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HomeMy WebLinkAbout1071 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiutns 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 payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the. date of disburxment at the rate payabk from time fo time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable iaw, in which event such amounts 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. Iaspectiow. 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 caux therefor related to Lender's interest in the Property. 9. Condemeatbn. 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 etcess, if any, paid to Borrower. In the event of ~ 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 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 Properly 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 otters 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 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. l0. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums xcured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rcleax, in any manner, the liability of the original Borrower and Borrower's 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. 11. Forbearance by Lender Not a Wainer. Any forbearance by Lender in exercising any right or remedy hereunder, or ~~therwise afforded by applicable law, shall not be a waiver of or preclude the exercix 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 Comalathe. All remedies provided iri 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 Asslgas Bound; Joint and Se.•eral i.iab'llty: Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall im~re to. the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph l7 hereof. All covenants and agreements of Borrower hall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc 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 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 ttrtified mail, return receipt requested. to I-enders address stated herein or to i 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 Lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing iaw; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with IimiteJ variations by jurisdiction to constitute a uniform xcurity 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 Slause 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 xverable. 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; A~umption. if all or any part of the Property or an interest therein is sold or transferred by Borrower witltaut Lender's prior written consent. excluding (a) the creation of a lien or encumbrantt subordinate to this Mortgage. (b) the creation of a purchase money security interest for houxhold 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 leaxhold interest of three years or less not containing an option to purchax, tender may, at Lender's option, declare all the sums xcured 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 [xnder and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. Tf 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 rckax Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acttkration in accordance with paragraph 14 hereof. Such notitt 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. _ Nort-UNtt=oats Covetv~rrrs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. t~ Borrower's bresc6 of awy coreaawt or agreement of Borrower in this Mortgage, iaclndisg the covenants to pay when doe ay sums arcered 67 this Mort age, Lesder prbr to accekratan shsU mail notice to Borrower as provided is paragraph 14 hereof specifying: (1) the bread; (2) the setiow required to core taicb breach; (3) a date, not less than 30 days from the dste the wotke b waded b Borrower, b!' whk6 sects breach mind fie cored; and (4) that failure to core such breach ow or before the date specified `the notice may reams d scttkratioa of the sums trecnred by this Mortgage, foreclosure by jndicid proceeding awd sale of the Property. Tie wotke shall further inform Borrower of the right to reinstate after sccelera8oa and toe right b assert is the foralowre proceedlwg the non-existence of a defan[t or any other defense of Borrower to accekratiow asd foreclowre. If the 6reacb is not etn+ed a or before the date specified in the nMice, Lender at Leader's optioe may dtcbure sp of the ssms sccered by Ibis Mortgage fto fie immediately dne and payabk withoet further demand sod rosy foreclose this Mortgage by jndicW procesdi•g. Lewder shun . be entitled to collect ba sec6 proceeding aq expenses of foreclosere, inclndiug, bet wot liartttd to, reasowsbie sttorpey's tet:s, sod costs of docemeatsry evidence, abstracts and title reports. . 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums sceured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ Addewdww~ to Parasrspb IS. The state and local laws applkable to this mortgage shall be the laws of the jurisdktion in whkh the property is located. The foregoing sentence shall not limit the applkabiliry of federal law to this mortgage. ' BI)OK~~ P1GE~~~ ~