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HomeMy WebLinkAbout0795 - ~ ~ Ltnder's written agreement or applicable law. Borrower shall pay the amount of sll mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall biome additional indebtedness of Borrower secured by this Mortgage. Unless Borcowetj and Lender agroe to othei terms o[ payment, such amounts shall be payable upon nMice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on otitatanding principal under the Note unless payment 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 expaae or fate any action hereunder. iwarectioa Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borcower ndice prior to any such inspection specifying reasonable cause therefor related.to Larder's interest in the Property. 9. CowdewwaMoa: 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 chall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borcower. In the event of a partial taking of the Property. unless Borrower- and Leader otherwise agree in writing, there shall bt applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sumc secured by this Mortgage immediately pier 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 conderttnor oRers to make an award or settle a claim for damages, Borrower fair to respond to i.ender within 30 days after •the date such tiotioe is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair o[ the Property or to the sums secured by this Mortgage. ~ Ilnleu 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[ j such installments. 10. Borrower Not Released. Extension of the time for payrrient or modification of amortization of the sums axured 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 Borrowers successors in interest. Lender shall not be required to commence proceedings against such suceessor or refuse to extend time for payment or otherwise modify amortization of the siitrtf secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forrearawce by Leader Not s 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 proctrremenC 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. Reaedies Ctrws+hN<rt. 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 concurrently, independently or sutxessively. t 13. Swccesaas awd AssiRws doped:.7oht astd Several i.isbi~ty; CapHows. The covenants and agreeanertts herein - contained shall bind, and the rights hereunder shall intir~ to. the.rcspective successors and assigns of Lender sad 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 the paragraphs of this Mortgage arc for convenience only and are not to be used to i interpret or define the provisans hereof. - 14. Notkt. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borcower provided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to Borcower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and } (b) any rwtice to Lender shall ht 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. ~ 1S. Uwitorw Mortgage: Goverwiag Law: Severability. 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 bt governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of thic Mortgage or rho Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given taiect without the conflicting provision, and to the f end the provisions of the Mortgage and the Note arc declared to be severable. If. dorrtwer's Cory. Borrower shall be furnished a conformed copy'of the Note and of this Mortgage at the time i of execution or after recordation hereof. . ~ 17..Traaatcr of fire 1•rorerty: Assewptiow. If all or any part of the Property or an interest therein is sold or transferred ' by Borrower without Lender's prior wrincn consent. excluding (al the creation of a lien or encumbrance wbordinate to ; this Mortgage. (b) the creation of a purchaa 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 arty leasehold interest of three years or less not containing an option to purchase, Lender may. at Lender'x 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 so1J 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 t~equest. if Lender has waived the option to accelerate provided in this paragraph l7, and if Borrower's successor in interest has executed a written auumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this.Mortgage and the Note. 1f Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordanc-c M•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 sums declared due. If Borrower fails to pay such stems prior to the expiration of such period, - Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. NoN-UNttroaut Covt=.NANrs. Borcowtf and Linder further covenant and agroe a follows: li. Accelkratbt0 Rewredia. Escert as provNed k raragrarr 17 hereof. anon dorrewes's barxi of a.y cove.ata er agreement of derro+retr i• Iris Mortgage. faclw~ag ire eorewsats to pay whew doe say trews stetrrei r!' tYa Malgage. Leader - rriotr a aade.atlo. dr.B wdl .ouce to liotrrewer as rro.lded fro raragrarlr 14 rend areeltyi.g: (1) ire rseaer: (2) ire aetiew rpiteti b crate ewer rtraelr; (S) a dale. root rwa traw M days trove ire date are notce is waxed to darrewer. ~ wrier saver rreaer swat re ewtd; and (4) trot ta&ra N ever saver Meser ow or releese ire date a/teYti iw ire wotiee way r+esttM b acedetatian e< Ae titrwt ttecwred r7' iris Mortgage. tortcioaare h )pdkhl rreettdia~ awl sate of ire Trertrty. 71tc wellee - star tnrrrer infetna dorrewer d the riRM to rtlwsfMt after aecekrMiow awl the right b atatrt iw ~e foreeiaarre rroceedlrtg de now-e:Menee of a defaaN or awy otter defewa o< Borrows to aecekratiow sad foreelotrue. N tie rreaer V wet esrtd en or before ire date artdlitd i• ire notice. Leader at Leader's ortiow way deehre s• of tit tastws steroid rT ties MortgttRe t• re Imwedfaleiy dwe sad pyark wNrowt taxtrer demand sad way forteloae trfs Mortgage b jpdkW rrectedisy(. Lender dray rs ewlNltd a totter V swcr rreteediwg trr e:ptases at-tortcloawre. Iwelwdlwg. trot veal 16aNtd M. r+easonrle stnwaeYa fees. awl awls d ioewwewfar7 eridentt. awd title rtrorb. 1!. doer~owa'~ Right f• Rei¦Mate. Notwithstanding Lender's acceleration 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 3