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HomeMy WebLinkAbout2610 t ..a • fi ~b. 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 Mortgages Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest 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 petmissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take ! 4 any action hereunder. 1nsPectliai. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that [_ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's ! interest in the Property. 9. Condemnatba. The proceeds of any award or claim for damages, direct or consequential, in rnnnection with any condemnation or other taking of the Property, or part iht:r:of, or far conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In tbe 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 sumc 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. Tf 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 Tender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherv?•ise agree in writing, any such application of proceeds to principal shall not extend or postpone the due dale of the monthly installincnts 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, the liability of the original Borrower and Borrower's successors in interest. Tender 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 demand made by the original Borrower and Borrowers successors in interest. I1. Forbearance by Lender Not a Waiver. Any forbearance by T.cnder 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 Tender shall not be a waiver of Lender s right to accelerate the maturity of -the indebtedness secured by thii Mortgage. 12. Remedies Cnmulatire. 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 Sereral I.iabiliry; Captions. The covenants and agreements herein contai,ed 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 3 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 he 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 Tender as .provided herein, and (bl any notice to Lender shall be given by certified mail. return receipt requested. to Tenders 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 l.cnder when given in the manner designated herein. 1 S. Uniform Mortgage; Governing iaw: 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. The state and local taws 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 taw to this mortgage. In the event that any provision or clause of this Mortgage or the j Note conflicts with appUcable law, such conflict shall not afTect 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 declarod to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time f s of execution or after recordation hereof. f f 17. Transfer of the Property: Assumption. Tf all or an}- part of the Property or an interest therein is sold or transferred _ i by Borrower without Lender's prior written consent. excluding cal the creation of a lien or encumbrance subordinate to t 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 (di 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 tllortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or transfer.•I_ender 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. If I_tnder 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 t obligations under this Mortgage and the Note. 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. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. Nort-UNIFORM Covey~xrs. Borrower and Lender further covenant and agree as follows: 's ~ 1g. Acceleratkn; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in ibis Mortgage, including the covenants to pay when dne any snms secured by this Mortgage, Lender. j prior to accekntioa shag mail notke to Borrower as provided in paragraph 14 bertof specifying: (1) the bteacb; (2) the aetan i required to cure snob brtacb; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by wbkb such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notke may resdt in s acceleration of the snrrss secured by this Mortgage, foreclosure by judkial proceeding and sale of the Property. The notice shall further inform Borrower of the rptht to reinstate after acceleration and fire right to assert in the foreclosure proceeding the non-existence of a defank or any other defense of Borrower.to acceleration and forecbsure. If the breach is sot cured on - or before the date specified in the notice. Lender a1 [.ender's option may declare all of the surt~s 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 wch proceeding all expttises of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and tick reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, i Borrower shall have the right to have an}~ proceedings begun by Lender to enforce this Mortgage discontinued at any time gq~e,K+V P1GEUtJ~1~7