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HomeMy WebLinkAbout1697 • Lender's 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 fender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable tram 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 applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. - fl. Inspectiotr. 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 Lender's interest in the Property. 9. Coademaatba. 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, are 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 stems secured by this Mortgage. with the. eticess, 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 secured 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. if the Property is abandaned b}• Barrawee, or if. after notice by Lender to Borrower that the condemnor offer to make an award ar settle a claim far damages, Borrower fails to respand 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 mtoration or repair of the Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such applicatian of proceeds to principal shall not extend ar pastpone 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 Rekssed. 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 Borrower's sttccessars in interest. Lender shall not be required to commence proceedings against such successor ar refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reasan of any demand made b}• thr ariginal• Borrower and Harrower s sttccessars in interest. ll. Forbearance by Lender Not a Waiver. Any farbearance by i.ender in exercising any right ar remedy hereunder, or otherwise afforded by applicable law, shall rant be a waiver of ar preclude the exercise of an}• such right or remedy. The procurement of insurance or the payment of taxes or ather liens or charges by i.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this ?Mortgage are distinct and cumulative to any other right ar remedy under this Mortgage or afforded by law ar equity, and ma}• be exercised cancurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Se~•enl i.iabr7ity; 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.' Alt covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and arc rant to be used to interpret ar define the provisions hereof. 14. Notice. Except far any notice required under applicable law to be given in another manner, fa) 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 Barrawer may designate by notice to Tender as provided herein. and (b) an}• notice to Lender shall be given by certified mail. return receipt requested. to Lenders address stated herein ar to such other address as Lender may designate by notice to Barrawer as provided herein. Any notice provided far in this Mortgage shall be dcemed to have been given ta.Borrawer ar Lender when given in the manner designated herein. •1 S. Uniform Mortgage; Governing Law; Sevenbility. This form of mortgage combines uniform covenants for national use and tton-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The ~ state and local laws applicabk to this Mortgage shall be the laws of the jurisdiction in which the Property is heated. The foregoing sentence shall rat 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. 16. 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 hereof. 17. Transfer of the Property: Assumption. if all ar an}• part of the Property or an interest therein is Bald or transferred by Borrower without Lenders pricer written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money securit}• interest far hatrsehald appliances. (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant ar (dt the grant of any leasehold interest of three years or less not containing an option to purchase, i_ender may, at l.ender'~ 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 tale or transfer, bender and the person to wham the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Iaender and that the interest pa}•able an the sums secured by this Mortgage shall be at such rate as Lender shall request. If lender has waived the apti~n 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 Nate. 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 Harrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice ar demand an 1arrower, inval:e an}• remedies permitted by paragraph 18 hereof. Nox-UNIFORM COVENANTS. Borrower and lender further covenant and agree as follows: 18. Accekntbo; Remedies. Except as provided in paragraph 17 hereof. upon Borrowers breach of any covenant or agreement of Borrower is this Mortgage. including the covenants to pay when dtre any snrns secured by this Mortgage, Lender prbr to accekntbn shall mail notice to Borrower m provided in paragraph 14 hereof specifying: (1) the beach; (2) the adbn required to care snob breach; (3) a date, not less than 30 days from the date the notice is•ma7ed to Borrower, by wbk6 such breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notice may result in accelentbn of the Burns secured by this Mortgage, foreclosure by judicial proceeding and ssk of the Property. The notice shsll further inform Borrower of the right to reinstate after accekntion and the right to insert in the forecbsure proceeding the non-existence of a defauk or any other defense of Borrower to acceleratbn and foreclosure. If the breach is not cored on or before the date specified in the ratite. Lender at Lender's option may declare all of the Brains secured by tha Mortgsgt to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in wch proceeding all a:penses of forecbsurc. including: but not limited to, rcssonabk attorney's fees, and costs of documentary evidence, abstracts and titk reports. 19. Borrower's Right to Reinstate. Notwithstanding lenders acceierauan of the sums secured by this Mortgage. Borrower shall have the right to have an} proceedings hegun h}• tender to enforce this titartgage discontinued at any time 8f~(~ PAGf~,~~