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HomeMy WebLinkAbout0675 ,v Lenders 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 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 payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest Irom 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. Inspection. 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 Lenders interest in the Property. o. r`1fnA~.nnaNn~_ The n_ rnr~uuic of anvaward orclaim for damages direct or consequential. in connection with env condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, 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 secure) by this Mortgage. with the excess, if arty paid to Bortower. 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 thisr tyortgage such proportion of the proceeds as is,equal to.that proportion which the amount of the sums secured by this Mortgage immediately prdir 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 the Borrower: - If the Property is abandoned by Borrower, orif; after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower tails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and appy the proceeds, at Lenders option, either to f~storation 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 t and 2 hereof or change the amount of such installments. 1 O. Borrower Not Released. 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 successors in interest Lender shall not be required to commence proceedings against such successor or refuse to extend time for p~ym@nt.or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Walvsr. Any forbearance by lender 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 be a waiver of lenders nght to accelerat@ ttte maturity of the indebtedness secured ~y this Julodgage. 12. Rsmedlq Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy undei thiS'Mortgage or afforded by law or equity, and may be exercised concurrently, independently orsuccessively- 13.. Successors and Assigns Bound; Joint end Several Liability; 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 Borrower shall tie joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to tie used to interpret or define the provisions hereof. 14. Notice. 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 td Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provi~fed herein, and (b) any notice to Lender-shall be given by certified mail, return receipt requested, to Lenders address stated herein or to such other address as Lender may designate by notice to Bortower as provided herein. Any notice provided'for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Cov@ming Law; Severablllty. 7his~form of mortgage combines uniform covenants for national use and non-uniforrr2 covenants with limited variations by jurisc3icTidh to eon§titute a unifoirrl security instrument . co~~enng real property. The state and focal laws applicable to this Mortgage shall be the laws 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 i provisions of this Mortgage or the Note which can be given effect without the conflicting prov~s~on. and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrowers Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time I of execution or after recordation hereof. 17. Transfer of the Property; Assumptbn. If all or any part of the Property or an interest therein is sold or transferred by Borrower without 4enders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise, descent or by opQration of law upon the death of a joint tenant or(d) the grant of any leasehold interest of three years or less not containing an option to pur~~se. Lender may, at Lenders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate it prior to the sale or transfer, Lender , and the person to whom the Property is to be sokf or transferred ntachagreement 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 t 7, and it Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Bortowerfrom all obligations under this Mortgage and the Note. tf Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with I paragraph 1 A hereof. Such notice shalt provide a period of not less that 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. It Borrower fails to pay such sums prior to the expiration of such period, ~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. z NON-UNIFORM COVENANTS. Borrower and lender ~turther covenant and agree as follows: 18. Acceleretton; Remedies. Except as prorlded-ln paregnph 17 hereof, upon eorrovwrs breach of any j covenant or sgreement of_Borrower in this ~Aortgage including the covenants to pay wh@n due any sums secured a by this Mortgage, Lender prior to~acceleretfon` shalrinall notice to Borrower as prodded In pangnph 14 hereof - specifying: (1) the beach; (2) tits action required to can such breech; (3) # date, not less than 30 days from the date the notice is malted to eorrovwr, bt?whlch such breach must be cured; and (4) that fallen to cure such breach on or before the dab epecliled In Ms notice may result In accelaratton of the sums secured by this Mortgage, foreclosure by judicial procecdtny and sale of the property. The notcc shall furtherlnform Borrowetoithe rlghtto rolnsbte aRer acceleration and the right to assert to the foreclosuri pr6ceeding the non•exlsbnce of a defauRor any other defense of Borrovwr to acceleration and fonciosun. It the breach (snot cured on or baton the date spscifted to the notice, Lender at Lenders option may 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. - Lendershall be Fr>tRled to collect (n such jproceeding all expenses of foreclosure, Including, but not Ilmked to, reasonable attorney's tees, and costs of documentary evidence, abstrects and title sports. - 19. Borrowers Right to RNnsbte. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ 6zs - - ~ - -