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HomeMy WebLinkAbout2130t '-1 1 !; ti J ~ Lender's written agrc~ment or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided under paragraph 2 hereof. ' Any amounts disbursed by Lender purcuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to &~rmwer requesting payment thereof, and slwl~ b~a`r interest from the date of disbursement at the rate payable tram time to time 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. Nothing crmtained in this paragraph 7 shall require Lender to incur any expense or take any action hcrcurtder. fl. laspectioa. Lender may make ar cat~sc to be made rcaconable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any Stich inspection specifying reasonable satin therefor related to Lender's interest in the Property. 9. Coademnatba. 'The proceeds of any award or claim for damages. direct or consequential. in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. Tn 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 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 bean to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. 1t the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor oRea to matt an award or settle a claim for damage. Harrower fail. 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 sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in w•ritinc. 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. l0. Borrower 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 interact of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender 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 Borrower's successors in interest. 11. Forbearance 6y Lender Not a Waiver. Any forbearance by i.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall trot be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance Qr the payment of taxes or other liens a charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rerttcdies Cumulatire. 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. Successors and Assigns Bound; Joint acrd Sereral i.iabiftty; Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective stxcessors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty and seven!. The captions and headings of the paragraphs of this Mortgage are for convenience only and are 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 Properly 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 M• notice to Borrower as provided herein. -Any notice provided for in this Mortgage shall be deemed to have been given to Borrower ar Lender when given in the manner designated herein. 1S. Uniform Mortgage: Governing Law; Severability. 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 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 Ncue arc declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a confirmed 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 transferred by Borrower without Lender's prior writr.n consent. excluding (a2 the creation of a lien or encumbrance subordinate to this Mortgage. (bl the creation of a purchase mc.nev security interest far household appliances, (c) a transfer by devise, descent or by operation of law upon the death afr joint tenant or (d) the gram of any leasehold interest of three years or less not containing an option to purchase. Lender may. at I.endtr's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w:~rved such option to accelerate if, prior to the wle or transfer, Lender and the person to whom the Property is to be Bald or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intere.t pal able nn the sums secured by this Mortgage shall be at such rate ac Lender shall request. If 1_ender has waived the'optian 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 Nate. If Lender exercises such option to accelerate, tender 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 ar demand nn Borrower. invoke any remedies permitted by paragraph 1R hereof. Norr-UNIFOaM Covt=_NeN7s. Borrower and Lender further covenant and agree as follows: tfl. Accekrstba; Remedks. Except ss provided ire paragraph 17 hereof. uPa Borrawe~s breach of nay covenant or agreement of Borrower in this Mortgage. including the corenaMs to pay when due any sums secured by this Mortgsge. Lender prbr to accekntbn shall mail notke to Borrower as provided in paragraph 14 hereof specHying: (1) the bresch; 121 the aetbw required to cure such bresch; (3) a date. not less than 30 days from the date the ntotke b mailed to Borrower. by whkb such breach most be cured; and (4) that failure to care stseA brescb ow or 6eforc the date specifirtd in the notke rosy tresull iw acceleration of the wars secured by This Mortgage. foreelowrtr br f udkial proeeedhrg aid sale of the Property. The notice shag further inform Borrower of the right to reinstate after scctkrstba ant! the right to astaeA is tbt toreebsure proctedbtg the ion-existence of a defauN or any other defense of Borrower to accekratbn awd torecbsure. It the brescb b tsM cared ow or before the date specified in the notke. i_ender at Lender's aplba tutay declae aN of the sutw: ttenred by ebb Mortgage to be immediately due and payable without further demand and may foreclose fhb Mortgsge by judicW proceeding. /.ender chap be entitled to cogeet in such proceedntg all a:penses rat torecbsure. Includia`. hot not Umited to. reasonable ata-rnev's fees. and costs of docuttseabry evidence. abstracts and title reports. 19. Bon+awer's Rlght to Reinstate. NotwithstandinK I ender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any prtxeed~nec brg~m by lender to enforce thn Mortgage drscanhnued at an) time -~ BOOK~~~ PlGE~»