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HomeMy WebLinkAbout0411 1 • 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 Harrower secured by this Mortgage. l)nlecc Borrower and Lender agree to other terms of payment, such ! amaints shall be payable upon notice from i.ender 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 intetst 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. inspection. 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. Cottdemnatbn. 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, or for conveyance in lieu of condemnation, are hereby assigned and shall I+e paid to Lender. 1n the event of a total taking of the Properly, the proceeds shall be applied to the aims 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 each 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 raking hears to the fair market value of the Propert}• immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if_ after notice by Tender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within i0 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 1_ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the month)}• installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. I?xlension of the time far payment ar modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Harrower shall not operate to release. in any manner, the liability of the origins! Borrower and Borrower i successors in interest. i.ender shall not he 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 Borrower's successors in interest. 11. Forbearance by Lender Hot a Waiver. An}• forbearance h}• lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or 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 ~ waiver of Lender s right to accelerate the maturity of the indebtedness secured by thii Mortgage. 12. Remedies Cumnlati~e. All remedies provided in this Mortgage are distinct and cumulative to .any other right or remedy under this Mortgage or afforded h}• law or equit}•, and ma}• he exercised concurrently, independently or succecsively_ 13. Successors and Assigns Bonnd; Joinl and Several i.iaM'lity: Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall im~re to. the respective succeccorc and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. AI! covenants and agreements of Borrower sha_ ll he 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 or define the provisions hereof. 14. Alotice. 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 he given h}• mailing such notice by certified mail addressed to Borrower at the Property Address ,or at such other address as Borrower ma}• designate by notice to Tender as provided herein, and (b) any notice to [_ender shall he given by certified mail. return receipt requested. to I ender'c address_ slated herein or to such other address as Lender may designate b}• notice to Borrower as provided hereip. Any notice provided for in this Mortgage shall he deemed to have been given to Borrower or ).ender when given in the manner designated herein. I S. Uniform Mortgage: Governinz law: SeveraM'lity. This form of mortgage combines uniform covenants for national use i and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property.'ILe E state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing I sentence shad not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage orthe F Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect t without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Capj. Barrouec stiaif tH; fuinisired a conformed copy of the Noternd of ibis Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or am• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding tar the creation of a lien er encomhrance subordinate to r this Mortgage. (b) the creation of a purchase money security interest for household appliances. Ic) a transfer by devise, descent or by operation of law upon the death of a joint tenant or fdt the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may. at (_ender'c option, declare all the sums secured by this Mortgage to be s immediately due and payable- Lender shall have waived such option tx~ accelerate if, prior to the Bale or transfer. Lender and the person to whom the Property is to be sold or transferred mach agreement in writing that the credit of such per<~on is satisfactory to Lender and that the interest pa}•able 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 Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, [.ender shall release Borrower from all obligations under this Mortgage and the Note. 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 ~f not less than 30 days from the date the notice is mailed within e which Borrower may pay the sums declared due. If Borrower fails to pay such cams prior to the expiration of such period. s Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Y t NoN•Utvrt=aRxt Cove:v~N-rs. Borrower and Lender further covenant and agree as 7ollows: ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of soy covenant or agreement of Borrower in this MorigaRe, includir~ the covenants to'pay when doe any soma secured by this Mortgage, Lender prior to accekratan shall mall notice to Borrower as provided in paragraph 14 hereof specifying: (1) the beeacb; (2) the action i required to cure such breach; (3) a date, not less than 30 days from the dste the notice is mailed to Borrower, by wbkh such breach must be cored: and (4) that failurr to cure such breach on or before the date specified in the notice may resdt in ~ acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding sad sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclasnre proceediua ~ the non-existence of s default or soy other defense of Borrower to acceleration and torecbsure. If the breach is not cured on or before the date specified in the notice. Lender at Lender's option rosy declare al! of the sums secured by Ibis Motrtga8e to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding aq expenses of foreclosure. including. but not limited to. reasonable sttorney's fees. and casts of documentary evidence, abstracts and title reports. ; 19. Borrower's Right to Reinstate. Notwithstanding Lender's 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 s~342 P,~ 4~.1