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HomeMy WebLinkAbout0789 • _ ~ t-ender's written agreement or applicabb law. Borrower shall pay the amount of all mortgage insurance ptrmiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender purwant to this paragraph 7, with interest thereon. shall becorree additional indebtedness of Borrower secured by this Mortgags: Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting paj?meM ihereot, and shall bear interest from the date of disbursement. at the rate payable front time to tint: on aitstanding principal under the Note tmless pa}taaet of interest at such rate would be rnntnry to applicable law, in which event such amounts shall bear interest at the hightwt rats . permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expaass of rata any action hereunder. i. lwaaptetiow, Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lenckr shall give Borrower notice prior to any such inspection specifying reasonable cause therefor-related to LptdePs interest in the Property. 9. Cowdeewradow. The proceeds of any award or claim for damages, direct or consequential. in connection with say 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 ~y this Mortgage, with the excess, it any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such propation.ot the proceeds ss is egwl to that proportion which the amount of the some secured by this Mortgage immediately prior to flee data of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balartoe of tits proceeds paid to Borrower. if the Property is abandoned by Borrower, or it. after notice by Lender to Borrower that the aartdessnor oRets to taaloe an award or settle a claim for damages: Bc.rmwer fails to respond to Lender within 30 days after the date strcle notice is mailed, Lander K authorized to cdlect and apply the proceeds. at Lender's option. either to restoration or repair of tbs 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 Released. Extension of the time for payment or modification of amortiution of the svnn secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rcksse, in any manner. the liability of the original Borrower and Bt?rrower s successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortiutiort of the sums secured by this Mortgage by reason of arty demand made by the original Borrower and Borrower's wccessors in interest. 11. Forrearswce by Leader Not • Wsive'. Any forbearance by Lender in exercising any right or rcrriody heretmder, or otherwise afforded by applicable law. shall .not be a waiver o[ or preclude the exercise of any such right or rtmedy. The proctrrcment of insurance or the payment of faxes or other liens or charges by Lender shall not be a waiver of Leader's right to accelerate the maturity of the indebtedrteu secured 6y this Mortgage. 12. Reweedks Cteastshdre. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrentty, independently or successively. 13. Swccesaors swd Aasigws ioawd:.ldat srtd Sereral t.iabiliti: Captiews. The covenants and agreemxnts herein contained shall bind, and the rights hereunder shall intir~ to, the respective successors and assigns of Lewder sod Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions' and headings of tht paragraphs of this Mortgage arc for convenience only and are not to lk used to interpret or define the provisions hereof. - 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any ratite to - Borrower provided for in this Mortgaee shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addrtss or at such aher address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. 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. Uwitorre Mortgage: Gorerwiwg Law: SeverabNity. 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 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 applicable law. such conflict shall not affect other provisions of this Mortgage or the Note which can be given eBect without the conAiding provision. and to this i end the provisions pf the Mortgage and the Note arc declared to be severable. lf. >tore+ewer's Cody. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trwwater of the rro*erty: Aaaaeptiow. If all or any part of the Property or an interest therein is :old or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate 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 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 immtdiately due and payable. Lender shall have sa•rived such option to aceekrate if, prior to the sale or transfer. Lender and the- person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person is satisfsetory to Lender and that the inten~st payable on the sums secured by this Mortgage shall be at such rate ac Lender shall rogteest. 1f 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 Lender. Lender shall release Borrower from all obljgations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance v?•ith 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 wms 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 1R hereof. Note-Ut+twarrt Coverrstrrs. Borrower and Lender further covenant and agree as fdbws: i li. Accderatiow; Rewecries. Esccpt as ~revlied is peagraph 17 rersot, ta*ow Sorrwwes's rreaer of ry cerewawt er sBreemewt of •errswer he this Mortgage. iwc<triiwg die eorewaNs to M1' whew rwe say soars sscwrei ry tits Mortgtr~e. Lawler prior N seeelersdow srsii waY wotlce to Borrower ss'rovNei h pragraplr 11 rereot gecitylwgs p) dK newer: (2) tie setiow rpier a ewre saver ttsewcr; (3) w rMs. root Ices draw 30 days trove tie dale tic wotice is matlel N iienower. ry wrkr setd ~ rraer tarot re cwrea~ atsl (4) deaf hibre a ewre suer rrcaer a ar retere tie date speelBer re tie wotiee weay rtswlt r sreteterwdew of tie scars seewrel 6y tits More=age. /ortteloseert ry preeesria~ awl sale e[ Nee i~r+eperty. 'flee rootlet s!W ttssfrer hdotrs lorrswer of tie right to reiadaft afte? aeeekrNiow awl die riglq b rasserl N for torteloprt preeaeig tie wow~e:Meiree at a detswk err awl ether tlstetae of >sorrower N accekratlow awl toreeloswre. It die rreaeb Is root ewr~ei eve or bdore Hie role speiisi Ica the wotfee. Lewder at 1_ewlers opiow atsy lselart ant d the swrtes staewrsr try tits MatgaRe !a re 3 iwrweaislely dwe awl pyaNe wMroN terrier demand awl weay terrrelas tNs Mertgagt ~ ~W /nteedtwg. Lender deaN be eNMlel N talker iw veer poeeedirrg slf expraises at torecloswrt. lwehdiwg. rwt stet ~ilsl M. reasewaMt sttxsetr's ties. asetl costs et iee.a:wewhrp edlewes. abstracts ssrl title rtprb. 1!. >tonowp's R~rt N Relrtate. Notwithstanding Lenders acakration of the stuns secured by thr_ Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time cc~~ Br>fl1~(J~~ PAGE