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HomeMy WebLinkAbout1332 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. l)nless Borrower and lender agree to ptl~c(;tqtmc of payment, such amounts shall he payahle upon notice fmm I .ender to Borrower requesting payment thpkb~• tltld shaA hear interest from the date of dicbttrscmcnt at the Talc payahle from time to time on outstanding principal under the Note unless payment of interest at such rate would he contrary to applicable law, in which event-such amounts shall hear interest at the highest rate permiasibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any. expense or take any sction hereunder. • fl. Inspectiow. l.endcr may make or cause Io 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 therctor related to Lender's interest in the Property. 9. Cotndewttsstion. The proceeds of any award or claim for damages, direct or rnrtsequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyattaa 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 he 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, 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 oRers to mate an award or little a claim for dam:tees. Borrower fails to respond to Lender within 30 days alter the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at I.ende~ 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. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums soured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's sttccessorc in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify attartizatton of the gums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successor in interest. ~ 11. Fotrbeannce by Lender NM s Waiver. Any forbearance by Lender 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 pr the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by chic Mortgage. _ 12. Remedies Cnmulstisre. All remedies provided in this Mortgage arc 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. Swecessors and AsslRns Bound:.loiat sad Several Liability: Csptbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender attd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of chic Mortgage arc for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notke. 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 certifkd 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 (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address staled herein or to such other addtirss 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. - 15. Uaitorm Mortgage: Governing law: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with IimiteJ variations by jurisdiction to constitute a uniforrp security instrument covering real property. This Mortgage shall k govsrned by the law• of•the jurisdiction in which the Property is located. in the ''i event that any provision or clause of this Mortgage ar the Nutt conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can I+e given effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Mite are declared to he severable. ' 16. Bormwer's Copy. Borrower shall be tarnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Trsnsfer of the Property: Assutnptioa. Tf all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (bl the creation of a purchase money security interest for household appliances, Ic) a transfer. by devise, descent or by operation of law• upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less rat containing an option to purchase. lender may. at lender's option. declare all the sums secured 6y this Mortgage to be immediately due and payahle_ Lender shall hrve wats~rd such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be :o1J 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 ~ successor in ; interest has executed a written assumption agreement accepted in writing by Lender, Lender shall releas ~ Borrower from all ; obligations under this Mortgage and the Noce. ~ t if Lender exercises such option to accelerate. tender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums ~xlared due. If Borrower fails to pay•sitch sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph I R hereof. t Norv-UHn=oatit CoveN~NTS. Borrower and Lender further covenant and agree u follows: j lfi. Accelcntioa; Remedks. )Escep as Provided is paragrspM 17 hereof. rpotr >sorrowers bre4ch of swy coveaawt rr j ! agreement of Borrower is this Mortgage. including the coreaaMs to Psy whew dre awy arms secured by fhb Mortgage. Lewder ~ prior to sccekrstbw shall mail notke to Borrower as provided in Psrsgraph 14 hereof spceHyiwg: fl) the brYSCh:12) the setion regnired to cure arch breacb;l3) slate. cwt les than 30 days from the dNe the notke b tauilcd to Borrower. by whkh welt btttsch rwrsi be erred: and (1) thN tailnre to core srch bresch ow or before the date spetit;ed h the works msy restlM iw t acceeration of the sans stcrrcd by fhb Mortgage. toreelosnre by jwdkial Ptroceediu~ Fwd sde of the 1•ropcrty. The wotke shsp frrtbcr inform Borrower of the riRM to roinstNe otter accekrstbw sad the ritht M attsert h the toreclosrre Proetedis~ the non-existence of • detau6 or any other defense of Borrower to sceelentiar swd toreelosttre. tt the breach b wot crteri a or before the date specified is the notice. Lender at Lender's option way decbse ap of the srttu secrrea h' fhb Mortgage to be immediately due and payable without further demand and may torecbse fhb Mortgage by jrdichtl procetdittR. Lender shag ; be ewtitkd Io collect b srch proceeding sl! espenses rat foreclosrrt. including, bet not YrwNed to, reasonable stt~~rnrY's fees. awd costs of docrttaewtary evidence. sbsttracts and silk reports. " . 19. Borrower's Rlght to ReiwstNe. Nawithstrndmg I ender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have an} proceedings he~in by Le'ryder to enforce this Mortgage discontinutJ a: any time aao~it~ rst~E~.~~