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HomeMy WebLinkAbout0591 i Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the } manner provided under paragraph 2 hereof. ~ 1 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 attstanding 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 applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. le~ectbw. Lender may make or caux 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 caux therefor related to Lender's i interest in the Property. 9. Coedewaatbe. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or pan 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 Properly, t?nless Borrower and Lender othervrix agree in writing. there shall be applied to the sums sect?red by this Mortgage such proportion of the proceeds + as is equal to that proportion which the amount of the some secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propert}• immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Properly is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or xttle a claim for damages, Borrower tails 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. _ l0. Borrower Not Released. Extension of the 'time fo? payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to releax, in any manner, the liability 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 in interest. 11. Forbearance by Leader NM 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 exercix 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 sect?red by this Mortgage. 12. Remedies CewabNive. 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 ma}• be exercised concurrently,. independently or successively. 13. Secceswrs and Assigns Bound; )Dial and Several I.iabihty; 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 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, (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 i.ender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to i.ender s address slated herein or to 3 st?ch other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this bfongage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. , 1 S. Uniform MorlRsge: Gorernirtg law; Seversbt'h'ty. This form of mortgage combines uniform covenants for national use t and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instnrmeat covering real property. The - state and local laws applicabk to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing xntence shall not limit the applicability of federal law to this mortgage. Tn the event that any provisia? or clause of this Mortgage or the f Note conflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this Bad the provisions of the Mortgage and the Note are declared to be severable. f 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time i of execution or after recordation hereof. E 17. Transfer of the Property; Assumption. If all or an}' 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 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 (d1 the grant of any leasehold interest of three years or less not containing an option to purchase, !.ender may, at I_ender'c 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 x 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 pa}•able on the sums secured by this Mortgage shall be at st?ch 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 Notes t If [.ender 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 ~0 da}•s 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 Borrower. invoke any remedies permitted by paragraph 1 R hereof. F NoH-UNIFORM CovEx,stvrs. Borrower and Lender further covenant and agree as follows: 18. Accekratioe; Remedies. E:cept as provided in paragraph 1? hereof, epw Borrower's breach of nay covenant or agreement of Borrower in this Mortgage. ieclediag the covesants to pay when dee nay saris seared by this Mortgage, Leader prior to acceleration shag rwa8 notice to Borrower as provided is paragraph 14 hereof specifying: (1) the bttach; (2) the action regnircd to cure srtc6 breach; (3) a date. act kx than 30 days from the date the notice b wailed to Borrower, by whki secb breach vast be cared; sod (4) that failure to cure sash brescl~ oa or bdore the date sPeci6ed in the aotke any resdt in acceleration of the saws severed by this Mortgage. toreclosure by jadkial proceeding and sale of the Property. TDe notice shall further inform Borrower of tbt right to rtiastate after~acceleratioa and the right b assert is the foreclosnrt proettdiag the ran-existence of a defsak or aav other defense of Borrower to sccekrstion and foreclosare. If `the breach is Dot cared oa I or before the date specified ie the notice. Leader at Lesder's option may dtclart aQof the sows secnrcd by this Mortgage to be immediately dee sad payable withoot further deautad and may foreclose this Mortgage by jadicisl proceeding. Leader shag be estitkd to collect in such proceedirtg a0 expenses of forecbsare, including. bat not limited to, reswasbk attorney's ties. . and costs of doceatewtary evidence, abstracts sad tick reports. 19. Borrower's Right to Reinstate. Notwithstanding t_ender'. acceleration of the sums secured by this Mortgage. Borrower shall have the right to have an} proceedings begun by Lender to enforce this tMo~rlgage discontinued at any time 6C+~ JJ~ t~ L~, i .