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HomeMy WebLinkAbout1011 • • Lender's written agreement or applicable !rw. 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 Borrower secured by this Mortgage. ltnlevc Borrower and Lender agnx to other terms of payment. such amounts shall he payahle upon notice from Lend.:r tc+ Borrower reyuecting payment thereof, and shall hear interest from the date of disbursement at the rate payahle from time to time on outstanding principal under the Notc unless payment of interest at such rate would l,e contrary to applicable law, in which event such amounts shall hear 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. Itrspectiar. Lender may make or cause to he made reaconahle 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 irs the Property. 9. Cordemaatioa. The aroceedc 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 ie paid to Tender. In the event of a total taking of the Property, the proceeds shall he applied to the toms 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 he applied ro the sums secured 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 prior to the date of taking hears 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 m Lender within 30 days after the date such notice is mailed, i.ender 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 tender 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 sums secured by this Mortgage granted by l.cnder to any suecesx~r in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower c successors in interest. 1_ender shall not be required to commence proceedings against such successor nr 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 Borrowers sr,ecescors in interest. 11. Forbearance by i.ender Not a Wainer. Am• forbearance by 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 any such right or remedy. The pros::cement of •,nsuranc.. or the pavmtnt of ta~?t-, or usher liens or charges by i.ender shall not he a waiver of Lender's right to accelerate the maturity of the indebtedness cec„red by this Mortgage. l2. Remedies Cnmulstire. A!f 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 he exercised concurrently. independently or successively. 13. Successors and Assigns Bound; Joist and Several Liability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of i_ender and Borrower, subject to the provisions of paragraph 17 hereof. Ali covenants and agreements of Borrower shall be ;Riot 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. Notke. 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 by 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 i.ender as provided herein, and ~ (h) any notice to Lender shall he given by certified mail. return receipt requested. to lenders address stated herein or to such other address as Lender may designate M• notice to Borrower as provided herein. Any notice provided for in this ~ Mortgage shall he dcemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform AfoNRaxe; GoverniaR law; Senerability. This form of mortgage combines uniform rnvenantc for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ~ real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the t event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect F other provisions of this Mortgage or the Note which can F?e given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Vote arc .kciared to he severable. 16. Borrower's Copy. Borrower shall be furnished a rnnformed copy of tl,c Nate and of this Mortgage at the time of execution or after recordation hereof. 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 Lenders prior written consent. excluding (a1 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 (dl the grant of any leasehold interest of three years or less not containing an option to purchase, 1_cnder may, at Lender's option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived s„ch option to accelerate if. prior to the tale or transfer. [.ender 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 Ixnder 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, Lender shall release Borrower from all obligations under this Mortgage and the Note. If [_ender exercises such option to accelerate, 1_ender shall mail 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 which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, E Lender may, without further notice or demand on Borrower. invoke any, remedies permitted by paragraph 18 hereof. s ~ NoK-UHtt=oRt?t Covetv~tvrs. Borrower and Lender further covenant and ogre as follows: 18. Accekrstion; Remedies. E:cept as provided is paragraph 17 hereof. trpoa Borrower's breach of aay coreaant or agreement of Borrower in tbLs Mortgage, iaclndirrg the covenants to pay when doe any sums secured by this Mortgage, Lender prior to sccekratioa sbaD malt ratite to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the setbn ~ required to core sncb breach; (3) a date. not less than 30 days from the date the notice is maBed to Borrower, by which snob breach most 6e cored; and (4) that failure to core such breach o0 or before the date sped6ed in the notke may rrsdt in ' acceleration of the sums secured by this Mortgagt, forecbsure by judicial proceeding and sale of the Properly. The sotice shall further inform Borrower of the right to reinstate after sccekratioa and the right to assert in the foreclosure proceeding $ the ran-c:istenc! of a defank or aay Mher defense of Borrowlr to acceleration and foreclosure. If the brescb is not ctn~ed on or before the date speciRed in the notice, Lender at Lender's option may declare ab of the sums secured by this Mortgage b be immediately doe and payable witbont further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in soc6 proceediug all l:petrses of forecbsnre, inclndiag, but not limited to, reasonable attorney's tea, and Costs of docnmeatary eridenct, 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 X342 P:~~.011 ~ , :s