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HomeMy WebLinkAbout0195 • Lender's written agreement or applicable law. BorfOwcr 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 he payable upon notice from Lender to Borrower requesting payment thereof. and shall hear interest from the elate of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would he contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. NMhing rnntained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. inspection. 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. CondemnatMn. 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 t+c paid to Lender. in the event of a tMal taking of the Pmpeny. the proceeds shall he applied to the cams 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 he applied to the aims secured M' this Mortgage each proportion of the proceeds as is equal to that proportion which the amount of the some 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 abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for d3nlages, Borrower fail, to respond to (.ender within ?0 da1's after the date such notice is mailed. Lender is attthorrred 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. Unless tender and Borrower otherwise agree in writinc. ar»• such application of proceeds to principal shall not extend 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. 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 interact of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in interest. i.ender shall not he required to commence pro:eedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this 111ortgage by reason of any demand made by the original Borrowerrnd Borrowers successors in interest. 11. Forbearance by Lender Not a Wai~•er. Anv_ forhearanre M• Lender in exercising am• right or remedy hereunder, or otherwise afforded by applicable law. chill not he a waiver of or preclude the exercise of am' such right or remedy. The procurement of insurance dr the payment of tares or other lienc.or charges by lender Shall not he a waiver of Lender s right to accelerate the maturity of the indebtedness secured h}• this Mortgage. l2. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or.afforded M• law or equity. and may he exercised concurrently. independently or successively. 13. Successors and Assigns Bound; ]nine and Several I.iabilih•; Captions. 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 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 arc far convenience only and arc 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 lx' given M• mailing wch notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may design:de M• notice to Lender as provided herein, and (h) any notice to Lender shall he given h}' certified mail. return receipt requested. to Lender a address stated herein or to such other address as Lender may desi¢nate by notice to Borrower as provided herein- Any notice provided for in this Mortgage shall he deemed to have been given to Borr~~wcs or I.rnder when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severabilih•. This form of mortgage combines uniform rnvenantc for national f use anJ non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall tx; governed hs• thr law of the jurisdiction in which the Property is la-ated.. in the I` 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 ran be given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Note arc declared to he severable. 16. Borrower's Copy. Borrower shall he furnished a conformed rnpy of the Notc and of this Mortgage ai the time of execution or after recordation hereof 17. Transfer of tht Property; Assumption. If all or anv part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written conceni. excluding Sal the creation of a lien or encumbrance subordinate to this Mortgage. (h) 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, 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 sotJ 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 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. Lender shall mail Borrower notice of acceleration .in accordance with paragraph l4 hereof. Such notice shall provide a period of not Icss than ?0 days from the date the notice is mailed within which Borrower may pay the sump declared due. If Borrower fails to pay such vims prior to the expiration of such period. Lender may, without further notice or demand on liorrow•er. invoke any remedies permitted by paragraph 18 hereof. Noty-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided 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 aay sums secured by this Mortgage, Lender prior to acceleration shag mail notice to Borrower n provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by whkh such breach must be cured; and (4) that failure to cure, such breach on or before the date specified in the notke may rtsnlt in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceedir~ and sak 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 defauk or any other defence of Borrower to acceleration and foreclosure. If the breach is not cured oa or before the date specified in the notice. Lender at Lender's option may declare all of the sums scented 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 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. Borrower's Right to Reinstate. Notwithstanding l.encler; acceleration of the sums secured by this Mortgage. Borrower shall have the right to have anv proceedings begun by Lender to enforce this Mortgage discontinued at any time • 6G{~~ PAGE