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HomeMy WebLinkAbout1496 • . • 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 [.ender 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 Lender 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 applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take any action hereunder. 8. ittspectioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that tender shall give Borrower notice prior to any such inspection specifying reasanable cause therefar related to Lender's interest in the Property. 9. Coademtwtbn. The proceeds of any award or claim for damages, direct ar cansequential, in connection with any condemnatian or other taking of the Properly, or part thereof, ar for conveyance in lieu of candemnation, 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 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 ti the sums secured by this Mortgage such propartian of the proceeds as is equal to that propartion which the amount of the sums secured by this Tortgage immediately pricer to the date of taking bears to the fair market value of the Property immediately pricer to the date of taking. wish the balance of the proceeds paid to Borrower. Tf the Property is abandaned by Borrower, ar if. after notice by lender to Borrower that the condemnor offers to make an award or settle a claim far damages, Birriwer fails ti respond to 1_ender within 30 days after the date such notice is mailed. Lender is authorized to called and apply the proceeds, at Lender's aption, either to restoration or repair of the Property ar to the sums secured by this Mortgage: Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or pastpone the due date of the month)}• installments referred to in paragraphs 1 and 2 hereof or change the amattnt of such installments. s 10. Borrower Not Released. Extensian of the time far pa}•ment or modification of amartization of the sums secured i by this Mortgage granted by Lender ti any successor in interest of Borrower shall not operate to release. in any manner, i the liability of the original Borrower and Borrower's successors in interest. fender shall not he required to commence priceedings against such sttccessar or refuse to extend time far payment or otherwise modify amirtization of the sums ; secured h}• This Mortgage by reasin of an}• demand made by -the irieinal Borrower and Borrower s successors in interest. , 11. Forbearance by Lender Not a Wainer. Any frbearance by lender in exercising any right or remedy hereunder, or atherwise afforded by applicable law, shall nit be a waiver of it preclude the exercise of any such right or remedy. 3 The procurement of insurance or the payment of taxes it ether liens it charges by Lender shall not be a waiver of i.ender s right ti accelerate the maturity of the indebtedness secured by this Mortgage. _ l2. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any ether right it remedy under this Mortgage it afforded by law it equity. and may be exercised cincurrently. independently or successively. 13. Successors and Assigns Boond; Joint and Ses•eral Liability; Captions. The covenants and agreements herein ~ contained shall hind. and the rights hereunder shall inure to. the respective successors and assigns of Lender and ~arrower.s subject to the provisions of paragraph 17 hereof. All covenants and agreements if Harrower shall be faint and several. The captions and headings of the paragraphs if this Mortgage are far cinvenienee only and are not to he used to interpret ar define the provisians hereof. 14. Notice. Except for any notice required under applicable law to be given in anather manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed ti Borrower at ~ the Property Address or at such other address as Birmwer may designate by notice ti i.ender as provided herein, and 1 (h) any notice to Lender shall be given M• certified mail return receipt requested. to ~I.ender s address stated herein ar to such ether address as Lender may designate by nMice ti Borrower as pr, vided herein. Any Halite provided for in this ? Mortgage shall be deemed to have been given to Harrower it (.ender when given in the manner designated herein. 1 S. Uniform Mortgage; Governing Law; Se~•erabilih•. This form of mortgage combines uniform covenants for national use 4 I~ 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 . 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 be furnished a confirmed cap}• if the Note and if this Mortgage at the time - of execution or after recordation hereof.. 17. Transferof the Proper[},; Assumption. If all it am• part of the Property it an interest therein is sild it transferred by Borrower without Lender's prier written cinsem. excluding ta? the creation of a lien it encumbrance subordinate ti this Mortgage. !h) the creation if a purchase miney security interest fir hrnisehild appliances. !cl a transfer by devise. descent it by aperation of law upan the death if a feint tenant it !dt the grant of any leasehild interest if three years or less not containing an option ti purchase. 1_ender may. at Lender's iption. 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 it transfer. Lender and the person to whom the Property is ti be Bald or transferred reach agreement in writing that the credit if such persin is satisfactory ti Lender and that the interest payable in the sums secured by this Mortgage shall be at such rate as Lender shall request. If lender has waived the iptiin ti accelerate provided in this paragraph 17, and if Borrawer's successor in interest has executed a written assumption agreement accepted in writing by 1_ender. Lender shall release Harrower from all obligations under this Mortgage and the Nite. If Lender exercises such iptiin ti accelerate. Lender shall mail Borrower notice if acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period if nit less than 30 days from the date the notice is mailed within which Bormw•er may pa}• the sums declared due. If Harrower fails to pay such sums prier ti the expiratiin of such period, Lender may. without further niticc it demand on Hirmwer. invike any remedies permitted by paragraph IR hereof. 1 Nox-UxtFOret?t Covt=_tvxtvrs. Borrower and Lender further cavenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any corenant or agreement of Borrower in this Mortgage, including the cor,•enants to pay when due any sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as prodded in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 da}•s from the date the notice is mailed to Borrower, by which such 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 Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of fhe right to reinstate after acceleration and the right to assert in the foreclosure proceeding = the non-existence of a default or anv other defense of Borrower to acceleration and forecMsurt. If the breach is not cured on or before the date specified in the notice; lender at Lender's option ma}• declare all of the sums secured by this Mortgage to be immediately due and payabk without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to co11eM in such proceeding all expenses 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. Nitwithstanding Lenders acceleration if the sums secured by this Mortgage. Borrower shall have the right to have am• proceedings begun by Lender ti enfirce this Mortgage discontinued at any time Bf1~K 329 PecE 1495