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HomeMy WebLinkAbout2124-~• ~ . s i .. 2 ~ Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided tinder paragraph 2 hereof. Any amounts disbursed by I.cndcr pura~ant to this paragraph 7, with interest thereon, shall becarne additional indchtedncsc of Rorruwrr secured by this Mortgage. Unless Borrower and (.ender agree to other terms of payment, such amounts shall he payahle upon notice from I ender to Borrower reyttecting payment thereof, 9tlc-shall bear interest from the date of tlichttrsement at the rate payahle from time to time cxt outstanding principal under the Note unless payment of interest at such rate would he contrary to applicable law, in which event each amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require [.ender to incur any expense or take any action hereunder. fl. Irtspection. 1_ender may make or cause to he made reasonable emries upon and inspections of the Properly. provided that lender shall give Borrower notice prier to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coadenrrtation. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or other taking of the Property, or part thereof, a 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 tfiis Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, trnkss Borrower and Lender otherwise agra in writing. there chaff 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 by Borrower. c.r if after notice by tender to Borrower that the condemnor ofTers to make an award or settle a claim for damages. Bisrr~wrr fails to respond to 1_ender within 30 days after the daft such ratite is mailed. Lender is authorized to collect and apply the proceeds. at 1_ender i option, either to_ restoration or repair of the Property or to the sums secured M• this Mortgage. 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 each installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by !.ender to any cucCecsor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrowc~ c successors in interest. [_ender shall not he required to commence proceedings against such successor or refuse td e+ctend time for payment or otherwiu 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 i.ender Not s R-siver. Any forbearance by I_enekr in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall rat 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 indehtednecs secured by this Mortgage. 12. Remedies Cnmulathe. All remedies provided in this Mortgage arc 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. Snecessors and Assiges Bound; .Join) and Sereral Liability: Cspfbns. 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~ 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. 14. 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 tender 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 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. Uaifonn Mortgage: Governing I.aw; 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 rnvering 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 Notc which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the- Note and of this Mortgage at the time 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 transkrred by Borrower without Lender's prior wnnrn content. txchrding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b1 the creation of a purchase m~ne~ security interest for household appliances. (cl a transfer by devise. descent or by operation of law upon the death ~.f a jo~m tenant or (dl 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. I_cnder shall have w.uved such option to accelerate if, prior to the tale or transfer. Lender and the person to whom the Property is w be col.! or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interrct payable on the sums secured by this Mortgage shall be at such rate as lender shall request. tf Lender 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, (.ender shall mail Borrower notice of acceleration in accordance srirh paragraph 14 hereof. Such notice shall provide a period of rat 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 t0 the expiration of such period, Lender may. without further notice or demand nn Borrower. invoke any remedies permitted by paragraph IR hereof. NON-UNIFORM COVENANTS. BOrrOWer and Lendtf fUrthtr COVMinI and agree a5 follows: lfl. Acceleration; Remedies. Except as provided is paragrspb 17 hereof. upon Borrower's breath of any covenant or a~greemest of Borrower in this Mortgage. including the covenants to pay when due swy wars secured by ebb MortRsge. lender prior to stceleratbn shill mail notke to Iltorrower as provWed fn paragrsph 14 hereof specNying: (1) the brescb:121 the sctba required to core such breach; (3) s date. not less than 30 days tronr Ibe date the notke b nestled to Borrower. by whkh such btreach mint be cored; and (4) that failure to care s»ch breach on or before the date specified in the wotke rosy result In acceleration of the cones secured by this Mortgage. toreclbwre by-judkial proceeding seed ask of the Property. The notke shad further faform Borrower of the right to reinstate sfter stcekration sod the right b asacrt is the foreclosure proteedlag the non-existence of s defauM or any other defence of Borrower to sccekrstbn and foreclowrc. It else brescb b not cared ore or before the date specified in the rwtke. lender at Lender's oplbw nay declare sfl of the sown setarcd by ebb Mortgage to be immediately dot and payable without further demand and rosy foreclose ebb Mortgage by judkW proctedirtR. Lender shall be eotitkd to copeet h strcb proceeding all a:penses of foreclosure. iatladirr~. brat not limited to. rcswnsble att.,rnev's fees. and costs of doe~mentary evidence. sbstrscts and title reports. 19. doriower's Rfght to Reiastste. Notwithsrand~ng I ender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have am prcxerdinec br~.un by Lender to enforce Ihn Mortgage drsconhnutd at an) Nine g~(3~~ PdGE~~l~••J __ ~3»