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HomeMy WebLinkAbout1286 _ wt~ - Lender's written agreement or applicabb law. Borrower shall pay the amount of all ntottgage insurance premiums in the maritur provided under paragraph 2 hereof. Any amounts disbursed by lender purswnt to this paragraph 7; ~v~i 1~ interest thereon, shall becane additional _indebtedness of Borrower secured by this Mortgage. Unless Borrower and I.enckr agree to other terms of payrneM. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest ft+om the date of disbursement at the •rate payable from time to time on attstanding principal under the Note unless pajrmatt of interest at such rate would be contrary to applicable law, in which event such amount: shall bear interest at the highest Irate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expaise a tape any action hereunder. fR lrsre.'tisw. !.ender 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 I.aider's interest in the Property. 9. Cowlesswatbs. The proceeds of any award or claim for damages, direct or consequential, in connection with asy 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. - ln the 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 propottiort of the proceeds 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 offers to mate an award or settle a claim for damages. Bonrnver fails to respond to i_ender within 30 days after the date such riotioe is mailed, Lender is authorized to collect and apply the proceeds, at lender s option, either to ratoration or repair d the 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 amtount of such installments.. 10. aorrswer~Not Released. Extension of the time for payment or modification of amortization of the sums secur~cd by this Mortgage granted by Lender to any successor in interest. of Borrower shall not operate to release, in any mannec, the liability of the original Borrower and Borrower s successors in interat. 1_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succrssors in interest. 11. Rorrearasee r7' Lesser 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 payment of taxes or other liens or charges by Lender shall not be a waiver of Lender': right to accelerate the maturity of the indebtedness secirr+ed by this Mortgage. 12. Resxdks Csasrtlive. All remedies provided in this Mortgage arc distinM and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurnntly, independattly or successively. ' 13. Ssccessas awl AsdRas lbusd:.ToWt awd Several i3~biller; Captioas. 'I7te covenants and agreements herein _ contained shall bind, and the rights hereunder shall inure to, the.rapective successors and assigns of Leader slid 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 f1e used to - interpret or define the provisions hereof. 14. Notlce. Except for any notice required under applicable law to be given in another mianper. (a) any notice to - Borrower piovided 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 map designate by notice to lender s: provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to Lender's addras stated herein or to such other address as Lender may- desitEriate 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. Usiform Mortgage; Goverstiag Law: Sercrsbflier. 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 ooverirrg 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 ar the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or tht Note which can be given e0ect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. )!<orrower's Cory. Borrower shall be furnished a conformed rnp~• of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ ? 17..Trssder d the Property; Assursptios. If alt 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 subordinate to this Mortgage, (b) the creation of a purchase money security interat far- household appliances, (c) a transfer by devisr- 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 payable. Lender shall have waived arch option to aceelerate if. prior to the sale or transfer. Lender and the person Io whom the Property is to be cold or transferred reach agreement in writing that flu credit of such person is satisfactory to Lender and that the inters-st payable 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 paragraph 17, and if Borrowers wcceswr in interest has executed a written assumption agreement accepted in writing by Lender. Lender shat) release Borrower from all obligations under this Mortgage and the Note. Jf Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with pantgraph 14 hereof. Stich 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. I( Borrower fails to pay such sums prior to the expiration of each period. Ltnder may. without further notice or demand on Borrower. invoke any rerriedies permitted by paragraph IR hereof. 3 Note-Uxtrtoatrr Caveivetwrs. Borrower and Lender further covenant and agree as follows: ~ li. Aeederstior, Restedb. 1Lxcert as rrovilel L rsragrarli 17 tiered. scow >sorrtrwer's ireser d awr coretsswt K ~ agreesseat d Sert+swer b Iris Mere age. r~rlsibig Ire eovesasts to ray wrew tfise swr twtras sle111+e1 ti Nils Mgtgs~ge. Lewier i trier N seeskrMiow star stall awake to iorrawer as rrovNel Iw pragrapr 14 tercet geelfrlsg: (1) fie lrreser: t2) Ire aetisw rgsir~ei to ettre saver rreacr; (3) s sot less eras 3• days tiers Ire late Ire woeke <s wtsiel a >larewer. b wrki seer rreaer mwrt re etttely awl (4) trot taBiire ~ cte~e etrcli rs+eaer ow or retofe Ire date sreeiiei r Ire soeke say rttstrlt i• aceeleratto. d ere atstws erctttel y girls Mortgage. fosteebwre y j rroeeeiia>t awe sale et ere rnorerer. Tie wells sr.q ttutrer istotrtw lorrower d Ire rIRM to rea:<ate after sccekrsebw sal Ire right to aatart iw ere toreeNwre rroeeeitt; Ire wostzitlewee d a ietawle or awr ether letewst d >forrower to wccekratiow ani [orccloawre. N dse rrearcli is set etsirei a a 6etore Ire isle s~eeiiei isi Ire woeke. Leader at l.ewier's ortlew tar lrehrts at d Ire swims stewtei r!' etas Mortgage eta k imnelis/rlr lave asi rgaMe wkroid tsrlra demand swd mar totteeiost Iris Mattaje h ~sikisl rroeeeiR. Lender sraN re ewtf8et N select V attar rroeeeirrg a• t:pesaes d forecloswrt, isclrl6rg, riM wst ¦r¦Mei M. reaaewsYe stt~xrieYs fees. j awl Boat d ioeu•sewtarr etrilewee, ararscb awl Ntk t~orb. ~ lf. >sernwea's Rlgrt a Rdsatate. NotwithuandinE Lenders socekrstion of the tsars secured by thi! Mortgage, t Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time B~Y3~.7 P?~1284