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HomeMy WebLinkAbout0804 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provide) under paragraph 2 hereof. Any amounts disbursed by l.enekr pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower ant 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 tirrre 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 t any action hereunder. II. lttnpectioa. 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 cause therefor related to Lender's interest in the Property. 9. Coademaafba. 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 ant shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the stems 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 secure) 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 Jate of taking, with the balance of the proceeds paid to Borrower. 1f the Property is abandoned by Borrower, or if. after notice by 1"ender 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 i 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 Jate 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 cuccess<~r in interest of Borrower shall not operate to release, 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 reface to extent 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 Borrowers successors in interest. 11. Forbearance by Ixnder Nof a Waiver. An)• (orhearance by 1"coder 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 tares ar 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 Cnmulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remeJy under this Mortgage or afforded by law or equity, ant may 1?e exercised concurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Se~•eral liability: ('options. The covenants and agreements herein containeJ shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lenderrnd Borrower, subject to the provisions of paragraph 17 hereof. All covenants ant agreements of Borrower shall be joint and several. The captions ant headings of the paragraphs. of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. I 14. Notice. Except for any notice required under applicable law to be given in another manner, fa) 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 tci Lender as provided herein, and (b) any notice to Lender shall be given by certifieJ mail, return receipt requested. to 1 ender s address stated herein or to such other address as Lender" may designate by notice to Borrower as prwideJ herein. Any notice provide) for in this Mortgage shall be deemed to have been given to Borrower or Lender w•hcn given in the manner designated herein. I S. Uniform Mortgage: Gotrernirrg Law; Severabilily. This form of mortgage combines uniform covenants for national use andnon-uniform covenants with limited variations by jurisdiction w 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. Tn 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 Neu which can be given effect i ~ without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. t l6. Borrower's Copy. Borrower shall I?c ftrrnisfieJ a conformed copy. of the Note and of this Mortgage at the time I of execution or after recordation hereof. 17. Transfer of the Property: Assumption. if all or an~• part of the Property or an interest therein is sold or transferred { by Borrower without Lender's prior written consent. excluding tat the creation of a lien or encumbrance subordinate to this Mortgage, fb) tht creation of a purchase money security interest for hotrseholJ appliances. (c) a transfer by devise, f descent or by operation of law" upon the Death of a joint tenant or fdr 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. [.ender shall have waived such option a. accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be so1J or transferred reach agreement in writing tfiat the credit of such person is satisfactory to t.enJer 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 I.entier, [.ender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. I"enter shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provider perioJ of not less than 30 Jays from the date the notice is mailed within which Borrower may pay the sums declare) 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 "hy paragraph I R hereof. Note-UNIFORM CovEN~NTS. Borrower and 1"ender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 19 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when dne any sums secured by tbis Mortgage, Leader prior to acceleration shag msil notke to Borrower os provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less then 30 days from the date the notke is mailed to Borrower, by whkh such breach must be cured; and (4) that failure to cure such breach on or before the date specified is the notke may result in acceleration of the sums second by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shell further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure pnoceediug the nort-existence of a default or any other defense of Borrower to acceleration and forecbsure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare ell of the sums secured by this Mortgage to be immediately due and payable wilhont further demand and may foreclose this Mortgage by judkial 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 tick reports. f 19. Borrower's Right to Reirrstote. Notwithstanding I.enJer's acceleration of the sums secure) by this Mortgage, Borrower shall have the right to have and" proceedings hcgun by 1_ender to enforce this Mortgage discontinued at any time 3 . ~ BOU (JJO PAGE