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HomeMy WebLinkAbout1690 Lender's written :,grcement or applicable law. Borrower shall pay the amount of all mortgage insurance pt+errtiutns in the manner provided under paragraph 2 hereof. Any amounts disMtrsed by !.ender pursuant to this paragraph 7, with interest thereon, shall become additional .f 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 therrnf, and shall bear interest from the date of disbursement at the rate payable from time to time stn 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 permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ' 13. Inspectioa. Lender may make or cause to be 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, Condemnation. 'The proceeds ctf 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 and stall be paid to I.endcr. in the event of a tctlal taking of the Property, the proceeds 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 Harrower and Lender otherwise agree in writing. (here 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 the some 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 procceds paid to Borrower. If the Property is abandoned b}• Borrower. 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 respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at lenders option, either to restoration or repair of the Property or to the sums secured M• this Mortgage. lJnlesc Lender and Borrower otherwise agree in wrihnc. am• such application of proceeds to principal shall not extend ,.r poztpctne 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 of modification of amortization of the sums secured by this Mortgage granted by Lender to any c+n:eecsor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower :+nd Horrowcr'c stccessors in interest. lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otbenvise modify amortization of the wms secured by this Mortgage by reason of am• demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance 6y Lender Not Waiver. :1m• forbearance h~ Lrnder in crercising any right or remedy hereunder. or otherwise afforded b}• applicable law. shall not be a waiver of oi- 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 indehtcdnecs ccciitcd h}• this Mortgage. 12. Remedies Cumulatitre. All remedies provided in this Mortgage an; distinct and cumulative b any other right or remedy under this Mortgage or afforded hv_ law or equity. and may be exercised concurrently. independently or sur_essively. ' 13. Srrecessors and Assigns Bound; Joint and Ses•eral Liability; Captions. The covenants and agreemen~c herein contained shall bind, and the rights hereunder shall inure to_ the respective successors and assigns of Lender geed Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirtj and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be aced to interpret or define Ibe provisions hereof. 14. Notice. Except far any notice required under applicable law to be given in another manner, fa) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borro~•er at the Property Address or at such other address as Borrower max• decignate• by notice to Lender as provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested. to i.ender c address stated herein or to loch other address as Lender may designate M• notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been gn•cn to Bormv:er ur 1_ender when given in the manner designated herein. 15. Uniform Mortgage: Governirye; law: Sexerahilit}•. This form of mortgage combines uniform covenants for national use and non-uniform rn~•enantc with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by 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 Hhich can be given effect withota the conflicting provision, and to this end the provisions of the Mortgage and the tiers arc Jcclared to be severable. 16. Borrower's Copy. Borrower shall I,c furn~.heJ 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 all c•r am• part of the Property or an interest therein is sold or transferred f by Borrower without Lender's prior wrinen consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a purcha.c m~me~ .ecurity interest for household appliances. (c) a transfer M• devise. E descent or by operation of law upon the cleath of feint tenant or (di the grant of any leasehold interest of three years or less E not containing an option to purchase, lender ma}•.:+t I.ender'c option. declare all the sums secured by this Mortgage to be f immediately due and payable. Lender shall have a:uved such option to accelerate if. prior to the sale or transfer. Lender and the person m whom the Property is to be .o1J or transferred reach agreement in writing that the credit of xuch person is satisfactory to 1-ender and that the interest pa}•:,ble on the sums secured by this Mortgage shall be at such rate as Lrnder f shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower i tiuccecsor in t interest hoc executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all i€ obligations under this Mortgage and the Note. "s If 1_ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance iih s paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within t which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such pericxl. Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. I ~ Noty-UNIFORM Cove~eNTS. Borrower and lender further covenant and agree as follows: 6 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, open Borrower's breach of any covenant or agreement of Borrower io this Mortgage. including the covenants to pay when dire any sums secured by this Mortgage. Lender prior to acceleration shall mail rwtice to Borrower as provided in psragwph 14 hereof specitylag: (1) the breach; /2) the action required fo cure snob breach; (3) a date, not ks than 30 days from the date the notice is mailed to Borrower. by which such breach most be cored; and (4) that failure to cure such breach on or before the date specified in the notice may result in sccekration of the Boras secured by this Mortgage. toreclosurc by judkial proceeding and sale of the Property. The notice sbaU further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceedLtg the rwn-existence of a defauk or any other dsfcnse of Borrower to sccekration and foreclosure. If the brexh is got cored on - t or before the date specified in the notice, lender at I.cnder's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further dem:,nd and mar foreclose this Mortgage by judicial proceeding. I.en~lrr shall - t be entitled to collect in snc6 proceeding all expenses „f foreclosure. including, but not limited to. treasonable attorn,•:'s fees, i and costs of wrci.~tseatary evidence, abstracts and title reports. ? I9. Qorrowet'x Right to Reitnstate. Notwithstanding Lender's acceleration of the sums secured by thi• Mortgage. Borrower shall have the right to have any proc:ecdings begin ~y 1_ender to enforce this Mortgage discontinued at any time 3Ck! JO9 ~A(:E168? - - - ~F