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HomeMy WebLinkAbout1600 ..__.r_-__.~ _-t__-- . Lender's written agroement or applicable law. Borrower shall pay the amount of all mortgage insurance premium: in the manner provided under paragraph 2 hereof. Any amounts disbursed by [.ender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedneu o[ 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 a?tstandMg principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amount: 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 hereunder. 8. ItWpectioN. 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 Lender's interest in the Property. 9. Coademaatba. 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, arc 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 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. if the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower tails to respond to i.ender within 30 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 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 i_ender 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 tci 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 Borrower's successors in interest. 11.. Forbearance by Lender Not s Waiver. Any forbearance by Lender in exercising any right or remedy herc??nder; 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 Cnmulati~e. 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 exercised concurrently, independently or successively. 13. Succemors and Assigns Sound: Joint and Serertl i.iability; Captions. The covenants and agreements herein contained 3ha11 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 Addressor 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 lenders address stated herein or to such otber 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 l_cnder when given in the manner designated herein. 1S. Usitorm Mortgs6e: Governing Law; Seversbpity. This faro of mortgage combines uniform oovenanta for national use andnos-uniform covenants wiW limited variatiats by jurisdiction W constitute a uniform security ins_trumentoovering real property. The state and local laws applicable W this Mortgage shall be the laws of the jurisdiction in which-the Property is located. 't'he 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 r Note oontlicts with applicable law, such oootlicx shall not affect other provisiata of this Mortgage or the Note which can be given effect ~ without the oootlicting provision, sad W this end the provisiars of the Mortgage and the Nola 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 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 (d1 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'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 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 Borrower, invoke any remedies permitted by paragraph 18 hereof. Norv-UNIFORM CovErrarrrs. Borrower and Lender further covenant and agree as follows: 18. Aceekratioa; Remedies. E:cep[ as provided is paragraph 17 hereof, spoor Borrower's breach of say covenant or agreement of Borrower in this Mortgage, including the coveaaMs to pay when due say sums secured by this Mort age, Lender prior to sccekration sbaD nsail suttee to Borrower as provided in paragraph 14 hereof specifying: (l) the bccacb; (2) the action required to stare sash breach; (3) s date, not less than 30 days from the date the notice is moped to Borrower, by which sash breach mud be cored; sad (4) that failure to cure such breach on or before the date specified in the suttee may resale is t sccderatioe of the soma secured by this Mortgage. foreclosure by jndkitl proceeding asd stle of the Property. The notke shop further inform Borrower of the right to reinstate after acceleration and the right to assert is the foreclowre proceeding . the aontxisteace of s detsnk or say other defense of Borrower to-acceleration sad foreclowre. if the breach is not cored oa or 6etore the date speri6ed in the suttee, Lender at Lender's option rosy declare ap of the sums secured by this Mortgage b be immediately due sad payable wilhont further demand sad may foreclose this Mortas`e by judkitl proceeding. Leader shop be entitled to collect is sash proceedlrrg ap a:penses of foreclosure, including, hot not limited to, reasoarrbk attorney's fees, and costs of documentary evidence, abstracb and title reports. 19. Borrower's Right to Reia:We. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by 1_ender to enforce [fits Mortgage discontinued at any time . B~oK 335 PACE 1593 s