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HomeMy WebLinkAbout2705 • i i • l 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 ibis paragraph T, with interest thereon, shall become additional indebtedness of Borrower xcured by this Mortgage. Unless Borrower and I-enter agree to other terms of payment. such amounts shall he payahk upon notice from Lender to Borruwrr requesting payment thereof, and shall bear interest from the date of disburxment at the rate payahk from time to time on outstanding eritjc~tQil, lr4? the Note unless pa~?mart of interest at such rate would be contrary to applicable law, in which event such snrovrits~lti~ar interest at the highest rate ptrmissibk under applicable law. Nothing contained in this paragraph 7 shall require tender to incur any expetae or fate any action hereunder. g. Iwspectiow. i.ender may make ar cause to be made reasonable en)riec upon and inspections of the Property. provided that Lender shall give Borrower native prig to any such inspection specifying reasonable cause therefor related to I.ender'a interest in the Property. . 9. Comdemmafioa. The proceeds of any award or claim for damages, direct or consequential, in rnnatxtion writh any condemnation~or other taking of the Property, or part thereat, ar far a~nveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. in the event of a total taking of the Pmperty, the proceeds chat[ he 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 I.etrdtr otherwise agree in writing. there shall he applied to the sums secured by this Mortgage such proportion of the prooeeds as is equal to that proportion v?•hich 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 pricer to the date of taking, with the balatxx of the proceeds paid to Borrower. If the Property is abandoned by Bar;Dover. or if. after notice by Lender to Borrower that the condemtar offers to mate an award or xttle a claim far damages. Borrower fair to resx~nd to 1_ender 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. ~ Unless Lender and Borrower otherwise agree in v.•rihng. any such application of proceeds to principal shag 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. 10. Borrower Not RNeased. 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 shall not operate to release, in any manner. the liability of the original Borrower and Harrower ~ sttccessars in interest. lender shall not be required to commence proceedings against such successor or refuse to extend time far payment ar otherwix modify amortization of the sums xcured by this Mortgage by reason of aR~' griuuii<l r~tade by the original Borrower and Borrower's successors in interest. 11. Forbearance by [.ender NM a Waiver. Any forbearance by [.ender in exercising any right or rctrrcdy hereunder, or othetwix 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 ar other liens or charges by Lender shall not be a waiver of Lender's right to accelerate-the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmulsti~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aftarded by law or equity, and may he exercised concurrently, independently or sttecessivtly. 13. Smccessors and Assigns Bound: ,Joint and Several LiaM7ity; C.aptbms. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph I T hereof. All covenants and agreements of Borrower shall be jary and several. . The captions-and headings of the paragraphs of this Mortgage are far convenience only and are not to lk used to interpret or define the provisions hereof. 14. Notice. Except for any Halite 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 whcr address as Borrower ma_v designate by notice to i.ender as provided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's 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 Barrow•er or Lender when given in the manner designated herein. 1S. Uniform MortgsBe: Goveraing Law: Sevenbility. This form of mortgage combines uniform covenants for national tine and non-uniform covenants with limited variations by jurisdiction 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 this Mortgage or the Nate conflicts with applicable law, such conflict shall not affect j other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this I end the provisions of the Mortgage and the Nate are declared to be xverable. 16. Borrower's Copy. Borrower shall be furnished a conformed cop)- of the Note and of this Mortgage at the tithe of execution or after recordation hereof. 17. ,Ttraader of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's pricer written consent. excluding (al the creation of a lien or eneumbnnce subordinate to ~ this Mortgage. (b) the creattan of a purchase money security interest far household appliances, (c) a transfer by devise, descent or by operation 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 [_ender's option, declare all the sums stxured 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 ~o1J ar transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interr.t 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 j interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all r obljdations under this Mortgage and the Nate. If Lender exercises such option to accelerate. Lender shall mail Borrower ratite of acceleration in accordant.: vi•ith ~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the ratite is mailed within ( which Borrower may pay the sums declared due. 1( Borower fails to pay such sums prior to the expiration of such period. Lender may, without further novice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. z - a NoN-UNtFORnt tVovttvaNTS. Borrower and Lender further covenant and agree as follows: j 16. Accderatiom; Reiitiedies. >E?:ceps as prov{dtd is pragtnrph 17 hereof. tapm Borsw?er'a bratlt of a.y co•ettiaat K r agree>•emt of Borrower m fhb Maigage, imcludlwg the cotrcnamts to py when dme any sttttwe setmrei y tlds Morgptge. i.emder ~ prior to secelecatlom shah miW ttwtlce to Borrower as pro•fdcd Im pragraph 14 hereof ttpecltylmg: (1) the broth; (2) tie setiow regttdred N tae ti~ci breach; (3) a dente. mot less thaw 30 days front the date tie wotke b tttailed fo lterrswer, by wiici stsei bracb mat k csred; and (4) that tailmre to cmre such breath ow or before the date spetifled b the tnotke tray resmN b accsieratlom of tie llama secored by ebb Motrtgage. toreciosmrr y jmdkW poeeedimg sent ask of tie Property. Tie tootice ` shay tmrfber iatorw Borrower of the right to rtititstste sttcr acceleration and the right b assert b the toretloemre pnoeeedimg E the non-esidcmce et a defatlt or any other dcfemse-ot Borrower to acctletrstiom awd foreclowre. K the breath b trot ca+t~ u~ or before the dtNe specified bi tie mMice. Lewder at t.ewder's o'tbm Wray deviate sN of the wtr sectrrad by this MortgsRt M bt iswcdiately dens amt pyabk witbistrt tmrther demand and may foreclose ebb Mortgage h' jmdkW protetdiag. Lender SiaY be eatltkd to eolktt d smcb proeeedirtg sN a:penses of foreclosmre. bxltt~ag, bN sot Yrmited hi, reasonable staxwer's fees, and oasts o[ doe.!~emtary ttridenee, sbstracb atsd title repro. 1!. Botrrowp's Right to Rtdnstste. Notwithstanding tender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any procecdtngs begun by [.ender to enforce this Mortgage discontinued at any time ~ OGOK 3z1 PdGE 27(11 I