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HomeMy WebLinkAbout1238 + ~ [.ender's written agreement or applicable law. Borrower shall pay the tunouru 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 t.en~kr agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall hear interest from the date of disbursement'af fhb fate 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 srrch amounts shall bear interest at the highest rate t permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ~ S. inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided i that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Proptrty. 9. Coademaatbn. The proceeds of any award or 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, are hereby assigned - and shall be paid to Lender. Tn 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 3 ~thcr:~ist agree 'sn writing, there shs!! ht applied !n the c~~ms eecured by this Mortaaee such proportion of the proceeds j as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of t 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. ~ if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make - an award or settle a claim for 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. s Unless Lender 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. f3ors'ower Not Releasai: Exjiension 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 Borrower's successors in interest. Lender shall not be required to commence proceedings 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 demanel made by the original Borrower and Borrowers successors in interest. ! 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not tie 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 Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. ; l2. Remedies Cnmuhtire. All remedies provided in this Mortgage are distinct and cumulative to any other sight or remedy under this Mortgage or afforded by law or equity; and may be exercised concurrently, independently or successively. 13. Saecessors sad Assigns Bound; Joint and Several Liability; Captbns. 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 be joint 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. f 14. Notice. Except for any notice req++ircd 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 to Borrower at ~ the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (h) any notice to Lender shall be given by certified matt. return receipt requested. to Lenders address stated herein or to such other address as-Lender may designate by notice to Borrower 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; Gorerniug taw; Sererab0ity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variation by jr+risdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by 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 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 r end the provisions of the Mortgage and the Notc arc ~fcclared to he severable. 3 ~ 16. 11<orrower's Copy. Borrower shall tie furnished a rnnformed copy of the Note and of this Mortgage at the lime of execution or after recordation hereof. 17. Trar?sfer of the Property; Assumption. If all or any pan of the Property or an interest therein is sold or transferred - EE by Borrower without Lender's prior written consent, excluding lal the creation of a lien or encumbrance subordinate to E this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation 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 purchase, I-ender may, at Lender's 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 whom the Property is to be sold or transferred reach agreement 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 each rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrowers 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. j If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days 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. x Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. + NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceieratbn; Remedies. Except as provided is paragraph 17 hereof, upon Borrower's breacb of nay covenant or a agreement of Eorrower in this Mortgage, including the covenants to pay when due nay sours secured by this Mortgage, Lender prior to sccekratba shaD mail notice to lfbrrower as provided in paragraph 14 hereof spccdyiag: (1) the brescb; (2) the action t required to cure such breach; (3) a date. rent less than 30 days from the date the notice is. mailed to Borrower, by wbk6 snob breach mmt fie cared; and (4) that failure to cure such bresch o0 or before the date specified in the notice may resdt is ~ acceleration of the sums secured by this Mortgage. forecbsure by jndicisl proceeding sad sale of the Property. The notice shall further inform Borrower of the right to reinstate after accekratba and the right to assert is the forecbsnre proceeding f the rwa-existence of a defauk or soy other defense of Eorrower to accekratbn and forecbsnre. If the breach is not cared oa or before the date specified in the aotke, Leader at Lender's option may declare all of the sao~s secnred by this Mortgage to be immediately due and payable witlront furtber demand and may foreclose this Mortgage 6y jiudicial proceeding. Leader shall be entitled to colketirrsuc6 proceeding aq expe~es of forecbsure, including. but not limited to, rertaonabk sttoroey's fees, and costs of docnmeotary evidence. abstrscts 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 any proceedings begun by lender to enforce this Mortgage discontinued at any time ~ B(i0K~~0 P{tGEjLiGJO ~ -