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HomeMy WebLinkAbout2525 Lender's written agreement or applicabb kw. Borrower shall pay the tmount of atl,n?ortgage insurance premiums in the manner provtded under paragraph 2 hereof. , Any amounts disbursed by Lender purswnt to thin paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agrce to other terms of payment. such amounts shall be payable upon .malice from tJender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate. payab~c from time to time on attatanding principal under the Note unless payment 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 late any action hereunder. 8. itKpcctiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that tender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cosdemaatbw. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby sssigrted and shall be paid to Lender. 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 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 proceeds paid to Borrower. If the Property is abandoned by Bor;ewer. 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 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 Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writinc. any such application of prcxeeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 herrof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of tht sums secured ' by this Mortgage granted by lender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to rnmmence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the orit;ina! Borrower and Borrowers sttccescors in interest. 11. Forbearance by Lender Not a Waiver. Any forhearance b}• I.cnder in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall mat be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes 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. Remedka Cnmulatlre. 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 be exercised concurrently. independently or successively. ' 13. Successors and Assigns Borrnd: Joint and Se~•etral Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for rnnvenience only and are not to be used to interpret or define the provisions hereof. 14. Notke. Except for sny notice rcyuired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall he given h}• mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (h) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders address slated herein or to such other address as Lender may designate by notice to Borrower as provided herein, Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. IS. Uniform Mortgage: Governing Law,: Severability, This form of mortgage combines uniform rnvenants for national use and non-uniform covenants with limited variations h}' jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the juriuliction in which the Property is located. In tht event that any provision or clause of this Mortgage or the Note conflicts v?•ith applicable law, such conflict shall not affect other provisions of this Mortgage or the Nute which can be given effect without the conflicting provision. and to this - ~ end the provisions of the Mortgage and the ?vote arc declared to be severable. 16. Iorrower's Copy. Borrower shall be furnished a conformed cop} of the Note and of this Mortgage at the time of execution or after recordation hereof. 1?. Transfer of the Property: Aswmption. If alt or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written runsent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase mrney security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (dt 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 ~ais•ed such option to accelerate if, prior to the sale or transfer. 1_ender ~ and the person to whom the Property is to t+e :old or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa},able on the sF~ms secured by this Mortgage shall be at such rate as Lender j shall request. If i.ender 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 Lender, Lender shall release Borrower from afl obligations under this Mortgage and the Note. ( If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance ti• i~h 3 paragraph 14 hereof. Such notice shall provide a period of not lest than 30 days from the date the notice is mailed within 1 - which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of wch periixl, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. Nort-UrrtFOruar CoveNxH'rs. Borrower and Lender further covenant and agree as [ollows: 18. Acceleration; Remedies. E:cept m provided is paragraph 17 hereof, ttipoa Iorrower's breach of ,ny covenant or agreement of >sorrower is tbls Mortgage. includirrg thE'corensnts to pay when due nay soars secarcd by tots Mortgage. Lender prior to accekratioa shall mall notice to Eorrower as provided is paragraph 14 hereof specifying: (1) the breach: (2) the action required to core socb btYacb; (3) a date, not less than 30 days from the date the notice. b mailed M Eorwwcr, by whkh snob breach rant be cared; and (4) that faUnre to core loch breach oa or 6cfore the date specNied in the aotke may resdt in accekratiow of the sores secured by this Mortgage. toreclosure by jndkial proctediag awd sale of the Property. The Welke shad farther inform Eornower of the right to reinstate after secekratioa and the right to assert iw the foreclosure proceedhtg s the wotrexistettce of a default or any other deferrse of Eorrower to accekrstiow and toreclosnre. It the breach is not cared oa or before the date specified is the wotice, Lender at Lender's option Wray declare all of the soma secured by thb MortRafe to be immediately due and paysbk without fnriher demand and may forrckse thin Mortgage 6y jadkial proceeding. lender shall r be ewtitkd to collect iA sock proceediwg s8 expenses of toreclosnre, iaclnding, bat wet Waited t0. reasonable att.,rnev's fees. awd costs of wrc~!aewtary evidewee, abstracts and tick reports. 19. Eorrower's Rlgbt to Reimtate. Notwithstanding lenders acceleration of the sums secured by th~~ M.~rtgage, Borrower shall have the right to have any proccedings begun by Lender to enforce this Mortgage discontinued at any time BAR, 310 ~A~:2523