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HomeMy WebLinkAbout2474Lenders wntten agreement or applicable Idinl.' sht~ ~ ount of all mortyaye insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with :nteresl 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 Irom Lender to Borrower requesting payment thereof, and shall bear -nteresl Irom the date of disbursement at the rate payable Irom time to ume on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which even) such amounts shall bear :nteresl al the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall regwre Lender to incur any expense or take any action hereunder 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall gave Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lenders interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, duect or cQnsequenbal. in connection with any condemnation or other taking o1 the Property. or part Ihereot. or for conveyance in lieu of condemnation, hereby assigned and shat! 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, it 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 poor to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, wfth'the balant:e of the proceeds paid to the Borrower. II the Property is abandoned by Borrower, or if. alter notice by lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower tails 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 m writing, any such application of proceeds to principal shalt not extent or postpone the due date of the monthly installments referred to in paragraphs ?and 2 hereof or change the amount of such instaNments. 10. 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 interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrowers 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 ttie original Borrower and borrowers successors in interest. 11. Forbearance by Leridsr Nots Waiver. Any forbearance 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 or the payment of taxes or other liens o! charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. Att remedies prowled in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or atlorded by taw or equity. and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subleci to the provisions of paragraph t 7 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. tat any notice to Borrower provided for in this Mortgage rhea be given by marling such notice by certihed 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 ib1 any notice to Lender shall be given by certified mail, return receipt requested. to Lender's address slated 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 beer given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This farm of mortgage combines uniform covenants for national use and non uniform covenants a~~th i~m~tE-<s ~~ar~~t~c;ns t,y lu-~SrficLOn to cons!~tule a un,torm security instrument covenny real property The slate and tote' ?arcs ap;) u:atre tc~ the Mortyaye shalt be the laws of the IunsdicUon m which the Property is rOCated The fr)regO~ng Senter?Ce she' ~ riot !~rn:t it~e apt;!icab:+:ly of federal law to this mortgage. In the event ;hat any pruv~s:On or ClaUSr' OI this P:1C)rtyaye t)r the PJ(ite Cr)nl~iCts :I~th apphcafJEe taut. such COntiiCt steal) not affect other ;)rr,~is~~~ns r)I this t.lurtc3aye ur thf fi~.)t~ 1;mr_h r,~in t,Fr q~ven ~~tfect ~4Ethout the Conf~cting provision. and to this end the nrov~sions nt the Murtyage anCl the t'1vtE. ~:~~' ~2(•~ ~:~~,~1 '.U')f• i":~•',tti~f' 18. Borrower's Copy. Borrower snail be turn shed a conformed copy of the Note and o1 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 Lenders prior wntten consent. extruding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances. tcl a transfer by devise. descent or by operation of law upon the death of a joint tenant or;d) the grant of any leasehold -nteresl of three years or Tess not containing an option to purchase. Lender may. at Lenders option. declare all the sums secured by this Mortgage to be :mmediatery due and payable. Lender shall have waived such option to accelerate if prior to the sale or transfer. Lender and the person to whom the Property ~s to be sold 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 as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph t 7, and if Borrowers 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. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less that 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower tails 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. NON-UNIFORM COVENANTS- Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant oragresment of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage. Lander prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) s date, not less than 30 days Irom the date the notice is mailed to Borrower, bywhich such breach must be cured; and (4) that tailureto cure such breach on or before the date specHled in the notice may rosult in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrowerotthe rightto roinstats afteracceteratlon and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosuro. It the breach is not cured on or betoro the date spsciffied In th6 notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to bs immediately due and payable without further demand and may foroclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of forsclosun, including, but not Ilmited to, reasonable attorneys tees, and costs of documentary evidence, abstracts and title roports. 19. Borrowers Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower steal! have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time _¢.~~ _ - X344 ~~2473