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HomeMy WebLinkAbout0948 • - s Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the i manner provided under paragraph 2 hereof. Any amounts disbursed by !_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 Tender 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 rate • permissible under applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take any action hercuteder. 8. Itupectioo. 1-ender 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 stt~h inspection specifying reasonable cause therefor related to Lender's interest in the Proptrty. 9. Coademetatbn. The proceeds of any award ar 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, arc 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 secetrt:cf 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. a if the Properly is abandoned b}• Borrower. or if. after notice by lender to Borrower that the condemnor offers to make an award ar settle a claim far 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 i 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 for payment or modiAcation 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 Borrower's successors in interest. Lender shall not be required to commence t proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums ' secured b}• this Mortgage by reason of any demand made by the oritinal Borrower and Burrowers successors in interest. 11, Forbearance by Lender Not a Waiver. Any forbearance h}• I_cnder in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall mat be a waiver of or preclude the exercise of any such right or remedy. s The procurement of insurance or the payment of taxes-or other liens or charges by Lender shall not be a waiver of lender's right to accelerate the maturity of the indebtedness secured by thic 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. l3. Successors and Assigns Bound; Joint and Sereeal Liability; Captions. The covenants and agreements herein ~ contained shall bind, and the rights hereunder shall inure ta. the respective successors and assigns of Lender and Bormwer, j subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be faint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be 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 h}• mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Bormwer may designate by notice to i_ender as provided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. to lenders address stated herein ar to such. other address as Lender may designate by notice to Bormwer ~as pr ivided herein. Any notice provided far in this j Mortgage shall be deemed to have been given to Bormwer or Lender when given in the manner designated herein. j 15. Uniform Mortgage; Governing law; Se.~erabe'lity. This form of mortgage combines uniform covenants for national use l ~ and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The IF state and local Laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing I sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or tbe j Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect I without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall he furnished a conformed ropy 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 Propert}• or an interest therein is Bald or transferred by Borrower without Lender's prior written consent, excluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage. (h} the creation of a purchase (Haney security interest for household appliances, (c) a transfer by devise.-` descent or by operation of law upon the death of a joint tenant or (~11 the grant of any leasehold interest of three years or less d not containing an option to purchase, fender may. at I_rnder t option, declare all the sums secured by this Mortgage to be immediately due-and payable. Lender shall have waived such option to accelerate if: prior to the sale or transfer. Lender and the person to wham the Property is to be sold or transferred reach agreement in writing that the credit of wch 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 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 l ` obligations under this Mortgage and the Nate. i If Lender exercises such option to accelerate. 1_ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than l() da}•s from the date the notice is mailed within which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such period, Lender may without further notice or demand nn Borrower, invoke any remedies permitted by paragraph 18 hereof. j Norr-Utvtt=oRi?t Covecv~N•rs. Borrower and Lender further rnvenant and agree as follows: # 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof; upon Borrower's breach of any covenant or # agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage. Lender ~ prior to acceleration shag mail notice to Borrower as provided in paragraph 14 hereof specifyiert: (1) the breach; (2) the action required to cure such bresch; (3) a date, not Itss than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4)•that failure Io cure such breach on or before the date specified ire the notice may result in 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 foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclowre. If the breach is not roved on or before the date specified in the notice. Lender at Lender's 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. Lender shall be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, rettsonsbk attorney's fees. and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I_en.ler's acceleration of the sums secured by this Mortgage. Borrower shall have the right ro have an}• proceedings begun by 1_ender to enforce this Mortgage discontinued at any time BCOK 328 Pa~E 948 E •