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HomeMy WebLinkAbout0942 Lender's written agreement or applicable law. Borrower shall pay the amuunt 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. Unless Borrower amt Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Bormwrr rcyuesting payment thcreoL and shall hear 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 permissihk under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take any action hereunder. 8. ltupectloa. 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. Coademaation. The proccedc of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or pan 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 toms secured by this Mortgage. with the excess, if any, paid to Borrower. 1n the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall he applied to the wms secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amuunt 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 Jate 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 settit a claim for damages, Borrower fails to respond to lender within 30 days alter 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 Property 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 come secured by this Mortgage granted by I.cnder to any succesx~r in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower t successors in interest Lender shall not he rrgoired 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 b}• the original Borrower and Borrowers successors in interest. 11. Forbearance by lender Not a Waiver. Any forbearance M• Lender in exercising anv right or remedy hereunder, or otherwise afforded by applicable law, shall not he 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 Lenders right to accelerate the maturity of the indebtedness secured by thin Mortgage. 12. Remedies Cnmulatire. All remedies prm•ided 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 and Assigns Bound; loinl and Several i.iability; Captions. The covenants and agreements herein comained shall bind, 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 he 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 he given by mailing such notice by certified mail addressed to Borrower at ` the Property Address pr 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 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 he deemed to have been given to Borrower or Lender when given in the manner designated herein. 1 S. Uniform Mortgage; Gorernin>; law; Severability. 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 coveting real property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall rwt limit the applicability of federal Isw to this mortgage. In the event that aay 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 declared to be 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. c 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 fat the creation of a lien or encumbrance subordinate to - this Mortgage. fb) the creation of a purchase money security interest f.?r household appliances, (c) a transfer by devise, E descent or by operation of law upon the death of a joint tenam or hlt the grant of any leasehold interest of three years or Tess not containing an option to purchase, lender mry, 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 ~ I 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 r shall request. If Lender has waived the option to accelerate provideel in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender. 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 acceleration in accordance with i paragraph 14 hereof. Such notice shall provide a period ..f not Tess than 70 days from the date the notice is mailed within ~ which Borrower may pay the sums declared due. If Borrower (rile to pay such sums prior to the expiration of such period. Lender may, without further notice or demand nn Borrower, invoke am• remedies permiueci by paragraph IR hereof. Y Noty-UNIFORM Cove~xnr•rs. Borrower and Lender further rnvenant and agree as follows. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Eorrower's breach of any covenant or agreement of Borrower in this Mortgage. inclndittR the covenants to pay when doe any sums secured by this Mortgage. Lender prar to accekntioa shall mail notice to fftorrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to core such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by whkh such ~ breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notice may resdt is acceleration of the sofas secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. Tfte notice shall further inform (Borrower of the right to reinstate after acceleration and the right to assert is the foreclosnrc proceeding the non-existence of a defaak or any other defense of Borrower to acceleration and foreclosure. If tht breach k act cored on or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately dot and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceedirtR all expenses of foreclosure. including. but not lim_ iced to, rcasona6k attorney's fees. and costs of documentary evidence. abstracts and title reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding tender's acceleration of the sums secured by this Mortgage, j Borrower shall have the right to have am proceedings begun by Lender to enforce this Mortgage discontinued at any time F s~x342 PN~E 942 F