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HomeMy WebLinkAbout1671 Lender's written agreement or applicable law. Borrower ahali pay the amount of all mortgage insurance premiurttsr in the manner provided under paragraph 2 hereof. Any amatnts 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 agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest ft+om the date of disbursement at the rate payahk from tithe to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permissibk under applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take any action ht:rcunder. 8. iwspection. lender may make or cause to be made reasonabk entries upon and inspections of the Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonabk cause therefor related to Lender's interest in the Property. 9, Coademaatbn. 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, arc hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proxeeds shall be 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 agrce in writing. there shall be applied to the sums secured b3 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 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 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 resaond to lender within 30 days after the date such notice 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 M• this Mortgage. Unless Lender and Borrower otherwise agree in writ~nc. any such application of proceeds to principal shall not extend or postpone the due date of tbe monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. !0. Borrower Not Released. Extension of the time for payment of modification of amortization of the sums secured , by this Mortgage granted by Lender to any crtceecsor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower c successors in interest. Lender shall not be required to rnmmence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of thr sums secured by this Mortgage by reason of am• demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. :1n}• forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be 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 be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Comolatlve. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be exercised concurrently. independently or successively. 13. Soccessors and Assigns Bound; .Ioint arrd Several i.iability; 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 be join] and several. The captions and headings of the paragraphs of Chic Mortgage are for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcyuired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower rosy- designate b)• notice to Lender as provided herein, and (b) any notice to Lender shall be given M• certified mail return receipt requested. to Lenders address stated herein or to such other address as Lender may designate by notice t?. Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Bc?rmwcr or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law: Severability. 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 he governed hs• the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage ~.r the Note conflicts with applicable law, such conflict shall not attest other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the tiote arc declared to be severable. 16. Borrower's Copy. Borrower shall t?e furnished a conformed cop} of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property: Assumption. If ali c?r am• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinen ~unsent. excluding fat the creation of a lien or encumbrance subordinate to E this Mortgage. (h) the creauon of a purch:,er money security interest for household appliances. fc) a transfer by devise, I descent or by operation of law upon the death of a j??int tenant or fdi 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 immediately due and payable- Lender shall have w-:caved such option to accelerate if, prior to the tale or transfer. Lender and the person to whom the Property is t?? be :oIJ or transferred reach agreement in writing that the credit of such person s is satisfactory to Lender and that the interest payable nn the sums secured by this Mortgage shall be at such rate as Lender - i shall request. if Lender has waived the option to accelerate provided in this paragraph 17• and if Borrower ~ successor in interest has executed a written assumption agreement accepted in writing by i_ender. Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. E If Lender exercises such option t~ accelerate. lender shall mail Borrower notice of acceleration in accordanc4 ith ~ paragraph 14 hereof. Such notice shall provide a pericxl of not less than 30 days from the date the notice is mailed within ~ which Borrower may pay the sums declared due. f f Borrower fails to pay such sums prior to the expiration of such perie?d. Lender may, without further notice or demand on Korrower. invoke any remedies permitted by paragraph IR hereof. f c Noty-UNIFORM COVENANTS. Borrower and lender further covenant and agree as follows: 18. Acceleration; Rewredks. Except as provided in parsgraph 17 hereof. npoa fl<omower's bresch of awy covenant or agreemewt of Borrower iw this Mortgsge. including the covenants to pay whew doe say sums secured by Ibis Mortgage. Lewder prior to accekratioa sbaB wail notke to Borrower as provided iw paragraph 14 hereof specifying: (1) the breach; (2) the adron required to core ttnc6 brescb; (3) a date. not kss than 30 days from the date the notice is maikd to ffiorrower. by which such breach most be cored; and (4) that failure to core such breach on or before the date specified iw the notice may result in acceleration of the sams secured by this Mortgage. foreclosure by judicial proceeding sad sale of the Property. The notice sha0 further inform Borrower of the right to rcittstate after sccekration and the right to assert iw the toreclosuro proceeding the non-existewce of a defank or say other defers-se of Borrower to accekratiow and forecbsnre. If the breath is rwt shred oa or before the date specified in the notice. Lender at Lender's option may declare aq of the sums secured by this MortgaLe to 6e immediately due and payable without further dem=ind and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in sash proceeding aB expenses of foreclosure. including. hot sot limited to? rcasowabk :+tt?,rne ~'s fees, i sad costs of rirrco~sestary evidence, abstracts and titk reports. ~ 19. I:orrowet's Right to Reinstate. Notwithstanding lenders acceleration of the sums secured by th~+ M.~rtgage, Borrower shall have the right to have any proceedings begun :,y Lender to enforce this Mortgage discontinued .st an)• time go~~309 PA~F1668 s;.