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HomeMy WebLinkAbout1755 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 amot+nts disbursed by Lender pursuant to this paragraph 7, wish interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrow•cr and lender agree to other terms of payment, such amounts shall be payable upon notice from 1_ender to Borrower requesting payment thereof, and shall hear interest from the date of disbursement at the rate payable from time to time nn ot+tstanding principal under the Note unless payment of interest at such rate would be contrary to applicable lau•, in which event such amounts shall hear 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. Inspection. lender may make or cause to he made reasonable entries upon and inspections i?f 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. Condemnatbn. The proceeds of an}• award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned and shaft he paid to Lender. In the event of a total taking of the Pmpert}•, the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Bormwcr. In the event of a partial taking of the Property, unless Bormw•er and i_ender j otherwise agree in writing. there shall be applied to the sums secured M• Chic Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediateh• prior to the date of ` taking bears to the fair market value of the Property immediate(}• prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned b}• Borrower. or if. after notice by (.ender to Bormwcr that the condemnor offers to make an award or settle a claim for damages. Borrower fail. ro respond to lender within ?0 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at l.ender'c option, either to restoration or repair of the Property or to the sums secured by This Mortgage. Unless Lender and Borrower otheru•ice agree in writinc. any such application of proceeds to principal shall not extend or p~Ktpone tke due Jate of the monthl}• installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. li. Borrower Not Released. Extension of the time fur payment or modification of amortization of the sums secured by this Mortgag•_- granted by Lender tc• any successc.r in interest of Borrower shall not operate to release, in any manner. ' the (iabilih• of the original Bormu•er and Bormwcr ~ successors in interest. lender shall not be required to rnmmence prcuerdiogs against such successor or refuse to extent time fur payment or otherwise modify amortization of the sums secured by tnic Mortgage by reason of any demand made by the original Bormuer and Borrowers successors in interest. I1. Forbearance by Lender Not a Wai~•er. Am_• fc.nc~arance by Lender in exercising any right or remedy hereunder, or otherwise afforded h}• applicable law, shall not be a waiver of or preclude the exercise of any such right or remed}•. f The procurement of insurance or the payment of taxes or other liens or charges h}• tender shall not be a waiver of Lender's right to accelerate the mawrit}• of the indeMednecs secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this hfortgage arc distinct and cumulative to any Mher right or # remedy under this Mortgage or afforded h}• law or equity. and ma}• he exercised concurrenth•. independently or successively. 13. Successors and Assry;ns Bound; ]oint and Ses~ent i.iability; Captions. The covenants and agreements herein ' rnntained shall hind, and the rights hereunder shall inure to. the respectise successors and assigns of Lender and Bormu•er. subject to the provisions of paragraph 17 hereof. AN covenants and agreements of Borrower shall he joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience onl}• and are not to he used ro t interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. /al any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Bormwcr may designate by notice to lender as provided herein. and (hl ans• notice to Lender shall he given by certified mail. return receipt requested. to 1 ender s address stated herein or to such other address as lender may designate by notice to Burrower as pr,n•ided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner designated herein. IS. Uniform Mortgage; Goserning I,aw: Severabilit}•. 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 property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. In 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 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. 16. Borrower's Copy. Borrower shall be furnished a conformed rnpy 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 am~ part of the Pn.perty or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding la1 the creation of a lien or encumbrance subordinate to this Mortgage. Ih} the creation of a purchase money security interest for household appliances, Icl a transfer by devise. descent or by operation of law upon the death of a joint tenant or.ld+ the grant of any leasehold interest of three years or less nut 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 tc. accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is tc. he sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pat•ahle on the sums sect+red M• 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 successorin interest has executed a written assumption agreement accepted in writing by (.ender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shat! mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than ~0 days from the date the notice is mailed within which Borrower may pa}• the sums declared doe. If Borrower fails to pay sorb sums prior to the expiration of such period. I.endcr may. without further neticc or demand on ltorn,wcr, im•okc am~ remedies permitted by paragraph 1R hereof. No!v-L':VIFORM CovFVx;vrs. Borrower and (.ender further rnvenant and agree as follows: 18. Acceleration; Remedies. Except as prodded in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this ;ftortgage, including the covenants to pay when due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice fo Borrower as prodded in paragraph 14 hereof specifying: (1) the breach; (2) the aMion required to cure such breach; (3) a date. not less than 30 da}•s from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may resntt in acceleration of the sums secured by This Mortgage, foreclosure b}• judicial proceeding and sate of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in tht foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. if the breach is not cured on or before the date specified in the notice, lender at Ixnder'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. Lender shall be entitled to co11eM 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. l9. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to has~e am proceedings begun hs I ender to enforce this Mortgage discontinued at any time "321 Pa~Ei754 3~~K