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HomeMy WebLinkAbout0679 1 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 intaresl thereon, shall become additional indebtedness of Borrower secured bythis 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 Qutstanding 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. 8. Inspection. 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 Lenders interest in the Property. 9. Condemnation. The proceeds of anyaward or claim for damages, direct or consequential, in connection with any condemnation pr other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, hereby assigned and shall be ptai~l to lender. In the event dt a total taking of the Property, the proceeds shall be applied to the sums secures; by this Mortgage. with [he 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 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 o1 taking, with the balance of the proceeds paid,tQ,tile Borrower. If.. t e Property is abandoned by Borrower, or it, 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 30 days after the date such notice is mailed, LerMer is euthprized to collect and appty the proceeds, at Lenders option, either to restoration or repair of the Property or to the sums secured by this Mortgage. UnteSS Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone theccWe date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 1 O. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any. manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings against such succe;sor or reuse to extend time for payment or otherwise modify amortization of the sums secured bythis Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a 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 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 law or equity, and may be exercised concurrently, independentlyor successively. 13. Successors 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 covenience 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 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 Lenders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Arty notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 'i 15. Uniform Mortgage; Govsming Law; Sevsrabllity. This Corm of mortgage combines uniform covenants for national use and non-uniform~cbvenenfs with limited vanaUons by jurisdiction to constitutes uniform security instrument ~ covering real property. The state and I'ocat taws applicable to this Mortgage shall be the Taws of the lunsd~ction in which ~ the Property ~s 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 taw, such conflict shall not affect other provisions of this Mortgage or the Note which can he groen effect without the confl~ct~ng prov~s~on. and to this end the prow5~ons of the Mortgage and the Note are declared to be severable. 16. Borrowers 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 al I or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a Tien or encumbrance subordinate to I this Mortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise. t 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 containing an option to purchase. Lender may, at Lenders option, declare all the sums securest 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 bythis 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 Borrowers successor in ® interest has executed a written assumption agreement accepted in writing by lender, Lender shall release Borrowerfrom all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shalt mail Borrower notice of acceleration in accordance vtiith paragraph 14 hereof. Such notice shall provide a period of not less that 30 days from the date the notice is mailed within r which Borrower may pay the sums declared due. If Borrower 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 18 hereof. , NON-UNIFORM COVENANTS. Borrower and lender further covenant and agree as folbws: e 18. Acceleration; Remedies. Except as provided In paragraph 17 hereof, upon Borrowers breach pf any covenant or agreement of Borrower tin this Mortgage, Including the covenants to pay when dw any sums secured bythis Mortgage, Lender prior to acceleration shall mall notice to Borrovwr as provided In paragraph 14 hereof specifying: (1) the breach; (2) the action required to can such breach; (3) a date, not less than 30 days from the date the notice Is mailed to Borrower, by which such breach must be cured; and (4) thatiallun to cure such breach on or before the date specified in the notice may result In aeeeleratlon of th• sums secured bythis Mortgage, foreclosure by judlclal p~oceeding and sale of the property. The notice shall further inform Borrowerotth• right to rolnstats afteraccolention and the right toassert Inthe foreclosunproceeding thereon-existence of a default or any other defense of Borrower to scceleaUon and tareclosure. If the breach Is not cured on or beforo the date specified In the notice, Lender at Lenders option may declare all of the sums secured bythis Molrtgage to be Immediately due and payable without further demand and may foreclose this Mortgage by judlclal proceeding. ~ Lender shall bs entRled to collect In such proceeding all expenses of foreclosure, Including, but not limited to, t reasonable attorney's tees, and costs of documentary evidence, abstracts and title reports. I 19. Borrowers Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured bythis Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ g(f K t~th1 PItCf