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HomeMy WebLinkAbout0966 + 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. Aay amounts aisbursed by Lender pursuant to this paragraph 7, with iraterat thert:on, shalt becorrre additional indebtednzas of Borrower aecur+ed by this Mortgage. Unless Borrower and Lender agtce trs other tt:rms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting paymen! tlrereof~ and sfr«i) bear interest from the date of disbursement at the rata payable from time to time on outstanding ptint~pal ett~iet the Dote rut:~ss payment of interest at such rate would be coop ?rY to applicable law, in which event sues amtuants 3ha11 r:a. i_:!;st+est at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall r~tquirr I.e:ydf. to i:iCtlr' any expense or take any action hereunder. 8. isspectias. Lender may make or cause to be made reasonable entries upon and inspeclic~n4 of tl:e 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. Cosderssstbu. The proceeds of any award or claim for oamaga; direct or consequential, in connection with any rnndemnation 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 proceeds shall be applee3 to the sums secured by this Mortgage, with the excess, if gay, paid to Borrower. 1n the event of a partial taking of the Property. unless Borrower and Leader 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 immediatety 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 respond to Lender within 30 days after the date such notice is mailed, Lander is authorised to rnllect 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 writing, any such application of proceeds to principal shall not extend - or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 (i~t+e8f o~'change the amotmt of rs ,,A,~.•. such installments. - ' ~ ' 10. -Borrower Not Released. Extension of the time for payment or modi$cation of amortiution of the 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 Borrowers successors in interest. Lender shall not be required to commence 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 original Borrower and Borrower's successors in interest. ll. Forbgrauce by Lender Not a Waiver. Any 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 taxes or other liens or charges by Lender shall not be a waiver of Lender's _ right to accelerate the maturity of the indebtedness xecured by this Mortgage. l2. Remedies Cnmub?tire. All remedies provided in this Mortgage are distinM 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 Found; Joint gad 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 joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only 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 for 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 1_ender as provided herein. and (b) any notice to Lender shall be given by certified mail, return receipt requested. to lender's address stated 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. 15. Uniform Mortgage: GoverrrirtlC Law; Sererability. This form of mortgage combines uniform rnvenants for national . 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_ur the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without theconflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be: severable. 16. Borrower's Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tramfer of the Property; Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation 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 grant of-any leasehold interest of throe 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 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 of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage 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 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 18 hereof. i 3 Note-UrrrFOtear CovEtvetv'rs. Borrower and Lender further covenant and agree as follows: Ig. Acceleration; Remedies. Eztept as provided in partrEraph 17 hereof, upon Borrower's breach of any covarast or agreement of Borrower is this Mortgage, iscluditrg the covenants to pay when doe soy sums secored by tbk Mortgage, Lender prbr to sctekratios sbaB mail ratite to Borrower as provided in paragraph 14 6ertof specifying: (I) the 6tYatb; (2) the attYps req~ to core such breach; (3) a date, not lan than 30 days from the date the notice is mailed to Borrower, by wbkb stac6 breach most be cored; sod (4) that failure to core such breach on or before the date specified i• the sofite may rank ie r setekratios of. the sums secured by this Mortgagq foretfosnre by jndkial proceeding gad sak of the Property. '11re notice - s6a11 fnrtber inform Borrower of the right to reinstate after acceleration and the right to assert in the [orstlasare prrocee~ag the non-existence of a default or any other defense of Borrower to acceleration and fornlosnre. if the brevet its sot teed a or before the date specified in the ratite, Leader at Lender's option may declare a0 of the sums secured by this Mortgage b be immediately dne ssd payablk witbost further demand gad may for~etlose this Mortgage by jnditisi proceeding. Larder slrar be eat3ded to collect its soft proceeding aB expenses of foreclosnrc, istludisg, but got limited to, reawoabie atxorsry's tea, gad costs of docnrsentary e~idente, abstract and title report. 19. Borrown's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proccedings begun by Lender to enforce this Mortgage discontinued at any time BOCK 3~ ( PeGF .~'i.~1