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HomeMy WebLinkAbout2932 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in flee manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest ihercon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disburxment 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 interest 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 hereunder. 8. InspecHoa. i_ender 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 caux therefor related to Lender's interest in the Property. 9. Cottdemnatba. The proceeds of any award or clairn 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 otherwix 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 tht Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make _ an award or xttle a claim for damages, Borrower fails 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 or repair of the Property or to the sums secured by this Mortgage. i!:tless Lender and Borrower otherwix agree in writing, any such application of proceeds to principal shall not extend or pcctpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by tender 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 pnceedings against such successor or refux to extend time for payment or otherwix modify amortization of the sums xcured by this Mortgage by rcawn _of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance 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 xcured by this Mortgage. 12. Remedies Cnmulati~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 exercixd concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several i.iabilify; 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 xveral. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be uxd 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 addresxd to Borrower at the Property Address or at such other address as Borrower map designate by notice to Tender as provided herein, and (b) an}• 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 herein. 15. Uniform bforlRage; Governint; Law: Severability. This form of mortgage combines uniform covenants for national ux and non-uniform covenants with limited variations by jurisdiction to constitute a uniform xcurity instrument covering real property. This Mortgage shall be governed hp 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 rnnflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nutt which can be given effect without the conflicting provision, and to this E end the provisions of the Mortgage and the Vote are declared to be xverahle. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time 'i of execution or after recordation hereof. j 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 Lender's prior written conxnt, excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchax mone}• securit}• interest for household appliances, (c) a transfer by devix, ~ descent or by operation of law upon the death of a. joint tenant or fd? the grant of any leaxhold interest of three years or less not containing an option to purchase, Lender may at Lender's option. declare alt the. sums secured by this Mortgage to be immediately due and payable. tender 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 release Borrower from all obligations under this Mortgage and the Note. If (_e~ider exercixs 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 dati•s from the date the notice is mailed within which Borrower map pap the sums declared due. If Borrower fails to pas such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. im•oke and remedies permitted by paragraph 18 hereof. ` Note-Uxtt=oe:?t Cove~~hTS. Borrower and 1_ender further covenant and .agree as follows: 1 I8. Acceleration; Remedies. Exce t as ros•ided in a k p p p raRraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this vlortga„e. including the co~•enants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as pro~•ided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such 3 breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notke may reedt in acceleration of the sums secured by this :Mortgage, foreclosure by judicial proceeding and sale of the Property. The tatkt shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-rxistence of a default or any other defense of Borrower to acceleration and foreclosure. if the bresch is not cured oto or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and map foreclose this ll~fortgage by judicial proceeding. Leader shall f be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Aorrower's Right to Reinstate. 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 • 's i a~°x 318 PaCE ~~6