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HomeMy WebLinkAbout0675 ~ ,et~- • 1 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiuaa in the manner provided under paragraph 2 heroof. Any amatnts disbursed by !.ender pursuant to this paragraph 7, with interest thereon, ahaU bocorms additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agr+oe to other terra of payment. such amounts shall be payable upon Halite from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on aft:tandmg principal under the Note unless pajrment ~ interest at such rate would be contrary to applicable law, in which event such amounts shall b~ interest at the highest rate permiuibk under applicable law. Nothing contained in this paragraph 7 shall require Leader tb incur any gtpenst~ or fate any action hereunder. g. les~eefiott. Lender may make or cause 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 Properly. 9. Coedeateatba The proceeds of any award or claim for damages, direct or consequential. in t:onrtectioa with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby sssiarted and shall be paid to Lender. 1n 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 Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the gooeeds u is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of Taking, with the balance of the proocesds paid to Borrower. if the Properly is abandoned by Borrower. or if. after notice by Lender to Borrower that the cottdamttor offers to make 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 repair of tots Properly 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 Attend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 het+eof or change the atmonM of such installments. 10. lorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured 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 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 amortization of the sumt secured by this Mortgage by reason of any demand made by the original Borrower and Boroewers successors in intereq. 11. Forbearance by Leeler Not a Waiver. Any fort+earance 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. Rerwelirs CtanrhNra. 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. Saceesssrs ausi AsaiRes lotred: ,Joht veld Sertral I3abiWy; Capflees. The covenants and agresmertts herein contained shall bind, and the rights hereunder shall inttrg to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jetty and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to tk used to interpret or deAne the provisions herrnf. 14. Notke. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mongaee shall be given by mailing such notice by ceniAed mail addressed to Borrower at the Properly Address or at such other address as Borrower map designate by novice to Lender u provided herein, and (b) an notice to Lender shall he iven h cent d Y g y fie mall. return receipt requested. to Lender's address stated herctn or to such other address as Lender may designate by notice to Borrower as provided herein. Any Holies provided for in this Morlgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. lS. Ueitorw Mortgage: Goverelag Law; Severability. This form of mortgage combines uniform covenants for national f use and non-uniform covenants with limited variations by jurisdiction to corsstitute a uniform security irotrument 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 this Morlgage or the Note conflicts with applicable law. such cortAict shall not athct I; other provisions of this Morl a e or the Note which can be iven e6ect without the conAicti and to this B g g n6 p• end the provisions of the Mortgage and the Note arc declared to be sevenbk. lf. borrower's Cody. Borrower shall be furnished a conformed cope of the Note and of this Morlgage at the time of execution or after recordation herrnf. 17..Traester of the Pro*esfy: Assartwptiow. if all or any pan of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to this Morlgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by dtvise, j 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 Lender s option, declare all the sums secured by tha Morlgage to be immediately due and payable. Lender shall have waived such option to aoceknte if. prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is utisfactory to Lender and that the interc~t payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender hu waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in - interest hu 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 accordan~-e 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 eapintion of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. NoH•UHtt=ortr~t Covt:N~NTS. Borrower and Lender further covenant and agree as follarrs: li. Aecderatloe; Rewelks. Eseept ss provNel le paragra'It 17 hereof. tt*oa lerrewes's beeaeb of any ceverrrt er agreetaKet of lorrswer d this Mortgage. leelalieg the coreeseb to pay wbte tae any saws stseassl b7' this Mortgage. Letsier Astor b aeedt~tioa attest real! eotke to Sorrewtr as prorMled b paragraph 14 ttereo[ s~eettylags (1) tbs bt+eacb; f2) the safiaw regtdrei b erne web brraek (3) a tale, cot less tbse 30 days trove the late the ttotke r waled b llerrower, by wbkb streb tts+ettclt want be carte nett (4) that tagars b cure such breach ow w before the late afecliel r the wotfee way resale r acceleratioe of the wtr secarel 6y tlt4 Mort~e. foscelosare b7' ~W proeselisg alai sale et the hererry. Tire eetkt ; slral briber hstorw Sorr+owei d lie right to reia:tate after accekrNioe set the right b assts M lice taeelesase proeeeig tie aces-a:aerree d a ietaaM or any abcr dcfatse of sorrower to accderMfow nett toreelowre. It the Meaeb is slot caret oa I or before the tale s~eeiiei V the swtice. Lender at I.ewders oploe way ltclare sl of the sows asewtel by tYs MorigaRe b k ietaseliakly dae slat pyabk witboet tartlter demand aed tray tereclote this Mortgags by jattitW'roesellaR. Lender dial bs eetltkl to colsct V wcb'rocesdieg V expenses rat foreclosare. techsiieg. bat Hat latitsi le. reaseeaik sttxaev's fees. ant coals of ioes:eaerrtary eddeace, abstracb ael lick rcprb. ' 19. bosrewa's Rkltt to Reiestate. 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 any time ~;~~)K otrc '~K3~1 r~~