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HomeMy WebLinkAbout2166 • - 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 Mortgage: Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from i_ender to Burrower 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 strch-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. lospectioa. 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. Condemnatba, 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 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 Borcower. 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 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, Borcower fails to respond to i_ender 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 Property or to the sums secured by this Mortgage. Unless Lender and Borcower otherwise agree in writing, any 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. 111. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lendef_~o any-successoC in interest of Borrower shall not operate to release, in any manner, the liabilit}• of the original Bor[owgt' and, Bor over s successors in interest. Lender shall not be required to commence proceedings against such successor br t`efuse t~ Cxtend time for payment- or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borcower and Borrowers successors in interest. Il. Forbearance by Lender Not a Waiver. Any forbearance by i_ender 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. , 12. Remedies Cnmulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or ( remedy under this Mortgage or affcsrded b}; law or equity, and may be exercised concurrently, independently or successively. " 13. Successors and Assigns Bound; Joint and Several i.iability; 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 Borcower at the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein, and (b) an}• notice to Lender shall be given by certified mail, return receipt requested. ~to I-ender's 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 i_cnder when given in the manner designated herein. I5. Uniform Mortgage; Gorerairrg Law; Severability. This form of mortgage combines uniform covenants for national - ! use and non-uniform covenants with limited variations h}• 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 ;E 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 arc 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 part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to r 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 (d? the grant of any leasehold interest of three years or less r not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be s 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. 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 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 Borcower 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 1 R hereof. Nox-Urrrt=oRt~t Covex~rrrs. Borrower and Lender further covenant and agree as follows: 4 18. Acceleration; Remedks. Except as provided in paragraph 17 hereof, upon Borrower's breach of any rnvenaat or t agreement of Borrower in this Mortgage, including the covenants to pay when due any snms secured by this Mortga6e, Lender prior to acceleration shall mail notke to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the actlon regnired to care such breach; (3) a date, not less than 30 days from the date the nMice is mailed to Borrower, by wbkh each ~ breach mmt be cured; and (4) that failure to cure such breech on or before the date specified in the notke may rrsdt in acceleratioe of the arms scented by this Mortgage, forecbsure by judicial proceedi~ and sale of the Property. The notice i ' shall further inform Borrower of the right to reinstate after scceleration and the right to assert in the foreclosure proceediiera the non-exlstence of a defaok or any other defense of Borrower to acceleratbo and foreclosnre. If the breach is not cared on ; or before the date specified in the notice, Lender at Lender's option may declare a0 of the cams scented by this Mort~e to be imroediatdy dne and payable without further demand and may foreclose this Mortgage by judicial proceediug• Lersder sbaU be entitled to collect in each proceeding aB a:perises of foreclosure, including, but not limited to, reasoos6le attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by lender to enforce this Mortgage discontinued at any time d~~x 330 P~~E 2155