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HomeMy WebLinkAbout2898 . J Lender's written agreement or applicable law. Borrower shalt pay the aq?uunt of all mortgage insuratrcE premiums in the manner provided under paragraph 2 hereof. - Any amounts disMtrsed by bender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrowag alc~rod sy this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall he payable upon notice from Lender to Borrower requesting payment thereof, and shall hear interest from the date of disbursement at the rate payable from time to time on attstanding principal under flee 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 • permissible under applicable law. NMhing contained in this paragraph 7 shall require i.ender to incur any expense or take any action hereunder. ~ 8. Itispectio~. 1_ender may make or 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. s 9. Coadetaraatba. 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 t?tercof, or for conveyance in lieu of condemnation, arc hereby assigned j and shall be paid to Lender. s In the event of a total Lakin of the Pro rt the rcx:eeds shall he a lied to the sums secured b This Mort a s g Pe Y• P PP Y B ge• , with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, t?nksc Borrower and Lender ; otherwise agree in writing, there shall he applied to the sums secured h}• 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 t 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. I If the property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make an award o'r settle a claim for damages. Borrower fail. to respond to Lender within i0 days after the date such notice is mailed. l.cnder is authorized to collect and appl}• the proceeds. at Lender's option. either to restoration or repair of the Property or to the sum. secured by Ibis Mortgage. t Jnlesc Lender and Borrower otherwise agree in w•rihng. an}• such application of proceeds to principal shall not extend or postpone the due date of the monthh• installments rcfernd to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. 16. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage grained by tender to am successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and &urower's successors in interest. 1_ender shall not he required to rnmmence proceedings against such successor or refuse tci extent time for payment or otherwise modify amortizalu~n of the wins secured by this Mortgage by reason of any demand made M• the original &~rn?wer and Borrowers soccesccirs in interest. ! 11. Forbearance 6y Lender Nof a Waiver. :1n}• forhearancr by 1 ender in exercising any right or remedy hereunder, or othervvise afforded by applicable law, shall not t?e 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 accclcratc the maturity of the indchtcdncss secured M• this Mortgage. 12. Remedies Comulafive. -All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may he c~ercised concurrently. independently or successively. 13. Successors and Assigns Bound:.]oinl and Several I.iabiNty; ('options. 'il?e covenants and agreements herein contained shall hind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hcrcof. All covenants and •rgrecmcntc of Borrower shall he joiry and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hereof. j - 14. Notice. Except for any notice required under applicable law to be given iri another manner, (a) any notice to Borrower provided for in this Mortgage shall he given by mailing such notice b}• certified mail addressed to Borrower at the Property Address or at such other address as Borrower mas_• designate by notice. to Lender as provided herein, and (h1 any notice to Lender shall he given by certified mail. return receipt requested. u? lenders address stated herein or to such other address as lender may designate by notice to Borrower as provide) herein. Any notice provided for in this Mortgage shall he deemed to have been given to Borrower or Lender w•hcn given in the manner designated herein. ! 15. Uniform Mortgage; Governing Law: Ses•erobility. This form of mortgage rnmhines uniform covenants for national i use and nonuniform covenants with limited variations h}~ juriuiiction to constitute a uniform security instrument covering real property. This Mortgage shall he governed h~• 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 rnnflicts with applicable law. such conflict shall not affect other provisions of this Mortgage: ur the Notr ~chich can I+e given effect without the conflicting provision. and to this end the provisions of the Mortgage and the tints arc declared to he severable. 16. Borrower's Copy. Borrower shall be furnished conformed cops of the_Note and of this Mortgage at the time w 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 Lender's prior writrrn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a purchau mones• .erurits• interest for household appliances, fc) a transfer by devise. i descent or by operation of law upon the death of a j~ant tenant or (dt the grant of an}• leasehold interest of there years or lees g not containing an option to purchase. Lender may. at Lender's option, declare all the sums secured by this Mortgage to he s immediately due and payable. Lender shall have w:uved such option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property i. t.. Ix ,ol.l or transferred reach agreement in writing that the credit of wch person is satisfactory to Lender and that the interest pa}able on the sums secured by this Mortgage shall 1?e at such rate as Lender t shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'. successor in interest hoc executed a written assumption agreement accepted in writing by lender. 1_ender 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 accord:+nrc i?h paragraph 14 hereof. Such notice shall provide a periexl of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower talk ro pay such sums prior to the expiration of such period. j Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph If{ hcrcof. NoN-UNIFORM CovENANTS. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. neon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due soy sums secured by this Mortgage, i.ender prior to acceleration shall mail notice to Borrower as provided in Paragraph 14 hereof specifying: (1) the breach; 121 the action required fo cnre such breach; (3) a date. not less than 30 days from the date the notice is maNed 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 secekntion of the snms scented by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after sccekration and the tight to assert in the foreclosure proceedia` the rwn-exktence of a defauN or any other defence of Borrower to acceleration and forecbsure. If the breach is cwt cored on or before the date specified in the notice. i.ender at I.rnder's option may declare aN of the snms seearcd by this MortRrtfe to be t immediately due and payable without further demand and may foreclose this Mortgage by judicial ptoceedialt. i.ender shall B ( be entitled to collect in such proceeding aN expenses of foreclosure, including. but not limited to. reasonable attnrnc•r's fees. and costs of wrcr:~oeatary evidence. abstracts and title reports. 19. Borrower's RiRbt to Reinstate. Notwithstanding Lender's acceleration of the sums secured by rho Mortgage. ~ Borrower shall have the right to have any proceedengs txgein ~v Lender to enforce this Mortgage discontinued .rt an}• time r E~ R~ ~U8 ~h~E2898