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HomeMy WebLinkAbout2846 4 1 i f Lender': written agreement or applicabk law. Borrower shall pay the amount o[ all mortgage insurance premium: in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant 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 payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest froaa the li date of disbursement at the rate payabk from time to time on outstanding principal under the Note u~kas payment of interest at such rate would be contrary to applicabk law, in which event such amounts :hall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expeme or take any action hereunder. fi. Isspectiort. 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 reasonabk cause therefor related to Lender's interest in the Property. 9. Condemastioa The proceeds 9f gay;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. 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, if say. 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 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. _ ''i If the Property is abandoned by Borrower, or if, after notice by Lender to Bornower that the condemnor offers to make ~ an award oe settle a claim for damages, Borrower fails to respond to Lender, within 30 days alter the date such notice is i 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 of such installments. 10. Borrower Not Releaxd. 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 rekase, in any' manner. the liability of the original Borrower and Borrower's successors in interat. 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 t+t~rr df ally `den+agd made by the original Borrower. and Borrower's successors in interest. 11. Forbearmce by Leoder Not a Wdver. Any forbearancx by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicabk 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. ]2. Remedks C~uTatie. All remedies provided in this Mortgage are 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. 3accessors and Asdgas Boned; Joist sad Several T.iabiiNy; Captbs~s. 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 joint and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hereof. - 14. Notice. I3xcept 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 Tender as provided herein, and (b) any notice to Lender shall be 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 given fo Borrower or Lender when given in the manner designated herein. IS. Uniform Mortgage; Goverrdsg.Law; SeverabiUty. 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 covering r 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 or the Note conflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this _ end the provisions of the Mortgage and the Note are declared to be severable. 16. lllorrower's Copy. Borrower shall be furnished a confornxd copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Traoder 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 Mortgage, (b) the creation of a purchase. money security interest for household appliances, (c) a transfer 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 yean or less not containing an option to purchase, Lender may, at Lender's 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 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. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in t interest has executed a written assumption agreement accepted in writing by Lender, Linder 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 accekration 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 t 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 or demand an Borrower, invoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: ill. Accekratlos; Reams. F~rcept r provided V ~laK*nPi 17 iereof, apes Eorrowet's bread aft ary eeveaaat of agreeasest of Bon+ower ie tits Mortgage, iacladfa` the covestmts to pay when dae ary saws secared b!' tits Mertsage, Leader prior to aceekradoa shall stall sotlce to Don~awer ss provided b prragrap614 tercet specifyfags (1) the tel: (Z) tie sKtloa regained to care such bread; (3) s date, not Tess flan 3• days fr+wa tle date tie notice it taaftei fo •orrowet, by wild sad ' breach mart be eared; ant (4) tint taflare to care saes bread oa a helots tie date speelfied i• tie setts nsay resal+t ii accderaHoe of tie saws iecared by tits Mortgage, forerksar+e i!' jadkial pr~oceediag siad sak of tie )rroperty. Ytre aotke - sls0 farther letorn >sorrowet of tie right to reirabbe after scceleretioa sad tie right b assert i• tie toredoarne tie sea-ezWeace d a detaait or any otter detente of >sorrower to secekrstion aai toreelowres. >p tie ireaei is aot~e~ ' or haters tie date specNtd b tie sotlce, tender se IRader's optics Any dedwe sit of tie saws seeared b9 tits 1Nort;age to be issrediatdy dae ssrd pyabie wUlost tartlet demand surd may foreclose tits Mort;age by f adichl praceeiag. Lanier sri i be eatitkd to eaBect L sad proceeding si e:peasa of ioreclowre, incladiag, bat sot limited fey reasoaabis sitorstyy tea. and cosh of doe¦nestary rvldesee, a6strscb sni dlle teporb. 19. )dorrower's_ Rt~lt to Reistrtate. Notwithstanding Lender's accekration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ' } ~ ~ , s 3, _ t ' ~ -r.