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HomeMy WebLinkAbout2415 I.cndcr's v?•ritten agreement or applicable law. Narrower shall pay the amount cir'>~tt~?rtgage i~sbran~'e premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to This paragraph 7, with interest thereon, shall became additional indebtedness ~?f Borrower secured by this Mortgage- Unless Borrower and I coder agree to other terms of payment, such amounts shall be payable upon notice from Lender to Barn?wcr reycresting payment thereof. and shall hear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unlace 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, Inspection. lender may make or cause to be made rcaconahle 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 [_ender'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 pan thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall i+e paid to Lender. In the event of a total taking of the Property. the proceeds shall be 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, unletc Borrower and Lender otherwise agree in writing. Iherc 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 bears to the fair market value of the Propcrt)• 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 offer to make an award or settle a claim for damages, Borrower fails h? respond to Lender within i0 da)•s after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at i.ender'c 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 monthly installments referred to in paragraphs 1 and 2 hereof or_ change the amount of such installments. 10. Borrower Not Released. Extension of the time far payment or modification of amortization of the sums secured by this Mortgage granted by Lender In anv- successor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and &?rrowcr'c successors iR interest. Tender shall not he required to commence proceedings against such srrecessor or reface to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the orieinal Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Am• forl+carancc M• Lender in exercising am• right or remedv hereunder, or otherwise afforded by applicable law, shall not be a waiver of cu preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares or other liens or charges by tender shall not he a waiver of Lender s right to accelerate the maturity of the indebtedness cccurrd by this Mortgage. 12. Remedies Cumulative. 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 Borrnd; ]oint and Several i.iability: Captions. The covenants 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 pararraph 17 hercof_ All covenants and agreements of Borrower shall be joint and ceveral. . The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hercof. 14. Notke. Except for any notice required under applicable law to be given in another manner. fa) any notice to Burrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate Fiy notice to Lender as provided herein. and (h) am• notice to Lender shall be given 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 pms•ided herein- Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lcndcr when given in the manner designated herein. 1S. i,Tniform Mortgage; Governing law; Severability. 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 pmpert}•. This Mortgage shall he governed M• the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note rnnflicts with applicable law. such rnnflict shall not affect other provisions of this Mortgage or the Note which can he given effect without the conflicting provision, and to this end the provisions of the Mortgage and the \otc arc dccl:ucd to he ceverahle_ 16. Borrower's Copy. Borrower shall t?c furnished a conformed ropy of the Notc and of this Mortgage at the time of execution or after recordation hercof. ~ l7. Transfer of the Propert~•: Assumption. If all or am• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a1 the creation of a lien or encurnhrance subordinate to ~ this Mortgage. (h) the creation of a purchax money securitc interest for household appliances, (cl a transfer M• devise. i descent or by operation of law upon the death of a joint tenant or (dt the grant of any leasehold interest of three years or less not containing an option to purchase, lender may, at Lender ;c option. declare all the sums secured by this Mortgage to be immediately due and payshle. [-ender shall have waived such option to 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 F 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 Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If 1_ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hercof. Such notice shall provide a period of not less than iQ da)•s from the date the notice is mailed within t which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. i Lender. may. without further notice or demand on Narrower, invoke any remedies permitted by paragraph I R hereof. Nox-Clxtt=orent Covt=ev~:vTS. Borrower and Lender further covenant and agree as follows: s 18. Acceleration; Remedies. Except as pro.ided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower is this Mortgage. including the covenants to par when due any sums secured by this Mortgage, Lender prior to scceleratioo sball mail notke to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; 12) the action _ rrquired to cure snc6 breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by whkh such breach must be cared; and (4) that failure to cure such breach on or before the date specified in the ootke may r+esdt in acceleration of the sums scented by this :Mortgage. foreclowre by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after accderation and the right to assert in the foreclosure proceeding the non-ezisience of a default or any other defense of Borrower to accekratan and foreclowre. If the breach is out cured on or before the date specified in the notice, Lender al Ixnder's option ma)• declare all of the sums scented by this Mortgage to bt immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding aB expenses of foreclosure. including, but not Bmited to, reasonable attorney's fees, 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 h} Lender to enforce this Mortgage discontinued at any time j a~c~ r~cF2~.~ - ~