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HomeMy WebLinkAbout2339 Lender's written agreement or applicable 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 thin paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage' Unless •lto{rciv~e~ and !.ender agree to other tem?s of payment. such amounts shall be payable upon notice from 1-ender 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 pajrrrrertt 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 rate any action hereunder. a. httspectiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that i-ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdemwatbw. 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 i.ender. Tn 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 Tender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such propcxtion of the proceetb 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. Tf the Property is'ahandoned by Borrower. or if. after notice by lender to Borrower that the condemnor offers to mane an award or settle a claim for damages. Burrower fail. to retipond to Lender within 30 days after the dale such notice is rnailed. 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 MortRage- Unless Lender and Borrower otherwise agree in writinc. 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. l0. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by !.ender to any successor in interest of Borrower shall not opentt to release, in any manner, the liability of the original Borrower and Borrower's successors in interest- lender shall not be required to commerwe 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 original Borrower and Borrower's successors in interest. 11. Forbearance by Lewder Not a Waiver. Any forhearance 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 seccrred by this Mortgage. 12. Remedies Cnmulatlre. 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. Strceessors awd AssiiRws Bound; Joint awd Seved i.iab'lify; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jdry and several. The captions and headings of the paragraphs of this Mor(gage are for convenience only and ate not to tie used to interpret or define the provisions hereof. 11. Notke. 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 he given by certified mail. return receipt requested, to lendePs 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 Mortgage; Gorernirtg Taw; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real properly. This Mortgage shall tx governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage ur the Note conflicts with applicable law, such conflict shall not affect ' other provisions of this Mortgage or the Note which can be given e0ect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to tx severable_ 16. Eorrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. l7..Ttrswsfer of the Property: Assnmptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinrn consent. excluding (al the 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, descent or by operation of law upon the death of a jrnnt tenant or (dl the grant of any leasehold interest of three years or less not containing an option io 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 solJ or transferred reach agreement in writing that the credit of xuch 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 obljgsttions under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordanc-c 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. NoH-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as folbws: ls. Acceleratios; Resetiks. Except ss provided iw paragrstpb 17 hereof, tttpw lsorrtswtt~s ircach of wy corttwawt or agrecttttewt of 1R<orrower io this Mortgrge, iwdudiog the covenants to pay whew dtre swy st.ms secasi bf fhb Morlgagt. Levier prbr to aeceleratbw shag saY tsotice to Ikorrowcr s prodded Iw pragraph 11 hereof specYjritrg: (1) the 6rewclr; (2) the scfiow rr!grired fo clue arch btt+ewch; (3) a date. woe less thaw 30 days from the date the wotke b sttfild M )Ioerower. ~ which streh brash stet be csred; swi (4) that tailwre to cure such breach ow or before the daAe speefietl V the wotlee mar malt b aecderatiow of the suss sectrrcd by this Mortgage. forcdoswtt by judkW proceediw~ ttstd sale et fhe hoperfy. The wstkt shttq frtriher iwtoewr Eorrower of the right to refwstsfe after sccekrstiow awd the right b avert iw the forteloage poeee~ttg the wos-exitdcwce of a detsswk or ssiy other defewse of Borrower to sxcckratiow ssrd toreelonrre. N the bnaeb b not cw~ed ew or betorr the date speeiied i• the wotice. Lender at !.grader's optiow may decln+e t>w o[ the army ssetrrei b fhb Mortgs(te fo be issediatttly dtre wwd pys+bie without fwrtber demand and may foreclose fhb Mortgage by jwtticW proesediag. Lender drag be ewtitled to coiltct M stneh rroeeediwg sr expeases of foreclosere, Iwchrding, best wof lVrNei M. reasotttttbfc sfb,rwetr's fees. aiwd costs of dva:!wewtary ttwidesce, a6strwcb awi title rcprb. 19. iorrower's Right to Reiwstate. Notwithstanding Lenders acceleration of the sums secured by Ihce Mortgage, Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time rig `~~(1 9rt~2K annr. e~~e