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HomeMy WebLinkAbout1641 !.ender s written agreement or applicabk low. Borrower shall pay the amount of all mortgage insurance prcrrtiurru in the manner provided under paragraph 2 hereof. . Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall became additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and !.ender agree to other terms of payment, such amounts shall be payable upon notice from 1.cnder to Borrower requesting payment thereof, and shall bear interest from the date of disbttrsetnent at the rate payable from time to time oft outstanding principal under the Note unlest pa~rment of interest at such rate would be contrary to applicabk law, in which event such amounts shall liar interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. Itntpeetiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable caux therefor related to Lender's interest in the Property. 9. Cowdemsatba. 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, arc hereby assigned and shall be paid to lender. In the event of a total taking of the Property. the proceeds shall he 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 otherwix 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 o[ taking bean to the fair market value of the Property immediately prior to the date of taking, with t11e balance of the procxeds paid to Borrower. if the Properly is abandoned by Borrower. ar if. after notice by [.ender to Borrower that the condemnor oRers to make an award or settle a claim for damages. Borrower fails 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 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 o< such installments. - 1Q. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to rckax, in any manner. the liablity 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 the original Borrower and Borrowers wccessors in interest. 11. Forbearance by Lender Not a Wairer. Any forbearance by 1_ender in exercising any right or remedy hereunder, or otherwix afforded by applicabk law. shall not be a waiver of or preclude the exercix of any such right or remedy. The procttrcrtxnt 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. Rewtedks Ctemslstit?e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or rcrriedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively. 13. Sweceawrs and Assigns sound; .foist mtd Serest I.iabAity; Capdows. 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 are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicabk 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 ?.ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt regsK.cYed. to Lender's 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. Uwifotae Mortgage: Governing Law; Severability. This form of mortgage combines uniform covenants for national ux and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering 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 clattx of this Mortgage or the Note conflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eBect without the conflicting .provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Sorrower's Copy. Borrower shall be furnished a conformed cop)- of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trasder 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 written consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgagt. (b) the crcatton of a purchase money security interest for household appliances, (c) a tnnskr by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less t not containing an option to purchase, Lender may, at Lender i option, declare all the sums secured by this Mortgage to be immediately 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 is to be colt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums xcured by this Mortgage shall be at such rate ac Lender j shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written, assumption agreement accepted in writing by ?.ender, Lender shall rekax Borrower from all • j obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, [.ender 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 f which Borrower may pay the sums declared du_e. If Borrower fails to pay such sums prior to the expiration of such period, Lrnder may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. NoK-UNIFORM COVENANTS- Borrowet and Lender further covenant and agree as follows: ~3 lt. Aceeleratbw; Remcdks. Except s prot+Wed i• pragraph 17 hereof, epos >jonower's 6eteaeb of awy covetusst or agrce~eat of'orrower i• tbb Mortgage, bKhrditeg the covcsssts to py whew Ise any ttttwts teeued by fhb Mortgage. Lew41:r prior b aetekratlow shat wnsN notice to Borrower s prodded Is paragrsplr 14 hereof speelfybig: (1) the 6eeteh: (2) the setiow - rtegrMetl b ewre arch rresch; (3) a date. wet las than 30 days froew the date Ste wotiee b ttaaBeti to /earrower, b!' whkb srd breach tlttltttR be erred stall (4) that taNwre to care arch breach ow or before the date specMed r the aotict ttsay rash d tecekratiow of the saetr aeetmi by thb Mortgage. foreebsare ti jwdkW proeseiietg atrtl ask of the hopcrty. The watiee abtY ftnrlber bdorwt >tonower of the riRM to eeiastate after aceeieeaHow artt! the right b areA h the tor+ecloarre protee~ _ the wow~e:iNewee of a detswk or awy other aefewse of lorrower to accelerNiow ssi foreeloawre. H the breach is wet creed ow or before the sale apteYetl i• the wotiee. Leader at I.ewtler's optbw wtay declare ai of the stettss seewrei by fhb Mortgage ~ k bewt~ety awe awtl pyable witbtd ftuthex dennnd sad rosy foredote fhb Mortgage bT jsdkW proescdiwg. Lender shah be ewWkd to collect `arch proe:eediag aM aapcssa of foredoswee, bdsaisg. brt wN 16wite4 M, reasowable tMtursrv's fees. alai cosh of ioet:~eMary ttwidcwce. a6straets awl title reports. lf. )forrowa'a Right to Reiaatatt. NotwithstandinE Lenders acceleration of the sums secured by tht~ Mortgage, Borrower shall have the right to have an~proct:edings begun by Lender to enforce this Mortgage discontinued at any time BQRK3UI.F~,~,~163~ _ - t ~ T -d a _