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HomeMy WebLinkAbout1658 . Lcndt.T'c wr~uen agreement or apphrahle low. Borrower shall pay the amount of aH mortgage insurance premiums in the manner pnwided under paragraph 2 hereof. Any amwu?h, d~shutsed by 1 ender pursuant to this paragraph 7, with utterest therFpn, t;lral' became additional indeMedncsc of Nurn?wer secured by this Mortgage. l)nkss Borrower and I ender agree to olhcf Scene of payment, such amounts Shall he payable up~~n native fmm ! ender to Burruwrr requesting payment thcrcof, and shall hear interest from the date of dishurcement at the raft pavahlr tram time to hme on outstanding principal under the Nate unless payment of interest at such rate would be contrary to applicable law, in which event arch amounts shall hear interest at the highest rate permissible under applicable law. NiHhing contained m this paragraph 7 shall regttirc I.cnder to incur any expense or take any action hereunder. 8, Itupection. Lender may make or caasc to he made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower nut~ce prior to ;my wch inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9, Coedemarttbn. The proceeds of any award or claim for damages, direct or cortsequential, in rnnnection with any condemnation or other taking of the Property, or part thcrcof, or for conveyance in lieu of condemnation, arc hereby assignod 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 tfiis Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, ttnkss Borrower and Lender otherwise agree in writing. there shall be applied to 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 pricer to the daft of taking bears to the fair market value of the Property immediately pricer to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Bor:owcr. ar if. after notice by Lender to Horrower that the condemnor olfen to mate an award ar cNtle a claim for damages. Barrr.wer fill. to resppnd to Lender within i0 days after the date such notice is mailed. Lender is attthori7ed to called and apply the proceeds, at lender's option. either to restoration or repair of the Property ar to the sums secured M• this htorlgagc. Unless Lender and Borrower otherwise agree in vrihng. any such application of proceeds to principal shalt not extend or postpone the due date of the monthh• installments referred to in paragraphs 1 and 2 hereof or change the alnou~t of such installments. 10. Borrower Not Released. Extension of the time far payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccasor in interest of Harrower shall not operate to release, in any manner. the liability of the original Horrower and Borrower's successors in interest. Lender shall not be rcquircd to commence proceedings against such successor or refuse to a<tend 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 successors in interest. 11. Forbearance 6y Lender Not s Waiver. Any forbearance by Lender in erercicing 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 or the payment of taxes or other liens ar charges by Lender shall not he a waiver of Lender's right to accelerate the maturity~of the indebtedness secured by this Mortgage. 12. Remedies Camulatire. 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 he exercised concurrently, independently or successively. ' 13. Sncceswrs and Assigns Bound; .1oin1 and Several i.iabilitr; Csptbns. The covenants and agreements herein contained shall hind, 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 joiry and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and are not to be used to interpret or define the provisions hereof. 14. Notke. Except far any notice rcquircd under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Barmw•er may designate by notice to Lender as provided herein, and (h) any notice to Lender shall he given by certified mail. return receipt requested. to 1 enders address stated herein or to j 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 Lender when given in the manner designated herein. 1S. Uniform Mortgage: Coserning t.aw: Severability, This farm of mortgage combines uniform covenants for national j use and non-uniform covenants with limited variations by juncdicUan to constitute a uniform security instrument coverin8 ~ real property. This Mortgage shall be governed hs• the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage ar the Nute conflicts with applicable law, such conflict shall not affect i 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 'Nate arc ~kclared to he severable. 16. f3otmower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation herrnf. 17. Transfer of the Property: A:sumption. If iii ar any part of the Property ar an interest therein is sold or transferred by Borrower without Lender's prior wnn;n ~ansent. 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 jaunt tenant or (d? the grant of any leasehold interest of three years or less i not containing an option to purchase. Lender may, at fender's option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w.uved such option to accelerate if, prior to the sale or transfer. Lender 'i and the person to whom the Property is a. be .al.l or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intere.t pa}•able on the sums secured by this Mortgage shall be at such rate ac 1_ender shall request. If Lender 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 Lender 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 frils to pay such sums prior to the expiration of such period, Lender may, without further notice ~r demand on Iorrower. invoke any remedies permitted by paragraph lft hereof. NoN-UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows: , 18. Accelerstba; Remcdks. Except as provided in paragraph 17 hereof. npow Borrower's breach of swy covenawt err a~reemeat of Borrower iw /his Mortgsge. including the covenants to pay when due any sums scented by fhb Mortgsge. lender prbr to accekrstbn shall matt notke to Iorrower ss provided in psragraph 14 hereof specifying: (1) the breach: 121 the tutbw Iregnired to cnre snch brcsch; f3) a date. not less than 30 days from the dNe the notke b mailed to Borrower. by whkh stub btreacb mint be cored; and (4) that failure to cnro stub breach ow or beforr the date specified in the notke may result iw accekratbn of the sums secured by this Mortgage. forecbsure br jndkial proeeedlttR and sale of the Property. The nutlet shag further inform Borrower of the right to reinsfate after sceekntbn and the right to asscR iw the torecbsntt poceedfw~ the aon-existence of a defauN or any other defense of Borrower to accekrstion and toretbsnte. It the breach b not cer~ea ow or before the date specified in the notice, lender at Lender's oPtbw mar declare all of the sslws stewred br ebb MoAgsge to be immediately due and payable without further demand and mar for+rcbse ebb Mortgage br jndicb>t proceediwg. lender shall be estitkd to collect in sncb proceeding aD e><pensts of foreclosure. Including; brit woe United to. reswnabk stt•?rnrv's fees. sad costs of docnmeatary evidence. abstracts and title reports. 19. Borrower's Right Io Reinstate. NotwithstrndinK 1 ender's acceleration of the sums secured by rhos Mortgage. Borrower shall have the right to have am prcx~cedine: he'~~n b? Lender to enforce thn Mrrtgage dncommued at an} Stmt - n~K 343 P~~ i~ifi -