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HomeMy WebLinkAbout0664 i• 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 tt. this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unle+c Borrower and Lender ague to Mher terms of payment, such amounts shall be payable upon notice from Lender to Borrower requeuing 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 wool) be contrary to applicable la+v, 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 1 any action hereunder. 8. lnspectbn, i.ender may make or cause to be made reasonable entries ulx,n 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. Condemrwtion. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation ar other taking of the Property, or part thereof, ar far conveyance in lieu of condemnation, arc hereby assigned j and shall be paid to Lender. In the event of a fatal taking of the Pmperty, the prtx:eeds shall be applied to the toms secured by this Mortgage. with the excess, if any, paid to Hormwer. 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 secure) 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 pricer to the date of taking bears to the fair market value of the Property immediately pricer to the Jate of taking, with the balance of the proceeds paid to Borrower. 1f the Property is abandoned by Borrower. ar if. after notice by 1_ender to Bormwer that the condemnor offers to make an award ar settle a claim far damages, Harrower fails to respond to lender within 30 days after the date such native is mailed. Lender is authorized to rnllect and apply the proceeds, at Lender's 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 not extend ar pcxtpane the due date of the monthly installments referred to in paragraphs 1 and 2 hereof ar change the amount of such installments. 10. Borrower Not Released. Extension of the time far payment ar madiflcatian of amortization of the sums securrd 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 original Borrower and Borrower's successors in interest. lender shall not be required to commence proceedings against such successor ar refuse to extend time far payment or otherwise modify amortization of the sums secured b}• this Mortgage by reason of any demand made b}• the arieinal Borrower and Harrowers successors in interest. 11. Forbearance by Lender Not a Wairer..Am• fonc~arance by i.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares or other liens or charges by lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right ar remedy under this Mortgage or aftarded by law• or equity, and may be exercised cancurreritly, independently or successively. 13. Snecessors and Assigns Botrnd; Joint and Several I.iab7ity: Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective strcceccors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Harrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and are not to be used to interpret ar define the provisions hereof. 14. Notice. Except for any notice required tinder 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 ar ~t such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to i.ender s address stated herein ar 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 gi+•en to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage: Corernirrg taw; Sererability. This farm of mortgage combines uniform covenants far national I! use and non-uniform envenoms with limited variations by jurisdiction to constitute a uniform security instrument rnvering 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 ar clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect j other provisions of this Mortgage or the Nate -which can be given effect without the conflicting provision, and to this I[ end the provisions of the Mortgage and the Note arc declared to he 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 ur an}• part of the Property or an interest therein is sold or transferred E by Borrower without Lender's prior written concept, excluding (al the creation of a li:n ar encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest far household appliances. (c) a transfer by devise. descent or by operation of law• upon the death of a joint tenant ar fdl 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 immediately 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 ar transferred reach agreement in writing that the credit of such person is satisfactory to i_ender 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 Borrower's successor in interest has executed a written assumption agreement accepted in writing by i.ender, Lender 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 accekration 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 an Borrower. ~nvake any remedies permitted by paragraph 18 hereof. Y Note-Ur?tt=oRM CovEKerr•rs. Borrower and 1_ender further covenant and agree as follows: t 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. aeon Iliorrower's breach of say co~eaant tx agreement of Borrower in ibis Mortgage. inclodirrg the covenants to pay when dire any soma secured by ibis Mortgage, Leader prior to sccekration shall mail notice to Borrower as provided is paragraph 14 hereof specifying: (1) the bresch; (2) the action required to con snob brescb; (3) a date. not Jena tbtm 30 days from the date the notke b mailed to Borrower, by wbkb snob P breach most be cored; and (4) that fsilnre to cure sorb breach on or before the date specified io the notice may r+esait is i sccekration of the sums secured by this Mortgage. forecbsure by judicial proceeding aced sak of the Property. The notke t shall further inform aorrower of the right to reinstate after sccekration and the right to sssert in the foreclowre proceeding ~ the non-exktence of a defank or any Mber defense of Borrower to accekration and foreclasare. if the breach is not cared oa _ or before the date specified in the notice. Lender st Lender's option may declsre aq of the aunts secured by tbls Mortgage to be immedistely doe and payable wititont fnrfber demand and may foreclose ibis Mortgage by judicid proceeding. Leader sba@ be entitled to collect in snob proceeding aq expenses of foreclosure, including. bat not limited to, reasossbk atttnrse~'s fees, and costs of documentary eridence, abstracts sod title reports. 19. iBotmwer's Right to Reiastste. Notwithstanding 1_ender s acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time B~'~3~42 P~ b'64