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HomeMy WebLinkAbout2033 Lender's written agreement or applicable taw. Borrower shall pay the amount of all mortgage insurance premium: 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 terrtts of payment. such ? amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interat from 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. taspection. 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 L.ender's interest in the Property. 9. Condemrwtbn. The proceeds of any award ar claim for damages, direct or consequential, in connection with any condemnation or other tpk' i of she Property, or part thereof. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lehd~ . 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 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 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,.js,a~tltorued-to-colkaE~at~ apply the proceeds, at Lender's option, either to restoration or repair of the Property o~'jo the sums secured by .this Mortgage. Unless'Lerider and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of tht3•ttfonthly 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 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, tree iia'viiiiy iginal Borrower and Borrowers successors in interest. Lender sfiall 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 demand made by the original Borrower and Borrower's successors in interat. ll. 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 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 Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. l2. Remedks Comulatire. 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. • 13. Snccessors and Assigns Bound; Joint and 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 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. 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 to Borrower at the Property Address or at such other address as Borrower may designate by notice to i_ender as provided 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 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. I5. Uniform Mortgage; Governing Law; Severability. 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. 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 end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed 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 or any pan of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (al 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 operation of law upon the death of a joint tenant or (d1-the grant of any leasehold interest of three years or less not containing an option to purchase, Lender 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 such rate as Lender shall request. 1f 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 obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. [.ender 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 tray pay the sums declared due, ff 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. Noty-LINIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Lxcept as provided is paragraph 17 hereof, upon Borrower's breach of any cotenant or agreement of Borrower in this Mortgage, including the coremnts to pay when due any sours scented by this Mortgage, Lender prbr to accekratbn shall mail notice to Borrower ss provided in paragraph 14 hereof specifybrg: (1)_tbe breach; (2) the action regahed to care sncb breach; (3) a date, not less than 30 days horn the ds4e tlx notke b mailed to Borrower, by which snob breach most be cured; and (4) that failure to core sash breach oa or before the date specified br the notice nay result m acceleration of the sours iecared by this Mortgage, forecMsure by judicial proceeding and sale of the Property. The notice shsll further inform Borrower of the right to reinstate after acceleratlon and the right to assert is ttie for+etbsrre proceedturg the ran-a:isteoce of a default or any other defer?se of Borrower to accekratbn and forecbmrs. If tix breac>t is not eared oa or before the date specified b tbe.notice, Leader at Leader's option may dccbme all of the cams secarrd by tbir: Mortgage to be immediately doe and payable wltboat farther demand and may foreclose this Mortgage by judicial proceeding. Let,der :baY be entitled to collect in soc6 proceeding aA ercpeoses of foreclosure, brclnding, bat not United to, reasonable attorney's fens. and costs of documentary etideoce, abstracts and title reports. 19. Borrower's Rltbt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shalt have the right to have any. proceedings begun by Lender to enforce this Mortgage discontinued at sny time 6U0~1(r. pitiE~~