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HomeMy WebLinkAbout1512r Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 herco[. Any amounts disbursed by Lender pursuant to This paragraph 7, with interest thereon, shall become additional indeMcdnesc of Borrower secured by this Mortgage. Unless Borrower and 1_rnder agree to other terms of payment, such amounts shall tic payable upon ratite from Lender to Borrower requesting payment therrnf. and shall bear interest from the date of disbursement at the rate payable from time to time an outstanding principal under the Nott unless 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. ><. Itupectioa. l.tnder may make or ca~~~e to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Harrower notice prier to any such inspection specifying reasonable cause therefor related to Lender's interest in the Properly. 9, Cordemnatba, 'lire proceeds of any award or claim for damages, direct or consequential, in connection xvith any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc hereby assigtted and shall be paid to Lender. in the event of a totil taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. wish 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 be applied to the sums secreted 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 of taking, with the balance of the proceeds paid to Borrower. if tht Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor oBers to mate an award or settle a claim far damages. Borrower fair to respond to Lender within 30 days after 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 sum. 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. Borro~rer Not Released. Extension of the time far payment or modification of amortization of the sums secured by this Mortgage granted by I ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Hc-rrower's successors in interest. Lender shall not be required to commence proceedings against such successor or rcftrse to extend time for payment or otherwise modify amortization of the sums xcured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Rorbesrance by I.cader Not a Waiver. Any farhearance 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 other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. I2. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or atfordcd by law or equity, and may be exercised concurrently. independently or successively. ' 13. Saccessors and Assigns Eouad; .Ioiat and Screed f.iabiYfy; Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to be used !o interpret or define the provisions hereof. 14. pollee. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgate shall be given by mailing such notice by certified mail addresxd to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall Ire 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 be deemed to have treen given to Borrower or I_endrr when given in the manner designated herein. 1S. Uniform Mortgage; Governing Law: Sererability, 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. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn 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 Nate 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 xverable. 16. llbrrower's Copy. Borrower shall be furnished a conformed copy of the Note and Of this Mortgage at the tithe 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 witFiout Lender's prior writrerr consent. excluding lest the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest far 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 o/ three years or less not containing an option to purchase. Lender may, at t_ender's option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall hrve vr:uved such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be .a1J 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 ac Lender 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 releax Borrower tram all obligations under this Mortgage and the Nate. If Lender exercises such option to accelerate. lender 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, Lender may. without further notice or demand an Borrower. invoke any remedies permitted by paragraph 1R hereof. NON-UNIFORM COVENANTS. BOrrawer and Ltndtr further cOVenanl and agree ai follows: 18. Accekratioa; Remedies. Except as prorWed is paragraph 17 hereof. npoa Iorrowers breach of aay cortaaat or agreement of Eorrower is this MortRtrRe. including the coreaaats to pay wbea due aay crams scented by ebb-Mortgage. Leader prior to sccekratba shall mail notke to Qorrower as provided is partr~raph 14 hereof specifying: (1) the breach:121 the sdbw required to cnrc snob breach; (3) a date. ttwt less than 30 days from tbt date the ttwtke b mailed to dorrowtr. by whkb saeb breach mmt be cored; sad (1) thst failure to care sash breach oa or bttore the date specf6ed is the wotke may resale is sccekration of the sums secarcd by fhb Mortgage. forcclosrrrr br jndkial poceedhrg and sale of the Propctrly. The aMkt shall further inform dorrowcr of the right to reinstate after aecekratiar and the right b asscA is the foreclosnrt pr~oeeedittg the non-existence of a defauN or any other defence of Borrower to accekratiow awd fortclosarc. 1/ the breach b aM cared oa or before the date speci6cd iw the notice. Lender at I.errder's opba may declare sll of the caress stored by ebb Mortgage fe be immediately due and payable without tnrther demand and may foreclose Mk Mortgage by jtrdkW rrotetdiag. i.ender chap be eotitkd to coUeet iw sncb procetdiag a8 expenses of foreclosnrc. iaclndiag. brat not Ymitd to. reasoasbk att.,rrreY's fees. and costs of dotnareatary eridetnee. abstraclt and title reports. 19. Borrower's Right to Rdastste. Notwithstanding I ender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedtnic br fain by Lender to entarce this Mortgage d~sconttntted at any time - _ _ ~~ 34~ ~~i5i ~ _~ -_~ _ 4 Kti~iui_' ..