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HomeMy WebLinkAbout2349 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurancs 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 -terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inttrest from the date of disbttrsetnent at the rate payable tram time to time on outstanding principal under the Note unless payment of interest of such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate pertaisdbk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any aMion ttet+ettnder. " fl. Iaspecdow. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lander shag give Harrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademwdoa. 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 Pmperty, the proceeds shall be applied to ttte 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 secor+ed 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 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 h abandoned by Borrower, or if, after notice by Ixnder to Borrower that the condemnor oBen to make an award or settle a claim for damages. Borrower tails to respond to Lender 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 Nof Released. Extension of the time for payment or modiflcation of amortization of the stuns 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 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 Borrower's successors in interest. Forbearance by Lender Not 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 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: l2. Remedies Cumuhttite. 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. ]3. Successors and Assigns Bound; Joint sad Severed liability; Captbres. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successor 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 Addrexs 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 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 dcemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national f use and non-uniform covenants with limited variations by. jurisdiction to constitute a uniform security instrument rnvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the 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 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 tithe of execution or after recordation hereof. " 17. Transfer of the Properly; 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 (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 (d) 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 agrcement 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 intet~est 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. ~ Noty-UNIFORM Coverretvrs. Borrower and Lender further covenant and agree as follows: lg. Aecderatioa; Remedies. Fttcept r provided is paragraph 17 hereof, upon Borrower's breach of say covcoaat or agrexaseat of Honower is this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Leader r prbr to secdentioa shall mail rwtke to Borrower as provided is para6nsph 14 hereof specityiag: (1) the breach; (T) the setba r+egalr+ed to cure acct breach; (3) a date, not lea than 30 days from the date the notice is mailed to Borrower, by whki sock breach esrsrR be cured; and (4) that failure to care such breach on or before the date specified io the aMice may rtaatlt i• accekratioa of the s~ secured by this Mortgage, foreclosure by judicial proceeding sad sale of the Property. 1Le notice ~ shaB farther Lrform Horrower of the ri66t to reinstate after sccekration and the right to assert in the foreclosure proeeed6rg fie rao~-ezWesce of a defaelt or any other defense of Borrower to accekratkn sad foreclosure. If the breach b sot cared oa or bedore the dale specified in the rwtke, Lender at Lender's option may declare a0 of the sums secured by this Mortgage to be finsedhtdy doe sad payable withoat fuuther demand and may foreclose this Mortgage by jttdkial proceeding. Leader sbaY be gtltltd to eotleet is sech proceeding aH a:peones of forecksure, including. bnt not limited to, reasonable attorsey's tees. sad cash of doctsmeatary evidence, aDstraets sad title reports. 19. Borrower's Right to Reimtate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower ~ttall bate{he rightsto.have any proceedings begun by Leader to enforce this Mortgage discontinued at any time , j _ . E BQOK ~ PAGf _ _ - - . . -