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HomeMy WebLinkAbout1557+i i ~ r• •i Lender's written agreement or apphcable IaW. Borrower shall pay the amount of all mortgage insurance premiums in the manner pn-vidcd under paragraph 2 hereof. Any amounts dishursed by Lender purarant to this paragraph 7, with interest thereon, shall become additional inJrMednesc of Borrower secured by this Mortgage. Unless Borrower and LenJer agree to other terms of payment, such amounts shall he payable upon notice from I ender to Borrower regtteding payment thcreut,;?r1tl~sh~ll tear interest from the date of disbursement at the rate payahlc from time to time ors outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear 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. Itupectioa, lender may make or cause to he made reasonable 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 in the Property. 9. Cotodemnatba. The proceeds of any award or claim for damages, direct or consequential, in rntertection writh any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assianod and shall be paid to Lender. Tn the event of a tool taking of the Properly. the proceeds shall be applied to the sums scoured 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 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 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 the Property is abandoned b}• Borrower. or if. after notice by 1_ender to Borrower that the condemnor often to make an award or settle a claim for damaees. Borrower fails to respond to Lender within 30 days after the date such notitt 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 sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shat) 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. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's strccessorc in interest. 1_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortizatron of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. I1. Forbearance by Lender Not s R+aiver. Any forhearance 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 i_ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Camulathe. 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 be exercised concurrently. independently or successively. ' 13. Successors and Assigns Isound: Joint and Several f.iabipty: Captbtrs. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender attd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and severe). The captions and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be used to interpret or define the provisions hereof. l1, 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 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 Lender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to lenders address stated herein or to such other a~'drcss 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 1_ender when given in the manner designated heron. 1S. Uniform Mortgage; Governing Law: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with IimiteJ 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 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 Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc ckclared to be severable. 16. lllorrower's Copy. Borrower shall be furnished a conformed copy of the Note and o[ this Mortgage at the time of execution or after recordation hereof. 17. Trarufer of fbe Property: As~cumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writwn consent. excluding lal the creation of a lien or encumbrance subordinate to this Mortgage. Ib- the creation of a purchase money security interest for household appliances. (c) a transfer by devise. descent or by operation of law upon the Jeath of a j~.int tenant or (d- 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 be immediately due and payable. lender shall have w:rrved such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be :oIJ or transferred reach agreement in writing that the credit of such person is satisfactory to 1_enJer and that the intcrrst payable on the sums secured by this Mortgage shall be at such rate as lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a 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. LenJer 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. It Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. Norr-Utvts:otetit COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Accekratioo; Remedies. Except sa provided is paragraph 17 hereof. spar Sonowes's breach of nay coressat or agreement of Borrower is this Mortgsge. including the coveaaafs to psi when doe awy snms secured by fhb Mortgage. Leader prior to sccekrstba shall mail notke to Ilbrrowcr as provided fa paragraph 10 hereof specNyiat: (1) the breach: f2/ the adba required to care sMh brcach;l3) a date. not less than 30 days from the date the notice b rasped to Borrower. bf' whkh cosh bsesch meet be cwtred: sad (4) that failure to core cosh breach oa a boar the date specified fa the aotke may rrstrM h acceleration of the sums secured by fhb Mortgage. to~eelosnrr by jndkial proceeaia~ and sale of the Property. The aotlce shall further iatorm Borrower of the riRM to reiastNe steer sccekratba awd the right to assert is the forrcbsnre N+sceedbg the ran-existlM! of a dltauN Or any olhtr defense Of Borrower t0 sccekrNion awd foreclosure. It the 6resch is not covets o~ or before the date specified in the notice. Lender at Lender's optb~w any decbsr ap of the sows st:esred by fhb Mortgage to be immediately due sod paysbk without further demand and msy foreclose Mb MaTsaBt by jndicbt proeeediwR. fender chap be entitled to collect br cosh proceedirrR ap expenses of foreclosnrr. iMlndir>z. beet not pmited to. rtawnabk att•-rnev's fees. and costs of docntttieatary evidence. sbstrscts and title reports. 19. Illorrower's Right to Reinstate. NotwithstanJing 1 ender's acceleration of the sums secured by thrc Mortgage. Borrower shall have the right to have and procerJinc~ herein by Lender to enforce this Mortgage disconUnueJ at any time o~~x344 p~~Ei557 .- ~~~ _ . _,