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HomeMy WebLinkAbout1693 :a._- 1 ~ ~ y , . . i Lender's written agreement or applicable law. Borrower shall pay the amount of tlNmolrtgage insurance 'premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and tender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting pa)•ment 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 payment 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 take any action hereunder. 8. lnspecfbn. 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. Condemtwtbn. The proceeds of any award or claim for damages, direct or concequential, 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. in the event of a total taking of the Property. the proceeds shall be applie~t 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 Chic 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 1 taking bears to the fair market value of the Propert}• immediatel)• 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 Tender to Borrower that the condemnor offers to make an award or settle a Maim for damages, Borrower fails to respond to lender within 30 da}•s 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 i Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the monthl)• installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Nof Rekased. Extension of the time for pa}•ment or modification of amortization of the sums secured by this Mortgage granted by i.ender to any cuccecwr in interest ~f Borrower shall not operate to release, i:, arry manner, - the liability of the original Borrower and Borrower's strccessorc 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 ofrm• demand made by the original Harrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. An}• forbearance by Lender in exercising am• 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 tares or other liens or charges by (.ender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded M• law or equity. and may be exercised concurrently, independently or successively. 13. Successors and Assq;ns Bound; Joint and Several i.iability; Captions. The cosenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. t 14. Notice. Except for any notice required under applicable law t~• be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given h}• mailing wch notice by certified mail addressed to Borrower at the Property Address or at such other address as Burrower ma}• designate M• notice to lender as provided herein. and (hl any notice to Lender shall he given by certified mail. return receipt requested. tc• Lender s address stated herein or to ~ such other address as i.ender ma) designate by notice to Borrower as pr ~~•ided herein. Any notice provided for in this Mortgage shall be deemed to has•c been given to Bormw•cr or l.cnder when given in the manner designated herein. i5. Uniform Mortgage; Gorernin~ i.aw; Se.•erabilit)•. 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 Taws 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 r ' Note conflicts with applicable law. such conflict shall not affect other provisions of this Mortgage or the Nou 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 Cop}•. Borrower shall t+e furnished a conformed copy of the Note and of this Mortgage at the time ` of execution or after recordation hereof. 17. Transfer of the Propert}•: 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 (ar the creation of a lien or encumbrance subordinate to this Mortgage. Ih) the creation of a purchase money security interest for household appliances. (cl 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 containin¢ an option to purchase. Lender may. a1 Lender's onhon. declare all the sums secured by this Mortgage to be immediately due and payable. I-ender shall have waived such option to accelerate if, prior to the tale or transfer. 1-ender and the person to whom the Property is to be sold 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. 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 I-ender. 1_ender shall release Borrower from all k 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 pericxl of not Icss than ?0 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Horrower faik to pa}• such sums prior to the expiration of such period. Lender may. without further notice or demand on Horrower, im•oke any remedies permitted by paragraph 1R hereof. Now-UHtt=ox~t Covt=y~yrs. Borrower and Lender further covenant and agree as follows: 18.. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of aay covenant or ~ agreement of Borrower in this tllortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as providtd in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 days 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 twtice may resdt in acceleration of the sums secured by this AtortRaRe. foreclosure by judicial proceeding and sale of the Property. 1?re notice ; shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure procetdirtg the non-existence of a default or any other defense of Borrower to acceleration and foFeclosure. If the breach is trot cured on or before the date specified in the notice, Lender at Lender's option ma)• 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 collect in such proceeding all expenses of foreclosure. including. but cwt limited to. reasonable attorney's fees. and costs of documentary evidence, abstracts and title reports. ' 19. Borrower's Right to Reinstate. Notwithstandirig 1_endcr's acccleraUon of the sums secured by this Mortgage. Borrower shall have the right to have ant proxecdings begun h}• Lender to enforce this Mortgage discontinued at any time ~~~3~'3 P~1684