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HomeMy WebLinkAbout0889 , 1 1 . i fi~rf. a(.i~~IJJ Lenders 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 Lender to Borrower 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 ,merest at such rate wowd be contrary to appiicabia taw, in wiiicii avrnl aucai ar~+uunts ai-fait LzBr intarasi at the highest rate permiss+ble under applicable 12w. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any acl+on hereunder. 8. Inspection. Lender may make or cause to tie 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 Lenders interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connect+on with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, hereby ass+gned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secure:; by this Mortgage. with the. excess: if any paid to Borrower. to 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 Mortgagg such proportion of the proceeds as is aqua) 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 the 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. Borrower tails to respond to lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lenders option, either 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 prinapal 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. i O. Borrower Not Released. ~ Extension of the t+me for payment or modification of amortization of the sums secured by th+s Mortgage granted by Lender to any successor in +nterest of Borrower shall not operate to release. in any manner, the l+ab+lity of the original Borrower and Borrowers 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 Borrowers successors +n +nterest. 11. Forbearencs by Lender Not a Wslvsr. Anyforbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable lavv, 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 Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by taw or equity. and may be exercised concurrently, independently or successively. 13. Successors and~Asslgns Bound; Jotnt 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 lo+nt and sevaral. The captions and headings of the paragraphs of this Mortgage are for coven+ence only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any nonce required under applicable law to be gwen 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 prov+ded herein, and Ib) any notice to Lender shall De given by certif+ed mail. return receipt requested. to Lenders 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 Lender when given in the manner designated herein. 15. Uniform Mortgage; Govsrning Law; Sevsrablllty. This foam of mortgage combines uniform covenants for nations! use and non-urntorm covenants with l+m+ted variations by jurisdiction to constitute a ur»form security instrument ~ cover+ng real property The state and local laws appf+cabfe to Ih+s Mortgage shall be the !awe of the junsd+ct+on +n which ~ the Property +s located. The forego+ng sentence shall not t+mrt the appl+cab+t+ty of federal law ;o th+s mortgage In the event i that any prov+StOn or C~suse of th+S Mortgage Gr the Note COMI+CIS w+lh appl+Cable law. such COnfI+Ct shall not affect other prov+s+ons of th+s Mortgage or the Note which can he g+ven effect without the conthct+ng prov+sann anrt t~ Ih+s end the p•nv~s+ons of ±he 'Jlortgage and the Note are declared to he severable 18. eomowsrs Copy. Borrower shall be furnished a conformed copy of the Note and of th+s Mortgage at the time. cf execut+on or after recordation hereof. 17. Transfer of the Property; Assumption. If al I or any part of the Property or an interest there+n is sold or transferred by Borrower without Lenders prior written consent, excluding (a1 the creation of a lien or encumbrance subordinate to j th+s Mortgage. Ib} the creat+on of a purchase money security interest for household appliances. (c) a transfer by dev+se. 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 conta?ning an option to purchase. Lender may, at Lenders option. declare all the sums secured by this Mortgage to be +mmed+ately due and payable. Lende: shall have waved such option to accelerate ii 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 ~s 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 it Borrowers successor in +nterest has executed a written assumption agreement accepted in writing by Lender. Lendershali release Borrowerfrom 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 i 4 hereof. Such notice shall provide a period of not less that 30 days from the date the notice is malted within wh+ch Borrower may pay the sums declared due. If Bprrower fails to pay such sums prior to the expiration of such period. Lender may. without further notice or demand on Borrower, inuoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedies. Except ss provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in thhtMortgage, Including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provtded In paragraph 14 hereof ~ specifying: (1) the breech; (2j the action required to cure such breach; (3) a date, rwt less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that fallurs 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 judlclal proceeding and sale of the Property. The notice shall further Inform Borrowerof the rlghtto rstnstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach IS not cured on or before the date spsclfled In the notice, Lender at Lendtrs-option may declare all of the sums secured by this Mortgage to be Immediately due and payable without turtMr demand and may foreclose this Mortgage by judlclal jprocesding. Lender shall bs entitled to collect in such proceeding all expenses of foreclosure. Including, but not Ilmlted to, reasonable attorney's tees, and costs of documentary evidence, abstracts and title reports. 19. Borrowers Rlghtto Reinstate. Notw+thstand+ng Lenders accelerat+on of the sums secured oy th+s Mortgage. Borrower shah have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any t,me ~~z PAS 88s -=r