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HomeMy WebLinkAbout1516 ' ~ I i 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 temu 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 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 hercutldt:r.' 8. ittspectloa. Lender may make or caux to be made reasonable entries upon and inspections of the Property, provided I that lender shall give Borrower notice prior to any such inspection specifying reasonable caux therefor related to Lender's interest in the Property. 9. Coatdema~adoa. 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. 1n the event of a partial taking of the Property. unless Borrower and Lender otherwix 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 faking, with the balance of the proceeds paid to Borrower. Tf the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor oftera to make an award or settle a claim for damages, Borrower faits to respond to Lender within 30 da)s after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at fender's 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 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 irtstallntertts. 10. Bsrmwer Not Released. Extension of the time for payment or modification of amortization of the sums xcured by this Mortgage granted b~ Lentkt'ic?~iity strteessor iri interest of Borrower shall not operate to releax, in any manner. the liability of the original B6mdiil~+A1M'~crfroivefs` successors in interest. Lender shall not be required to commence proceedings against such stteeess6f' et?=t't~st fo ~atertd time for payment or otberwix modify amortization of the sums xcured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Leader Not s Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwix 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. 1Z. Remedies Cnmulsti~e. All remedies provided in tFits Mortgage are distinct and cumtdative to any other right or - remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Sereral Liability; Captbns. 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 anothtr 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 Tender 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. Any notice provided for in this Mortgage shall be dcemed to have been given to Borrower or Tender when given in the manner designated herein. 15. Uniform Mortgage; Governing 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. Tn the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect s i other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this i end the provisions of the Mortgage and the Note are declared to be xverable. 16. Bormwer'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. Tf 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, (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 not containing an option to purchase, Lender 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 17, and if Borrower c 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 tbe 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. Nort-UNrr=oRnt CovErr~rrrs. Borrower and Tender further covenant and agree as follows: - 1 18. Acceleration; Remedies. lfarcept as provided in paragraph 17 hereof, upon Borrower's breach of aey covenant or I - agreement of Borrower is this Mortgage, inclndirra the covenants to pay when due any saws secured by this Mortgage, Leader prior to accekratioa shall ma8 aiotke to Borrower as provided is paragraph 14 hereof specifyin6: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notke is ®ar~ed to Borrower, by whk6 such breach mast be cured; asd (4) that failure to care such breach on or before the date specified is the notke may result in secelcration of the stmts secured by this Mort~e, foreclosure by judkial proceeding asd sak of the Property. The notice shall further inform borrower of the ria6t to rdastate after accekratioa and the ri=6t to assert in the fort*.closnre prod f the ooa-a:isteoce of a default or say other defense of Borrower to accekratba and foreclosure. If the breach is not cored on or before the date specified in the sotke, Lender sl Lender's option may dechre aH of the sums secured by this Mort~e to be , immedLtely due and payable without further demsnd and may foreclose this Mortgage by jadkial proceeding. Leader sbaB be entitled to collect 1, such proceedigs all expenses of foreclosure, including, but dot limited to, reasonable attorney's fees, sod costs of documentary evidence, abstracts and title report. 19. Borrower's Ritbt to RebMate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, 'r Borrower shall have the right to have any proceedings begun'by Lender to enforce this Mortgage discontinued at any time g~333 ~~~.514 a~~ 142 - Re-Recar~ - I~