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HomeMy WebLinkAbout0268 Lender's written agreement or applicahle law. Borrower shall pay the amount of all mortgage insurance premiums in the manner pravidcJ 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. Unle„ Borrower and LcnJer agree to other terms of payment, such amounts shall he payable upon notice from Lender to Borrower reyue,ting payment thercal 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 hear interact 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. Inspection. i.ender may make or cause to be made reaconahlc entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection ,pccifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnatbn: The proceed, of am• 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, arc hereby assigned anti shall be paid to Lender. In the event of a total taking of the Properly. the proceeds shall he applied to the sums secured by this Mortgage. with the excess, it any paid to Borrc,wcr. In the event of a partial taking of the Property. unlace Borrower and i.ender otherwise agree in writing. there shall be applied a. the ,umc secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sum, ,ecured by this MortgaYC immediateh• prior ti. the date of taking hears to the fair market value of the Properh immediate{}• prior to the Jate of taking, with the balance of the proceeds paid to Borrower. if the Property is ahandoneD by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for Damage,, Borrower fail, to re,pc•nD to 1 ender within 30 Days after the date such notice is mailed, f.cnder is authorized to collect and apply the proceeds, at {.ender c option, either to restoration or repair of the Property or to the sum, secured by this Mortgage. thdess 1_enDer and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend .~r poctfxne the dcr.• date of the monthly installments referred to in paragraph, 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Fxtencion of the time for payment or modification of amortization of the some secured by this Mortgage granted M• Lender tc, any successor in intcrc,t of Borrower ,hall not operate to relcasc. in any manner. the liability of the original Borrower and Borrower', cucressarc in interest. lender shall not he reyuired to commence proceedings against such successor or refu,e to extent time for payment or otherwise modify amortization of the sums secureD M• this Mortgage by reason of any demand made by the original Borrower :+nD Bc~rrowcr s successor, in interest. 11. Forbearance by Lender \ot a Waiver. Am_• farixarancc by {.ender in exercising am• right or remedy hereunder. or otherx+•ise afiurdeJ by applicahle law, ,hall not he a waiver of or precl:tde the exercise of am• such right or remedy. The procurement of insurance or the payment of faze, ar other liens or charges by Lender shall not he a waiver of Lender's right a• accelerate the maturity of the indehtcdnesc cccureD by chi, Mortgage. lI. Remedies Cumulative. All remedies provided in chi, Mortgage arc Distinct and cumulative to any other right or remedy under this Mortgage or affardcJ by law or equity. ant may tx exercised concurrently. independenth• or successively. 13. Suceescors and Assigns Bound; Joint and Seseral Liabilih•; Captions. Thc rnvcnants and agreements herein contained shall hind, and the right, Stercunder shall inure to. the respecti.c succes,ars and assign, of 1 ender and Borrower, subject to the provision, of paragraph 17 hcrcof All cm•cnants ant agreements of Barrow•er shall he joint and several. The captions ant heading, of the paragraphs of this Mortgage arc for ronvcnicnce only ant arc not to he used to interpret or define the provisions hcrcof. 14. lsiotice. Except for any notice reyuired under applicahle law to be given in another manner. fat am• notice to Borrower provided for in this Mortgage shall he given he mailing wch Halite b~ certified mail aDDre,scD to Borrower at the Property ADdress or at such other addres, ac &+rrower may designate by notice to lender as p~oviJed herein. and (h) am• notice to Lender shall tx given by certificJ mail. return receipt requecteJ. to 1 ender c address statcD herein or to web other address ac Lender may dcsi¢nale by notice to Barr.+wer as pr,wided herein. Any notice provided for in this Mortgage shall he Deemed to have been gn~cn to Rormwcr ar 1 ender when glean in the manner DesignateD herein. 1 S. Uniform Mortgage; Governing i.aw: Se.erability. 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 laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing ~ sentence shall not limit the applicability oifederal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable laws such conflict shall not afTect other provisions of chic 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 are declared to be severable. 16. Borrower's Copy. Borrower ,h:dl to furm,hcd a c+~nfc+rmeD rnpy of the Note ant of this Mortgage at the time j of execution or ahcr recordation hcrcc.f. 17. Transfer of the Property; Acsumplion. If all ar am part of the Property or an interest therein is ,old ar transferred by Borrower without Tender's pricer written amsent. escluding I;c? the crratian of a lien or encumhrancc cuhordmate U+ chic Mortgage. Ih) the creation of a purcha,e money sccurits interest far household applianrcc. Isla transfer M• devise. descent or by operation of law upon the death of a joint tenant or Ids the grant of any Icacehold interest of three years or lase not containing an option to purchase. I.endcr ma,•. at 1 ender', opium. declare all the sums secured M• this I?tortgage to he immediately due and payable. {.ender shall ha,e waiceD such option to accelerate if. prior to the ,ale or transfer. lender ~ ant the person to wham the Property is to he sold or tr.+mferreD reach agreement in writing that the credit of ,uch person is satisfacton to [.ender and that the interest payable on the cum, secured by this !kortgage shall he at such rate ac Lender shall request. If lender has waive) the option to :+ccefer.+tc pmviDeJ in chi, paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing M• Lender. Lender shall relcasc Borrower from all obligations under this Mortgage and the Note. If Lender exercises loch option to accelerate. I ender ,hat! mail Borrower notice of acceleration in accordance with paragraph 14 hereof.- Such notice shall provide a pericxt of not less than ?0 Jac, from the date the notice is mailed within . which Borrower may pay the sums Declared Duc If Borrower fails to pay ,uch vims pricer to the expiration of ,uch period. Lender may. without further notice or demand on iforruwer• +nvoke ant remedies permitted hs• paragraph I R hereof. ~ • a j No!v-IIvIFORM COVENANTS. Borrower ant Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any corenant or T agreement of Borrower in this 4fortgage, including the cosenants to pay when due any sums secured by this Mortgage. Lender prbr to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bleach; (2) the action required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such ~ breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may resole in acceleration of the sums secured by this 1lortgage, foreclosure by judicial proceeding and sale of the Property. The notice a shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or anv other defense of Borrower to acceleration and foreclosure. If the breach is not eared on or before the dale specified in the notice, lender at Lender's option may declare all of the sums ecured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage b}• judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to. reasonable attorney's fees. and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwith,tanding I.cndrr', acccleratu.n of the sums ,ecured by thw :Mortgage, t Borrower shall have the right to have arcs pmcecdmgs f.cFun hs Lender to enforce thi, Mortgage Discontimted at any lime ~ BOOK3~3 PAGE ~.rVt)