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HomeMy WebLinkAbout2729 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insuratce premiums in the manner provided under paragraph 2 hereof. Any amarnts 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 agtt4 to ptjtefterms of payment. such amounts shall be payable upon rn~tice from Lender to Borrower requesting payment tltereot! aitd shill bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payrnatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest raft: permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experae or take any action hereunder. 8. Iwspectiow, Tender may make or cause to be made reasonable entries upon and inspections of the Property. providod that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor rtlattd to I.atder'a interest in the Properly. 9. Cowdemnatfow. 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, are hereby assigned and shall be paid to Lender. Tn the event of a total taking df the Property, the proceeds shall he applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. 1n 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 floe proceeds paid to Borrower. If the Property is abandoned by Bor:ower. or if. after notice by Lender to Bormwer that the con- demnor offers to tltalte an award or settle a claim for damages. &~rrower fair 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. t:nless Lender and Borrower otherwise agree in vvritin~e, 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. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums stxuted , 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 Bt~rrower's successors in interest. Lender shall not be required to commence 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 Borrowers successors in interest. l 1. Forbearance by Lewder 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 secured by this Mortgage. 12. Rermedks Camubtive. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised co'hcurr+ently, independently or successively. 13. Swccessors and AssiRws Bound: .Joint awd Sexed Liability; Captloos. The covenants and agreements heroin contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender atad Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to tSe used 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 addressed to Borrower ar the Properly Address or at such other address as Borrower mav_ designate by notice to Tender 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 Borrower or Lender when given in the manner designated herein. I 15. Uniform Mortgage; Goverwiwg Law; $everability. This form of mortgage combines uniform covenants for national use and ran-uniform covenants with limited variations by jurisdiction to constitute a unifornn security instrotnent covering I real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the I( event that any provision or clause of this Mortgage ~r the Note conflicts with applicable law, such conflict shall not affect I other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this t{ end the provisions of the Mortgage and the Note are declared to be severable. i 16. Borrower's Copy. Borrower shall be furnished a conformed cop) of the Note and of this Mortgage at the time of executan or after recordation hereof. 17..Trawsfer 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 prior writrrn consent. excluding (a) the creation of a lien or encumbrance wbordinate 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 joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may. at Lender's option, declare all the sums setured 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 Ix. be solJ 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. Tf 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 obljBtttions under this Mortgage and the Note. j If Lender exercises such option to accelerate. 1_ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of na less than 30 days from the daft the notice is mailed within - which Borrower may pay the sums declared due. If Borrower fails to pay such sums error to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. NoN-Unt>roant CoverurvTS. Borrower and Lender further covenant and ogres as follows: lg. Accderatbw; Rearedks. E:rcpt s provWed iw pangra'h 17 frereot. trpow Borrower's breach of awy corewl K ttsrcewrewt of Borrower iw fhb Mortgage, lwchtdiwg the corewarNs to py wbtw tae awy twrrws seewrsi b this MatRage. Lewder prbr to acceletrstlow trios! wail notke to Borrower m Protr(ded iw pragrapr 14 herto[ apecltylwg: (1) the breach; (2) the setiow rgwfrd fo cwre web breach; l3) a dale, woe less thaw 30 days (rorw the sate the wotke b t¦aikd fe Borrower. by which tprcb breach rwwd be cwrsd; awd (1) that hilwre to cwre wch breach ow or betae the dale gtefied V tie wotlce t..y reswlt b wccderaliow of the wtr secured by th4 Mortgage. toreAoswre by jwdicial /roesediwg awd hale et the ll'r+npcrty. The wotlee ~ shall twrtber iwtonw Borrower of the right to rclastate filer accekratbw swd the right to aaseA iw the torselowre proeeedbt~ ~ the wow•exbtetnce of • detswM or awy fiber defewe of Borrower to aecekaMlow awd tortcbwre. N the breach b woe cwettd art or before the date specfbkd b the wotiee. Leader at I.ewders optbw twwy declare V of the wtws seswrsd b this MatpRe 1s be irwoedhtdy doe atad pyabie wifiwtrt trrrtlrer demand :and wtay torccbre ebb Morlgagt by jwikW prectediwR. Lewder shay be ewtltlsd tsa co0a+t,•t b ttwcb p+ocecdiwg ar a:peaces of forcclosrrre, iwclwdiag. bwt woe fliwtited M. reaaowabie stt~xneYs fees. wd cads of doe~~etrtary eridetrce. abstracts awd title «porb. 19. Borrowa's RfBbt t~ Reitrdate. Notwithstanding Lenders ttccekratan 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 f+R~~~ P~CE~~~S BIIOX