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HomeMy WebLinkAbout0823 Lender's written agreement or applicable law. Harrower 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 with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unle.c Borrower and Lender agree to other terms of payment, such amounts shall be payable upon nosier from Lender to Borrower rcyuecting 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 arch 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. laspectioa, Lender may make or cause to be made reasonable entries upon and inspeclionc of the Property, provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to i.ender's interest in the Property. 9. Coademaatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, ix part thereof, or for 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 be 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 t~ the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums a:cured 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.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 t.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 w•ritinc. 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 c 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 soy demand made by the oritinal Borrower and Borrowers successors in interest. I1~ Forbearance by Ixnder Not a Waiver. Any forbearance by tender in exercising any right or remedy hrreunder, or j otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. i The procurement of insurance or the payment of taxes or other liens or charges by 1_ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness uxcurcd by this Mortgage. 12. Remedies Ctunulative. All remedies provided in this Mortgage are 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 sad Assigns Bound; Joint and Ses•eral Liability; 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 Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to a interpret or define the provisions hereof. l4. Notice. Except for any notice required under applicable law• to be given in anotber 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 ma}• designate by notice to Lender 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 to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I.cnder when given in the manner designated herein. , 15. Llnitorm Morigage; t;orernirrg law: 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 instn~ment covering real property. This Mortgage shall be governed h~• 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 with 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 Note arc ~kclared to be severahle. 16. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time i of execution or after recordation hereof. E 17. Transfer of the Property; Assumption. If all or any part 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, (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 (d1 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 immediately due and payable. [.ender shall have waived such option to accelerate it, prior to the tale 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 1_ender 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. Ixnder shall release Borrower from all obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate. Lender shall mai! 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 I which Borrower may pay the sums declare) due. If Borrower fails to pay such sums prior to the expirat':on of such period, t Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ Norv-UNtt=oRUt CovENeNrc. Borrower and Lender further covenant and agree as~ollows: ~ 18. Accekratino; Remedies. E:cep as provided in paragraph 17 hereof. epoo itbrrower's breach of say covenant or agreement of Borrower in this Mortgage. iaclndirrg the covenants to pay when due any sums secored by this Mortgage, Lender ~ prior to acceleration shall mail ratite to Eorrower as provided in parsgrapb 14 6ercof specffying: (1) the breach; (2) the action ~ required to core sorb breach; (3) a date, not less than 30 days from the date the notice b mailed to lbrrower, by which such 1 breach must 6e cared; and (4) that fsilaro to cure such bresch on or before the date specked io the entice may resdt is ; ~4 acceleration of the sums scented by this Mortgage. foreclosure by judleial proceeding and sale of the Property. The notice { shall further inform Borrower of the right to reinstate after sccekration sad the right to assert in the foreclosure proceeding the non-a:istence of s default or any other defense of Borrower to accektatioa and foreclosure. If the breach is not cured oe or before the dste specified is the notice. Lender at Leader's option may declare aq of the sums secared by this Mortgage b be immediately due sad payable witboot further demand and may foreclose Ihts Mortgage by judicial proceeding. Lender abaB be entitled to collect M such proceeding all eupenses of foreclosure. including, but ant limited to, reasonable attorney's foss, and casts of documentary evidence, abstracts sad title reports. 19. Borrower's Right to ReimAate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. f Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time X342 P~ 823 _ _ - - - ,t