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HomeMy WebLinkAbout1686 Lender's written agreement or applicable law. Borrower shall pa)• the amount of all mortgage insurance premiums in the manner provide) under paragraph 2 hereof. Any amounts disbursed by I.entkr pursuant to this paragraph 7, with interest thereon, shall hcceme additional indebtedness of Borrower secured by this Mortgage. Lnless Bermv.•er an.l Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower rey?resting payment thereat, and shall hear interest from the date of disbursement at the rate payable tram time to time en outstanding principal under the Note unless payment of interest at such rate wool) be contrary to applicable law, in which event such amounts shall hear 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. Inspectbn. Lender may make er cause to he made reasenahlc entries ?tlx~n and inspectienc of the Property, provided that Lender shall give Borrower notice prier to any such inspection specifying rcasenable cause therefor related to lender's interest in the Property. 9. Condemnatbn. The proceeds of any av?ard or claim far Damages. Direct er conseq?tential. in cannectien with any condemnation or other taking of the Property, er pan thereof, er for conveyance in lieu of condemnation, arc hereby assigned and shall he paid to Lender. In the event of a fatal Taking of the Property. the proceeds shall he applied to the toms secured by this Mortgage. with the excess, i( any, paid to Harrower. In the event of a partial taking ??f the Prepert}•, unless Borrower and Lender otherwise agree in writing. there shall he applied to the sums secure) M this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prier to the date of taking hears to the fair market value of the Property immediately pricer to the Jate of taking. with the balance of the proceeds paid to Borrower. If the Property is ahandeneD h}• Borrower. ar if, after notice by Lender to Borrower that the condemner ethers to make an award er settle a claim far damages, Borrower faih to respond to Lender within i0 days after the date such notice is mailed. Lender is a?ttharized to called and apply the proceeds, at Lender's option. either to restoration ar repair of the Properly er to the sums soured M• this Merlgagc. Unless Lender and Borrower ethersvise agree in w~ritinc. any such application of proceeds to principal shall net extend or p?xtpone the due date of the menthl}• installments referred to in paragraphs 1 and 2 hereof er change the ame?tnt of such installments. 10. Borrower Nol Rekased. Extension of the time far pa)•ment ar madificatian of amortization of the sums secured by this Mortgage granted by Lender to am successor in interest of Berrawer shall net operate to release. in any manner, the liability of the anginal Borrower and Herrewer's successors in interest. lender shall net he rcquireD to commence y pnceedings against such successor ar refuse to extend time far payment. er etherwice modify amartizatian of the sums secured M• this Mortgage by reason of am• demand made M• the arieina) Harrower and Harrowers successors in interest. 11. Forbearance by Lender Not s Wais•er. Am• farlxarance by Lender in exercising any right ar remedy hereunder, er - atherwise alferdeD by applicable law, shall not be waiver of or preclude the exercise of any such right er remedy. The procurement of insurance ar the payment of tares ar ether liens ar charges by i.ender shall not he a waiver of Lender s right t?• accelerate the maturity of the indebtedness secureD by this Mortgage. 12. Remedies Cumulative. All remedies provided in this ;1lartgage arc Distinct anD cumulative to any ether right er s remedy under this Mortgage ar afforded by law or equity. and may he exercised concurrentl}•. independently er successively. 13. Successors and Assigns Bound: Joint and Seseral I.iabilih•; Captions. Thc ces•enants and agreements herein containeD shall hind, and the rights hereunder shall inure to. the respective successors and assigns of i_enJer and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. The captions and headings of the paragraphs of this Mortgage are far canveniencc only and arc net to he used to interpret er define the previsions hereof. 14. Notice. Except for any notice required under applicable law to he given in another manner. (al any notice to _ Harrower provided far in this Mortgage shall he given by mailing w~h nMicc by certified mail addresseD to Borrower at the Properly ADdress or at such other address as Borrower may designate by notice to Lender as pmviDed herein, and (hl am• notice to Lender shall he given by certifieD mail. reh~rn receipt requested. to 1 ender's address stated herein er to ~ such other address as Lender may designate by notice to Barrawcr as pr.n•idcd herein. Any notice pmvidcD far in this Mortgage shall be deemed to have been giveq to Barraw•er ar Lender when given in the manner designated herein- 15. Uniform Mortgage: tiaverninR i.aw: Severabilit~. 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 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 rat 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.tbe conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall Ix: furnished cc.nfarmed copy of the Notc and of this Mortgage at the time - of execution er after retardation hereof. 17. Transfer of the Propert~•: Assumption. If all ar env part of the Property or an interest therein is Bald or transferred by Borrower without Lender's pricer written consent. excluding tat the oration of a lien ar encumhrancc a+lxxdinate to this Mortgage. (h) the creation of a purchase money security interest" far hausehalD appliances. (r? a transfer M• devise. descent or by operation of law upon the Death of a jaint•tenant or (dt the grant of am• Icasehald interest of three years ar less not containing an option ro purchase. Lender may. at Lender's opuan. declare all the sums secured by this ;~larlgage to he _ immediately due and payable. Lender shall have waived such option ?a accelerate if. pricer to the wle ar transfer. Lender and the person to wham the Property is to be sell or tr:+ns(crreJ reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable an the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waive) the option to accelerate provide) in this paragraph 17. anD if Borrower c successor in interest has executed a written assumption agreement accepted in writing by 1_ender. Lender shall release Barrawer from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. I.enJer shall mail Barrawer notice of acceleration in accordance with ; paragraph 14 hereof. Such notice shall provide a period of nc.t Tess than zQ Jays tram the date the notice is mailed within ' which Harrower may pay the sums Declared due. If Barmier (ails to pay such sums pricer to the expiration of such period. Lender mav. without further notice ar Demand an Harrower. im•ale am remedies permitted hs• paragraph 1 t? hereof. Noty-l.'tvtFOt?!?t COVENANTS. Borrower and 1_ender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or 3 agreement of Borrower in this Mortgage. including the covenants to pay when due an)• sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as pro~•ided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by whkb such breach must be cured: and (4) that failure to curt such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ' shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non•exislence of s default or any other defense of Borrower to acceleration and foreclosure. B the breach is not cured on or before the date specified in the notice. Lender at Lender s option may declare all of the Burns secured by this Mortgage to be immediately due and payable without further demand and ma~~ foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable sttorney's fees. and costs of documentary evidence. abstracts and title reports. 19. Borrowers Right to Reinstate. tiotwithstanDing t.cnJer's acccleraUan of the sums sccureD by the Mortgage. Borrower shall have the right to have am proceedings bosun by I.cnder to enforce this Mortgage discontinued at any time g ~ d~x340 Pd~Ei686 _ - _ _ r r,.