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HomeMy WebLinkAbout2157 { 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 amounts disbursed by 1_ender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inirrzst 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. lns>aectioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that tender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's - interest in the Property. - 9. Cotademnatba. 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. j In the event of a total taking of the Property. the proceeds shall be applied to the cams 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 proportion which the amount of the sumc secured by this Mortgage immediately prior to the date of taking hears 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 b}• Borrower, or if. after notice by lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to lender within 30 days after the date such notice is f 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 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 ; i such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sumc 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 Borrower's successors in interest. i_ender shall not he required to commence proceedings against such successor or refuse to extent time for payment or otherwise modify amortization of the sums - secured by this Mortgage by reason ofrny demand made b}• the original Borrower and Borrowers strccesa.rs in interest. 11. Forbearance by Lender Not a Waiver. An}• forbearance b}• I-ender 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 he a waiver of Lenders { right to accelerate the maturity of the indehtcdnecs secured by this Mortgage. 12. Remedies Cnntulati~e. 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 Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of fender 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 he t~ced to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, fa) 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 other address as Borrower ma}• designate by notice to fender as provided herein, and (bl any notice to Lender shall he given by certified mail. return receipt requested. to lenders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided fcir in this Ziortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ' 1S. Uniform Mortgage: Governing Iaw: Severability. This form of mortgage combines uniform covenants for national use j and nom-uniform rnvenants with limited variations by jurisdiction to constitute a tutiforn security instrument covering real property. The I state and local laws applicabk to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall rat limit the applicability of federal law to this mortgage. In the eves that any provision or clause of this Mortgage or the Note conflicts with applicable Iaw, 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. f 16. Borrower's Copy. Borrower shall be furnished a conformed copy 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 Property or an interest therein is sold or transferred t by Borrower without Lender's prior written consent. excluding tat the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money securit}• interest for household appliances. (c) a transfer h}• devise, F descent er by operation of law upon the death of a joint tenant or (dt the grant of any leasehold-interest of three years or less r not 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 ti. accelerate if, prior to the sale or transfer. Lender 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 e shell 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 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 t paragraph 14 hereof. Such notice shall provide a pericxl of not less than iQ da}•s from the date the notice is mailed within ~ which Borrower may pay the sums declared due. If Borrower talk to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke am• remedies permitted by paragraph 18 hereof. n Nox-UNtt=oRxt Cove~xtvrs. Borrower and Lender further rnvenant and agree as follows: 18. Acceleratan; Remedies. Except as proxided in paragraph 17 hereof, upon Borrower's breach of nay covenant or s agreement of Borrower in this Mortgage. including the covenants to pay when dne any sums secured by this Mortgage, Lender rior to acceleratan shop mail notice to Borrower as rovided in a rah 14 hereof tf r • (1) the btesch; (2) tot action - P P Prof; P Y aL• required to cure such bresch; (3) a date, not less than 30 da}s from the date the notice is mailed to Borrower, by whkb sacb 5 breach must be cured; and (4) that failure to cure such breach on or before the date specified is the notice may result in f acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclasrore proceeding ~ the non-existence of a detauk or am other defense of Borrower to acceleration and foreclosure. If the breach is not eared on or before the date specified in the notice, Lender at Lender's option may declare all of the sortu secured by this Mortgage to be immediately due artd 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 not United to, reasonable attorney's Pets. - and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have arse proceedmgs Fxgun by Lender to enforce this Mortgage discontinued at any time , e~ oK323 Pa~E2i48