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HomeMy WebLinkAbout2422 i - , Lender's written agreement or applicable law. Borrower shall pay the amount of 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 becotrte additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest fe+aq the ; i date of disbursement at the rate pity~tile - ~ to tune on out:tandtng• principal under the Note unless payment of interest at such rate would be contrary to applicable law. in which event such amount: shall bear interest at the highest rate ~ permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any ezperue or take ' any action hereunder. S. IwspecMow. 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 cause therefor related to Lender's interest in the Property. 9. Cowdewantbn. The proceeds of any award or claim for damages, direct or rnnsegtrential, in rnnnection with any t a 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 proceed: shall be 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 proceed: 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. - • ~ If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otters to make an award or settle a claim for damages, Borrower fails to rapond to Lender within 30 days after the date such notice is mailed, Lender is authorized to rnllect and apply the proceeds, at Lender's option, either to ratoration or repair of the Property or to the sums secured by this Mortgage. Unless Lend`r.and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend nt of or rre the due date of the month) installments referred to in ara ra hs 1 and 2 hereof or change the amou P~~ y P B P 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 original Borrower and Borrower's successors in interest. Lender shall not be required to rnmmence proceedings against such successor or refuse to extend time for payment or otherwix modify arnortiution of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. ll. 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 exercix 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 Crnwnlathe. All remedies provided in this Mortgage are distinct and cumulative to any other right or ' remedy under this Mortgage or afforded by Isw or equity, and may be exercised concurrently, independently or successively. l3. Swccessots and Amfgrrs boned; Joint and Severtl tia611try, Captions. 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 are for convenience .only and are not to be used to - ~ interpret or deflnethe provisions 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 addresxd to Borrower at I, the Property Address or at such other address as Borrower may designate by notice to Lender 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 to Borrower or Lender when given in the manner designated herein. l5. Uniform Mortgage; Governing Law; Severabpity. 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 rnvering 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 claux of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or rho Note which can be given effect without the conflicting provision. and to this end the provisions of the.Mortgage and the Note arc declared to be 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 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 written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchax money security interest for houxhold 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 purchax, 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 Mortgages shall be at such rate as Lender shall request. if Lender has waived the option to aaxlerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender 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 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 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 on Borrower, invoke any remedies permitted by paragraph 18 hereof. Norr-UNiFOaM COVExAtdTS. Borrower and Lender further covenant and agree as follows: 18. Accekrdiow; Retnedia. Fscept as proided k parsbrapr 17 hereof, epos borrowes's bread ofE awy coveont ar agreemewt of Borrower i, this Mortgage, iwdndiwg the covenants to pay when dee awy soma secured dy tWa Mortgage, Leader - prior fo accekratbw shall mob wotiee to borrower as provided iw paragraph 14 hereof specif!yiog: (1) the 6tesch; (2) the s~c8ow required to cane wch breach; (3) s date, not less thaw 30 days from the date tLe sotice 1s mstBed to Borrower, by wild aweh , breach mwd 6e ewred; awd (4) that fawre to care stseh beach ow or bet'ore the date 4eefied b the wotlee say ssaait ~ accekratiow e([ tie ststwa iecwted by tots Mortgage, torcciossrre by jiadicW proceednwg mti ask e# the th+o~esly. Tie wotke sha8 farther iwform Borrower of the right to rdnadh after accderatiow awd tie right to assert i• tie toreclawn ps+aeeeditg tie wow-esLtea~ce d a defadt o: awy other defewse of borrowetr to sccekration asd forecloarrs. H the bseaei fs wet aw[ei at or bdore the date specftied it the notice; Lewder at I.ewdes'a oMioe may declm+e alt of the sttsaa actwerDi 67' tfria Mostfrree to be imwr~dy dwe awd pyabk.?Nfwwt t'wrther demand awd may iorccioae this Mortgage fry J.dicW pooceih~g. Lewder shag be esdtled to collect iw ssei proceedng d e:pe.aes of bt~ecioawre, iwefwdbrE, bwt wet wiled to, reasowa6le attoswaya tea, ~ awd cod. of[ docsasaMary erideaee, abdraets mrd tMe sr}osti. I9. borrowsr'a Right to Reiwdda Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the tight to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~~~j4~~10 H~~2 420