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HomeMy WebLinkAbout2869 - ~ . ~ ~ , Lender's writtetl figreement -qc applicable- lavg. Borrower shall pay the amount of aU mortgage insurance premiums in the ..manner prbvided undec ptl fs:graph 2-hereof. ~ ~ ~_'Aay irboirnts disbursed by Lender, pursuant fo this paragraph 7, with interat thereon. shall become additional .indebtedness of Borrower scoured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such irnounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interat 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 hereundef: a. Iw~eetiosr. Lender may make or cause to be made reasonable entries upon and inspections of the 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. Coedetweatiorr. The proceeds of any award or claim for damages, dirtct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are 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 any, paid to Borrower. in the event of a partial taking of the Property. unless, Borrower and Lender otherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the- proceeds as is oqual to that proportion which the arousal of the sums secured by this Mortgage immediately prior to the date of taking bears to tfte fail markN value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. tf the Property is abandoned by Borrower, or if. afro: notice by Lender to Borrower that the rnndemnor otters to make an award or xttle a claim for damages, Borrower fails io respand to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the Troceeds, at Lender's option, either to restoration or repair of the .Properly or to the sums secured I>y 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 hereof or change the amount of such installmtrKs. >l6. )dorrower Not Released. Extension of the time for payment or modification of amortization 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 tht original Borrower and Borrower's 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 ori¢inal Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Wainer. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwix 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 secured by this Mortgage. - 12. Remedks Cemnlsth~e. All remedies provided in this Mortgage 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 successively. 13. Seccessors and Assigns Bound; Joint and Several i.iabitity; 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 cr define the provisions berw'. 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 Tender 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. 1S. Uniform Mortgage; Governing Law; Sevenbility. This formaf mortgage combines uniform covenants for national use ~ . andnon-uniform covenants with limited variations by jurisdiction to c~ostitute a uniform security instrument covering real property. The state and local laws applicable to this Mortgage shall be the laws of the jwisdictiat in which the Property is located. The foregoing sentencx shall not limit the applicability of federal law to this mortgage. Ia 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 eau be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared w 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 Properly; 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 (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for houxhold appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (dl 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 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 Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall re{eax 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 nutter 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. NoK-Utvtt=oRtrt Covetvetvrs. Borrower and Lender further covenant and agree as follows: ~ IS. Accekrrtioo; Remedks. Except as provided is paragraph 17 hereof, epos Borrower's breach of soy co~eoaot or agreement of Borrower is this Mortgage, eeclnding the covenants to pay when dne say soma secured by tbtg Mortgage, Lender prior to accekratioe shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bt'eacb; (Z) the action required to care such brescb; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which snob ~ breach must fie cared; and (4) that failure to cure such breach on or before the date specified is the ooNce rosy r~3t ie ' acceleration of the senu secured by this Mortgage. forecbsure by judicial proceeding sad sale of the Properly. The entice shall further inform Borrower of the right to reinstate sfter acceleration sad the right to assert ie the forcclowre proceedigg ' the oorr-a:isteoce of s defagk or soy other defense of Borrower to acceleration and foreclosure. If the breach is rat cared o0 or btfore the date specified io the notice, Evader at Lender's option may declare aq of the snore secured by thk Mortgage to fie immediately due sad payable without farther demand and may foreclose this Mortgage by jndiciat proceedieg. Lender shall be entitled to collect io each proceeding aq expenses of foreclosure. including, but not United to, reasonable attorney's fees, sad costs of documentary evidence, abstrscts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time BJ~K',~~ PAGE4