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HomeMy WebLinkAbout0651 Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. • .Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payabk 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 interest at the highest rate permissibk under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. >Z. Itsspectios. Lender may make or cause to be made reasonable entries upon and inspections of the Properly, 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. Coademsatbn. 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 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 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 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 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 fail. to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration sir 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 hereof or change the amount of such installments. ld. Borrower Nof Ltekased. Extension of the time for payment or modification of amortizatiutt of the suri3s ~Ctireu' 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 Borrower's successors in. interest. lender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of qtly demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Wai~•er. Any forbearance b}• 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 fender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Retnedks Cnmulatirt. 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 ma}• be exercised concurrently. independently or successively. 13. Successors and Assigns Bound; .Joint and 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 joiru and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be need to interpret or define the provisions herec?f. 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 h}• mailing such notice by certified mail addressed Io Borrower at the Property Address or at such other address as Borrower roux designate by notice to Tender as provided herein. and (b) any notice co Lender shall he given by certified mail. return receipt requested. to fender x address stated herein or to such other address as Lender may designate b}• nMice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or (.ender when given in the manner designated herein. 1S. Uniform Mortgage: Governing Lat.: Se.~erabilit}•. This form of mortgage combines uniform covenants for national use and non-uniform rnvenantc with IimiteJ variations M• juriuliction 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 Chic Mortgage or the Note rnnflicts with applicable law, such conflict shat( not affect I 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 arc ckclared to be severable. t 16. Borrower's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or an}~ part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior wrinrn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase mc~nev security interest fir household appliances, (c) a transfer by devise. descent or by operation of law upon the death o(a faint tenant or (dt the grant of any leasehold interest of three years or less not containing an option to purchase. lender may. at Lender's option, declare ail the sums secured by this Mortgage to be immediately due and payable. Lender shall have w awed such option to accelerate if, prior to the sale or transfer. lender and the person to whom the Property is to be :ol.l ar transferred reach agreement in writing that the credit of wch person is satisfactory to Lender and that the interest payable oo the sums secured by this Mortgage shall be at such rate as (.coder 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 fender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option In accelerate. Lender shall mail Borrower notice of acceleration in accordance ith paragraph 14 hereof. Such notice shall provide a periad of not less than i0 days from the date the notice is mailed within Fl which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such peri.xl. Lender may. without further notice or demand on Borrower, invoke an}• remedies permitted by paragraph 1R hereof. Nort-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: i" 18. Accekratios; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of nay covenant or agreement of Borrower in this Mortgage. including the cotenants to pay when due aoy snms secured by this Mortgage, fender prior to scceleratios shall mail notke to Borrower as provided in paragraph 14 hereof specffyisg: (1) the breach: (21 the adron required to core snob breach; (3) a date, not less Than 30 days from the date the notice is mailed to Borrower. by which wch breach mast be cared; asd (4) that failure to cure such breach on or before the date specified in the notice may result in - accdentbs of the sums secured by this Mortgage, foreclosure by judicisl proceeding and sale of the Property. The notice shag further inform Borrower of the right to reinstate after acceleration and the right to assert in the toreclosuro proceeding tbt oon-existence of a defaak or any olber defense of Borrower to acctltntion and foreclosure. if the brexh is not cored on or before tht date specified is tbt notice. Lender at tender s option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. tender shall be tstitkd to coUed in snob proceeding all expenses of foreclosure. including. but sot limited to, reasonable attnrne~'s fees. asd costs of docr+!aenttvy evidence. abstracts and title reports. 19. Botrnowe~'s Right to Reinstste. Notwithstanding Lender's acceleration of the sums secured by the Mortgage. Borrower shall have the right to have any proceedings Ixxgun ~y Lender to enforce this Mortgage discontinued at an}~ time ~ o //~•'~~cc