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HomeMy WebLinkAbout0865 I. t ~ Lender's wnucn agreement or applicable (ew. Borrower shall pay the amount of .ell mortgage insurance premiums in rife manner provided under paragraph 2 hereof. ? Any amounts disbursed by I-ender pursuant to this paragraph 7. with interest thereon, shall become additional indeMrdness of Borrower secured by this Mortgage. lJnlcss Borrower and 1 cuter agree to other terms of payment, such amounts shall he payable ulx+n notice (mm 1 ender to Born+wer requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time un outstanding pnncipa) under the Note unless payrrnatt of interest at such rate would he conlrarY to applcable law. in which event such amounts shall tzar interest at the highest rate permissible under applicable law Nuthink contained in thee paragraph 7 shall require !ender to incur any expense or take any action hereunder. 8. laspectiow. tender may make ~~r cause to he made reasonable entries up.+n and inspections of the Property, provided that lender shall give Borrower notice prior to any such inspection specifying rrasonablc cause therefor related to Lender's .a- ui;~.i~ii i1/ IIIC rlV~laly- 9. Condemnation. The pnxeeds of anv award ur claim for Jamaees. Direct or consequential, in connection writh any condemnation or other taking of the Prolxrty. ur part thereof, or for conveyance in lieu of condemnation, are hereby assignod and shall be paid to Lender. In the event of a total taking of the Pntperty. the pnkcr.t, shall he 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 Lender otherwise agree in writing. there shall t+e applied to the wms scented by chi, Mortgage such proportion of the proceeds as is equal to that proportion which the amount of tt+c sums cecrired by this Mortgage immediately prior to the daft of taking bears to the fair market value of the Property Imnredwtrly prior to the Jate of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by &u.ower. or if after nt•ti~e by I under t~. Borrower that the condemnor often to make an award or settle a claim for cl;trr:.:_e•.. 8:}rrt:w~~: f::.!: ttt riiiiatnd ti+ I eildff within 3t) days after the daft such notice Is mailed. 1_ender is airthorircd to collect and apply the pnceeds. at 1 ender's option, either to restoration or repair o[ the Prol+ert~• or to the sums secured h}' this Mortgage. Unless Lender and Borrower otherw•ice agree in wrilrnr. any such applrcati,~n c.f proceeds to principal shall trot extend ur plstpone the due date of the monthly instaUmcnts referred to in paragraphs 1 and 2 hereof or change the arrrount of such installments. 10. Borrower Not Released. t?xtension of the time for payment ur modification of amortization of the sums secured by this Mortgage granted by 1 enter a• anv successor in interest of Borrower shall not operate to release. in any manner. !tic liability of the original Borrower and f3.trrower's successors in interest fender shall not bt required to commence proccedings against such successor or rehrse to exlenJ time for payment or otherwise modify amortizstion of the sums secured by this Mortgage by reaum of :,ray demand made by the ttrieinal Borrower and Borrowers successors in interest. 11. Forbearance 6y Lender Not a Wainer. .Any forbearance by 1 ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall rant he a waiver of nr preclude the exercise of any such right or remedy. The procurement of insurance or the payment of rases or other liens .x charges by I_tnder shall not be a waiver of Ltnder's right to accelerate the maturity of the Indebtedness secured by this Mortgage. 12. Retnedks Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remeJy under this Mortgage or afforded h.• law or equity. and may he e>,ercised concurrently. independtntly or successively. ' 13. Swccessors and Assigns Bound: rJoint and Several I.iaMlity; Captions. The covenants and agreetrterits herrin contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall Ix joirtj and several. The captions and headings of the para~raphe of Ihic Mortgage are for convenience only and arc not to tie tntd to interpret or define the provisions hereof. 14. Notke. Except for sny notice required under applicable law to be given in another manner. fa) any notice to Borrower provided for in this '<tortgaee .hall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other adJrecs ac B,~rrttwer may designate by notice to Lender as provided herein. and (b) any notice to Lender shad he given by certified meil. rctum receipt requested. to Lender's address stated herein or to such other address as Lender may designate h} nrttire rat Borrower as provided herein. Any notice provided for in this j Mortgage shall be deemed to base been given to Borrower ur I ender when green in the manner designated herein. 1S. iJnifonn 11tortRage; Governing Law: Sc.erabilih. This form of mortgage combiner uniform covenants for national .use and non-uniform covenants with limited variariom by jurisdiction to cnnstiurte a uniform security instrument coveting E real property. This Mortgage shall he governed by the law of the jurisdiction in which the Ptoptrty is located. In the event that any provision or clause of thl, !Nortga¢c or the Mote contlicrs with applicable law, such ,conflict shall not affect othu provisions of this Mortgage or the Nate whrch can I+e given etle~t without the conflicting provision, and to this ! end the provisions of the Mortgage and the tiote are tlrclared to be severable t 16. Bomower's Copv. Borrower shall he furnished c.mhtrmed cop;. of the Nete and of this Mortgage at the time i of execution or after recordation heret~f 17. ,Transfer of the Property: Assumption. if all c.r any part of the Pri~perty or an interest therein is sold or transferred by Borrower without Lender's prior wrin.•n e.+nsenr. excluding lot the creation of a lien or encumbrance subordinate to this Mortgage. (b; the creation of a purchase money security ~ntcrest for household appliances. (c) a transfer by devise. descent or by operation_of law upon the death of a joint tenant or fdt the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. ar 1 ender's option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have warred such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be .o1J or transferred reach agreement in writing that the credit n( such person is satisfactory to Lender and that the intcrr.t payable vn the sums secured by this Mortgage shall tx at such rate ac Lender shall request. If lender has waived the optlt-+n 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 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 pencil of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due If Borrower fads to pay such sums prior to the etcpiration of wch period, Lender may, without further notice or demand on Borrower. revoke any remedies permitted by paragraph IR hereof. NON-UNIFORM COVENAN7$. OVrtower and Lender further COVenant and. agree u follOMr: lg. Accekratiow; Remedks. Except as provided in paragraph 17 hereof. tspw Bortrewer'i bsteaeb of a•r co~etdsst K asreemewt of Borrowtr iw this Mortgage. tacluding the covenants to pay when doe asry send sttxwsei Icy tbfs Mortgage. t.esier prior to accskntbw shall mail rwtice to Borrower as prodded in paragraph 14 hereof speclfyia~: (1) the bttescb;l2) the aKtlsw teegwired to care s~cb breach; (3) a date. cot less than 30 days Imm the date the wotke r Iwattea fo Basrswer. by wbki stttt:b breach stilt be cared; asd (4) thst faAurt to care such breach ow or betort the date yecifiea V the works-ray resdt b sccdetratioss o! the sand secttued by this Mortgage. forsciowro by judkW proceeding ani sale of the Tsoperfy. The wstkt - shall farther inform Borrower of the right to reinstate after sccekratbn and the right b assert b the totrsciessas psoeeetiaB _ the sera-existence of a defwlt or am other defense of Borrower to acctkrstion and foreclowrt. K We breach fs tract etore~ o~ or before the date specified i• the notice. Lender at [.endtr's option Tway destines aw of the wtr settseti b7' Ads Martgttpjt ir• k iarwxdiately dot nail payable withowt further demand and may forecbse this Mortgage bT jwdkW psrcet~. Lender drab ~ bs esuitkd to coiled fa swcb proceeding ap espeoses of forecloswrc. fwcludirrg, bet woe tB~Ned M/ ssasowsMt set/xwetrs fees. and casts of doct:~sewtary evidence. abittrscts and Iitk reports. 19. Borrowes's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun t.v Lender to enforce this Mortgage discontinued at any time :'x 3i8 ~a~E 864