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HomeMy WebLinkAbout2538 - - - ,L---- _ . ' . .Lender's written agrtetttent 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 iaterat 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 from tune 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 Lender to incur any expense or take any action hereunder. >z. ias~ectloor. 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. Cottidemastba. 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 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 secreted 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 Properly immediately prior to the date of taking, with tht~ balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if: after notice by Lender to Borrower that the rnndemnor 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 Lender's option, tither to restoration or repair of the Property or 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 postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 1A. eorrowtr Not Reksscd. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Linder 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. Lender 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 Borrower's successors in interest. li. Forbearssce by Lender Not s Waiver. Any forbearance by Lender 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 secreted by this Mortgage. 12. Remedies CnmalsNre. 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. Snecessors and Assigns Bound; Joint and Several Liability; 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. ' i4. 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 Borrower at the Property Address ,or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested, to fender s address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any noticesprovided for in this Mortgage shall be'deemed to have been given to Borrower or lender when given in the manner designated herein. IS. Uniform Mortgage; Governing Law: Severability. Thin form of mortgage combines uniform covenants for matiomal use andnon-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 flee 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 provisiooa of tiffs Mortgage or eye Note which can be given effect without flee caatlicting provision, and to this end the proviaioas of the Mortgage and the Note are declared W be severable. 16. lllorrower'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 this Mortgage, fb) 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 (dl the grant of any leasehold-interest of three years or less not containing an option to purchase, i.ender 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 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 i7, and if Borrower's successor in interest has executed a written auumption 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 Borrower fails to pay such stems 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 COVENANTS. Borrower and lender further covenant and agree as follows: Ig. Acceleration; Remedka. Except ss provided in psr~rapb 19 hereof. neon Eorrower's breach of nay cotenant or agreement of Eorrower is this Mortgage, iacludirrg the covenants to pay when doe any sums scented by this Mortsage, Lender prior to acceleration sbaU mail notice to >sorrower as provided in paragraph 14 hereof specifying: (i) the beach; (2) the action required to con snch breach; (3) a date. not less than 30 days from the date the notice if maBed to Borrower, by w141c1t snob breach mint be cored; sod (4) that failure to cure such breach on or before the date speciSed is the notice may tesdt ire acceleratbn of the snms scented by this Mortgage, foreclosure by judicial proceeding and sak of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to matte is tine fortctosnrt proceeding the non-existence of a defanlt or any other defense of Borrower to sccekration and forecia~surc. If the bresca Is not cared oa or before the date specified is the notice. Lender st Lender's option may declare ap of the sours stcored by this Mortgage to be imarediatdy doe and payable witboat further demand and may foreclose this Mortgage by judicial proceeding. Leader shag be entitled to coped is snob proceeding all expenses of forecbsure. including. bnt not Iirsited to, reasonable attorney's fees, and cats of docnmeatary erideace, abstracts and rifle reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have an}~ proceedings begun by Lender to enforce this Mortgage discontinued at any time B~rtJK~1 P~6E~.~JJ4