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HomeMy WebLinkAbout1093 • , Lender's written agreement or applicable taw. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by tender pursuant to this paragraph 7, with interest thereon, shall become additional ~ indebtedness of Borrower secured by This Mortgage. Unless Harrower and Lender ague to other terms of payment, such amounts shall be payable upan native fram [.ender to Borrower requesting payment thereat, and shall bear interest from the date of disbursement at the: rate payabk 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 cuch amaunfs 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. inspectlorr. Lender may make or cause to be made reasonable entries upon and inspectians of the Property, provided that i_ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Corrdemnatbn. The proceeds of any award or claim for damages, direct or cancequential, in connection with any condemnation or other taking of the Property, or part thereaf, ar for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. ' in the event of a fatal taking of the Property, the praceeds shall be applied to the sums secured by this Mortgage, ,with the excess, if any, paid to Barrawer. in the event of a partial taking of the Praperty, t,nlecs Borrower and Lender otherwise agree in writing. there shag be applied to the sums secured by this Martgage such proportion of the proceeds as is equal to that praportian which the amount of the sums secured by this Martgage immediately priar to the date of taking bears to the fair market value of the Property immediately priar to the date of taking, with the balance of the proceeds paid to Borrower. Tf the Property is abandoned by Barrawer, or if. after native by Lender to Borrower that the condemnor offers to make an award ar settle a claim far damages, Barrawer fails to respond to i.ender within l0 days after the date such notice is j mailed, Lender is authorized to called and apply the praceeds, at Lender's option, either to restoration or repair of the j Fropcrty ar ;a the sums secured by This 4tortEage. - ~ Unless fender and Borrower otherwise agree in writing, any such,~pplicatian of praceeds to principal shall not extend or pactpane the due date of the manthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Hot Released. Extension of the time far payment or madification of amortization of the sums secured by this Martgage granttd by Lender to any succesu~r in interest of Barrow•er shall not operate to release, in any manner, the liability of the- original Borrower and Barrawer c successarc in interest. i_ender shall oat be required to commence proceedings against such successar ar refuse to extend time far payment or otherwise modify amartization of the sums secured by this Mortgage by reason of any demand made by the ariQinal Borrower and Barrawer s succescars in interest. I I. Forbearance by Lender Not a Waiver. Any forbearance by i.ender in exercising any right or remedy hereunder, ar atherwise afforded by applicable law, shall oat he a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance or the payment•of taxes ar ather liens or charges by f-ender shall not be a waiver of Lender's right t.~ accelerate the maturity of the indebtedness secured by chic Mortgage. 12. Remedies ('umulative. All remedies pravided in this Martgage are distinct and cumulative to any ather right ar remedy ,order this Mortgage or affarded M• law or equity. and may he exercised concurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Several i.iability; Captions. The cavenants and agreements herein contained shalt hind, and the rights hereunder shall int,rc ta. the respective successars and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jinint and several. The captions and headings of the paragraphs of chic Martgage are far canvenience anly and are oat to be used to interpret or define the provisions hereaf. 14. Nolke. Except tar any notice reyuircd under applicable law to be given in anather manner. fa) any notice to _ Borrower provided far in this Mortgage shall he given by mailing such notice by certified mail addressed to Barrawer at the Property Address .or at Birch other address as Barrawer may designate by notice to Tender as provided herein. and (h) any notice to Lender shall he given h}• certified mail. return receipt requested. to Lender c address stated herein ar to cuch ather address as Lender may designate by aotice to Barrawer as provided herein. Any notice provided tar in this Mortgage shall he deemed to have been given to Borrower ar Lender when given in the manner designated herein. . I S. Uniform Mortgage;- Governing Law; Severabr'lity. 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 property. The state and local laws appGcabk 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 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 be furnished a canfarmed copy of the Note and of this Mortgage at the time of execution or after recordation hereaf- 17. Transfer of the Property; Assumption. Tf all ar any part of the Property ar an interest therein is sold ar transferred by Borrower without Lender's priar written consent. excluding (al the crcatian of a lien ar encumbrance subordinate to this Mortgage. (b) the creatian of a purchase money security interest far hat~cehald appliances, /c) a transfer by devise, descent or by operation of law upan the death of a joint tenant ar (dt the grant of anp leasehold interest of three years or less not containing an option to purchase. Lender may. at Lender'. aptian. declare all the sums secured by this Mortgage to be immediately due and payable. tender shall have waived cuch aption to accelerate if, prior to the cafe ar transfer. Lender and the person to wham the Property is to be sold or transferred reach agreement in writing that the credit of such persan is satisfactory to fender and that the interest payable an the sums secured by this Martgage shall be at such rate as Lender shall request. If Lender has waived the aptian to accelerate provided iri this paragraph 17, and if Barrower's successar in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Harrower frog, all abligations under this Mortgage and the Nate. If Lender exercises such aptian to accelerate, Lender shall mail Barrawer notice of acceleratian in accordance with paragraph 14 hereof. Such notice shall provide a period of oat less than i0 Jays from the date the notice is mailed within which Horrawer may pay the sums declared due. If Barrawer fails to pay such sums prior to the expiratian of such period, Lender may, without further notice or demand bn Barrawer, invake any remedies permitted by paragraph 18 hereof. Nox-UlvtFORt?~t COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. npoa Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the cotenants to pay when due any sums secured by tb)s Mortgage, Lendet # prior to accekration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action } required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by whkb such breach must be cored; and (4) that failure to cure such breach on or before the dtue specified in the rrotke inay result in acceleratiorr.of the sums secured by this Mortgage, foreclosure by jndicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after accekration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and forecbsure. If the breach is not cored on or before the date specified in the notke. Lender at Lender's option may declare all of the sums secured 6y this Mortgage to be - immediately due and payabk 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. reasonabk attorney's fees. ~ and costs of documentary evidence. abstracts and title reports. 19, Borrower's Right to Reinstate, Natwithstanding Lender's acceleratian of the sums secured by this Mortgage, Borrower shall have the right to have am- proceedings begun hti• Lender to enfarce this Martgage discontinued at any_ time - 8~~328 ~~E1(l9`3