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HomeMy WebLinkAbout1208 - i Lender's written agreement or applicable law. 1Borrower shall pay the amount of all mortgage insurance premiums is tha ; manner provided under paragraph 2 hereof. i Any amounts disbursed by Lender pursuant to thu parag 7, frith interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless B and' I:eixter agree to other terms of payment, such t amounts shall be payable upon notice from Lender to Borrower requesting payment thereof.-and shall bear interest Treat rtes date of disbursement at the rtes payable from time to time on aitstanding principal under the Note unless payment o[ t interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at rtes high rata permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur say expense or tats any action hereunder. ~ - s. iapectiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. prcriided that Lender shall give Borrower notice prior to any such inspection specifying reaso_ nabk cause therefor related to ][,seder's interest in the Property. ~ - 9. Cowdewatioa. The proceeds of any award or claim for damages. direct or oortsegtrential. in connection with say condemnation or other taking of the Properly, or pact thereof, or for conveyance in lieu of condemnation, are hereby - and shall be paid to Lender. In rite event of a total taking of the Property, the proceeds 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 Larder otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the q+ooeeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediatdy prior to the date of` ; taking bears to the fair market value of the Property immediately prior to the dataof taking, with the baltrreoe of the proceeds paid to lorrower. ` If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to mate an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at I~nder's option, either to restoration or repair o[ the i 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 extaed orepostpone 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 amortizaCron of the sums serceered 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 commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the utms - secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successor's in interest. 11. Forbearance by ieadier Not a Waiver. Any fort+earance 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 payment of taxes or other liens or charges by Lender shall not be a waiver of Larder's right to accelerate the maturity of the indebtedness secured by this Mortgage_ 12. Reaeedies Catuhttie. 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. Saecasors sad Asdtpes Bound: Join! sad Send i3abi8fy; Captions. The covenants artd agreements herein contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender sad Borrower. - subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joird and several. The captions' and headings of the paragraphs c?f this Mortgage arc for convenience only and are not to ik used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to - Borrower provided for in this Mortga¢e 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 Lender as provided" herein. and (b) any notice to Leader shall he given by certified mail. return receipt requested. to Lender's sddress stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this med to have been iven to Borrower or Lender when iven in the manner designated herein. Mort a shall be des g 8 B ge ttants for national t 1S. Uniform Mortgage; Corerniag Law: Severabitity. This form of mortgage combttees uniform cove , use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument ooverireg ~ 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 shalt not affect other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. if. Borrower's Cody. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the time of execution or after recordation hereof. ' 17..Trader of tYe Property: Assaatptime. 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 creatan 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. i descant 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 tha Mortgage to be immediately due and payabk__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 cold or transferred reach agreement in writing that tix 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 leas waived the option to accelerate provided in this paragraph 17. and if Borrower s strcoeswr in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obljBations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acsekratiott in accordanc-c M•irh paragraph 14 hereof. Such notice shall provide a period of not las 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 expiation of such period. Lender may, withotrt further notice or demand on Borrower. invoke any remedies permitted by paragraph 1!I hereof. NoK-UNIFORM Covt=.rvar>TS. Borrower and Lender further covenant and agree ss foUows: is. Accderatio~ Rewtedis. Etuept as prorWed u paragraph 17 tiered. •!a lierrtawera rrs+atr d aar eovewawt K agresaseat et Berrower fa iris Mme, Iwdt~ag ere corpearls to py wrew tae ay earras sawsi rl' tlei 1[wwier prbtr a aeeeiesatiow araB rwail notice to Borrower as'rorlaed V pragrapr 14 reraol spelt~iag: (1) bet 1Meaele; (2) ere seMaw rgwired to arse wdr breack (3) a date. riot less tba 3ti days Trots ere +aie ere works is arallei N Borrewer. b wrists seer S rreaer rotor k ~ a¦i (4) fiat faarrre is care serer rrracr ow or before tleez date t:peel~+tl `ere awtfee ray resale r soeekratRoa oft ere stems ata:wred Iry tlafs Mor~aRe. forrxiosor~c by judkW proevadtag awl sale d ere >rr+operiy. Tre watice drat ftrtrer ia>Eorm Borrowsr of ere riRM to rrr~ate after aecderatioa and ere right to smart t! ere forstiaseae proeaaelr>!eg ere .o.•esirtaecs d a /efatt or say otter deteaae of Borrower to accekratioa and roreelowre. Ifr ere rreacr r trot anal w or bdore ere iMe e~effietll V ere arise. Lender at Leader's opion aaay deehrs s• of era ants seeursi b tUls Mastgtype to 6e ~turtdiately sere awl pyarie wiiroat trgirer demand sad may foreclose trls Matat /7' jaikld pratoedlwR• li-r*da? 6e a11Wei to coBeet V stun tnoeeedi.L aB e:speases .tf forccioswr. Melui'iwg+ brit war Mitar t~, reaaawarle sduraey's Tea. scab of does,,-~ewfasy erideoce, abdracts and title rrprb. 19. Iterrswa's 1Rkrt t~ Reinstate. Ndwithstartding Lenders acceleration of the stems secured by this Mortpge. ; Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time Old $~x3~.7 P~~?07