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HomeMy WebLinkAbout0143 Lender's written agreement or applicable law. Burrower 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 terms of payment, such amounts shall be payable upon notice from 1 ender to Borrower requesting payment thereof, and chat) hear interest from 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 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 F~ereunder. . 8. Inspection. lender may make or cause to be made reasonable entries upon and incpectionc of the Property, provided that Lender shall give Borrower notice prior to •rny such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9, Condemnatbn. The proceeds of any award or claim for damages. direct ar rnncequential. 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 I_endcr. In the event of a total taking of the Property, the prexeedc shall he applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. In the cvrnt of a partial taking of the Property, unless Borrov?•cr and i.ender otherwise agree in writing. them shall he applied to the same secured by this Mortgage suci~ proportion of the proceeds as is equal to that progx~rtion which the amt?unt of the sums secured by this Mortgage immediately prior to the date of taking hears to the fair market value of the Pmperh immediate!}• 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 fail. tc. resgxmd to 1-ender within ~tl 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 Propene or to the sums secured hs• this Mortgage. Unless Lender and Borrower otherss•ise agree in ss ritine. any such application of proceeds to principal shall not extend ur 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 NM Released. E~tencion of the time fur pa}•ment or modification of amortization of the same secured by this Murtg•a¢e granted by Lender to am• arccesa+r in interest of Borrower sj+al) not operate to release. in any manner. the Iiabilily of the original Borrower and Burrower'. successor in interest. i.ender shall not he required to commence pnxeedings against such successor or reface to extend time for payment or otherw•ice modif}• amortization c.f the sums secured by Ihic Mortgage by rcawn of any demand made by the original Borrower and Bormu•er'c cuccescors in interest. I1: Forbearance by Lender Not a Wsi~•rr. Anv furhear,+nce M• I.endcr in crcrcising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of ur preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tare, or other liens or charges by Lender shall not he a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage_ 12. Remedies Cumulative. All remedies presided in this Mortgage arc distinct and cumulative to an}• other right or remedy under this Mortgage or afforded by law or equity. and m:+~• he exercised concurrently. independentl}• or successively. 13. Successors and Assigns Bound; Joint and Several Liabilih'; ('options. The crn•enants and agreements herein contained shall hind. 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 anJ headings of the paragraphs of this Mortgage arc fc~r convenience only and arc not to he :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 &+rruwer provided for in this Mortgage shall l+e given by mailing such nutter by certified mail addresud to Borrower at the Properly Address or a1 such other address as Burrower may designate by notice to Lender as provided herein. and (h) am• notice to Lender shall Fee given by certified mail. return receipt requested. to 1 ender c address stated herein or to such other address as Lender ma} designate by notice to Borrower as pr.wided herein. Any notice provided for in this Mortgage shall he deemed to have been gir•~att to Borrower or Lender when given in the manner designated herein. 1 S. t;niform Mortgage: Governing i.aw; Ses erabilit}-. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The state and iota! laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing 'i sentence shall not limit the applicability of foderal law to this mortgage. 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. Borrowers Copy. Borrower shall he furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof_ 17. Transfer of the Propert}•; Assumption. if all ur am- part of the Property or an interest therein is sold or transferred i by Borrower without Lender's prior written consent. excluding la? the creation of a lien or encumbrance subordinate to I Ihic Mortgage. Ihl the creation of a purchase money security interest fur household appliances. (c1 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. 1-ender may. at 1 tinder's option, declare all the sums secured by this !Mortgage to be immediately due and payable. Lender shall hate waived such option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Properly is to be sold or transferred reach agreement in writing that the credit of such person is satisfacton- to Lender and that the interest payable on the sums secured by this mortgage shall be at such rate as lender shill request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in interest hoc 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 rat less than ?0 da}•s from the date the notice is mailed within which Borrower may pa}• the sums declared dux. If Born?sser fails to pa}• u?ch sums prior to the expiration of such period. 1_ender may. without further notice or demand on Burrower. invoke any remedies permitted by paragraph 1 R hereof. a Now-L'xtFOR!?+ Govt=V,?rvrs. Borrower and 1_ender further rnvenant and agree as follows: ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon BorrowePs breach of any covenant or 1 agreement of Borrower in this Morig;age, including; the covenants to pay when due any sums secured 6y this Mortgage. Lender ~ prior to acceleration shall mail notice to Borrower as pros•ided in paragraph 14 hereof specifying: (1) the bleach; (2) the action required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such l breach mast be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this ~tortgage,'foreclosure by judicial procetdir+gl and sale of the Property. The notice . shall further inform Borrower of the right Io reinstate after acceleration and the right to assert in the foreclosure proceedinnl the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured bi this Mortgage to be immediately due and payable without further demand and may foreclose this 31ortRage by judicial proceeding. Lender shall be entitled to collect in such proceeding; all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender'. accelerahon of the sums secured by this Mortgage. Borrower shall have the right to base ant proceedings begun by Lender to enforce this Mortgage discontinue) at any time ~ Brf01 ~6 Facf 14~ k 9