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HomeMy WebLinkAbout1446 .T • , ~ , r 1 1 Lender's written agn:ement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums m the manner provided under paragraph 2 hereof. Any amounts disburse) by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower ~ncj Lender, agree to other terms of payment, such amounts shall he .payable upon notice from Lender to &.rrower reyuesung payment therrnf. and shall bear interest from the dale of disbursement at the rate payable from time to time on outstanding principal under the Nole unless payment of interest at such rate would be contrary to applicable law, 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. Iwspeetioa. lender may make or cause to t+e made reasonable entries upon and inspections of 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, Condemnation. 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 her conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a totrl taking of the. Property. the proceeds shall 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 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 propc?rtion 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 the Property is abandoned by Borrower. or if_ after notice by 1_ender to Borrower that the condemnor offers to make an award or settle a claim for damages. Bormwer fails to respond to 1_ender within 30 days after tbe date such notice is mailed, Lender is authorized to collect and apply the proceeds. at 1_ender c option, either to restoration or repair of the Property or to the sums secured by this Mortgage. . Unless tender and Bormwer otherwise agree in wrihnc. any such application of proceeds to principal shall not extend or postpone the due date of the momhly 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 sxured 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 &.rrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refute 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. 11. Forbearance by Lender Not s Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not t,e 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. Remedies Comulative. 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. Successors and Assigns Bound: .Joint and Several I.iaM7ity; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall incrg to. the respective successors and assigns of Lender slid 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 are for convenience only and arc not to be used to interpret or define the provisions herrnf. 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 h)' mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Bormwer mav_ designate by notice to Tender as provided herein, and (b) any notice to Lender shall he giver. 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 he deemed to have been given to Borrower or Lender when given in the manner designated herein. I'I 1S. Uniform Mortgage: Governing Law; Severability. This form of mortgage combing uniform covenants for national i use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument cogering i real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the event that any provision or clause of this Mortgage c?r 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 cop)• of the Note and of this Mortgage at the time ( of execution or after recordation hereof. 3 17. ,Trsasfer 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 written consent. excluding (a) the creation of a tier. or encumbrance subordinate to this Mortgage. (h) 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 (dl the grant of any leasehold interest of three years or less not containinb an option to purchax, Lender may. at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. [.ender shall have v?aived such option to accelerate if, prior to the sale or Transfer. Lender and the person to whom the Property is to be cold 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 ac Lender shall t~equest. 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 obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period t`f not less than 30 days from the date the notice is mailed within t which Borrower may pay the sums declared due. It 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 1 R hereof. e NoN-UNtt=oRtN CoveNarvTS. Borrower and Lender further covenant and agree as follows: 18. Aecdentbn; Renredia. Except as provided in paragrspb 17 hereof. upon 1<orrowetr's breach of nay covsaant or agreement of Borrower h this Mortgage. fweludirrg the covenants to psi whew doe soy suwss secured b'!' tWs Mortgage. Lender prbr to sceeicratbs shag wail wotke to Borrower as provided in paragraph 14 hereof specifying: (1) the btresch; (2) the sctiow tregaired to ettu+e such breach; (3) a date. woe less than 30 days front the date the notice r traNed to Borrower. br wbkb such ( breach roast be cured; awd (4) that failure to cure such brescb oa or before the date apeci8ed b the notke way resuN iw c. acederatbn of the tiuas secured br this MorlgtrRe. foreclosure br jndkW proceediw~ stsd sale of the Property. The wotke sbsY further Morro Borrower of the right to rdwstste after sccekratbw awd the right to atmrt fa the foreclosure proceeding the wow-a=isteace of a default or awy other detewse of Eorrowcr to accekratba awd foreclowrre. It the breach is woe foxed ow or before the date specified b the rtotke. Lender at Lender's optiow way declare all of the ssnrs secured br this MottRaRe to be iroarediatelr due atsd parable without further demand and war foreclose this Mortgsge br jArdkW proceeding. i.ender shall be endded to coYect a stseb procecdiw6 sit expenses of forecbsurc. Mcludiwg. but woe fliwrited to. reasowable stt.,rner's fees. and eas4 of docaroewtarr eridewce. sbstrscb sad title reports. 19. Borrowa's Ri<bt to Rei•state. Notwithstanding Lenders acceleration of the sums secured by the Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time E e~C~~323 P~~1~3?