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HomeMy WebLinkAbout2717 . ..t. t t 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 lender agrce to other terms of payment. such amounts shall be payable upon notice from Lender In Borrower requesting payment llier~!<, ~td shall hear interest fr+mrt tht date of disburxment at the rate payahk from time to time on outstanding principal under the Note unless pa~?tnettt 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 requite i.ender to incur any experae or tape any action hereunder. 8. laspectiott. Lender may make or caiix to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower ndice prior to any such inspection specifying reasonable cause theafor related to Lender's interest in the Property.. 9, Cosdemaatbn. The proceeds of any award or claim for damages, direct or consequential, in rnnnection with any condemnation or other taking of the Property, or part thereof, or for ccxiveyance in lieu of condemnation, art hereby assigned and shall be paid to I~nder. In the event of a total taking of the Property. the proceeds shall 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, unless Borrower and Lender otherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds 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 balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by I.endcr to Borrower that the con_ demnor offers to mate an award or xttle a claim for damages. Borrower fair to respond to fender 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 writin~e. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. 10. Borrower Nof Released. Extension of the time for payment or modificarinn 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 Borrower's successors in interest. Lender shall not be required to rnmmence proceedings against such successor or refiix to extend time for payment or otherwix modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers wccessors in interest. I1. Forbearance b7' Leader Nof a Wsiver. Any forbearance by Lender in exercising any right or rcmody hereunder, or otherwix 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 secrired by this Mortgage. 12. Rentedks Comulatite. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercixd concurrently, independently or successively. ' l3. 3rtceesaors and AssiRes Found; Joist aced Several i.iabiBty; Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall intir~ to. the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agrcements of Borrower shall be joitd and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are rat to be used to interpret or define the provisions hereof. 14. NMicr. 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 bt given by mailing such notice by certifkd 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 he given by certified mail. return receipt requested. to tender's address stated herein or to such other address as Lender may designate by rintice 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. IS. Uniform Mortgage; GoverniaR Law; Sevrrability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations •hy 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. In the Burnt that any provision or clatix 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 arc declared to be severable. 16r Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time i of executan or after recordation hereof. 17..Traeder of the >rroperiy; Assnmption. If all or any part of the Property or an interest therein is sold or transferred I by Borrower without Lenders prior writrcn consent. excluding (a) the crcatan of a lien or encumbrance wbordinate to ~ this Mortgage. (b) the creation of a purchase money security 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 yeah 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 cold 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 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 I obl?gations 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 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 Ig hereof. Norr•Urrtt:oanr CovetvsrrTS. Borrower and Lender further covenant and agree as follows: q 1>l. Accderafbo; Rewediea. Except as'rovided i• paragraph 17 bereo/, tRon Isonowetr'a btteaeb of airy eoteatrt ar agrtemest of 1orrower b ibis Morf;a<e. hxlrt~ag the cotrcwattfs to Pay whe¦ doe ate Sams aecusd ti the Mortgage. i.eader I prior M aecekntloe drag tttail aotlce to •orrower alt prortded i. pnigraph 14 hereat'tPtel[yi~: (1) the breach: (>h the sctioa rgdr+ed b cue tench btxaeb; (3) a date, trd lest that 30 days trom the date the aotke r tttaNed to Borrewer. by whklt srcb breaeb mrtM k esred; need (4) that bible a cut web breach a or helots the date sptcYed its the suttee may resale a f trecelerafiott o[ the weer aect+red 6y fhr Mor1=aRe. loreclowrr h' jtMlcial pt+octeditr~ ati stale of the frwperty. The wotice ° shah briber h~orw Iorrower d the rfgM to refsssbte after aecelrratfoa and the right b ariM iw tbt forscloaue roeetdbtg 3 the aoo-a:rtsttce of a detaeit ar aty other dAertse of Borrower to acceleration and lotteioartre. N the brcxh r trot ettt~eJ a or before the date geefdei V the ttotlce. Lttwkr at i.ertder's optbw may declae ant of the wttta ateued by for MottgaRe b k itwrwedLteiy dirt ant payahk wifboaf Bather demand and may loteclat the Manage by jitdkW ptec~eediaR. Lender sbaN be eatltlti to coYtct its web poetedittg sM a:peat;es of foreclosure. fecbdiag. belt nett ~ fe. reanoeable stuxnrr's fees. std coats of docrmewtary erideaee, abstracts aid title repro. 19. Isonowa'a Rfgbt to Rdaatate. Notwithstanding Lender's 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 ~ ~~~~321 ~~~271:~