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HomeMy WebLinkAbout1482 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. ~1ny amounts disbursed by !.ender pursuant tq 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 payabk 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 nn outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable taw, in which event such amounts shall hear 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. lospection. 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 Tender's interest in the Property. { 9, Coademnatbn. 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 therrnf, or for conveyance in lieu of condemnation, are hereby assigned } anJ 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 he 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 hears to the fair market ~altte of the Property immediately prior to the Jate of taking, with the balance i5f.the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by !.ender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to lender within i0 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. llbrrower 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 r 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 Lender Not a Waiver. Any forbearance by !.ender 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. Remedks CumulaHre. 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 exercise) concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Ses•eral i.iability; faptions. The covenants and agreements herein containeJ shall hind, 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 anJ agreements of Borrower shall be joint and several. The captions anJ headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions herrnf. 14. Notice. Ezcept for any notice required under applicable law• to be given in another manner. (a'l 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 (h) any notice to Lender shall be given by certificJ mail. return receipt requested, to Lenders address stated herein or to such other address as Lender may designate by notice to Borrower as prwideJ herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1 S. UnNorm Mortgage; Gorerniag Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to cAnstitute 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 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 E Note conflicts with applicable 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 end the provisions of the Mortgage and the Note arc declared to be severable. 16. Borrower's Copy. Borrower shall be furnisheJ a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. S 17. Transfer of the Property: Assumption. If all or am• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding lal the creation of a lien or encumbrance sutwrdinate to ~ this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c) a transfer by dtvise, descent or by operation of law upon the Death of a joint tenant or (JI the grant of any leasehold interest of three years or less not containing an option to purchase, i.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 sale or transfer, lender and the person to whom the Property is to be solJ 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 [_ender, [.ender shall release Borrower from all obligations under this Mortgage and the Note. 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 30 days from the date the notict is mailed within # which Borrower may pay the sums declare) due_ If Borrower fails to pay such sums prior to the expirationJeSf such period. ( Lender may, without further notice or demand on Borrower, invoke any remedies permitteJ by paragraph t 8 hereof. t Nox-Utvtt=caret Coverv~NTS. Borrower and !.ender further covenant ,and agree as follows: i 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon 13orrewer's breach of say corenaat or agreement of Borrower is this Mortgage, including the covenants to pay when dne any snms secnrted by this Mortgage, Leader prior fo accekratioa sba8 mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) tlse action required to core sorb 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) that failure to cure. such breach on or before the date speeded in the notice may tresdt is acceleration of the sums secured by this Mortgage. foreclosure by judeeia! proceeding sad sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding ; the non-existence of a defauk or say other defense of Borrower to acceleration and forccbsurc. If the breach is cot cured on or before the date specified in the notice, Lender at Leader's option may declare aq of the sums secured by this Mortgage to 6e ~ ~ immediately due and payabk without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall T be entitled to collect in snch proceeding all expenses of foreclosure, including. but not limited to, reawaabk attorney's fees.. I e and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secure) by this Mortgage. Borrower shall have the right to have am proceedings begun by Lender to enforce this Mortgage discontinued at any time i ac~K`~4 PacE1475 _~r _ _ - - -..T r