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HomeMy WebLinkAbout1253 - Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and !_ender ague to other terms of payment, such amounts shall be payable upon notice from fender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payahk from time to time on attstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable taw. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate any action hereunder. >R laspectioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that i.cnder shall give Borrower notice prior Io,any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. 9 Coadesaaatba, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnatan or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc hereby assigtued and shall be paid to Lender. Tn 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 irender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceed: ; 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 balanct of the proceeds paid to Borrower. if the Property is abandoned by Bor:ewer, or if. after notice by Lender to Borrower that the condemnor oRers to mate an award or settle a claim for damages, Borrower fails 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 ttpair o[ ttte 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 herwf or change the amount d such installments. lA. >sorrower Not Rtrkased. Extension of the time for payment or modification of amortization of the sums second by this Mortgage granted by i_ender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the oriRinsl Borrower and Borrowers successors in interest. 11. Forbearance rI' icader Not a N?sdver. Any forbearance by Ixnder 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's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies ComrhUie. All remedies provided in this Mortgage art distinct and cumulative to any other right or remedy under this Mortgage or afforded by law pr equity, and may be exercised concurnntly. independently or successively. 13. Srceesors and AssiRrs Found: ,Joist sad Several f.iabiligr, Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inrtr~ to, tlte.rtspective successors and assigns of Lender spd Borrower. subjeM to the provisions of paragraph 17 hereof.. Alt covenants and agrcements of Borrower shall bt jetty and several. The captions' and headings of the paragraphs of this Mortgage arc far convenience only and aft 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 Mortga¢e shall be given by mailing such notice by certitkd mail addressed to Borrower at the Property Address or at such fiber address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to Lender's address stated herein or to 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. 1S. Usritorra MortgsRe: Gotrtrttung taw: SeverabBity. 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 covering teat 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 or the Note conflicts 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 end the provisions of the Mortgage and the Note are declared to be severable. 16. Itiorrower's Copy. Borrower shall be furnished a conformed roP)• of the Note and of this Mortg:ge at the time of execution or after recordation hereof. 17..?rasrfcr of ere Property: Assamptiow. Tf all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the ertation of a lien or encumbrance subordinate to this Mortgage. (b) the crcatron of a purchase money security 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 less not rnntaining 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 h~ be cold or transftrred reach agreement in writing shat the credit of such person is satisfsctory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. Tf Lender has waived the option to accelerate-provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obliSations under this Mortgage and the Note. If Leader txercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance M•ith paragraph 14 hereof. Such notice shall provide a period c+f not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. tf Borrower faits to pay such arms prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remtdia permitted by paragraph Ig hereof. Note-Utvtcatat CoveNaNTS. Borrower and Lender further covenant and agree as follows: li. Aecderatioa; Resedies. Except as provided is oaragraplr 17 rttr+ed. tRoa Itorrewa's Meae\ d art ceveaaat K agroe>•ert d llbrrower `trts Mortgage, erg the coveasMs to pr wrta ifae say stars oecrtrei r7' tl~ Marlgtrge. l.eaietr prior M aecelerrtlon star swaN aotke to lliorrowcr s provided la ptuagtapA 14 Uereot speelt>fag: (1) ere bneacr; (21 ere scfiw rgrlrsd b crre tact rreaer; (3) a flare, sot las thaw 30 days trots ere date ere taotiee is raNtta to tiorrovrer, try carter stet rtreaer mtnt re errtea; tr.i (4) trN faitrre to errs twcr 6reacr a or retore ere date speciftsa is ere ttwliee way resale r accekrrtbr d ere waits tseerr+esl by trb MotrtgaBe. corrclesrre y jrdkW _prreseairrg tnai ale d ere Tr~crty. 71re tratlee dnrr ttuUer ircotrs Itbrrrwer d ere right to treiaspMe after aecekrMba awa ere right b aaaeA i• ere totrclowre prrce~eittg ere aoa~exWeaee d a 4efarM or say firer decease d Borrower to accNerMbr scarf foraelowre. N ere <sreaclr V teat etrtei ar ' or bdore ere date speciietl is ere ttatice. ti.cwder sit I.thtider's optba +M' declare sr! d ere war seemed by frb MortgrtRe Jo k iwtweriahly fire awti parable witroN trrther demand srad tray foreclose trl. Mortpge try jaikW preeedirR. Lendtrr shall k atltlei a collect iw stet procetairg ail expcwses of foreclosrre, Irclydirtg. brt taM llirrited to. reaaoraiie sKt~xrreYs sea, atntl costs d itrtt.-~eMary triderce, abstrscb awa title repro. i!. liorrrwa's Rlgrt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by th~~ Mortaa=e. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time an~x 32~ PacE 1251 .