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HomeMy WebLinkAbout0851 j , 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. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indeMedness 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 Bormwer requesting payment thereof, and shall bear interest from the r date of disbursement at the rate a able from time to time on otttstandin ` p y g 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 rmissible under a Itcable law. Nothin contained in this ara rah 7 shall Pe pp ~ g p g p require Lender to incur any expense or take any action hereunder. 8. lrupecfioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that tender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to tender's t interest in the Property. 9. Condemoatbn. 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 (hereof, 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 Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage each proportion of the proceeds ( t as is equal to that proportion which the amount of the sums secured by this Mortgrg` immediately prior to the dale 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 Property is abandoned b}• Borrower. or if. after notice by (.ender to Bormwer that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at (.ender i option, either to restoration or repair of the i Property or to the sums secured by this Mortgage. Unless I-ender and Borrower otherwise agree in writing, an}• such application of proceeds to principal shall not extend x or pcxtpone 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 (.ender to any successor in interest of Borrower shall not operate to release, in any manner, the liahilit}• of the original Borrower and Borrower's successors in interest. (.ender 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 b}• the original Bormwer and Borrowers strcaacors i.. interest. 11. Forbearance by Lender Not a Waiver. Am• forbearance by lender in exercising any right or remedy hercrmder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of an}• 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. 1 12. Remedies Cumulative. 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. Successors and Assigns Bound; ]clot and Ses•eral Liability; Captions. The covenants and agreements herein ~ contained 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 and agreements of Bormwer 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 Bormwer'at the Property Address .or at such other address as Borrower may designate by notice to Lender as provided herein, and (hl any notice to Lender shall be given by certified mail. return receipt requested. to l.enderc address stated herein or to e such other 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 1_ender when given in the manner designated herein. 1S. Uniform Mortgage; Governing t.aw; Se.•erability. This form of mortgage combines uniform covenants for natural use i and non-uniform covenants with limited variations by jurisdiction to constitute 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 orthe Note conflicts with applicable law, such conf)ict 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 declarod to be severable. ~ l6. Borrower's Copy. Borrower shall be farnisheJ 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 am' part of the Property or an interest therein is sold or transferred ~ h}• Borrower without Lender's prior written consent. excluding ta) the creation of a lien or encumbrance subordinate to j this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c) a transfer h}• devise, ( descent or by operation of law upon the Jeath of a joint tenant or (d? the grant of any leasehold interest of three years or less j not containing an option to purchase, Lender may, at tender's option, declare all the sums secured by this Mortgage to be e immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. 1_ender and the person to whom the Property is to be so1J 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 (.ender 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 j 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 Tess than 30 days from the date the notice is mailed within 5 which Bormwer may pay the sums declare) due. if Borrower fails to pay such sums prior to the expiration of such period. k Lender may, without further notice or demand on Borrower. invoke an} remedies permitted by paragraph 18 hereof. Norv-UtvtFOtei?t COVFYANTS. Borrower and (.ender further covenant and agree as follows: = 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in thin titort6age, including the covenants to pay when doe any sums secured by this Mortgage, Lender prior to accekratron shall mail notice to Borrower as provided in paragraph 14 hereof specifyin=: (1) the breach; (Z) the adorn ~ j required fo cnre snob breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by whkb sash t breach must be cored; and (4) that failure to cure such breach on or before the date specified in the rrotke may resole in t acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and 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 defauN 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 by this Mortgage to be immediately due and payable without further demand and may foreclose this fortgage 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's acceleration. of the sums secured by this Mortgage. Borrower shall have the right to have an} proceedings begun by Lender tc. enforce this Mortgage discontinued at any time BOOK PACE 849 _