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HomeMy WebLinkAbout2689 - r i ~ s ~ ~ . • Lender's written agreement or applicable law. Borrowu shall qy the amount of all mortgage insurance premiums in the manner provided under paragraph 2 heroof. Any amounts disMused by !.ender pursuant to this gragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and tender agree to other terms of payment, such amounts shall be gyable upon notice from fender to Borrower requesting gyment therrnt. and shall bear interest from tlrs date of disbursement at the rate gyahk from time to time on attstanding princigl under the Note unless pa~rtneat of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rats permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense a take any sction hereunder. fl. IrrsMectiota. Lender may make or l~i~ td be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lptder's interest in the Property. • - C~ The proceeds of any award or claim for damages, direct or consequential, in eonrtectbrt with say condemnation or other taking of the Progeny, or qn thereof, or for conveyance in lieu of condemnation. are hereby arraigned and shall be qid to Lender. In the event of a total taking of the Progeny, the proceah shall be applied to the sums secured by this Mortgage. with the excess, if any, qid to Borrower. in the event of a partial taking of the Progeny. unless Borrower and Leader- 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 amarnt of the sums secured by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the Progeny immediately prior to the date of taking, with the balance of tlrs proceeds qid to Borrower. If the Progeny is abandoned by Borrower. or if. after notice by Lender to Borrower that the condaanor oRea to mate an award or settle a claim for damages. Borrower failx to respond to Lender within 30 days afar the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option. either to restoration or repair o[ tba Progeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to princigl 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. ifl. Borrower Not Refreased. Extension of the time for gyment or modification of amortization of the sums secured by this I~ongage granted by Lender to any successor in interest of Borrower shall not operate to reksse, in any manner, the liability of the original Borrower and Borrower s successors in interest. Lender shall not be required to commence proceedings against such successor or rettrse to extend time for gyment 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 r!' 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 gyment of taxes or other liens or charges by Lender shall not be a waiver of header's right to accelerate the maturity of the indebtedness secured by this Mortgage. l2. Rerneaies Cnrnnhdve. 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. Snceesors ani AsiRns Isorrad:.Joirtt arts Several i.ist>iWy; Captiews. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the.rcspective successors and assigns of Lender sod Borrower. subject to the provisions of gragnph 17 hereof. Ali covenants and agreements of Borrower shall be joirrl and stweral. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ik used to interpret or define the provisions herrnf. 11. Notiee. Except for any notice required under applicable law to be given in .another manner, (a) any notice to Borrower provided for in this Mortga~te shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address as Borrower may designate by notice to fender as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to I.endePs address stated herein or to such other addrcu 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. lS. UnHorm Mortgage; Governing Law; Severa6Nitr. This form of mortgage combing uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering 'i real property. This Mortgage shall be governed by the law of the jurisdiction in which the Progeny is located. In the f event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such eonAict shall not affect . other provisions of this Mortgage or the Note which can be given e6ect without the oonAicting provision, and to the j end the provisions of the Mortgage and the Note arc Declared to be severable. lf. Ijon~ower'e Cory. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation herrnf. 17..Traasfer of ire Property: Asranrption. if all or any pan of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the crcuron of a purchase mc?ney 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 years 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 gysble. 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 co1D or transferred mach agreement in writing that the credit of .such person is satisfactory to Lender and that the interest gyabk 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 gragraph 17, and if Borrowers successor in interest has executed a written auumprion agreement accepted in writing by Lender. Lender shall release Borrower from all obl4gations under this Mortgage and the Note. If Linder exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in scrnrdancr M•ith paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the ratite is mailed within which Borrower may qy the sums declared due. if Borrower fails to qy such arms prior to the expiration of such period, K Lender may, without further notice or demand on Borrower, invoke any remedies permitted by gragtaph Ig hereof. x NoN-UNtt7oaur COVENANTS. Borrower and Lender further covenant and agree as folbws: 1fi. Aeedersdfos; Remedfa. E:cert as rroviaed iw rsragrarr 17 retest, rayon >serrf+wer9 frreaet off ttq cw•enant or a~reemer,t of lorrrwetr i• ebb Mortgage, ire eovenanls to pray when +ne any saws seeasi b ehie Morglage. Levier trier M acceleratlon srr waM awtke to ~orrrwer as rrovWN h raragrarr 14 rereof : (1) the hrsaer; (2) the sctfew rgnMsi M orate strelt rreaer= (3) n Ile, not Isis ths¦ 3! nays trove the dale the neUee fa aaafied N lerrrwer, by wrkr snot rre.er meat re enrsd; ani (n that taiba b ears racy rrsacr on er rotes the late srecYei V the wotiee nay rear!! i• _ ateeleratlew of the: sm¦a seetred r7' trb Mortgage. foreeioors b jnakW rroeeedirrg rani sttk et the Prorerty. The netke elver tnrirer inform >tornwer of ors rfgM to retrrshte titter accYieratio. sni ire right to avert iw the forseleatne rroeee~ttg ire note:Menee off • refank or any other detsrnc of Borrower to accekrafiotr ani forseiowre. B the rreaer b not c.te~ M or bdor+e ire dMe geeiiei i• the nodes. Lewder at I.endePs onion way Ieclare r of trs trtn¦s sesttrsr b tW Martgsgt N re ~ immedfately drre aver! rayaMr witrorM tnnher demand and way faselsae this Mettyags r7' ~W rtr+ssedtwR. Lender daM = fie etNMlei to coYeet 4 veer rr+eeseliaL r espeses of forscloanr. iweitdiw~. brit wet IltwUed te, rearenahie stt.xaeYs fees. a¦i cee/t of ioerttttKwhry sriaence. sistrwcb aw/ tick retorts. 1!. lsorrrwa'e Rigrt t. RerMsts. NotwithstandinE Lenders acceleration of the sums secured by thy: Mortgage, j Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time BOOK JtJ~ PACEIGUDeJ , _ _ _ 8-ti -a7 _ cL : r ~5_