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HomeMy WebLinkAbout1600 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amottntx dichursed by I.endcr pursuant to this paragraph 7, with interest thereon, shall become additional indchiedncsc ut Bormwcr tccurcd by this Mortgage. llnlcsc Borrower and Lender agtrc to other terms of payment, such amouMc shall be payable ups,n naticc fmm Lender to &trn,wcr regttctting payment thcrcof, and shall hear interest from the date of disbursement at the rate payable fmm time to lime 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 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. fl. ltaspectbw. l_cnder may make ar cause to be made reaconabk entries upon and inspections of the Property. provided that Lender shall give Borrower Holier prier to any cttch inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowtkmwatbw. The proceeds of any award or claim for damages, direct or rnttscquential, in contta;tion with any condemnation or other taking of the Property, or paA thcrcof, or for conveyance in lieu of condemnation, are hereby assigned 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 this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Fender 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 tair 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 by Borrower. or if. after notice by i_ender to Bormwcr that the condemnor offers to make an award or settle a claim for damages. Barmwer fail. to respond to 1_ender within 30 days after the date such notice is mailed, Lender is attthoriied to collect and apply the proceeds, at tender's option: either to restoration or repair ~ the Property or to the sums tccured M• this Martgagc. Unless lender 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. lt). Borrower Not Released. Extension of the time for 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' Borrower c successors in interest. 1_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 secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Nof w Waiter. Any fart+earance 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 rturtedy. The procurement of insurance pr the paytnen! of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of tha indehtedness secured by this Mortgage. 12. Remedies Cnmulatire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afiorded by law or equity, and may be exercised concurrently. independently or successively. ' 13. 3weeessors and Asal~ws Sound; .7oiwt trod Several i.iability; CapNows. 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 jary and several. 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. 14. Nolke. Except for any notice required under applicable law to be giver} in another manner, (a) any tmtice 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 mav_ designate by notice to Lender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender'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 given to Borrower or Lender when given in the manner designated herein. 1S. Uwitotm Mortgage; Gorerniwg Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h}' jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be goverrxd by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this MortgaRC ar 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 Nate arc declared to he severable. 16. Borrower's Copy. Borrower shall be tarnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Trawsfer 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 pricer wriu.n content. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase mc.nev security interest tar household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a jrnnt tenant or (d1 the grant of any leasehold interest of Ihree years or less not containing an option to purchase. lender may. at f_ender'c option, declare all the sums secured by This Mortgage to be immediately due and payable. Lender shall have warvcd such option to accelerate if, prior to the ale or transfer. Lender and the person to whom the Property it t., I,c :oIJ ar transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest payable an the sums secured by this Mortgage shall be at such rate ac 1_ender shall request. If Lender has waived the aption 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 Notr. if Lender exercises such option to accelerate. I.endtr shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such nonce 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 1 A hereof. Note-UNIFORM CovetveNTS. Borrower and Lender further covenant and agree as follows: lff. Aeeekratbw; Remedies. B:cep as Provided iw paragraph 17 hereof. npow Sotrrower's breach of awy corewawl sK agreewewt of Borrower iw this MortRtrRe. including the corelnwts to pay whew dtrt .wy twwls secured by fhb Mortgage. Lewder prior to aceekntbw shill mail notice to Borrower as provided fw paragraph f1 hereo[ specifying: (1) the breach: l2) the aetbw r+cgnirtd to care such breach;l3) a date. woe less Than 30 days trowr the dMe the wotke b wailed to Borrower. by whkh strclr beach mwl be erred; acrd (4) that failwre to care sash breach ow or before the date specNied iw the wotke may result h wccderatiow of the swats secnred by this Mortgage. torcelosurr by jndkfal proceedlws wad sale of the lropcrty. 71re wotke tt11aB further iwtorwr Borrower of the right to reiwstNe tiller accekratbw sail the right to assert iw the forecloswn proetedlwg the wow-existence of a dctauk or any other detewse of Borrower to wcceleratiow awd foreclosure. It the breach b woe cared ow or before the date specified iw the notke. Lewder at Lender's wpiow any declare aB of the stars secwnd by this Mortgage to tk immediately dtle awd payable without further demand and may foreclose Ibis Mortgage br jwdkW protttdlwg. /.ender shall be ewtitkd to cogeet br swab proceeding aq espcnses of foreclosure. inelndiwg, brat woe Yrwited to. rettsowahk sttnrnev's fees. tract coals of docnwrewtary eridewce. abstrscls and rick reports. - 19. Borrower's Right to Reinstate. Notwithstanding 1 ender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have am prcxecd~ne. t,r'pn by Lender to enfarce this Mangage d~sconhnued at any time _ =, ~ _ ~_ _ ~~344 P~if~QO