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HomeMy WebLinkAbout1692 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 punuant 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 bt 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 attstanding principal under the Note unless payrnerrt of intetes! at :uch rate would be contrary to applicable law. in which event such amounts shall bear interest st 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. tl. Irsrpeetio~. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coadetwaatba. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Properly, 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 secured by this Mortgage such proportion of the proceeds as is oqual to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the rnndemtror often to make an award or settle a claim for damages, Borrower fails to respond to tender within 30 days after the date such notice is mailed, Lender is authorized to collect 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 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. 10. 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 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 Borrowers urccessors in interest. 11. Forbearsnee by Lender Not a N+aiver. Any forbearance by Ixnder 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 secured by this Mortgage. 12. Remedies Comahitire. All remedies provided in this Mortgage arc 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. Soccessors and Assigns Eonnd; Joist and Several i.iabr~ity: Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective strcceccors 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 arc not to be used to interpret or define the provisions hereof. 14. Notke. Except for any notice rcgtrired under applicable law to be given in another manner, fa) 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. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or 1_ender when given in the manner designated. herein. 1 S. Uniform Mortgage: Gorerni~ Law; Severability. This form of mortgage combines uniform covenants for national use andnon-uniform covenants with limited variations by jurisdiction to oonatitute a uniform security inatrtmoteot covering real property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is heated. The foreg~owg sentence shall not limit the applicability of federal law to this mortgage. In the event that any prevision or clause of this Mortgage or the Note conflicts with appticabk law, such conflict shall not affect other previsions 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. 16. Borrower'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 pan of the Property or an interest therein is sold or transferred R by Borrower without Lender's prior written consent, excluding (a) 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 (dl the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender ~ 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 sate 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's 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 t .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 sums prior to the expiration of such period, Lender may; without further notice or demand on Burrower, invoke any remedies permitted by paragraph lfl hereof. ~ Norr-Utvrroat?t Covt:rtertTS. Borrower and Lender further covenant and agree as follows: ~ lg. Acceleratba; Remedies. Except ss provided in paragraph l7 hereof, trpoa lorrower's bread of soy coreaant sx agreement of Eorrower is tits Mortgage. inclodiag the covenants to pay when doe say soma secorer by ells Mortgage, i.eoier Y prior to acceleration shall maB tsotke to Eorrower as provided in paragraph 14 hereof specffyiag: (1) the inset: (2) tie arctioa required to core soc6 br+esci; (3) a date. not less than 30 days from the date tfse aotke b osailed to Borrower, by wild ssrci breach mmt be cared; asd (4) that failure to cure such breach on or before the date speciffei io tie notice tway resole is acceleration of else soots secored by tics Mortgage. toreclosurr by jodkial proceeding asd sale of tie Property. Tie wotiee i shall further inform Borrower of the right to reinstate after sccekratioa sad tie right to assert is tie forsrloasre procteairrg tie con-existence of a default or any other defersse of Eorrower to sccekratiar and forecbsore. N tie 6resci is not ctwad a or before the date specified io tie notice. Lender at Lender's option may declare aq of tie sosss secorei by tits Mortpge to 6e immediately doe sect psyabk witioot further demand and may forecfase this Mortgage by jndkial proceedig. Lanier siaN be entitled to tolled in soci proceeding aq a:pauses of foreclosore. iaclndiog, bat not 4mited to, reasowaiie attorney's tees, and Costs of docomeatary evidtace, abstracts and title reports. ~ 19. Borrower's Right to Reimtate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, + Borrower shall have the right to have any proceedings begun by tender to enforce this Mortgage discontinued at any time ~a~K ~~sE~~ 1 • - ~i