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HomeMy WebLinkAbout1637 • r Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premium: 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 Lender agree to other terms of payment, such amounts shall be payabk upon notice from lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time an 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 rata permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ittspeetbn. Lender may make or cause to be 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. Coademaatbn. 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, ar 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 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 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 the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award ar settle a claim for damages, Borrower fails 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. Unless [_ender and Borrower otherwise agree in writing, 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 Rekascd._ 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 Borrowers successarc in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time far payment or otherwise modify amortization of the sums secured by This Mortgage by reason of any demand made by the anginal Borrower and Borrower s successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by i.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes ar ether liens ar charges by Lender shall not be a waiver of i_ender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Comulati~e. All remedies provided in this Mortgage are distinct and cumulative to any atber right ar t remedy under this Mortgage ar. afforded by law ar equity, and may be exercised concurrently, independently or successively" " 13. Successors and Assigns Bound: joint and Several f.iabitity; Captions. The covenants and agreements herein contained shall bind, 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 Barrawer shall be joint and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and are net to be used to interpret or define the previsions hereof. 14. Notke. 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 at the Property Address .or at such other address as Borrower may designate by notice to I"ender as provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested. to i ender s address stated herein ar to 'f such ether address a~ Lender may designate by naiice ro Barmwer as provided herein. Any notice provided far in~ this i Mortgage shall be deemed to have been given to Borrower ar Lender when given in the manner designated herein. 1 S. Uniform Mortgage; Governing law; Severabr'lity. This form of mortgage combines uniform covenants for national use andnon-uniform covenants with limited variations by jurisdiction to constituu a uniform security instrument covering real property. The ~ state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing j 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 Note rnnflicts with appGcabk law, such caeillict 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 Non are declared to be severable. 16. Borrower's Copy. Borrower shall be firrnished a confirmed 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 it any part of the Property ar an interest therein is sold it transferred by Borrower without Lenders prier written cinsent, excluding (al the crcatiin of a lien it encumbrance subordinate to this Mortgage. (h} the creation if a purchase miney security interest far household appliances, (c) a transfer by devise, # descent or by operation of law upon the death of a joint tenant ar (dt the grant of any leasehold interest if three years or less not containing an option ti purchase, fender may, at Lender's iptiin, 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 ar transfer. Lender i and the person to wham the Property is Io be sold or transferred reach agreement in writing that the credit if such person is satisfactory to Lender and that the interest payable an the sums secured by this Mortgage shall be at such rate as Lender shall request" If I"ender has waived the iptian to accelerate provided "in this paragraph 17, and if Borrower's successor in interest has executed a written asumption agreement accepted in writing by Lender, [_ender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such aptiin to accelerate. 1"ender shall mail Borrower notice of acceleration in accordance with 1 paragraph 14 hereof. Such notice shall provide a pericxf if net less than 30 days from the date the notice is mailed within ( which Borrower may pay the sums declared due. If Harrower fails to pay such sumx prior to the expiratiin of such period, ~ Lender may, without further notice or demand an Harrower, invoke any remedies permitted by paragraph 18 hereof. Norr-Utvrt=oRt~t Covr=_:v,?rvTS. Borrower and Lender further covenant and agree as follows: g 1g. Acceleration; Remedks. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, includirtg the covenants to pay when dne any sums secured by this Mortgage, Leader prior to acceleration shall mail notke to Borrower as provided in paragraph 14 hereof specifying: (1) the bceacb; (2) the action regnired to cnre snob breach; (3) a date. not less than 30 days from the date the notke is maBed to Borrower, by whkb such breach must be cnred; and (4) that failure to cure snch breach on or before the date specified is tree notke may rrsdt in acceleration of the snore secured by this Mortgsge. foreclosure by judicial proceeditg and sale of the Property. The aotke shall further inform Borrower of the right to reinstate after acceleratan and the right to assert in the foreclosure proceeding t the non-existence of a defauh or any other defense of Borrower to acceleratan and forecbsure. If the breach is trot cored on or before the date specified in the notke. Lender at Lender's option may declare all of the sntns secured by this Mortgsge to be immediately due and payabk without further demand and may foreclose this Mortgage by judkial proceeding. Lender shall be entitled to collect in each proceedntg all expenses of foreclosure, includirryt, but not limited to, reasonable attorney's fees, t 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 an}' proceedings begun by Lender to enforce this Mortgage discontinued at any time BOOK 326 P~~F 16"35