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HomeMy WebLinkAbout1584 ..I _ 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 disburicd 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 nMice from Lender to Borrower requesting payment thereat, and shall bear interest from the date of disbursement at the rate payable from lime to time on outstanding principal under the Note unless payment of interest at such rate would bo 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 i.ender to incur any expense or take any action hereunder. 8. Itrspectiom. 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. Comdemmatbn. 'flee proceeds of any award it claim for damages, direct or consequential, in rnnnection 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 to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the toms 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 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 offers to make an award or settle a claim for damages, Borrower fails to respond to Tender 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 ar repair of the Propeny ar to the sums secured by this Mortgage. Unless Lender and Borrower otherrs•ise agree in ssriting, any such application of proceeds to principal shall not extend ar 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 far payment or modification of amortization of the sums secured b f this Mortgage granted by Lender ti any successor in interest of Borrower shall not operate to release. in any manner,. the liabilitj of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor ar refuse to extend time far payment ar otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the~irieinal Borrower and Birmwers successors in interact. 11. Forbearance by i.ender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver if or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of Iaxec or other liens or charges by Lender shall not he a waiver of Lender's right ti accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right ar remedy under this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or succecsively_ 13. Successors and Assigns Bound: Joint and Several i.iability; 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 if Borrower shall be joint and several. The captions and headings of the paragraphs if this Mortgage are for convenience only and are oat to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law ti be given in another manner. fa) any notice to Borrower provided far in this Mortgage shall he given M• mailing wch nrnice by certified mail addressed to Birrov?•er at the Property Address ,or at such other address as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender c address stated herein or to such other address as Lender map designate by notice to Borrower as provided herein. Any notice provided far in this i Mongage shall he deemed ti have been given to Borrower it Lcndcr when given in the manner designated herein. l S. Uniform 1?iortgage: Governing law: Severabilit~•. This form of mortgage combines uniform rnvenants for national use E 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 Taws of the jurisdiction in which the Property is heated. 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 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 severable. 16. 1orrower's Copy. Borrower shall tx: furnished a confirmed copy of the Notc and if this Mortgage at the time of execution ar after recordation hereof. 17. Transfer of the Property: Assumption. If all it am• part it the Property it an interest therein is sild or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance sulxxdinate ti this Mortgage. (b) the creation if a purchase miney security interest fir hiusehold appliances, (c) a transfer by devise, descent or by operation of law upon the death if a joint tenant or (dt the grant of any Ieasehild interest of three years or lees not containing an option ti purchase. lender may. at I_ender't option, declare all the sums secured by this 1~lortgage ti be immediately due and payable. 1_ender shall have waived such option to accelerate if. prior ti the gale it transfer. 1_ender and the person to wham the Property is ti be Bald or transferred mach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable in the sums secured by this Mortgage shall be at such rate as 1_ender shall request. If i_ender has waived the option ti accelerate provided in this paragraph 17, and if Borrower's successir in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mongage and the Nite. If 1_ender exercises such iption to accelerate. Lender shall mail Borrower notice if acceleration in accordance with paragraph la hereof. Such notice shall provide a period of nit Icss Chap 30 daps trim the date the notice is mailed within which Barriwer may pay the sums declared due. If Borrower fails to pay such sums prier ti the expiratiin if such period. Lender may. without further notice or demand in Borrower, invike any remedies permitted hp paragraph IR hereof. Noy-l.1NIt=0RM CovE!VeNTS. Borrower and Lender further covenant and agree as follows: lg. Acceleratiom; Remcdks. Except as provided in paragraph 17 hereof, upon Borrower's breach of any cotenamt or agreement of Borrower in this Mortgage. including the covenants to pay when doe any sums secured by this Mortgage, Leader prior to accckntan sbaB mail motive to Borrower as provided in paragraph 14 hereof sptcifyimg: (1) the btesch; (2) the action required to cnrr such breach; (3) a date. not less than 30 days from the date the motive is mailed to Eorrower, by whkb such { breach mast be cured; amd (4) that failure to cure such breach on or before the date specified in the erotica nay result in sccekration of the sums secured by than Mortgage. foreclosure by judicial proceeding and sale of the Property. Tire notice shall further inform Borrower of the right to hinstate after acceleration and the right to assert in the foreclosure proceeding t the non-existence of a defauM or any other aefertse of Borrower to acceleration and forecbsure. if the breach is mot cored on t or before the date specified in the erotica. Lender at Lender's option may declare all of the sums secured by this Mdrtgsge to be immediately due and payable without further demand and may foreclose this MdrtRage by judicial proeeedieeg. Lender shall be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to, rcasonabk sttorney's fees. i and costs of documentary evidence. abstracts and tick reports. 19. Borrower's Rigbl to Reinstate. Notwithstanding Lender's :.cceleratiin of the sums secured by this Mongage. Borrower shall have the right ti have any proceedings begun by 1_ender ti enfirce this Mortgage discontinued a1 any time 80W ~ PA(~~~54 _ _