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HomeMy WebLinkAbout2351 •a~ I-ender's written agreement or applicable law. Borrower shall pay the amount of all tnorigage insurance premiums iw the manner provided under paragraph 2 hereof. Any amounts disbursed by !.ender pursuant to this paragraph 7, w;tl>v interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage- Unless Borrower anti t-ender agree to other terms of payment. such • amounts shall be payable upon notice from lender to Borrower requesting payment therrnf, and shall bear interest ft~om the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless past of interest at such rate would bt contrary to applicable law, in which event such amounts shall bear interest at tits hiEhest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experae or take any action hereunder. 8. Iwspeetiow. lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that l-ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdemwatiow, The proceeds of any award or claim for damages. direct or consequential, in connectiow with awy 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 i_ender. In the event of a total taking of the Properly. the proceeds chap 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, t+nkss Borrower and Lander i otherwix agm in writing. there shalt be applied to the sums sec++rrd by this Mortgage such proportion of the proooeds 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 Properly immediately prior to the date of taking, with the balance of the ptocoods paid to Borrower. if the Property is ahandontd by Borrower. or if. after notice by Lender to Borrower that the condemnor oRets to make a+: award or settle a claim for damages. 8ormwer fair to respond to !.ender within 30 days after the date such notice is mailed, [.ender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Properly or to the sums secured by this Mortgage. Unless Lender and Borrower othtrwise 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 hereof or change the amount of such installments. 10. Borrower Nol Released. Extension of the time for payment or modification of amortization of the wms secured by this Mortgage gnnted by Lender to any successor in interest of Borrower shall not operate to rckase. in any manner. the liability of the original Borrower and Bc?rrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwix modify amortiution of the sums secured by this Mortgage by reason of any demand made by the oritinal Borrower and Borrower's wccessors in interest. 11. Forbesnwee 6y Lewder Not a Waiver. Any forbearance by 1-ender in exercising any right or remedy hereunder. or otherwix 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 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- l2. Remedies Camuhttbe, All rcmedi.:s 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 sucoessivety. ' 13. Swccesrors awd AssiRrrs Bouwd: ~Joiwt gad Several l.iabr7ky; Captiows. The covenants "and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof- All covenants and agrcements of Borrower shall be joiry and several. The captions ~ and headings of the paragraphs of this Mortgage arc for convenience only and are not to lie used to interpret or define the provisions herrnf. 14. Notice. Except for any notice required under applicable law to be given in another manner, fa) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein, and (b) any notice to Lender shall hs 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 nonce provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. UnUonw Mortgage; Governing Law: Severability. This form of mortgage combines tniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real properly- This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. 1n the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not sHeet . other provisions of this Mortgage or the Note which can be given eflect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. ~ - 16. dorrowee's Copy. Borrower shall be ft+rnished a conformed cop}' of the Note and of this Mortgsge at the tune of execution or after recordation hereof. 17. ,Trwwder of ere Property: Assnmptiow. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the crcat+on of a purchase money ucurity interest for houxhold 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 containing an option to purchase, Lender may. at [.ender ~ option, declare all the sums sexured 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 to be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intcre.t payable on the sums secured by this Mortgage shall be at such rate as 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 auumption agreement accepted in writing by Lender, Lender shall release Borrower from alf oblj8ations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph i4 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. tf Borrower fails to pay such sums prior to the aspiration of each period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. Nor+-UNtFOr+r.t CoveHat+ss. Borrower and Lender further covenant and ogres as follows: 18. Accderatbs; Rewtedks. B:cape ss provided iw paragrapr 17 rereot. rrpow ionowa'a newer of awf covewsN sit agreewsewt at Borrower d this Mortgage, iwcludiug ere corewawts to pay wrew doe eery swam b tilt MalRags. Lowder prior to wccderstlow sha¦ wool! wotlce to Borrower as'rovlded fw parrrgrwpr 11 herco[ speclfyirrgs (1) the rsrach: (2) ere actbw trcgtrked to cone toter newer; (3) a dote, woe less craw 30 days from ere date ere wotke r mailed to •arrower. b wrkr saver rrsacr most be cored; trod (4) traR taWrs b core aver rreacr ow or retore ere date specked d tie sotice rosy ra:trlt i• acceleratiow of Cite sown aecwrei by tris Mortfa~e. toredosarr rT JwdkW proeeediw~ awl settle it ere Troptrty. Tie wotiee shay fwrtrer iwtonw 1on~ower of ere right to reisrsbte after aceeltrstbw awd ere rigrt b atwert h ere torseloaue proeesirg ere wow-exWewce d a iefwwlt or awy otter detcwse of >lsorrower to acceleratbw awl forreiowre. It Ire rre~cr i~ woe cored oa or before the dale speeiRed iR ere wotice. Lewder at l.ewder's optiow may declstee a/ o[ fire sweets ssewrsd rY Iris Mortgtgtr >r k iwwxdiateiy doe awd pyark wilrowt tartrer demand awd Wray foreclose trls Manage r7 jwikW proceedl¦It. Ltwde? shall be ewtltled to colkel b saver prrreesdiwL sw espewsa taf faecloswn. Iwclydieg. rot woe Wrdled Is+, rrasswahlt sttorwey's fees. awes costs of iser~wewtarp eridewee, abstracts awl tick rtporb. - 19. lorrowa's Right to Reiwstate. Notwithstanding Lender s acceleration of the sums secured by th+s Mort:a=e. Borrower shall have the right to have any proceedings hettun by Lender to enforce this Mortgage discontinued at any time