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HomeMy WebLinkAbout1361 !,codex's written agrcrmrm or appGrable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amuuntc disbursed by I ender pursuant to this paragraph 7, with uitcrrst thereon, shall become additional indrMrdnrss i.( Hurruwcr secured by this Mortgage. lJnless Borrower and 1 ender ague to other terms of payment, such amr.untc shall he payable upon nurser from 1 ender to &~rrowrr regiiccting payment thereof, and shall bsar injrro;t from the date of dishurcrment at the rate payaMr from time to time on outstanding principal under the dote Onlesc payment of interest at such rate would be 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. >s. ltupectior. Lender may mai,r car cause ro he made reasonable entries upon and inspections of the Property. provided that !.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proccedc of any award or claim for damages. direct or consequential, in connection trrith atiy condemnation or other Taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. in the event o[ a total taking of the Property. the proceeds shall be applied to the sums seaircd by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Properly, unless Borrower and Lender otherwise agree in writing. there shall he applied to the sums seccirt;d 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 bears to the fair market value of the Property immediately prior to the date o/ 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 oRers to matt an award or cattle a claim for damages, Borrower fails to respond to lender within l0 days after the date such notice is mailed. Lender is authorised to collect and apply the proceeds. at lenders of~tion, either to restoration or repair of the Property or to the sums secured by this MonKage. Unless lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or p~xtpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. 10. Eorro~rer Not Released. Extension of the lime for payment or modification of amortization of the sums secured by this Mortgage granted by tender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in interest. i_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums inured by this Mortgage by reason of any demand made by the orieiRal Borrower and Borrowers successors in interest. 11. Itorbeannce by i.ender Not s Wdver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance pr the payment of taxes or othtr liens or charger by tender shall not he a waiver of Lender's right to accelerate the maturity of the indehtedrtess secured by this Mortgage. 12. Remedies Crmulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy irndtr this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or successively. 13. Srccessoa and Assigns Bound:.Join) and Several i.isbility; Captbns. The covenants and agreements herein contained 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. be joir>J and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to be used to interpret or define the provisions hereof. 11. Nofke. 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 be 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 1_ender as provided herein, and (h) any notice to Lender shall he given by certified mail. return receipt requested. to !.ender s 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 green to Borrower or lender when given in the manner designated herein. t 1S. Uniform Mortgage: Governing 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 instrument covering l 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 or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nutr which can be given effect without the conflicting provision, and Io this end the provisions of the Mortgage and the Note are declared to he severable. ! 16. ldormwer's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the tune € of execution or after recordation hereof. ~ 17. Tnnster 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 wrinrn sunscm. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (bl the creation o[ a purchase m~~nev security interest fir household appliances, (c) a transfer by devise. descent or by operation of law, upon the death ofa joint tenant or (dt 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 bt j immediately due and payable. Lender shall have waived such option to accelerate if, prior to the wle or transfer. Lender ~ and the person to whom the Property is to be solJ car trans(crrcd reach agrccment 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 1_ender shall request. If (.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower i successor in interest has executed a written assumprion 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. 1_ender shall mail Borrower notice of acceleration in accordance With g 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 ar demand on Borrower. invoke any remedies permitted by paragraph IR hereof. Y a NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows: la. Acceleration; Remedks. Except as provided it paragraph 17 hertot. rpor Borrowers breach of any covewsat or ~ sgrecniert of Borrower in this Mortgage. includirrR Ibe covcnaMs to pay when die any arms secured by fhb Mortgage, Lender , prbr to accekratba shall mail notke to Borrower as provided fa psrgrsph 14 hereof specifying: (1) the breach: 121 the aHbw regrircd to ern srcb bresch; 13) s date. rot less Ihsn 30 days from the dNe the rotke b ntsikd to >sorrower. by whkh srch btreach must be erred: sod (4) thst failu.t to tree srch bresch or or before the date specified it the rotke may resdt iw • accekratior of Ibe sra~s secured by This MortpRc. torecbsure by judkid proctedhts and ssk of ebe hoperty. The rrolfct x shag further inform Borrower of the right to rtinstde Neer sccekratioa awd the right to asseA it the toteclostrre pructedfeR the non-a:isttrce of s detauk or soy other defense of Borrower to stcekrstion sod fortclosrre. 11 the brescb is not erred ow or before the date specified in the notice, lender at Lender's optiow msy deelttre s!1 of the strews seared by ebb MortRsRe fo be immeduttty due and psysble withr?ut further demand and may fortebse ebls Mont=age by jrdkW proterding. !.ender shah be ewtitkd to cogect M srclt prsxecdirrR all expenses of foreclosrre. fnclydiug. bet rot dmitcd to. ressonsbk stt•irnev's fees. and costs of docrrrertary evidence. sbstracts and title reports. 19. dorrowee's Ri`ht to Reinsiste. Notwithstanding 1 codex's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have am prck~dine. tx~in by Lender to enforce thn Mnngage discontinued at any hint 343 ~a~E 1360 r _