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HomeMy WebLinkAbout1225 Lender's written agrcetmnt or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the mttarter 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 payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate 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 bear 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. Itrspectboa. 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. Cottdemaatbn. The proceeds of any award or claim for damages, direct or consequential, in cotrnection with any condemnation or other taking of the Property, or part thereof, or far conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. - - in the event of a total taking of the Property. the proceeds shall he applied to the sums 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 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 Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If lire Property is abandoned b}• 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 1_ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at i_ender s option, either to restoration- or repair of the Property or 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 Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender 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 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 reason of any demand made by the original Borrower and Borrowers successors in interest. U. Forbearance by Lender•Not a Waiver. Any forbearance by I-ender in ext:rcising any right or remedy hereunder, or otherwise afforded by applicable law, shat! not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shalt not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmulati~e. 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. 13. Successors and Assigns Bound; Joint and Sererd 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 arc not to be used to interpret or define the provisions hereof. 14. Notice. 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 j the Property Address or at such other address as Borrower may designate by notice to i~nder as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate by notice (ci Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or 1-ender when given in the manner designated heroin. 1S. Uniform Mortgage; Govemiag Law: Severabilhy. 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. This Mortgage shall be 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 vrith 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 '.Mote arc declared to be severable. ' 16. Borrower's Copy. Borrower shall be furnished a conformed 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 or an}• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) 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 of a joint tenant or (dl the grant of any leasehold 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 - immediatefy due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be sold 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 as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all _ obligations under this Moifgage and the Nate. if Lender exercises such option to accelerate. [_ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from 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 on Borrower, invoke any remedies permitted by paragraph 18 hereof. Norr-UNIFORM t„ovetvetrrs. Borrower and Lender further covenant and agree as follows: 18. Accskratbn; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach oft awy covenant or agreement of Borrower in this Mortgage, ischsdiug the covenants to pay when due any sums secured by dri. Mortgge, Larder prior to sccekratbo shall mail sodce to Borrower as provided in paragraph 14 6ertoE specifying: (1) the breach; (T) dK sctios rrcgair+ed to cure sock brsacb; (3) a dste. not leas Bran 30 days from tIK date the notice b mailed to Borrower, by whkh such breach must be cared; asd (4) brat failure to care sock breach on or before the date specYed in the notke mar molt in sccekratioa of the soars secarrd by this Mortgage, toreclosnre br jodcid proceeding and sale of the Property. 7i1,e notice shill fartlrer inform i~raower of the right to reinstate steer sccekrstion and the right to assert in the torticlosore ptoceedit~ the ran-rxistesce oEit ddldt or air other defense of Borrower to accekrstion and foreclosure. It the brash its not nred ots or before the date specdkd is the notice. Lender at Lender's option may declare a8 of the sums secured 6y this Mortgage b be immediatdy due and payable witboot farther demand soil may forccbse tbfs Mortgage by judicid protetding. Leader shill be entitled to collet b such proceeding aY a><pensa of foreclosure, iacludi~, but not Wnitd to, reasonable atterser's Eno, sod costs of documentary evidence; abdracb and tide reports. 19. Borrowa's Right to Reimtate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time I