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HomeMy WebLinkAbout2024 Lender': written agreeanent or applicable law. Borrower shall pay the amount of all mortgage insuranbe premiums in the maarer provided under panigrapb 2 hereof. Any amounq disbursed by Leader pursuant to this paragraph 7, with iateres~ thereon. shall become additional indebtedness of Borrower second by this Mortgage. Unless Borrower and Lender agree to other foresee of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the _ dab of disbursearent at the rate payable from time to time_on oubtanding principal under-the Note unless payment of interest at such me 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 regain Lender to incur any expense or take any action hereunder. " a. iaspeetioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lends: ahLq give Borrower notice prior to any such inspection speci[ying reasonable cause therefor related to Lender's interest in the Property. 9. Cowiewudos.- The proceeds of any award or claim for damages. direct or consoqueatial. in conntx:tion with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. an hereby assigned 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 say." pa~ to Borrower. In 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 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 BorrmMer. - If the Property is abandoned by Borrower. or if, after notice by Lender to-Borrower that the condemnor often to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such noticx is mailed. Lender is authorised to collect and appty the proceeds. at Lender's option, either to restoration or repair of the Proper(j? 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 pc~tpone tha duc date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of sorb installments. lA. Borrower Not Relascd. Extension of the time fur payment or modilkation of .amortization of the sums secured by this Mortgage granted by Lender to any suoceuor in interest of Borrower shall not operate "to ukase. in any manner, the liability of the original Borrower and Borrower's srrcceason in interest. Lender shall not be required to commence procadings against such successor or refuse to extend time for payarent 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. 11. Forbearance by Leader Not a Wahsr. 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 exorcist: 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. Rearedks Cmm~hr~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or~fforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Boned; Joint and Several i.iabiBtj, Captiarrs. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Linder and Borrower. subject to the provisions-of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and hadings of -the paragraphs of this Mortgage are for convenience only and arc 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 Lender 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 s: 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. Uaifonw Mortgage; Go~esaisR Law: Severabitity.-This form of mortgage combines e!niform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. 'ibis 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 which can be given effect without the conflicting 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 copy of the Note and of this Mortgage- at the time of execution or after recordation hereof. " 17. Transfer of the Property; Aswmptioar. If ali or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) tbe 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. descant or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or kss not containing an option to purchase. Lender may. at Lender`s option. declare all the sums sceurod by this Mortgage to be immediately due and payable. Lender shall have waived suc,~i c~~tion to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be solder transferred reach agreement in writing that the credit of such persar 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 Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower frgm 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. " Norr-Urnt:oar?s COVENANTS: Borrower and Lender further covenant and agree as follows: 18. Accekratba; Remedies. Excep! as prorWed iw psnrgrsph 17 hereof, report Borrower's breach of >wy co~essst or agreewest of Bosrower in fhb Mortgage, bschsdiug the covcnaMs to pay whew due soy asses secnrcd by this Mortgage, Leader prior to aecderatbs sbaD swan entice to Borrower as provided iw paragraph 14 hereof specifying: (1) the breach; (Z) the adbs required to core such breech; (3) a date, sot less than 30 days from the date the entice b nrsihrd to Borrower, by which such breach wrest be cured; sad (4) the tsUnre to cure snob breach ow or bKfart the date specified b. the antics way rank b aeederstlow of the saws secersd 6y fhb Mortgage, torechrsnro by jedkial proceeding sad sale' of the Property. Tie sotke shay further inform Borrower of the cigM to reinstate after accekrstlon sad the riglst to assert is the for~aloadrs proceed6rg the won-exbtesce of a detsak or swy other defense of Borrower to accderatiow awd foredonre. N the breach b sot ene+ed a or before the date speefied is the sotke, Lender at i,ewder's option maq declare all of the sews secured by this MoAgst;e to ire - imwedhtdy due swd payable witbont further densawd sad may forech~se fhb Mortgage by jndkisl proceeding. Leader sdrsB bK entitled to eo8eet d sack proceeding so exposes of forechrsnre, bscleding, brat sot Ywitei to, rarosable aBoraeys tea, rind costs of doenweafary eidewce. abstract sad title report. 19. Borrower's Wght to RehsNate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time Boo~3i7 P~~Ja2i