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HomeMy WebLinkAbout0402 _ . Lender's written agreement or. applicable law. Borrower shall pay the amount o[ 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. Unttss Borrower and [.ender agree to other teems 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 applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Iaspectioe. Lender may make or cause to be made reasonable entries upon and inspcctianc of the Property, provided that i.ender shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to Lender's interest in the Property. 9. Coademaatba. The proceeds of any av?•ard or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, art hereby assigned and shall be paid to Lender. in the event of a total taking of the Property, the proceeds shall be applied m the sums secured by This Mortgage. with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. (here 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 the Property is abandoned by Borroacr, or if, after notice by I.cndcr to Borrower tha! the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to lender within i(I days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Properly 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 i.ender to any cuccesx~r in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. i.ender shall not be required to commence proceedings against such successor or reface 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. 11. Forbearance by Lender Not a Waiver. Am• farbearancc by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall 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 shall not he a waiver of i.ender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Comulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy tinder this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or succeaively. 13. Successors And Assigns Bound; Joint and Several i.iaM'lity: Captions. The covenants and agreements herein contained shall hind, 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 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. fa) 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 (h) any notice to Lender shall be given by certified mail. return receipt requested. to lender c address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this ~ Mortgage shall be deemed to have been given to Borrower or l.cnder when given in the manner designated herein. 15. Uniform Mortgage: Governing law; Severability. This form of mortgage combines uniform covenants for national use andnon-uniform covenants with limited variations by jurisdiction w constitute a uniform security instrument covering real property. The state and local laws applicabk to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing ~ sentence shall rent 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 applicabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the coollicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. I6. Borrower=s Copy. Borrower shalt be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. i7. Transfer of the Property; Assumption. If all or am• pan 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. (h) the creation of a purchase maney security interest for household appliances, (c) a transfer by devise, i ~ descent or by operation of law, upon the death afr joint tenant or fell the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender c option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender t 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 ac Lender shall request. If lender has waived the option to accelerate provided in this paragraph L7, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by lender. tender shall release Borrower from all obligations under this Mortgage and the Note. If [.ender 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 i0 da}•s tram the date the notice is mailed within which Borrower may pay the sums declared due. I( Borrower fails to pay such sums prior to the expiration of such period. f Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ NoN-UNIFORM Coveyxrrts. Borrower and lender further covenant and agree as7ollows: 18. Accderatioa; Remedies. Except as provided is paragraph 17 hereof. upon Borrower's breach of any coreasat or agreement of Borrower in this Mortgage, including tht covenants to pay when dne any sours secured by this Mortgage. Lender prior to acceleration shag mail notice to Borrower as provided in paragraph 14 hereof specNyiaa: (1) the breach; (2) the action j required to care loch brtacb; a date. not less than 30 days from the date the notice is mailed to Borrower, by which sack breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice any result in € acceleration of the snots secured by this Mortgage. foreclosure by judicial proctediag and sale of the Property. The notice l shall further inform Borrower of the right to reir~statt after acceleration and the right to assert in the foreclodvrc proceeding.. the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. if the breach is not cured on'~ or before the date specified in the notice. Lender at Lender's option may declare all of the snnt_c secured by this Mortgage to be immediately due and payabk without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in wch proceeding all expenses of foreclosure. including. but not limited to. reawnabk attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, s Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 8i~ 342 p~~~ 4th ~