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HomeMy WebLinkAbout2588~• t. '. ~1~3 ~. rndrr's wnttcn agreement ar apphcahle low. Borrower shall pay the amount of all mortgage insurance premiums in the nwnnrr pruv~drd under paragraph 2 hereof. Any am~aurts.disbursrd by I.rndrr pursuant to this paragraph 7, with intcreu thercan, shall become additional indrbtrdnrss of li~~rn~wrr secured by thrs Mortgage l)nless Borrower and I.rnder agree to other terms of payment, such amounts shall tx payable upon Holier from I rnder to Born-w•rr rcy-resting payment thcrcoLbr~d•sha)1 he~ interest from the elate of disbursement at the raft payable from time to time on outstanding principal under the Note unless payment of interest at such rate would l+e contrary a~ applicable law, in which event arch amounts shall hear interest at the highest rate permissible -rnder applicable law. Nothing a-ntained in this paragraph 7 shall require Lender to incur any expense or tape any action hereunder. 8. Iwspectioa. Lender may make ar car~se to he made reasonable entries upon and inspections of the Property. provided that lender shall give Burrower Huber prier to any such inspccUon specifying reasonable cause therefor related to Lta-:kr's interest in the Property. 9. Coademnatba. The proceeds of any award or claim (or damages, direct or consequential, in oonrroction with any condemnation or abet taking of the Property, or part thereof. or for conveyance in lieu of condemnation. ate hereby auigrred 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, it any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and bender otherwise agree in writing. there shall be applied to the sums secrrrcd by this Mortgage such proportion of the proceeds as is equal to that proportion which the amo-rnt a( the sums secured by This Mortgage immediately prior to the date of taking hears 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. ~r if. after notice by Lender to Borrower that the condemnor otters to make an award or settle a claim for damaees. B~•rmwer fails to respond ro 1_ender 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 ar t~ the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in w•ritrne. any s-rch application of proceeds to principal shall not extend or postpane the due date of the monthly installments referred to in paragraphs I and 2 htr+eof or change the amount of such installments. 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 originrl Borrower and Harrower i s-rccessan in interest. Lender shall not be rcq-rired 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 i successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy herc-rnder, or otherwise affarded by applicable law. shall Trot be a waiver of or preclude the exercise of any such right or tremedy. The procurement of insurance pr the payment of taxes or other liens or charges by i.ender shall not be a waiver of Lender's right t~• accelerate the maturity of the indehledness sec-rrcd by chic Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under chic Mortgage or aBordcd by law ar equity. and may be exercised concurrently, independently or s-rccessively. 13. Successors and AssiRes Bound; Joint aced Several I.iabr7ity; Captbas. The covenants and agreements herein contained shall hind, and the rights hereunder shall in-rre to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shalt be joiry 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. fa) any notice to Borrower provided far 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 Harrower mav_ designate by notice to lender as provided herein, and (h) any notice to Lender shall he given by certified mad. return receipt requested. to Lenders address stated herein or to such ather address as i_ender may designate by notice to Borrower as provided herein. Any notice provided for in this Marrgage shall he deemed to have been given to &-rrower ar !-ender when given in the manner designated herein. IS. Uniform Mortgage; Governing law; Severability. This farm of mortgage cambines uniform covenants for national -rse and Han-uniform cavenanrc with limited variations by turiuliction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the iaw• of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage ~r the Nate cartflicts with applicable law, such conflict shall not aged other provisions of this Mortgage or the Nutr which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate arc -kclared to he 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 retardation hereof. 17. Transfer o/ 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 wn:rrn ~unscnt. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. Ibl the creation of a purchase m~•nrs• security interest for household appliances, (e) a transfer by devise. descent ar by aperation of law upon the death a(a j~ant tenant or (dr the grant of any leasehold interest of three years or less not containing an oplian to purchase. !-ender may. at Lender's apuon. declare all the sums secured by this Mortgage to be immediately due and payable. !.rnder shall base w,uved such option to accelerate if, prior to the wle or transfer. Lender and the person to whom the Property is a~ tx .ald or transferred reach agreement in writing that the credit of each person is satisfactory to !.ender and that the interest payable an the sums secured by this Mortgage shall be at s-rch rate ac Lender shall request. If Lender has waived the opuorr to accelerate provided in this paragraph 17, and if Borrower i successor in interest has executed a wnttcn assumprron agreement accepted in writing by [-ender, Lender shall release Borrower tram all obligaucins under this Mortgage and the Nate. If tender exercises such option t-. accelerate. Lender shall mail Borrower notice of acceleration in accordance scith paragraph 14 hereof Such notice shat! pravide a period of not less than 30 days from the date the notice is mailed within which 3orrow•er may pay the sums declrred due. I( Borrower fails to pay such s-rms prior to the expiration of such period, Lender may, wnhuut further notice ar demand on Borrower. invoke any remedies permitted by paragraph IR hereof. NON-UNIFORM COVENANTS Borrower and lender further covenant and agree as follows: 18. Acceleralba; Remcdks. E:cep as provided iw paagrspb 17 hereof. upow Borrower's breach o/ awy covewturt or rr`recmcwt of Borrower is this Mortgage. including the covenants to pay whta due say sours secured by this 1v/ortgaRe. I.ewdcr prbr to accckraNow shall mail notice to Borrower as prodded is parasraph 14 hereof speclfyirt~: (1) the breach;121 the acibw required to core such brcsch;l3) a date. not less than 30 days from the date the wotke b mailed to Borrower. by whkh stech breach most be cored; sad (1) that failure to tort such breach ow or before the date speei6td ire the wotke may rtsWf V accekratbn of the sums sccarcd by this Mortgage. foreclosure by judkial proceeding sad sale of the Property. The wotke shall further inform Borrower of the right to reiastNe after accekr~ba aced the right to assert iw the totrecbstrt Noeeedittg the aon-existence of a detauN or any other defense of Borrower to aecekrafiow sad fortciosote. If the breach is wet ttrrt~ ow or before the date specified is the notice, Lender at Lender's optbw rway declare aM o1 the stews settsrtd by Mss Mortgage M bt immediately due and paysbte without further demand and may forecbst this Mortsage by judkW prottedfwR. i.ender chap be ewtltled to collect M such proceeding all expenses of foreclosure. iaclwdial. hot wet Ymited to. reasonable att•~rney's fees. and costs of docwrwewtary e~idewce. abstrscls and title reports. 19. Borrower's Right to Reinstate. Notwithst.-rrding 1 ender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any prc.ceedme. hrf~~n by Lender to enforce this Mortgage d~sconunucd at any tint g~344 P~F2~is7