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HomeMy WebLinkAbout2758 agreement or appliable lxtr. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph Y hereof. Any amounts disbursed by Lender pursuant to fhb paragraph 7. with interest thtteon, shall become additional. debtednc~s of Borrower secured by this I?tortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall bi payable upon notice Erotn Lett r to Borrower requesting payment thereof. and shall bear interest from the date of disburxment at the rate payable, time to time on outsunding principal under the Note unless payment o[ interest at such rate would ~p~ contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicab a law. Nothing contained in this paragraph 7 shall require Lender to incur any expenx or take any action hereunder. Inspection. Lender may make or cruse to be made reasonable entries upon and inspections of the Property. pro- vided that Lender shall give Borrower notice prior to any such inspection specifying reasonable caux therefor related to Lender's interest in the Property. 8. Condemnation. The praeeds of any award or claim for damages. direct or consequential. in connection with any condemnation or other taking o[ the Property, or part thereof, or Eor conveyance in lieu of condemnation, are hereby as• signed and shall be paid to Linder. In the event of a total taking o~ 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 Mongage immediately prior to the date of taking bears to the [air market value of the Property immediately prior to the date of eking, with chi balance of the pro-' coeds paid to Borrower. I[ the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offer co make an award or xttle a claim for damages. Borrower fails to respond to Lender within 30 days alter the dace such notice is mailed, Lender is authorized to rnllect and apply the proceeds, at Lender's option. eithe! to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments 10. Borrower Not Released. Extension of the time for pa~mrent or modification of amortization of the sates secured by this Mortgage granted by Lender to any successor in inttrest of Borrower shall not operate to release, in any manner, the liability o[ the original Borrower and Borrowers successors in interest. Lender shall not be required to commence praeedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums se- cured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. - 11. Forbearance by Lender Not a Wai•er. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall riot be a waiver of or preclude the exercise of shy 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 o[ Lender's .right to accelerate the maturity o[ the indebtedness secured by this Mortgage. lY. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to arty other right or remedy under this Mortgage or afforded by law or eclttity, and may be exercised concurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Sesreral Liabr7ity: Captions. The coyer:anu and agreements herein contained shall bind, and the rights hereunder shalt inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions o[ paragraph 17 hereof. All covenants and agretmenu.of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience onh• and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided [or in this Mortgage shall be given by 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 pros•ided- herein, and (b) any notice to Lender shall be given by certified mail, .return receipt requested, to Lender's address stated hereto or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Jfongage 'i shall be deemed to have been given to Borrower or Lender when given in [he manner designated herein. 1'S. Uniform Mortgagr, Governing law; Se.erabiliq. This form of mortgage combines uniform cos•enanu for na- floral use and non-uniform covenants 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 \ote conflicts with applicable law, such conflict shall not affect other provisions of this :?fortgage or the \ote which cart be given effect without the conf]ictirig provision, and to this end the provisions of the Mortgage and the \Tote are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a unformed copy of the Note and of this ~fortgaRe at the time of execution or after recordation hereof. 17. Transfer o[ the Property: Assumption. If all or any part of 'the Property or an interest therein is sold or trans- ferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate - to this :mortgage, (b) the station of a purchase money security interest for household appliances: (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the gray of any leasehold interest of three }'ears or less not containing an option to purchase, Lender tray, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable: Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit o[ wch person is satisfactory to Lender and chat the interest payable on the sums secured by this Mortgage shall be at such me as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and iE Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this 1lfortgage and the Note. - If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is trailed within which Borrower may pay the sums declamd due. If Borrower fails to pay such sums prior to the expiration of such period, Leader may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Not.-UrrrFOrer.t Coverretr-rs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except u provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this 11lortgage, incltrdittg the covenants to pay when due any sums secured by this Mortgage, Lender prior to auelention shall trail aotice to Borrower as provided in paragraph 14 better[ specifying: (1) the breach; (Y) tbt action required to cure such breach; (3) a elate. not less than 30 days from the date the notice is mailed to Borrower. by which such breach must be acted; sad (4) that Failure to cute such breach on or before the date specified in the notice may result in acceleration erf the sums secured by this 3ortgage, foreclosure by judicial proceeding sad sale o[ the Property. The aotia shall further inform Borrower of the right to reinstate attrr acceleration _aad the right to assert in the foreclosure proceeding the uon-e:isteace of a default or any other defense of Borrower w acoclention and foreclosure. If the breach is not sued on or before the date specified in the aotice, Lender at Lender's option may declare ail o[ the sums secured by this Mortgage to be immediately due and payable without Further demand and may foreclose this Mortgage by judicial pcerexed- iag. Lender shall bt entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to, reason- able attorney's fees, and costs of docuartntary evidence, abstracts and tick reports. I) Pa6Ez~~ f J _ _ .,__..~~._r~,.z._ . - - _ ,