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HomeMy WebLinkAbout1046 . a- Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provide) 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 I_enokr agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from tune to time an outstanding principal under the Note unless pa}?mertt of interest at such rate would be contran? 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 require Lender to incur any experae or take any action hereunder. 8. lwspectiow. i_ender 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 sfrcifying reasonable cause therefor related to Lender's interest in the Property. 9. Coedemwatbw. The proceeds of any award or claim for damages, 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 astigned and shah be paid to i.ender. in 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 Leader otherwise agree in writing. there shall tx applied to the sums secured by this Mortgage such proportion of the procea4 as is equal to that proportion which the amoxmt 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 balartoe of the proceeds paid to Borrower. if the Property is abandoned by Borrower, 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 1_ender 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 the 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 her'oof or change the amount of such installments. 10. Borrower Not Rekssed. Extension of the time for payment or modification of amortization of the wms sectrr+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 Borrower c 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 sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearawce by Lewder Not a Waiver. Any forbearance by Lender in exercising any right or remedy Itetetirtder, 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. Rew~edies Ctuawlatl~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 successiven. . ' `13. Swecessors swd Asaigws Eoand: Joiwt swd Sevtral ibbility; Captbws. The eovenants and agreements here'rt contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender spd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jo>:nj and several: The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to tie used to interpret or define the provisions hereof. 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 Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address as Borrower may designate by novice to under ss provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to i.enokr'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 havt been given to Borrower or Lender when given in the manner designated herein. IS. Uniform MortRsge; Goverwiwg Law: Severability. 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 real property. This Mortgage shall be governed by the law of the jurisdiction in w~iich 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 aged f other provisions of this Mortgage or the Note which can tx given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. lf. )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..Trawsfer of tYe Property: Awwmptiou. if all or any part of the Property or an interest therein is soid or transferred by Borrower without Lender's prior written consent. excluding (al the oration of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise. r descent or by operation of law upon the death of a joint tenant or (dl 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 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 co1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest 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 Sotmwer's successor in interest has executed a written auumption 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 accordance with paragraph 14 heroof. 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 arms prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. NoK-Urtt>:oat?s CovENarns. Borrower and Lender further covenant and agra m follarrs: li. Accekratio~ Resedia. Except as provided is pragra fh 17 Irereofr. Row lsorrawa's Mewci of awy corew.wt ar ajreetsewt oft >sorrower b tiffs Mortgage, Iwdwdiwg rte covenawts to py whew love swy wwrs sxewrd b tiffs Mortgage. F.etraer prior a aecderwtiow sbaM waY wotlce to Eorruwer as provided Iw pragrapb 14 tercet ReeNylag: (1) tie ~reacb: (2) tfle aeftow rgwMei b ewre web frreseU; (3) a dale. wet less thaw 30 days twwr the date tie wotice fa oa0e4 fe )terrower. ~ w~kb strd breach r¦wst be ewred; awd (4) fiat tailats b cure welt Mescb ow or before the date specified b the wotkt way reswk b wcederafiow at tie swr secwred by this Mort;age. torccloswre b7' jwdfeittl pr~Mg awd sale et tie ttropcrty. The wotiet t shat fwrtber hJorw borrower oft the rigiM to reirrsWe attsr aceekrMbw awd tie right b asrert N tie terseiowre proeeedlwg tic wow~e:aewce of . detawN or awy other aefewsc of sorrower est wccekrstiow awes torecioNrs. H the irraeb b wet ewrea ow or before the dale Reeified b fie wotke. Lewder at l.ewder's optiow way declare r of the strrws seewtrcd b this Mortgage f+o >k ivwediwtely dove awd pyabk withoN twrfher demand awd way torrclae thfis Mortgage by jwdkW pneeedfaR. I-ender daY be eNWed to eoBset b wci procecdiwg aw a:peasas of foreclosure. iwciwdiag. bwt oval tiwrited M. reasewwble stl~xweYs fees. atl eoa4 0( ioCr-•wewt?ry erNewce. abstrwcfs awes litk report. If. )sonowa's titlgh! to Reiwdate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Burrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time G~~1K• "h321 PaCE1045