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HomeMy WebLinkAbout0489 Lender's written agreement or •applicahlc law. Borrower shall ply the atpount of all mortgage insurance premiums in the manner provided under paragraph 2 herco[. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indehtedness of Borrower secured by this Mortgage. Unless Harrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from lender to Harrower requesting payment thereof, and shall bear interest fmm the date of disbursement at the me payable from time to time on outstanding principal under the 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 permissible under applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take any action hereunder. 8. Itupectbn. Gender may make ar cause to be made reasonable entries upon and inspections. of the Property, provided . that•I.ender shall give Horrower notice prior to any such inspection specifying reasonable cause therefor related to lender's interest in the Property. 9. Condemnatbn. The proceeds of any award ~~r claim for damages, direct or consequential, in connection with any condemtiatian ar other taking of the Property, or pan therrnf, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. In the event of a tMal 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 at the Property, unless Borrower and i.ender otherwise agree in writing. there 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 Mortgage immediately prior to the date of taking bears to the fair market value of the Propert}• immediately prior to Site date of taking. with the halance of the proceeds paid to Borrower. if the Property is abandoned b}• Borrower, or if. after notice by lender to Borrower that the condemnor offer to make an award ar settle'a claim for damages, Borrower tails to respond to lender within ?0 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 Property ar 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 Rekssed. Extension of the time for payment ar modification of amortization of the soma secured by this Pdartgage granted by Lender la any wccessor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Hc?rrciwer'c succescarc in interest. Lender shall 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 rcau.n afrny demand made by the ari¢inal Borrower and Borrowers successors in interest. 11. firorbearance by Lender Not a Waiver. Am• fanc~arance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicahlc law, shall not he a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tarns ar other liens or chargcc~by Lender shall not fie a waiver of Lender's right ,a. accelerate the maturity of theindehtednecs secured by this Mortgage. 12. Remedies Cumulative.. All remedies prcn•ided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage ar afforded by law ar equity. and may he exercised rnncurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Se~•eral Liability; Captions." The covenants and agreements herein contained shall bind, 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 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. Nolke. Except far any notice rcyuired under applicahlc law to be given in another manner, fa? an)• notice to Bormwer•provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Barmw•er at the Property Address or at such other address as. Borrower ma}• designate by notice to i.ender as provided herein. and f h) an}• notice to [.ender shall he given fiy certified mail. return receipt requested, ro Lender c address stated herein ar to such other address as Lender may designate b}• notice to Harrower as prn•ided herein. Any notice provided far in this Mortgage shall he deemed to have been given to Harrower or Lender when given in the manner designated herein. ~I 15. UnNorm Mortgage; Governing Iaw•; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with Gmittd 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 not limit the applicability of federal law to this mortgage. in the event that an y provision or clause of this Mortgage or the j Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eft'ect 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 be furnished a ce~nformed copy of the Note and of thin Mortgage at the time ~ of execution ar after recordation hereof. 17. Transfer of the Property; Assumption. If all or anw part of the Property ar an interest therein is cold ar transferred fiy Borrower without Lender's prior written consent. excluding (al the creation of a lien ar encumhrance subordinate to this Mortgage. (fi? the creation of a purchase money security interest for household appliances, (e? a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold interest of three years or lees not containing an option to purchase, Lender may. at I.ender'c option, declare all the sums secured by this Mortgage to be immediately due and payable. ~ Lender shall have waived arch option to accelerate if, prior to the sale ar transfer. 1-ender and the person to wham the Property is M be salt or transferred reachrgrecment in writing that the credit of such perum is satisfactory b Lender and that the interest pa)•ahle an the sums secured by this Mortgage shall be at such rate as 1-ender shall request. if (.ender 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. 1_ender shall release Borrower from all abligatians under this Mortgage and the Nate. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than ?O days fmm the date the notice is mailed within which Borrower may pay the sums declared due. If Harrower fails to pay such sums prior to the expiration of such period. Lender may. without further notice or demand on Harrower, invoke any remedies permittecl by paragraph 18 hereof. Nort-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as7ollows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any coreaant or agreement of Borrower in this Mortgage, including the covenants to pay when dne any snms secored 6y this Mortgage, Lender 1 prior to acceleration shall mail notke to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such 6rrsch; (3) a date. not less than 30 days from the date the notke is mailed to Borrower, by wbkh snch breach must be eared; and (4) that failure to cure such breach on or before the dale specdred in the notke may resWt in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding wad sale of the Property. The notke shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecbwre proceedntg the non-existence of a default or any. other defertse of Borrower to acceleration and foreclosure. If the bresch is not cared on , or before the date specified in the notke. Lender at Lender's option may declare all of the snms scented by this Mortgage to be ! immediately due and payable without further demand and may foreclose this Mortgage by judkial proceeding. Leader shop be eatitkd to collect in such proceeding all expenses of foreclosure. including, but not limited to. reasonable sttoroey's fees. and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Natwithctanding 1_ender'c acceleration of the sums secured by this Mortgage, Borrower shall have the right to have an}• proceedings hegon by I.cnder to enforce this Mortgage discontinued at any time i a~341 PEE X89 .