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HomeMy WebLinkAbout0663 . , ; l.rAder's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the ' manner provided under paragraph 2 hereof. An amounts disbursed b Lender } Y y pursuant to this paragraph 7, ~itlt rnlerest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and 1 rn?kr agree to other terms of payment. such amcwnts shall he payable upon notice from Lender to Borniwrr requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from Time to time on artstanding principal under the Note unless pa'ymatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest raft: permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expetae of fate • any action hereunder. g. Iwspectiar. Tender may make or cause to he made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any s?rch inspection specifying reasonable cause therefor related to Lenders interest in the Property. 9, Cowdemnatiow. The prcx-eedc of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation, art hereby assignod _ and shall be paid to [.ender. In the event of a total taking of the Property. the prcxerds shall he applied to the sums secured by this Mortgage, with the excess, if any. paid to Borrower. In ehe event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied tc• the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of tfic 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 Io Borrower. Tf the Property is abandoned by Borrower. or if. after notice h}• Lender to Borrower that the rnndemnor offers to make an award or settle a claim for damages. Borrower fail. to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Property or to the sums secured by this 1?Tortgage. Unless lender and Borrower othervvisc agree in w•riUnc. 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 arrrount o>< suite installments. 10. dorroKer Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any curcrssor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrow•cr's successors in interest. Lender shall not be required to eotrrrnertce 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 :in}• demand made b}• the criginal Borrower and Borrowers wccessors in intereu. 11. Forbearance by Lender Not a Wainer. An}• furhearance h}• lender in exercising any right or remedy herc?rrtder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of ta+ees nr other liens or charges by Lender shag not he a waiver of Lt:ders right to accelerate the maturity of the indebtedness sec?rred by this 'morgage. 12. Renredks Cnmulative. All remedies provided in this Mortgage are distinct and cumulative to soy other rig~tt or remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently, independently or urccess:vely_ ' 13. Swccessors and Assigtes Botrmd: ,Joint and Sereral Liability; Captloas. The covenants and agrettnents herein contained shall bind, and the rights hereunder shall in?rre to. the respective successors and assigns of Lender attd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to Ke ?rsed to interpret or define the provisions hereof. 14. Notice. Except for any notice rcgcrired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shalE he given h}• mailing such notice by certifled mail addressed to Borrower at the Property Address or at such other address as B~rmwer mav_ designate by notice to Tender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders :ddress stated herein or to such other address as Lender may designate h}• notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have peen given to Borrower or Lender when given in the manner designated herein. IS. Uniform Mortgage: Governing T.aN; Severability. This form of mortgage combines uniform covenants for national ?rse and non-uniform covenants with limited variations h}~ jurisdiction to constit?rte a unifomt security instrument covering i2ai property. This i;iurigagr shalt t-:c Ktivri:icJ tit ii:c law i)f ih2 jiiriidiiii6--~ in which eht Property is located. In eht event that any provision or clause of Chic Mortgage or the )`loft: rnnflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this I end the provisions of the Mortgage and the `tote are declared to be severable. 16. Borrower's Copy. Borrower shall t+c furnished a confeirmed copy.of the Note and of this Mortgage at the tittle of execution or after recordation hereof. 17. ,Transfer of the Property: Assumption. If all sir any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinrn consent. er~luding fat the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase moves security interest for household appliances, (e) a transfer by devise, :s;•sc-.ri car cy upcra::ar. a::aw up:::::hr :i.a;:.::: a ;.::::::-.:ant ur i::::.bs g:a::t i:::rzy :cair:u:il inte:ut v, t:.:L~ yca.~ ar Tt~ 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 such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is tc? tic :oIJ or transferred reach agreement in writing that the credit of such person a is satisfactory to Lender and that the intcrest pa}•able on the sums secured by this Mortgage shall bt at such rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if BotTOwer'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 3 which Borrower may pay the sums declared due. If Borrower tails to pay s?rch 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. - i Nora-UNIFORM CovENeNTS. Borrower and Lender further covenant and agree as follows: lg. Accekratbw; Rewredles. E:cept >r pro•~ided in paragraph 17 trereof, npow Idorr+awera ftireacb of a•y covewawt or agrtearewt of >sorr~ower fa fhb Mortgage. Iwdudi""wg ebe cotenants to pay whew doe gay saran tteetud by ebb Mortgage. Lewder prior fo accelcratba sbatl illlall notke to Borrower as provided la paresrapb 14 btrtoL speeKylwg: (1) the breach; (2) the rietiow tttegabcd to care tttacb breach; (3) a dwte. woe less than 30 days from the date the notice b rwaited to ¦errower. by wbkb saeb ~ breach •M be cwrcd; gad (4) that failure to care strcb breach Ow Or before tb! date f'ttMld i• tbt wOfiC! wry resale bt aKCdcrtrtlow of the aware trecwred by ebb Mortgage, torcclosurrr by jrrdlcial proceedMrg trwd ale of the tr~operty. The wotiee shall fitrtlrer iwforra ffiorrower of the right to trefta<state deer scceleratiow and the right to rtsxA iw the foreclosare'roeeedittg the ttww~etrbtewee d a ae[aWt or gay other dcfewse of Eorrower to accekrstiow awd foredowre. H the breach b woe etarteri a or before the date s'edBei V the wotke, Lender at t.rndcr's optioer racy declare ap oL the wrwa txasred by ebb Mortgage bo be b><artdbtely dtre awl pyabk witboat fnrther demand and may foreclose ebb Mortgage by jadkb~ poetsdiaR. Lender shall } be etstitkd to edleet b twreb proceediwg aN espcascs of fo?reclosnrc, Iwdndirtg, beet taof Bwrited to, rearoaabie rrttvrwrr's fees. - gad costs of doct:~ewtary evidcwce, irbitfatli gad tick reports. _ h 19. Borrowa's Rlgbt to Reiwstsle. Notwithstanding Lender's acceleration of the sums secured by the. Mortgage, Borrower shall have the right to have any proceedings heg?:n by tender to enforce this Mortgage discontinued at any time c~ e 3'i(l~ R vrrc~i7