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HomeMy WebLinkAbout0147 • ~ . ' Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the 'spanner provided under paragraph 2 hereof. a~ Any amounts disbursed by l.rnder pursuant to this paragry>r.a, •wtth 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 Lender to Borrower requeding payment thereof, and shall hear interest from the date of dishttrsement 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 hear 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. Y 8. Inspection. i.ender may make or cause to l+e 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. Condemnation, The proceeds of an}• award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thermf, or for conveyance in lieu of condemnation, arc hereby assigned and shall he paid to Lender. In the event of a total taking of the Propert}•. the proceeds shall he applied to the sums secured b}• 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 he applied to the wine secured by this Mortgage such proportion of the proceeds as is equal to that proportion v?•hich the amrntm of the sums secured by this Mortgage immediately prior to the date of Taking hears to the fair market value of the P~opert~• immediately prior to the Jate of taking. with the balance of the proceeds paid to Borrower. if the Property is abandoned b}• Borrower, or if. after notice h}• Lender to Borrower that the condemnor offers to make an award or settle a claim for damage., Borrower faik 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 Propert}• or to the sums secured by this Mortgage. Unless lender and Borrower otherv?•ix agree in writine. any such application of proceeds to principal shall not extend or pixtpone 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 Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any succesu+r in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and. Bormw•er's successors in interest- i.ender shall not he required to rnmmence 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 M• the original Borrower and Borrowers successors in interest. 11. Forbearance by Ixnder Not a Waiver. Am• forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares 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. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law• .+r equity, and ma}• he exercised concurrently, independently or succecsivel}•. 13. Successors and Assigns Bound: Joint and Seseral l.iahility: ('aptions. The covenants and agreements herein contained shall hind. and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject (o the provisions of paragraph 17 hereof. All cmenants and aQrccments of Borrower shall he joint and several. The captions and headings of the paraeraphs of this Mortgage are for convenience only and are not to he used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. fal any notice to Borrower provided for in-this Mortgage shall t+e given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mac- designate by notice to Lender as provided herein. and Ihl arty notice to Lender shall he given by certified mail. return receipt requested. to lender c address stated herein or to such other address ac Lender ma}• 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; Governing I.aw: Se.•erabilit}•. 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 applicable 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. 16. Borrower's Copy. Borrower shall hr furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Propert}•: Assumption. If all .+r arty part of the Property or an interest therein ic•sold or transferred M• Borrower without tender's prior written consent. excluding tat the creation of a lien or encumbrance subordinate to this Mortgage. (hl the creation of a purchase money securin~ interest for household appliances. (cl a transfer hv.devise. descent or by operation of law upon the death of a joint tenant or (d? the grant of an}• leasehold interest of three years or lets not containing an option to purchase. Lender may. at Lender's option. declare all the sums secured M• 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 wch person is satisfactor}• to Lender and that the interest pa}•able un the sums secured by this Mortgage shall be at such rate as Lender shall request. Tf Lender Fas waived the option to accelerate prm•ided 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 Hormw•er from all obligations under this Mortgage and the Note. If lender exercises such option to accelerate. I ender shall mail Borrower notice of acceleration in accordance with .paragraph 14 hereof. Such notice shall provide a period of not less than ?(1 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower faik to pa}• wch some prior to the expiration of such period. Lender may. without further notice or demand on Born+wer. invoke am remedies permrtted by paragraph 1 R hereof. Noty-UNIFORM CAVENANTS. Borrower and 1_ender further covenant and agree as follows: 18. Acceleration; Remedies. Except as prop ided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower ac provided in paragraph 14 hereof specifying: (1) the bleach: (21 the aMion required to cure such breach: (3) a date. not less than 30 da}-s from the dale the notice is mailed to Borrower. by which such s breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may•result in acceleration of the sums secured by this 3tortRage, foreclosure by judicial proceeding and salt of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach a not cured on or before the date specified in the notice, lender a1 Lender's option may declare all of the sums scoured by this Mortgage to be immediately due and payable without further demand and ma}• foreclose this AtortRaRe by judicial proceeding. •Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to. reasonable attorney's fees. and costs of documentary evidence. abstracts and title reports. 19. Borrowers Right to Reinstate. `otwithstanding Lenders :+cceler.+dort of the sums secured by this Mortgage. Borrower shalt have the right to have an} pro:eedin~s hecun M Lender to enforce this Mortgage discontinued at any time ~~~329 P~~E i47