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HomeMy WebLinkAbout0119 • t • j tender'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 arms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest [rom 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 ? _ permiuibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ~ i il, lespection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that tender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's ` interest in the Property. 9. Condemuatbn. The prceeeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the Property, ar part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. i 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 1 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 taking, with the balance of the proceeds paid to Borrower. I if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor otters to make { an award or settle a claim for damages, Borrower fails to respond to i.ender within i0 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at tender's option, either to restoration or repair of the = i Properly 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 pcxtpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amatnt of such installments. t 10. Eorrower 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 succesu~rs in interest. Lender shall not he 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 in interest. 11. Rorbearaace br i.ender Not a Waiver. Any fort+earance by Lender in exercising any right or remedy hereunder, or ; otherwise afforded by applicable law, shall not be a waiver of ar 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 Cnmulative. All remedies provided in this Mortgage are distinct and cumulative to any other right ar remedy under this Mortgage ar afforded by law or equity, and ma}• be exercised concurrently, independently or successively. 13. Snccessoa and Assigns Bound: ]oint and Several f.iaM'1ify: 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. e 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 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 Harrower may designate by notice to Lender as provided herein, and (h} 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 I.cnder when given in the manner designated herein. I 1 S. Uniform Mortgage; Governing Law: Severability. This faro of mortgage combines uniform covenants for national use E andnon-uniform covenants with liarited variatiats 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 senter?cx shall rtot limit the applicability of federal law w this mortgage. In the event that nay provision or clause of this Mortgage or the Note conflicts with applicable law, such contlict shall not affect other provisiats of this Mortgage a the Note which can be given effect f r without the contlicting provision, and to this end the provisiats of the Mortgage and the Note are 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 am• part of the Property ar an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding fat the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, fcl a transfer by devise, descent or by operation of law upon the death of a joint tenant ar Idl the grant of any leasehold interest of three years or less not containing an option to purchase, (.ender 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 tale or transfer. Lender and the person to wham 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 Mortgagt 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. (.ender shall mail Harrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a pericxt of not less than ~0 days Pram the date the notice is mailed within which Borrower may pay the sums declared due. if Harrower fails to pay such sums prior to the expiration of such period, ~ Lender may, without further notice or demand on Harrower. invoke any remedies permitted by paragraph 1R hereof. Non-UtvIFORM COVENANTS. Borrower and lender [urther covenant and agree as follows: 1g. Accekratioa; Remedies. Except as provided in parsigrapb 17 hereof. npoa Iorrower's breach of swy covenant or ~ agreement of Borrower is this Mortgage, iadndirtg the covenants to pay when dne nay snms secured by this Mortgage, Leader prior to sccekratba shall ma8 notice to Borrower ~ provided in paragraph 14 hereof specifying: (1) the bceacb; (2) the sctba required to care sncb breach; (3) a date. not less than 30 days from the date the notice is eraikd to >sorrower, by wtaklr snob breach must be cared; and (4) that failure to cure such breach on or before the date specified is the notice may resell in acceleration of the snnss secured by this Mortgage. foreclosure by judicial proceeding noel sale of fbe Property. The notice ' shalt further inform Borrower of the right to reinstate after sccekration and the right to assert in the foreclosure proeeediag the rwn-a:isteace of a dcfank or anv other defense of Borrower to accekratioa and forecbsnrr. if the breach is not cared oa , or before the date specified is the notice. Lender at Leader's optan ma}• declare aq of the sums secured by this Mortgage to be - immediately due and payable witbont further demand and may foreclose this Mortgage by jndicia! proceeding. Lender shell be entitled to collect is such proceeding aN expenses of foreclosure. including. but not limited to, reasonable sttoraeT's fees, and costs of docntrnentary evidence, abstracts and title reports. 19. Borrower's Right to Reiaatate. Notwithstanding lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have am~ proceedings l+egun by Lender to enforce this Mortgage discontinued at any time 11~ z i a~334 PEE i.19 ~ fib.