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HomeMy WebLinkAbout0183 Lender's written agreerttent oc applicable law. Borrower shad pay the amount of all mortgage insurance ptemiutns in the manner provided under paragraph 2 hereof. Any amounts disMtrsed by !.ender pursuant to this paragraph 7, with interest thereon, shah become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and !.ender agree to other terms of payment. such amounts shall 6c payable upon notice from Lender to Borrower requesting payment thcfea~, and shall bear interest from the date of disbutsemeiit at the rate payahk [tom titrte to time an outstanding prit~ipal urtdes the Note unless pa'ymatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest ratae permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate any action hereunder. ' g, lwspeetiow. 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 caux therefor related to iestder's interest in the Property. - 9. Coodewtwstbw, The proceeds of any award or claim for damages, direct or consequential, in rnntteetion with any condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation. arc het+eby assigned and shall be paid to Lender. 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 flee event of a partial taking of the Property, unless Borrower and Lender aherwix agree in writing. there shall tx applied to the sums xcurcd by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Monga~te 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 elk Property is abandoned by Bor:corer. or if- after notice by Lender to Borrowtr that the condemnor offers to make ' an award or xttle a claim for damages. Borrmver fail. to respond to lender within 30 days after the date such ttotioe 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 applicatiop 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 Not Relearned, Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to rekttx, in any manner, the Liability of tht original Borrower and Bt?rrower's successors in interest- Lender shall not bt required to commence proceedings against such successor or rcftrse 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 Borcowefs successor in interest. 11. Forhearawce try Lender Not a R'sivtr. Any fortxarance by Lender in exercising any right or remedy hereunder, or otherwix afforded by applicable law. shall not tx 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 Linder shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Retwedies Crwtrhtlsre. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy tinder this Mortgage or afforded by law or equity. and may be exercixd concurrently, indepenckntty or successively. ' 13. 3recesaors swd Assigns dousd: Joint sad Several IbbiBtr; Captlows. The covenants and agreements herein contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender seed Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty and several. The captions- and headings of the paragraphs of this Mortgage arc for convenience only and are not to tae 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 Monga¢e shall be given by mailing such notice by ceniflod mail addressed to Borrower at the Progeny Address or at such Whet address as Borrower may designate by notice to fender 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. Uniform Mortgage: Gotrtrsisg Law: Severability. This form of mortgage combines uniform covenants for national f trx 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 which the Progeny is located. in the ~i event that any provision or clatrx of this Mortgage or the Note conflicts with applicable law, such conflict shah not affect other provisions of this Mortgage or the Note which can be given etiect without the conflicting provision, and to this end the provisions of tht Mortgage and the Note arc Declared to be xverable. ~ lt. iorrowtr's Copy. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the tithe 1 of execution or after recordation hereof. 17. ,Trswater of the ltoperty: Assrrwptior. If all or any pan of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior writinn conxnt. excluding (al the creation of a lien or encumbrance subordinate to t this Mortgage. (b) the creatron of a purchase money security interest for houxhold appliances, (c) a transfer by devise. descent or by operation of taw upon the death of a joint tenant or (d) the grant of any leasehold interest of three year or less cwt 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 x and the person to whom the Property is to be sa1J or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the imerest payable on the sums xcured 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 Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall rckax Borrower from all obliSations under this Mortgage and the Note. If Lenckr exercixs such option to accelerate, Lender shall mail Borrower notice of accekntion in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the dau the notice is mailed within which Borrower may pay the sums declared due. it Borrower fails to pay such stems prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph Ifl hereof. . NoN-UNIFOaM COV8NAT1TS. Borrower and Lender funkier covenant and agree as folbwa: lg. Accekratioag ReaaeJla. llance't ar'rovlred iw pragraph 17 hetreot, trpw iornwas's ireaA d ta.r corewawt er ~ ngrecasastt of Borrower ir, tlrla Matgage. bclr~wg tie coewaatls to par whew teak any sour lecwstl hr tlda Mortgage. Lewder prbr to sctelentlow shai wndl atotice Io lSorrowtr aw *rovftkd iw rarrtgtrsph 14 hereof a'eeltriwg: (1) tie IMeaeh: (t) the setMw regtrlrel b erne aareh irrtaelq (3) • dale. woe less tDas 30 days traw the date the wotke r aartfetl N lserrower. fry whlith arch breach torts! he eatre~ naafi (4) fist taeittre a crre such breach a or ttetore the dale geelfioti fi the wotke war resrM r srccderatlow of the rant aeetstxed br th4 Mortgage. feaeclosrre br jtrdkW proeoediwg awl style of the fho'ertr. The awtiee shat tstther iwtor>• Borrower of the right to rehteaste after secekratbw astd flee right b swat iw the Iorecloarrc prrseeedlwg the sww-txlottsree of s tletaurM or sort other aetewae of Eorrower to arcceleratbw sued tor+eclowre. N the bt*eaclt r awe cared es or before the dale s'ecMotl i• the wotke. Lesttler at Lewder's oplow twat declare d of the sorer sscwretl bT this Mortgage M bt ~ iwnattediatetr ire awl pwrsMe withort trrthtY demand awd war foreclose tWa Mortgage br jiailew prweeedfwR. Lender daN be ewtllleti to coYeet i• stash proceednwg w0 a:pswses of torecbsrre. hclrtiiwg. br1 woe ~ M. reasowahit ttfl~xwey's fses. cord costa o[ ioct.''seMarr:ddewee, abstracts steel title rt'orb. - 19. lorrowa's Right tr Reiaatate. Notwithstandintt Lender's acceleration of the sums secured by thrs Mortgage, Borrower shall have the right to have any proceedings hcgun by Lender to enforce this Mortgage discontinued at any time t raft nnn ~