect is strc6 proceeding all expenses of foreclosure. including. but not limited to. reasonable atb,rnc:'s fens. and costs of wrco~nentary evidence, abstracts sad titk reports. i i 19. Borrower's Ri66t to Reinstste. Notwithstanding Lenders acceleration of the sums secured by the Mortgage, Borrower shall have the' right to have any proceedings begun ~y Lender to enforce this Me~ortgapge discoe~ntinued at any time BOOK 3O8 PACf 2.42 ~ _ _