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HomeMy WebLinkAbout2977 . t - , tenders written agreement o? applicable law. Borrower shall pay the amount of all mortgage insurance p?emiums in the • manner provided under paragraph 2 hereof. Any amounts disbursed by Lesrider piir8iiai~i to this paragraph 7. with interest thereon, shall become additional indebtedness of borrower secured by this Mortgage. Unless Borrower and Lender agree to other termg of payment, such amounts 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 timer to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable taw, in which event such amounts shall bear interest at the highest rats permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder, 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shat! g ive Borrower notice prior to any such inspection specif ying reasonable cause theretorrelated to - Lenders inter@st in the Property. ~ fi. Condamnatlon. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or t~q~Yey~~ iq,~@p 9t ggnqetttnation, hereby assigned and shall be paid to lentler. _ .~;;?zk::,,, t.~ In the event of a total taking of the Property, the proceeds~l~~ ppp1RQ.~i~ ~ by this Mortgage. with the excess, it any paid to Borrower. In the event of a pa taking of 'property unless orrower and Lender otherwise agree in.writing,.there~shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equel.to•tha4proportion 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 immediately prior to the date of taking, with the balance of the proceeds paid to the Borrower. If the Propetrty is abandoned by Borrower, or if, after notice by lender to borrower that the condemnor offers to make ' an award or Settle a gqlaim fo? damages. Borrower fails to respond to Lender within 30 days offer the date such notice is mailed, Lendef{ is auihori~ed tp col end apply the proceeds, gat Lenders option, either to restoration or repair of the Property or to the sums secured by th • Mortgage. • ~ :o 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 mouthy installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 1 O. Borrower Not Relessed. 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 shalt not ope?ate 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 w otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Nota 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 lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. ~ ' 12. RemedlN Cumulative. 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, independenty or successively. 13. Sucgssoa and Assigns Bound; Joint and Swersl Uabllity; 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 covenience only and are not to be used to interpret or define the provisions hereof. ~ _ 14. Notice. Except for any notice required under applicable taw 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 Lenders 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 tK(rein. 15. Uniform Mortgage; tiowming Lsw; Sewrabllity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform seCUriry instrWnerii - coveringreal property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is IGcated.l n-Nte event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall Rot 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. i B. 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. T?anshr of the Property; Aswmptton. If all or any part of the Property or an interest therein is soW or transferred _ by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (1>) the creation of a purchase money security interest for househdd appliances, (ca a transfer by devise, descent or byoperation of law upon the death of a joint tenant or(d) the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at Lenders option, declare alt 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 agreementaccepted in writing byLender, Lendershall release Borrowerfrom 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 that 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower tails 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 1 B hereof. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedbs. tixcept ss provfdei In paragraph 17 hereof, upon Borrower's breach of any covenant oragreementof Borrower In this Mortgage, Inciuding the oovenarKsto pay when dueany wms secured by fhb flAortgage, Lander ptlor to acceleraflon shall msit notlce to Borrower ss provided In parprsph 14 hereof specffying: (1? fife bnaah; (2) the action required to Bore such bnsch; J3) a dab. not lass than 30 days from the date the notice Is malted to Borrower, bywhlch wch broach must ba cured; st :d (4) thathllun to can wch beach on or baton the date specffled In the notfw may result In ae:oeleratlon of the sums secured by this Mortgage, foreclown tryJudlcbl proceeding and sale ofthe Property The notloashall turtherlntorrrr eorroyrrerof therlghtto nlnstab atbraooeleratlon and the right toassert In the toracbsun proceeding the non-exlsfenq of a dehuk or shy other defense of Borrower to aexelentbn and bnclosun. if tM bntach b not curve! on or before the dab specifNd In the notlca,. Lender at Lenderrs option may declare all of thfa wms secured by this Mortgage to be tmmedlatefy wand psyabb without further demand and may foncloae this Yortgaga by Judlclal proceeding. Lender shall ~ entitled to collect In wch prooeedhp all expenses of fonelosun, Maluding, blrt not Ilmibd to. reasonable attorneys fees, and oosb of documentary wldence, abstracts and title sports. 1 g. Borrower's Right to Relnstat~. Notwithstanding lenders acceleration of the sums secured by this Mortgage, Borrower shalt have the right to have any proceedings begun by lender to enforce this Mortgage discontinued at any time - ~~3t7 • Y