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HomeMy WebLinkAbout0542 . 1 . ~f .s • ~4 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 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 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 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. laspectioa. 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. Coademaatbn. '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. are hereby assigned and shall be paid ro 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 ~ 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 Property immediately prior to the date of taking, wish 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 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 Lenders 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 Lender to any successor in interest of Borrower shall not operate to releax, in any manner, the liability of the original Borrower and Borrower c successors in interest. Lender shall not be required to rnmmertce 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 oritinal Borrower and Borrower's wccesson in interest. 11. Forbearance by Lender Not a Wainer. Any forbearance by Lender in exercising any right or remedy hereunder, or ~~thetwiu 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 [.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this 1liortgage. 12. Remedies Comulsti~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. Successors and Assigns Bound; ]oint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the.~espective successors and assigns of Lender and Borrower, .~~bject 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 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 Burmw•er provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such aher address as Borrower ma}• designate by notice to !.ender as provided herein, and Ih) any notice to lender shall he given by certified mail. return receipt requested. to i.enders address stated herein or to wch other address as 1_ender may designate by notice to Borrower as provided herein. Any notice provided for in this ~furtgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. 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 ~I 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 ether provisions of This Mortgage or the Note v.hich 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. Borower'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. f 17. Transfer of the Property; :4ssumption. 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 la) the creation of a lien or encumbrance subordinate to 4 Chic Mortgage. (b) the creation of a purchase money security interest for household appliances. (e) a transfer by devise, descent or by operation of lav?• upon the death of a joint tenant or (d) the grant of any leasehold interest of three yrars or less not containing an option to purchase, 1_ender may, at Lender's option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall ha\'e waived such option~e accelerate if, prior to the sale or transfer. Lender m 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 releax Borrower from all obligations under this Mortgage and the Nole. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such novice 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 an}• remedies permitted by paragraph 18 hereof. 3 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except ss provided is parsgnph 17 hereof, npoa Botnrower's bresclr of say eoveaaet or agreement of Borrower in this Mortgage. including the covenants to pay when due say sums secsred by tbk Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the btYSCb; (2) the action required to cure such breach; (3) s date. rat less than 30 days from the dale the aotke is mailed to Borrower, by wftdeb web breach must be cured; and (4) that fsilgre to cure such breach oa or before the dale specifed is the aotict ttasy ressh i• accekratan of Ibe sums secured by this Mortgage. forecbsure by judicial proceeding sad sale ~ the Mperty. The notice t shall further inform Borrower of the right to reinstate after accelerstion and the right to asaer/ is the foreclowre procetdisg the non-existence of a dcfauM or any other defense of Borrower to accekntios and foreclowrte. U the btreacb b tee coved a or before the date specified is the notke. Lender at Lender's option may declare aU of the wms recsred by tbk Mortgage to be immediately due and payable without further demand and may foreclose this Morigsge by judkisl_rroeeedisg. Leader araY be entitled to collect is wch proceeding s6 expenses of torecbsnre, including. brit not Wsittd to, rearoasbk sttoraey's tea, and costs of~ documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time Addesdn• to Parasrapfk 15. The state and local laws applcable to this ritortgage shall be the laws of the jurisdiction in 1 whkh the property is located. The foregoing sentence shall not limit the applkahility n(federal law to this mortgage. ~ `s . 8338 P~f 541 _ ~ _ _ - - .