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HomeMy WebLinkAbout0510 Lender's written agreement w applicabk law. Borrower shall pay the amount at all mortgage insurance premiums in the manner provid~Kt under paragraph 2 hereof. Any amounts disbursed by Lender pursuant k? this paragraph 7, with interest thereon, shall become additional indehtedrtcss of Born~wer ses:urcd by this Mortgage. Unless Borrower aril Lender agree to other terms of payment, such amounts shall he payahlc ?}Ix~n nutter from Lender to Borrower reyttcainR payment thereof, and hall bear interest from the date of dicbrrrsement at the rate payahlc from time to lime on outstanding prinEi~lt A4~~ ~ Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permiuibk under applicabk law. Nothing contained in this paragraph 7 shall require I:cnder to incur any expense or take any action hereunder. Iwspectioa. Lender may make or cause to he made reasonable entries upon and inspeNions of the Property. provided that Lender shall give Borrower notice prier to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdemwstba. The proceeds of any award or claim for damages, direct or consequential, in conneNion with any condemnation or other taking of the Property, or part thereof, a for conveyatttx in lieu of condemnation. are hereby assigtred and shall be paid to Lender. in the event of a total taking of the Properly. the proceeds shall be applied to the arms 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 shalt 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 So 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 M• Borrower, or if. after notice by Lender to Borrower that the condemnor oRers to mate an award or settle a claim for damage.. Borrower tail. to respond to tender within 30 days after the date such notice is mailed. Ixnder is authorized to collect and apply the proceeds. at Lender's option, either to ratoration or repair of the Property or to the sum. 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 rcferrcd 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 I.endtr to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower c successors in interest. lender shall not be rcgtrircd to commence proceedings against such successor or refrtse~to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of nay demand made by the original Borrower and Borrower's successors in intereu. ~ 11. Forbearance 6y Lender Not a Wainer. Any fort+earance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicabk law. shall rat be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance Qr 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 Cnmulsthe. 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. l3. 3tccessors and AssiRws Eoawd; Joint aad Several i.iabiiity; Captk~as. The covenants and agreements herein ' contained shall bind, and the rights hereunder shall inttrc to. the respective successors and assigns of Lender noel Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and seven). The captions and headings of the paragraphs of this Mortgage arc for convenience only and arc rat 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 .certified mail addressed to Borrower 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 i.ender s address stated herein or to such other address as Lender may designate b~~ notice to Borrower as provided herein. Any notice provided for in this j Mongagc shall be deemed to have I+een given to Bcxmwer or Lender when given in the manner designated herein. 1S. Uaitor-m Mortgage; Governing Law: Sevenbility. This form of mortgage combines uniform covenants for national ~ use and ran-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ~ real property. This Mortgage shall tie 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 applicabk law, such conflict shall not afttd other provisions of this Mortgage or the Note which can tx given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to he severable. 16. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the tune of execution or after recordation hereof. 17. Transfer of the Property: Assumption. 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 (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise. descent or by operation of law upon the death o(a ji~~nt tenant or (d1 the grant of any leasehold interest of three years or less not containing an option to purchase. !.ender may. at l_ende~ c option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w awed such option to accelerate it, prior to the tale or transfer. Lender and the person to whom the Property is to be u.1J 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 ac Lender shall request. If tender 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 release Borrower from all obligations under this Mortgage and the Note. It Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph t4 hereof. Such notice shall provide a period of rat less than 30 days from the date the notice is mailed within which Borrower may pay the sums t.sclared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further nwicc or demand on Borrower. invoke any remedies permitted by paragraph lli hereof. Norv-UNIFORM Cover?xNTS. Borrower and Lender further covenant and agree as follows: 1g. Accekratiow; Remedies. Except ss provided is psragrapb 17 hereof. tupow don~owers bceacb of troy covewawt ar agreemest of Eorrower is this 1Nortgset. including the coreaaats to pay •rbea doe nay sums seetrted bl' tars Mortgage. i.euder prbr to accekrstba shill mail notke to (Borrower as provided fw paragraph 14 herttot specNyiag: (1) the breach: (2/the aetfow re9tired to care snob brcscb;l3) adate. act less thaw 30 days from the date the aotke b triaNed to Ifiorrower. by wbkb steb bttescb mast be cored: nail (4) Thal tailnre to care srtch brescb ow or before the date specifed is the wotkt rosy resole iw accekntioa of the saws sectrcd by this Mortgage. foreclostre by jtdkial proeeediwg and sale of fete hoperty. The aolictt shag further inform ifbrrower of the right to rcinslste steer seceleMiow swd the rigAl fo ttsstrt iw the toretfostre proctedl¦g , the aoa•existewce of a detauN or say other defense of 1orrower to aeeeleratiow wwd torseloprre. /t the bceacb is woe cta~td ow or before the date specified is the wotice. Lender at l.erider's aptioa may drtclare aA of the stets tteetrcd by this Mortgage !o be immediately due sad paysbk without tartfrcr demand and rosy torecbse this Mortgage by jtrdicW proctediwR. i.ender shall be cwtitfed to celled I~r stcb proceeding wA expanses of toreclostre. irtclirdiag. btl woe Wwited tfr. rcasoasblt att.rrneY's fees. awd costs of doctmewtary evidence. sbstrwcts sod title reporn. - 19. )3orrower's Right to Reiwstste. Notwithstand~nK 1 ender's acceleration o/ the sums secured by this Mortgage. Borrower shall have the right to have any proceedings txF~in by Lender to enforce this Mortgage discontinued at any ume a~ 3~0 P~~ 510