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HomeMy WebLinkAbout1766 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by I.endcr pursuant to this paragraph 7, with interest thereon, shall become additional S 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.l.ender to Borrower requesting payment thereof. and Shall hrrr interest from the date of disbursement at the rate payable from titrtq to time on otttatanding principal under the Note unless payment of interest at such rate would be contran+ to applicable law, in which event such amounts shall liar 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. fi. iuspectioe. i.ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that I.cnder shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9, Coademnstion. 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 therrnf, or far conveyance in lieu of condemnation, arc hereby assigned r and stall be paid to [_ender. in the event of a total 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 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 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, B+~rn.wer frill to respond 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 ProLrny or to the sums secured by this 1lortgaec. Unless lender and Borrower otherwise agree in wrihne. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments rrferred 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 an}• ctrcccssor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and &•rrower's successors in interest. Tender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums secured by This Mortgage by reason of any demand made by the c?rir:inal Borrower and Borrowers successors in interest. 11. Forlrearaace by Lender Not a Waiver. Arn• forbearance by I xnder in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not he 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 1 ender shall not he a waiver of Lender s right to accelerate the maturity of the indebtedness secured h}• this Mortgage. 12. Remedies Cumulative. All remedies provided in this 1ltortgage 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 strr•.essively. ' 13. Successors and Assigns Bound; .]oint and Se.eral l.iabiiity: Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shah inure to. the respective srrccessorc and assigns of Lender and Borrower. subject to the provisions of paragraph 17 herec•f. All covenants and agreements of Borrower shall be joirq and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to he need to interpret or define the provisions hereof. l4. Notke. Except for any notice required under applicable law to be given in another manner. fa? any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to lender as provided herein. and (h) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate M• notice to Bormw•er as provided herein. Any notice provided for in this _ Mortgage shall be deemed to have been given to Borrower ar Lender when given in the manner designated herein. IS. Uniform Mortgage: Governing law; Ses~erability. This form of mortgage combines uniform covenants for national I use and non-uniform covenants with IimiteJ variations by jurisdiction to rnnstitirte a uniform security instrument covering real property. This Mortgage shall be governed hx• the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mongace or the Nate 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 I end the provisions of the Mortgage and the 'dote arc declared to he severable. ~ 16. Borrower's Copy. Borrower shall tx furni.hed a rnnfarmed 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 ar any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writrrn ~ansent. excluding Sal the creation of a lien or enarmhrance subordinate to s this Mortgage. (b? the creation of a pur:hacc m~mrs• security interest for household appliances. (c) a transfer hs• devise, descent or by operation of law upon the death of a faint tenant or (d? the grant of an}• leasehold interest of three years or less not containing an option to purchase. Lender ma}•.:at Lender's option, declare all the Burns secured h}• this Mortgage to be a immediately due and payable. Lender shall have waned lath option ro accelerate if, prior to the sale or transfer. Lender r and the person to whom the Property is d. fx ;ol.l ar transferred reach agreement in writing that the credit of such percon is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender f 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 [_ender, Lender shall release Borrower from all obligations under this Mortgage and the Nate. if i_ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdancr ~+hh ~ paragraph 14 hereof. Such notice shall provide a period of not lest than 30 days from the date the notice is mailed within ~ which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. k Mort-UNIFORM Covratetrrs. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedies. E:ceps as provided in paragraph 17 hereof. epos Borrower's breach of any covtaant or G agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to sccderaNon shag mail notice to Borrower ss provided in paragraph 14 hereof specifying: (1) the breach; 12) the action required to cure such breach; (3) a date, not less than 30 days from the dsfe the notice is mailed to Borrower. by which such breach must be cared; sad (4) that failure to cure wch breach on or before the date specifed in the notice may result in acceleration of the lams second by this Mortgage. forecWsure by judicial proceeding and Bak of the Property. The notice shall further inform Borrower of the right to reinstate after sccekration and the right to assert is the foreclosure proceeding the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on s or before the date specified is the notice. Lender at Lender's optan may declare all of the suass secured by this Mortgage to be immediately due and psysbk without further demand end mar foncbse this Mortgage by judicial proceeding. i.tndrr shall be eutitkd to collect iA such proeeedirrg aq axperrses of foreclosure, including, but toot limited to. reasonable Mtvrnev's fees. } arsd costs of ~wcr+~eentary evidence. abstracts and Sisk reports. ; 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by thr Mortgage, Borrower shall have the right to have any procea:dmgs begun by Lender to enforce this Mortgage discontinued at any time ~[~l r 3uGr310 ~a~Ei764 •