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HomeMy WebLinkAbout2558~ Y : ~ j:) r i ~ ` ~ • , I.rudrr'c wnuen agreement or apphc-rhle law. Borrower shall pay the amount of all mortgage insurance premiums in the manner pruv,dcd under paragraph 2 hereof. Any amount. disbursed by I ender pursuant to this paragraph 7• whh interest theregqn~ ~hylr.btFome additional indeMrdness ut Burrower secured by th,s Mortgage Unless Borrower and I enter agree to other terms of payment, such amounts shall h< pas•ahlr upon notice from 1 ender to &xmwer requesting paymcm thereof, ant shall hear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would he contrary to applicable law, in which event arch amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained ,n this paragraph 7 shall req-rirc Lender to incur any expense or take any action hcrcurrder. s. Inspectbn. Lender may male or cause to he made reasonable eMriec upon and inspections Of the Property, provided that I.endtr shall give Borrower nut,ce pri„r to any s-,ch inspection specifying reasonable cause therctor related to Lender's interest in the Pn-perty. 9. Corrdemrtatbn. The proceeds of any award or claim for damages, direct or consequential, in conttoction with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc 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 execs=, if any, paid to Borrower. In the event of a pariial taking of the Property, unless Borrower and Lender otherwix agree in writing, there shall he applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amo„nt 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. or if after notice by Lender to Borrower that the condemnor offers to mate an award or settle a claim for damages. Borrower (ail. to respond to Lender within i0 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender c option, either to restoration or repair of the Property or to the arms secured by 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 monthh• installments reRrrcd to in paragraphs 1 and 2 hereof or change the amount of cuc;i installments. l0. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured b;•.tois Mortgage granted by lender to any cuccecu-r in interest of Borrower shall not operate to rclrax, in any manner, the liability of the original Borrower and Borrower's successors in interest. 1_ender shall not be required to commence proceedings against such successor or rctux 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 by Lender Not a 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 or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmulati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy render this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Successors and Assigws Bound; .joint and Several ILbility; Captbus. The covenants and agreements herein contained shall hind, and the rights hereunder shall inr,re 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 joiry 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 provision 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 Lender as provided herein, and (h) 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 g,ven to Bc-rrowcr or lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing law: Se.erabilily. This form of mortgage combines uniform covenants for national ux and non-uniform rnvenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shat) be governed by the law• of the jurisdiction in which the Property is located. in the event that any provision or clause of this Mortgaec or the Note conflicts with applicable law, such conflict shall not afted other provisions of this Mortgage or the Note whrch can he given effect without the conflicting provision, and to this end the provisions of the Mortgage and the '.Vote arc ~kclared to he severable. 16. Borrower's Copy. Borrower shall he f-,rnished a conformed copy of the Note and of this Mortgage at the time of ezec-,tion 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 wnn.n .unseen. excluding lal the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purch,,se money security ,merest for houxhold appliances. (c) a transfer by devise. descent or by operation of law -,pon the death of a jo,nt tenant or (dt the grant of any leasehold interest of three years or less not containing an option to p-rrchax. Lender may'. at Lender's option. declare all the sums xcured by this Mortgage to be immediately due and payable. Lender shall have w:uved such option to accelerate if, prior to the wle or transfer. Lender and the person to whom the Property is to t-c .oIJ or trans/erred reach agreement in writing that the credit of ouch person is satisfactory to Lender and that the interest payable on the sums xcured by this Mortgage shall be at such rate ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower ~ successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall releax Borrower from all obligat,ons under this Mortgage and the Note. if Lender exercixs such option t,. accelerate. !_ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall prov,de a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared d„e. If 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 IR hereof. NON-UNIFORM COVENANTS. Borrower and I_tndtr fUrthef COVtnanl aOd egret ai tOllowS: Is. Acctkratbn; Remedies. Except as provided io paragraph 17 irercof. upon Borrower's breach of any corenanl or agreement of Borrower is Ibis Mortgage. including the cortnaMs to pay whea due any sums secured by thk Mortgage. I.endtr prbr to accekntba shall mail notke to Borrower as provWed in paragraph lI htreot specifying: (1) the breach:121 the sttbn required to care such breach; (31 a date. not less than 30 days from the dtMe the notke is tnaikd Io Borrower. by whkh snob btxach mast be cared; and (1) that tailurc to cnrc such breach on or before Ibe date specified iw the notke may result in accekratbn of the sums secured by this Mortgage. forecbsurc by judkial proceeding artd sale of the Property. The nolke shag further inform Borrower of the right to reinstate Nter accektratbn and the right to assert iw the foreclosure proceedi•g the rwn-existence of a detauM or any other defense of Borrower to accekrstion and torrt{osnre. tf the breacb is not cured otr or before the date specified in the nutlet, lender at I.rnder's oplbw may deebm aq of the stems secured by this Mortgage fo be immediately due and payable without further demand and stay forecbse th4 Mortgage by jndkW proeeedhtg. /.ender shall be eotitkd Io collect iw srrclr proceeding aN a:penses of foreclosnrc. intlndiug. brit rat United to. reasonable att•,rneY's rtes. and costs of docurtsewttury evidence, abstracts and tick reports. 19. Borrower's Right to Reinstate. Notwithstand,nK 1 ender s acceleration of the sums xcured by this Mnngage. Borrower shall have the nghl to have any procecdmec Ix~i,n bl Lender to enforce Ih,s Mortgage d,sconhnued at any time BOOT ~~ PJtiCE~.VeJ7