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HomeMy WebLinkAbout0434 ' . 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. Unless -Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice tram Lender to Borrower regtresting payment thereof, and shall hear interest from the date of disbursement at the rate payable from time to time an 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 i.ender to incur any expense or take any action hereunder. - 8. Itrttpeetloa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that [.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnafbn, 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, ar far conveyance in lieu of condemnation, arc berchy assigned and shall be paid to Lender. ' in the event of a total taking of the Property, the proceeds shall tx applied to the ~rtms 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, them .shall be 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 1~iartgage immediately prior to the date of taking bears to the fair market value of the Property immediate)}• prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned b}• Borrower. ar if. after notice by Lender to Borrower that the condemnor afters to make an award ar settle a claim for damages, Borrower fails io respond to Lender within 10 days after the date such notice is mailed, i.ender is authorized to collect and-apply tFre proceeds, at iender's option, either to restoration ar repair of the Property ~r to the sums secured by. this Mortgage. Unless Lender and Borrower otherw•ice agree in writing, any such application of proceeds to principal shall not extend or postpone the due dale of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of v such installments. 10. Borrower Not Released. Extension of the time for payment or mcxlificatian of amortization of the sums secured by this Mortgage granted by 1_ender to any successor 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 shat! not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of an}• demand made by the arieinal Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. An}• fonc~arancc h}• i.ender in exercising any right or remedy hereunder, ar otherwise afforded by applicable law, shall not he a waiver of ar preclude the exercise of an}• such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not. he a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rsrnedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right ar remedy under this Mortgage ar afforded by law or equity, and ma}• be exercised concurrently. indepepdently ar successively. - 13. Successors and Assigns Bound; Joint and Several i.iability; faptions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective succec<orc and assigns of f-ender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience .only and are not to he .used to interpret ar define the provisions hereof. 14. Notice. Excep: for any notice rcyuired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall he given b}• mailing such notice by certified mail addrrsccd to Borrower at the Property Address or at such other address as Borrower ma}• designate by notice. to 1-ender as provided herein, and (h) any .notice to Lender shall be given by certified mail. return receipt requested. to lender c address stated herein ar to such other address as Lender may designate by notice to Borrower as provided herein_ Any notice provided far in this _ Mortgage shall he deemed to have been given to Barmw•er ar Lender when given in the manner designated herein. 1 S. Uniform Mortgage; Governing iaw; Seterabilit}•. This form of mortgage combines uniform covenants for national use . andnon-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrrunent 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 cwt 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 j without the 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 he furnished a a~nformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ 17. Transfer of the Property; Assumption. if all ar an~• part of the Property ar an interest therein is sold or transferred ~ by Borrower without Lender's pricer written consent, excluding lal the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase mone}• security interest far household appliances. (c) a transfer by devise, ti descent or by operation of law upon the death of a joint tenant ar fd1 the grant of any lcaschald 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. Lender shall have- waived such option to accelerate if, pricer to the sale or transfer. Lender and the person to wham the Property is to be sold ar transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa}•able an 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 [_ender. Lender shall release Borrower from all obligations under this Mortgage and the Note. - if Lender exercises such option to accelerate. 1-ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than i0 days tram the date the notice is mailed within which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such period, _ Lender may, without further notice or demand an Borrower, invoke an}• remedies permitted h}' paragraph 18 hereof. ~ Nox-UNtFOrei?t CovEtv~twrs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any coverwrt or agreement of Borrower in tbis Mortgage. including the cotenants to pay when dne any snms secured by this Mortgage, Lender ~ prior to acceleration shop mail rwtice to Borrower as prodded in paragraph 14 hereof spscifyiag:•(1) the bresch; (2) the action ' required to cnre snch breach; (3) a date. not less than 30 days from the date the notice is msikd to Borrower, by whkh such breach mfrs! be cured; aced (4) that failure to cure such breach on or before the date specified in the notice stay teserit in accekratan of the snrns secured by this 1liortgage, foreclosure by judicisl proceeding and sale of the Property. 'fire notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure pr~oceediag ! the ndn-existence of a defank or any other defense of Borrower to acceleration and foreclosure. if the bresch is not cnrrd on or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader sbaB be sntitkd to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable sttorney's fees, and costs of docnrnentary evidence, abstracts and title rrports. 19. Borrower's Right to Rein ate. Notwithstanding l_ender'c acceleration of the sums secured by this Mortgage, t Borrower shall have the rrght to have any proceedtngs begun by 1_cnder to enforce this Mortgage discontinued at any time _ B~~K341 P~~E 434 ~r.;~._ .-3