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HomeMy WebLinkAbout2288 ~ ~ Lender's written agreement or applicable law. Borrower shall pay the anx~unt of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, wqh interest thereon, shall became additional in~khtednesc of Borrower secured by this Mortgage. Unlecc Borrower and I ender ague to other terms of payment, such amounts shall he payable upon notice tram Lender to Bormwer reyutsting payment thereat, and chat) hear interest from the date of disbursement at the rate payable from time to time nn outstanding principal under the Note unless payment of interest at stub rate would he contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall rcyttire l.cnder to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to t+e made reasonable entries ulxttt and inspections of the Property, provided that Lender shall give Borrower notice pricer to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. - 9. Condemnation. The proceeds of any award or claim far damages, direct ar rnnsequential, in connection with any condemnation or other taking of the Property. or part thereat. or far conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a to1a1 taking of the Property. the proceeds shall he applied to the toms 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 tx applied to the sums secured by ihie Mortgage such proportion of the proceeds as is egtta! to that proportion which the amount of the sums uc~ired by this Martga(te immediately prior to the date Of taking bears to the fair market value of the Property immediately pricer to the date of taking, with the balance of the proceeds paid to Borrower. If the Properly is abandoned by Bor:ower. or if. after notice by Lender to Borrower that the condemnor offers to make an award or cattle a claim far damages. Bormwer 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 i apti~*n, either to ratoration or repair of the Property or to the sums secured by this Mortgage. Unless lender and Borrower otherwiu agree in wriltne. any such application of proceeds to principal shall not extend or postpone the due date of the monthl}• installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. iil. Borrower Not itekased. Extension of the time for payment or madihcation of amortization of the sums secured by this Mortgage granted by Lender to any cuccecsar in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's sttccessorc in interest- 1_ender shall not lx required to Commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums sec~~red by this Mortgage by reason of :any demand made by the ari¢inal Bormwer and Borrower s successors in interest. 11. Forbearance 6y Lender Not a Waiver. Any forbearance by I ender in exercising any right or remedy hereunder. or otherwise aBorded 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 ar other liens car charges b}• Lender shall not he a waiver of fender's right to accelerate the maturity of the indehtednecs ucorcd by this Mortgage. 12. Remedies Cnmulati~e. All remedies provided in this I?lortgage are distinct and cumulative to sny other right or remedy under this Mortgage or afforded by law or equity, and may he exercised concurrently, independently or ntectssively. 13. Sneeessors and Assigns Bound: Joint and Sereral I.iat,iBty; Captbns. The covenants and agreements herein 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 be join] and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and are not to tie 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 Martga¢e shall tx given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to i.ender as provided herein, and (h) any notice to Lender shall he given by certified mail. return rectipt regtxsted. to lenders address stated herein or to 's 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. 15. Uniform Mortgage: Covernirr~ Law; Severability. This form of mortgage combines tmifortn covenants for national i use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering 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 Ihic Mortgage or the Note conflicts with applicable law, such conflict shall not affect i other provisions of this Mortgage or the Nate which can be given elect without the conflicting provision, and to this i end the provisions of the Mortgage and the Nate are declared to tx severable. 16. Eorrower's Copy. Borrower shall be furnished a canfarmed cop}~ of the Note and of this Mortgage at the time ~ of execution or after recordation htreof. 17. ,Trawafer of the Property: Assumption. if all ar any part of the Property or an interest therein is said or transferred by Borrower without Lender's pricer written consent. excluding lal the creation o[ a lien or encumbrance subordinate to a this Mortgage, (b) the creation of a purchase money cecurit}• 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 any leasehold interest of three years or kss not containing an option to purchase, Lender may. at Lender's option, declare all the sums secured by this Mortgage to be immediatel}• due and payable. Lender shall have w~a~ved such option to accelerate if, prior to the cak or transfer. Lender and the person to whom the Property is to be call or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interrct payable on the sums secured by this Mortgage shall be at such rate ac Lender ~ shall request. If Lender has waived the option 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 tram all obligations under this Mortgage and the Note. . if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance M~ith ;.=ragraph 14 het+oof. Such nntiCe 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 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. Norr-UtvtFOtttrr COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acederntbs; Remedks. Except ss provided is patrttRraph 17 hereof, epos Il'wrrawera beach of nay cova+aat or ~ atrecmeat of Borrower ie this Mort ate. incladirtg the corcuants to pay wAts due nay soma secnrd br this Mtxtgage. Lesser prior to acctleratbs sW mail aotke to Borrower a provfded is paragraph 14 bercol ~rrbK: (1) tbt breach: t2) the setbw _ rcqulred to Bare tttrci breach; (3) s date, sot less than 30 days from the date the notke is tna8ed to )dorrower. br which tarcb btYacb mast be cared; sd (4) that tailsre to care strcb breach w or before the date speeMed b the notke mar resale b " accderatlos of the ssttas trecturcd br tbh Mortgage. foreclosure Ike judkW proeeedbK and s»ie of the Property. The wdke :hall fnrtber interns iorrower of the right to reinstate after sccckratbn and the right to assert h the torec{oastro preecedisg the son-existescr of a ddatrk or nor other defense of Ilorrowrr to accrkratbn and foredowrt. N the breach b sot csrei ow or before the date apeclied i• the notfee. Lender at I.rndrr's opion mar decbtre aq of the wine seesred br this Mort~e b !K iranuediately doe and pyabk witbont farther demand and may foreclose tbfa Mort=agt br jfndkW proeeeditaR. Lender shall be estitkd to eolkef d stub proeredirr8 sN expenses of forrclossre, inclndint, bat sot Ilimited a, renorrabit ata,rner's tea. atsd coa4 of doe~!sestary e~Wesce, tnbstrscts atad titk reports. 19. tlbrrowes's Rlgbt to Rebutate. Notwithstanding Lenders 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 an}• time i j 3;~K~ 3i8 ~~~E 2~'8~