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HomeMy WebLinkAbout0567 Lender's written agreement or applicable law. Borrower shall pay thr arnuunt of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbwsed by Lender pursuam to this paragraph 7, wuh interest thereon, shall become additional indebtedness of Borrower sec~?trcd by this Mortgage. Unless Borrower and I trader agree to other terms of payment. such amounts shall be payable ulx~n notice from I.cnder to Borrower reyueuing payment thereof. and shall bear interest from the date of dicb?rrsemtnt at the rate payable fmm time to time on outstanding principal under the Note unless payntettt of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or tape any action hereunder. 8. Inspection. Lender may make or cansc 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 Lender's interest in the Property. 9. Condemnation. Thc proceeds of any award or claim for damaecs, direct or consequential, in connection with any 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. In the event of a tMal taking of the Property. the proceeds shall he applied to the cams 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 he applied to the sums securest by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount ut the sums secured by this Mortgage immediately prior to the date o[ taking bears to the fair market vahte of the Property immediately pnur to the Date of taking, with the balance of the proceeds . paid to Borrower. if the Property is abandoned M• Bar,ower. sir if. after notice by Lender to Borrower that !ht condemnor of[ers to matte an award or settle a claim for damages. Borrower fail. to resrx.nd to I ender within 30 days after the date such notice is ' mailed. Lender is authorized to collect and apph• the proceeds. at lender's option, either to restoration or repair of the Property or to the sums secured b)• this Morteage. Unless Lender and Borrower otherwise agree in Krihne. any such application of proceeds to principal shall not extend or postpone the due date of the monthh• installments referred to in paragraphs I and 2 hereof or change the amount of such installments. - iv. norrower trot Keitaseo. txtcnstan of the trme for payment of modtAcatton of amortization of toe sums stxtrt+ed 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 Burrower ti successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortizatton of the sutras secured by this Mortgage by reason of .rn)• demand made h}• the arieinal Borrower and Borrowers successor in interest. 11. Forbearance by [.ender Not a Wainer. Any h.nc~arancr hs• Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not he a waiver of ar preclude the exercise of any such right or remedy. The procurement_of insurance or the payment of tares or other liens ur charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured h}• this Mortgage. 12. Remedies Camulati~e. 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. Successors and Assigns Bound: Joint sad Several LiaM'lity; Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender 3ttd 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 parattraphc of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. td. Notkt. Except for any notice rcyuired under applicable law to be given in another manner, (a) any trotice to Borrower provided for in this Mortgage shall be given by mailing such notice by certifled mail addressed to Borrower at the Property Address or at such other address as Borrower rose designate by notice to Lender as. provided herein. and (h) any notice to Lender shall he given h}• certified mail. return receipt requested. to [.ender's address stated herein or to such other address as Lendtr may designate by notice t~. Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been green to Borrower or Lendtr when green in the manner designated herein. 1S. Uniform Mortgage: Governing law; Severabilitr. This form of mortgage combines uniform Covenants for national use and non-uniform covenants with limited variations by junsdicti~n to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdictian in which the Property is located. In the event that any provision or clause of thii Mortgage ur the Note canflicts with applicable law, such conflict shall not afFect other provisions of this Mortgage or the Nntc whrch can t?e given elect without the conflicting provision, and to this end the provisions of the Mortgage and the '`ate arc eleaared to he severable. 16. Borrower's Copy. Borrower shall be furnished a conformed cop} of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. ,Transfer of the Properly: Assumption. if all ar any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. rzcluding la) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase manev security rnterest far household appliances, (e) a transfer by devise, ' descent or by operation of law upon the death of a jarnt tenant or Id1 the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. at Lender's opdan, declare all the sums secured by this Mortgage to bt 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 to l+c ,aIJ ar transferred reach agreement in writing that the credit of such person j is satisfactory to Lender and that the interc.t payable on the sums secured by this Mortgage shall bt at such rate as Lender shall request. if lender has waived the aptian 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 obljgations under this Mortgage and the Note. if Lendtr exercises such option m accelerate, !-ender 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 ~ 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 lg hereof. NON-UNIFORM COVENANTS. BOffOWer and 1_ender further Covenant and agree as follows: 18. Accekratbw; Remcdks. E:ceps ac provided in paragraph 17 hereof. upon Borrower's beach of arty co~ewawt or agrecwewt o[ Borrower in ebb Mortgsge. tacladirrg the covenants to pay when doe soy sarws secttr'd b7' ebb Mortgage. I.ewdetr prior to accekratbw shall mall aotke to Borrower as provided In paragraph 14 hereof specltyiog: (1) tbt beach; (2) the sctiow t required to etas swc6 brYacb; (3) a date. not less than 30 days from the date the notke b willed to Borrower. by wbkb strcb beach wtrM be tutted; awl (4) that failure to cure stub breach o0 or before the dale specYta b the wotke way rtstrN iw sccYkratba of the staves scented by Ibb Mortgage, fortcbsurc by judicial proceeding awl sale of the Property. The wotite shall frrribcr iwforw Borrower of the right to rcitufate after accckratbn and tbt right to assert iw the fotecbswre p~oeee~trg the ono-a:btence of a defank or say other defense of Borrower to accckrstba and fortcbwrt. If the beach b vent ettr+td ow or before the date specified fa the notice. 4etnder at [.ender's option may decbut sp of the sows stt:cwtttd by ebb Mortgage fin be bttwtcdiatety dot awl paysbk withont further demand and may forecbst fhb Mortgage by jwikW ptoesedia~g. Lender xhaB be ewtttkd to culled iw swcb proceeding sH e:pertses of foreclosure, including. hot woe Ytrtiteta to. reasowabie trlt•xneY's fees. awl carts of r3otrr7ewtary eridtnte, abstracts and tick reports. 19. Borrower's Right to ReioutNe. Notwithstanding Lender's acceleration of the sums secured by tht~ Mortgage, Borrower shall have the right to have any proccedtngs begun by 1 ender to enforce this Mortgage discontinued at any time i