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HomeMy WebLinkAbout0462 • ) i l.endcr'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 became additional indebtedness of Borrower secured by this Mortgage. Unless Borrower anJ Lender agree to other terms of payment, such amounts shalt be payable upon nuti~•e tram fender to Borrower requesting payment thereat, and shall bear interest from the i date of disbursement at the rate payable tram 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. fi. Ittspectbn. 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. i 9. Condemnatbn. The proceeds of any award or claim far damages, direct ar consequential, in connection with any condemnation ar other taking of the Property, or pan thereat, ar for canvcyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the arms secured by this Mongage. i with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Harrower and Tender otherwise agree in writing. there shall he applied to the sums secured by this Mortgage cuch proportion of the proceeds as is equal io that pmpanion which the amount of the sums secured by this Mortgage immediately pricer to the date of taking bears to the fair market value of the Propert}• immediately pricer to the date of taking, with the balance of the proceeds paid to Borrower. ~ if the Property is abandoned b}• Barrawer, or if. after notice by Lender to Borrower that the condemner offers to make ~ an award or settle a claim for damrgrs, Borrower faits to rrspond to !.ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender i option, either to restoration or 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 net extend or postpone the due date of the month)}• installments referred 1o in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Nol Released. Extension of the time for payment ar modification of amortization of the sums secured by this Mortgage granted by i.ender t~. any successor in interest of Borrower .hall not operate to release, in any manner, the liability of the original Harrower and Borrower c su:cessorc in interest. lender 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 b)• this Mongage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by tender Not a Waiver. An}• forhearancc b}• Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall net he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or !hr paymen! of taxes nr other liens or charges by i.ender shall not he a waiver of Lender's right to accelerate the maturity of the indebtedness cccarrd h}• this Mongage. 12. Remedies Cnmulative. Ali remedies provided in this Mortgage are distinct and cumulative to any ether right or remedy under this Mortgage or afforded by law or equity, and may he exercised cancurrcntly: independently or successively. 13. Successors and Assigns Bound; Ioint and Se.eral Liability; Captions. The covenants and agreements herein contained shalt hind, and the rights hereunder shall inure to. the respective uiccescors and assigns of Lender and Harrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings pf the paragraphs of this Mortgage arc for convenience only and are net to he used to l interpret or define the provisions hereof. 14. Notice. Except for any notice reyiiired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall he given M• 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 he given by certified mail. return receipt requested. to !.ender s 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 Borrower or Lender when given in the manner designated herein. 1 S. Uniform Mortg:ge; Governing taw; Severability. 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. The state and local Taws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing i sentence shall not limit the applicability of federal law to this mortgage, in the event that any provision or clause of this Mortgage or the j Note conflicts with applicable law, such conflict shall not affect other provisions of this Mongage or the Note which can be given efioct i without the conflicting provision, and to this end the provisions of the Mongage and the Note are declared to be severable. # 16. Borrower's Copy. Borrower shall be furnished a conformed rnpy of the Neste antt of Chic Mortgage at the tistte of execution or after recordation hereof. i 17. Transfer of the Property; Assumption. If all or am• part of the Properly or an interest therein is sold or transferred ) by Borrower without Lender's prior written consent. excluding lal the creation of a lien or encumbrance suharJinate to this Mongage. Ib) 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 (dt the grant of any Icasehald interest of three years or less not containing an option to purchase, 1_ender may, at Lender's option, declare all the sums secured by this Mortgage to be ~ immediately due and payable. Lender shall have waived cuch option to accelerate if, prior to the tale or transfer. Lender and the person to whom the Property is to l+e solJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the snms secured by this Mortgage shall be at such rate as i_endrr ~ shall request. If tender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in j interest has executed a written assumption agreement accepted in writing by Lender, Lender shall releace Borrower from all obligations under this Mongage 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 net Icss than 30 days tram the date the notice is mailed within which Harrower may pay the sums declared due. If Harrower fails to pay such sums prior to the expiration of such period, j 1_ender may, without further notice or demand on Harrower. invoke an}~ remedies permitted by paragraph 18 hereof. Nox-UNIFORM COVENANTS. Borrower and [.ender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any coreoant or agreement of Borrower in this Mortgage, including the covenants to pay when dne any snms secured by this Mortgage, Lender prior to acceleration shop mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the aMkn required to cure such breach; (3) a date. not less than 30 da}•s from the date the notice is mailed to Borrower, 6y whkh such breach must be cured; and (4) that failure to cure such breach on or before the date specified io the notice may resWt in ~ acceleration of the sums secured by this Mongage. foreclosure by judicial proceeding and sak of the Property. The notice ~ shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-esistence of a defanN or any other defense of Borrower to acceleration and foreclosure. If the breach is trot cared on or before the date specified in the notice, i.ender at Lender's option may declare ap of the sums secured by this Mortgage to be { immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall j be entitled to cogect in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's tees, and costs of documentary evidence, abstracts sad tick reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mongage, ` Borrower shall have the right to have am• proceedings begun by !.ender to enforce this Mortgage discontinued at any time ~~3~~2 r~~ 4~2 ti : _