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HomeMy WebLinkAbout0745 •Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurarce 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 tram 1_ender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable tram time to time on artstanding 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 permissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. fl. inspectlow. Lender may make ar 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 therefar related to Lender's interest in the Property. 9. Condemrwtbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, ar pan thereof, ar 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 Praperty, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Martgage such proportion of the proceeds as is equal to that prapartion 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 immediatel)• prior to the date of taking, with the balance of the proceeds paid to Borrower. Tf the Property is abandoned by Harrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within ?0 days after the date such natice is mailed, Lender is authorized to called 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 fender 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. 10. Borrower Not Released. Extension of the time far payment ar modification of amortization of the sums secured by this Mortgage granted by lender to any successor in interest of Harrower shall not operate to release. in any manner, the liability of the original Borrawer and Borrower's successarc in intertst. Lender shall not be required to commence proceedings against such successor or refuse to extend time far payment or otherwise modify arriartization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest.. 11. Forbearance by Lender Not a Waiver. Am• fanc~arance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall rase be a waiver of or preclude the exercise of any such tight or remedy. The procurement of insurance or the payment of tares or other liens or charges by Lender shall not he a waiver of Lenders _ right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies pravided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and ma)• he exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joiot and Several Liability; Captions. The covenants and agrc~rr~ents herein contained shall bind, and the rights hereunder shall inure to. the respective succeccarc and assigns of Lender and Harrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Harrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and are rase to he used to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner. !al any notice to Borrawer provided for in this Mortgage shall he given h)• mailing such natice by certified mail addressed to Barrawer at the Property Address or at such other address as Harrower may designate by notice to Lender as provided herein. and (bl any notice to Lender shall be given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate b)• natice to Harrower as pr ivided herein. Any natice pravided far in this Martgage shall be deemed to have been given to Borrawer or (.ender when given in the manner designated herein. 1 S. Uniform Mortgage; Governing law; Severability. This form of mortgage combines uniform covenants far 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 f 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 arc declared to be severable. j 16. Borrower's Copy. Borrawer shall t?c furnished a conformed copy of the Note and of this Mortgage at the time ! of execrrtion or after recordation hereof. 17. Transfer of the Property; Assumption. if all or any pan of the Prapert)• or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding ra) the creation of a lien or encumbrance subordinate to r this Mortgage. (bl the creation of a purchase money security interest for household appliances. Ic) a transfer h)• devise. descent ar by operation of law upon the death of a joint tenant or (dt the grant of any leasehold interest of three years or.lecs not containing an option to purchase, Lender may, at l.ender'c optian, declare all the sums secured by this Mortgage to be e immediately due and payable. Lender shall have waived such optian to accelerate if. prior to the tale ar transfer. Lender and the person to wham the Property is to be Bald or transferred reach agreement in writing that the credit of such person is satisfactory to fender 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. (.ender shall release Borrower from all obligations under this Mortgage and the Nate. If [.ender exercises such aption to accelerare. Lender .hall mail Barrawer notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a pericxl of not less than ?t) days cram the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such cams prior to the expiration of such period, Lender may, without further notice or demand on Harrower, invoke any remedies permitted by paragraph 1 R hereof. Norv-Uxtroai?t CoverrxNTS. Borrower and [.ender further covenant and agree as follows- 18. Acceleratan; Remedies. E:ceps m provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to psy when drat any sums secured by this Mortgage. Lender z prior to acceleration shag mail notke to Borrower as provided in paragraph 14 hereof specifyiug: (1) the btescb; (2) the action ~ required to core such bresch; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by wbkb wch breach must be cured; and (4) that failure to cure such breach on or before the dste specified in the notke may result in acceleration of the sums secured by this Mortgage. foreclowre by judicial proceeding and sale of the Property. Tire nMice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclowrc proceeding the non-existence of a defauk or aav-other defense of Borrower to acceleratan and foreclosure. If the breach is not cured on or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured 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 wch proceeding all a:perrses 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 Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the: right to have any proceedings hegun by (.ender to enforce this Mortgage discontinued at any time 2 e~~ P~~ 744