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HomeMy WebLinkAbout2910 Lender's written :+greement or applicable law. Borrower shalt pay the amuunt of all mortgage insurance premium: in the manner provided under paragraph 2 hcreo[. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower set;ttrod by this Mortgage. Unless Barn~wer and tender agree to other terms of payment. such amounts shall bt: payable upon notice from Lender to Borrower requesting payment thereof, noel shall hear interest from the date of disbursement at the rate payable from time to time an outstanding principal under the Note unless payrnent 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. g. inspection. lender may make ar cause to be made rcasonabie entries upon and inspections of the Property, provided. that Lender shall give Borrower notit:e prior to any such inspection specifying reasonable cause therefor related to Lender's intcrext in the Property. 9, Coademaatbn. The proceeds of any award ar claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, ar part therrnf, ar for conveyance in lieu of condemnation, are hereby assigned and stall 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 amount of ih~ sums u-cured 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 Bar.awer. or if. after notice by Lender to Borrower that the condemnor offers to make an award ar settle a claim far damages, Borrower fail. to rcspctnd to Lender within 10 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at lender c option, either to restoration ar repair of the Property or to the sum. secured by this Mortgage. Unless Lender and Borrower otherwise agree in w•ritrnc. any such application of proxeeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof ar change the amount of such installments- - 10. Borrower Not Released. Extension of the time for payment ar modification of amortization of the sums secured by this Mortgage granted by Lender to an}• cttccecsor in interest of Borrower shall not operate to release. in any manner, - the liability of the original Borrower and Borrower's successorc in interest. Lender shall not he required to commence proceedings against such successor ar reface to extend time far payment or atherw•ise modify amortizahrnt of the st,ms secured by this Mortgage by reason of any demand made b}• the arieinal Barruwer and B~~rrower's successors in interest. 11. Forbearance by Lender Not a Wainer. :1m' forhearance h} 1 ender in e~crrising any right or remedy hereunder, ar otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any such right ar remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver c,f Lender s right to accelerate the maturity of the indebtedness secured h}• this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right ar remedy under this Mortgage or afforded by law or equity. anJ may he c~ercised concurrently. independently ar cuc•.essively. ' 13. Snecessors and AssiRos Bound; Joint and Sereral I.iahility: Captbns. The covenants and agreemen•s herein - contained shall bind, and the rights hereunder shall imue tn. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All cascnants and agrcemcnts of Borrower shall he joint and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and arc not to be need to interpret or define the provisions hereof. 14. Notke. Except for any notice rey++ired under applicable law to be given in another manner, fa) any notice to Burrower provided for in this Mortgaec shall be Riven by mailing such notice by certified mail addressed to Borrower at the Property Address ar at such other addets. as Born,wer mas• dccignate by notice to Lender as provided herein. and (b) any notice to Lender shall he given by certified mail, return receipt requested. to Lenders address stated herein ar to such other address as Lender may dccignate h}' notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Bormw•cr or I ender when given in the manner designated herein. 1S. Uniform Mortgat;t: Governing law: Srs•eraMlih•. This farm of mortgage combines uniform rnvenants for national use and non-uniform cas•enants with limited variations he jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall tee governed ht~ the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage ar the hate conflicts with applicable law, such rnnflict shall not affect other previsions of this Mortgage or the Nute which ran F+e given effect without the conflicting pms•ision. and to this end the provisions of tlx: Mortgage and the 'Vote arc declared to he scverahle. ' 16. Borrower's Copy. Borrower shall be furni,hed conformed copy of the Nate and of Chic Mortgage at the time of execution ar after retardation hereof. 17. Transfer of the Property: Assumption. if all or any part of the Property or an interest therein is Bald ar transferred ~ by Borrower without fender's prior wrinrn consent. excluding ta) the creation of a lien ar encumbrance sutxtrdinate to this Mortgage. (bl the creation of a purchase manes, securits• interest fete household appliances. /e) a transfer by devise. ~ descent or by operation of law upon the death of a joint tenant or (ct+ the gran) of any leasehold interest of three years ar less i not containing an option to purchase. Lender may.:+t Lender's option, declare all the sums secured by this Mortgage to t+e immediately due and payable. Lender shall ha~c ss:us•ed. such option to accelerate i(. prior to the sale or transfer. Lender ~ and the person to wham the Properly is a, be solJ ar transferred reach agreement in writing that the credit of such person is satisfactory to I-ender and that the interest payable an the sums secured by Chic Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in s interest hoc executed a written assumption agreement accepted in writing by Lender, l-ender shall release Borrower tram all obligations under this Mortgage and the Note. - If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accardancc irh s paragraph 14 hereof. Such notice shall provide a period rf not less than 30 days tram the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums pricer to the expiration of such pen(xi. Lender may, without further notice or demand on llormwer. invoke any remedies permitted by paragraph IR hereof. t Noty-UNIFOaM CovetvaNTS. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedks. Except as provided in paragraph 17 hereof. npoa Borrower's breach of any covenant or agreement of Borrower is this Mortgage. including the covenants to pay when due any sums secured by tbk Mortgage. i.ender prior to scceleration shall mail nutlet to Borrower as provided ia.paragnph 14 hereof specifying: (1) the breach: 12) the action required to core such breach; (3) a date. not Icss than 30 days from the date the aotke B mailed to Borrower. by which such breach meat be cored; and (4) that failure to cure such breach on or before the date specified in the notice may result in sccderatbn of the sums secured by this Mortgage. foreclosure by judicial proceedirtg aced ssk of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ran-existence of a defauN or any other defense of Borrower to acceleration and forecbsure. it the breach is cwt cored on or before the date specified in the notice. Lender at Lender's option may declare aq of the sums secured by this Mortgage to be s immediately due and payable without further demand and may foreclose this Mortgage by judicid proceeding. i.endrr shall s be eotitkd to collect in such proceeding all expenses of foreclosure. including. but not limited to, reasonable att(,rne~'s fees. and costs of (:uc~~nentary evidence. abstracts and tick reports. 19. Borrown's Right to Reinstate. NaCwithstand+ng Lender's acceleration of the sums xcurcd by thi• M.irtgage. Borrower shall have the right to have any proceedmgs hegun w 1-ender to enforce this Mortgage discontinued it any- time d0~!(JU8rAGf 291Q g -