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HomeMy WebLinkAbout1783 Lender's written agreement or applicable lase. Borrower shall pa}• the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts dishtrrsed by !.ender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Alortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from 1_ender to Borrower reyuesting payment 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 contrar}• 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. Inspection. Lender ma}• make or cause to be made reasonable entries upon and inspections of the Property, provided k that [.ender shall give Borrower notice prior to an}• such inspection specifying reasonable cause therefor related to Lender's f interest in the Property. 9. Condemnatbn. The proceeds of any award ar claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, ar part thereof. or for conveyance in lieu o! condemnation, are hereby assigned and shall he paid to Lender. In the event of a total taking of the Propert}•. the proceeds shall he applied to the toms 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 he applied to the sums secured M• 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 hears to the fair market value of the Prapert}• immediate!}• prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower. ar if. after notice by !.ender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fair to respond to lender within 30 days after the date such notice is mallet!. Lender is authorized to collect and apply the proceeds. at I.ender'c option. either to restoration ar repair of the Property ar to the sums secured M• this Mortgage. Unless Lender and Borrower Mherv?•ice agree in writing. any such application of proceeds to principal shall not extend ar postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof ar change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender t~• 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. lender shall not he required to commence pn~ceedings 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 h} the arieinal Borrower and Borrowers successors in interest. 11. Forbearance by [.ender Not a Waiver. .Am• forbearance M• Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of an}• such right ar remedy. The procurement of insurance or the payment of tares or other liens or charges by lender shall oat he a waiver of [.ender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies pms•ided in this Mortgage are distinct and cumulative to any other right or remedy cinder this Mortgage or afforded by law or equity. and may he exercised concurrcnth•, independently ar successively. 13. Successors and Assigns Bound: ]oint and Several i.iahilit~•; Captions. The covenants and agreements herein contained shall hind, and the riches hereunder shall inure to. the respective successors and assigns of 1_ender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreeenenic of Borrower shall he joint and- several. The captions and headings of the .paragraphs of this Mortgage are for convenience only and are nM U. he used to interpret or define the provisions hereof. 14. Notice. Except for any notice rey~:feed under applicable law to be given in another manner, (al an}• notice to Borrower provided for in this Mortgage shall he given he mailing such notice by certified mail addressed to Borrower at the Property Address ar at such other address as Borrower mas• designate by notice m i.ender as provided herein, and (hl an}• notice to Lender shall he given by certified mail. return receipt requested. to 1 ender's address stated herein ar to such other address as Lender may designate h}• notice to Borrower as pr,wided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Harrower or Lender when given in the manner designated herein. IS. Uniform 1ltortgage: Governing Law: Se• erabilih•. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instnunent 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 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. l6. Borrower's Copy. Borrower shall he furnished a conformed rnpy of the Note and of this Iltartgage at the time 4 u( execution ar after recordation hereof- 17. Transfer of the Propert}: Assumption. If all or am part of the Propcrt}• ar an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding far the creation of a lien ar encumbrance suhaniinate to ~ this Mortgage. Ih} the creation of a purchase money cecurin• interest for household appliances. fc) a transfer h}• devise. ; descent ur by operation of law upon the death of a joint tenant or f~U the grant of any leasehold interest of three years or less oat containing an option to purchase. Lender may, at 1 tinder's option. declare all the sums secured by this Mortgage to he immediately due and payable. Lender shall have waived su~F~ option ro accelerate if. prior to the sate or transfer, lender and the person to wham the Property is to he sold or trancfe ed reach agreement in writing that the credit of wch person is satisfacton• to Lender and that the interest pa}•ahle on the sums secured h}• this Mortgage shall be at such rate as Lender shall reyucst_ If lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in in?erest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Nate. If Lender exercises each option to accelerate. 1 ender shall mail Borrower notice of acceleration in accordance with paragraph IJ hereof. Such notice shall provide a period of not less than 30 Jays from the date the notice is mailed within which Barn,wer may pa}• the sums declared due. If Borrower folk ro pap such sums pricer to the expiration of such period. Lender may, without further notice ar demand on Harrower. ~m•ol~e any remedies permitted h}• paragraph Ifi hereof. r Norv-UKrroRH COVENANTS. Borrower and I_endtr further rnvenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of anv covenant or agreement of Borrower in this :Mortgage. including the cosenants to pay when due any sums secured by this :Nortgagt. Lender Y prior to acceleration shall mail notice to Borrower'as provided in paragraph 14 hereof specifying: ([)the breach; (2) the action required to cure such breach; (3) a date. not less than 30 da~•s from the date the notice is mailed to Borrower. by which such breach must be cared; and 14) that failure to cure such breach on or before the date specified in the notice may resalf in 3 acceleration of -the sums secured by this ~1orlRage, foreclosure b}• 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 foreclosure proceeding ' the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specifiEd in the notice. Lender at [.tinder'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 not limited to. reasonable attorney's fees. and costs of documentary evidence. abstracts and Iille reports. 19. Borrower's Right to Reinstate. tiotwiihstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have am proceedings begun h} I.cnder to enforce this Stortgage discontinued at any time el ~~3Z~ ~ac~~.7~~ _ - ~ .