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HomeMy WebLinkAbout0189 .lender's written agreement ex 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 se:cutrd by this Mortgage. Unless Borrower and Lender agree to other,terms of payrnent, such amatnts shall be payable upon nMice from l.endtr to Borrower requesting payment ti)areot. and shill bear interest frorrr the date of disbursement at the rate payable from time to time on exttstanding principal under the Note unless pa}rraetit of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing rnntained in this paragraph 7 shall regdire Lender to incur any experae ex take any action hereunder. s. Iwspettiorr. Lender may make or cattx to be made reasonable entries upon and inspections of the~Property, provided that Lender shall give Borrower notice prior to any etch inspection specifying reasonable cause therefor related to Leatder's interest in the Properly. 9. Cerodeowatit?w. The proceeds of any award or claim for damages, direct •ex canscquential, in connection with and condemnation or other taking of the Property, or part thereof, ex for conveyance in lieu of condemnation, are hereby assigrtai and shall be paid to Lender. in the event of a toll taking e>< the Property, the proceeds shall be'applicd to the sums secured by this Mortgage, with flee excess, if any, paid to Borrower. In the event of a partial .taking of the Property, unless Borrower and Lewder otherwix agree in writing, thtrc shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that propariian which the amount of efts sums secured by this Mortga(e 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 ahantlane:d by Borrower, or if. after notice by lender to Borrower that the condemnor offers to make an award or xttle a claim for damages. Borrrnver (ails to respond to lender within 30 days after the dale such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to rentontion or rtpair 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 exteatd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. I8. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums secuttd 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 tune for payment or otherwise modity amortization of the sums xcure:d by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. -11. Forbearawce ~ Leader Nt>f a Wsiver. Any forbearance by Lender 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 procttrcment of insurance or the payment of taxes or other liens or charges by Lender shall not 6e a waiver of Lenders right to accelerate the maturity of the indebtedness second by this Mortgage. l2. Remedks C,roaWiere. 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. Stscccssors aael AsaiRss Sound: Joiat ~d Severd I.iabirfy; Capdons. The covenants and agreements herein contained shalt bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender acrd Borrower. subjext 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 aft not to lie fined to interpret or define the provisions hereof. - i4. Notice. Except for any notice rcgetirrd 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 certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to lender as provided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders 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 F Mortgage shall be dexmed to have been given to Borrower or Lender when given in the manner designated herein. j IS. Uaitoro Mort~e: Goyentiag Law: Sevepbility. This form of mortgage combinex uniform covenants for national ux and ran-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 Property is located. In the event that any provision or clause of chic Mortgage or the Note conflicts with app{icabk law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given etlext without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be sevenbte. lei. Setrrower'a Co*y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the tune of execution or after recordation hereof. I7..Traader of flee ho'erty: Assuntptiort. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (a1 the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the crcatron of a purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a faint tenant or (d1 the grant of any kasthesld 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 Beech option to accelerate if, prior to the sale ex transfer, Lender and the person to whom the Property is to be cold or Iransferre:d 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 tech rate as Lendei 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 assumption agreement aceepte:d in writing by Lender. Lender shall release Borrower tram all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall malt Borrower notice of acceleration in accordance v.•ith 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 Burns declared due. If Borrower tails to pay such stems prior to the expiration of wch petted. Lender may, without further ratite or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Now-Uwttoant Covewetns. Borrewer and Lender further covenant and egret: as feAlo+rs: li. Accetlaotio~ Rewredia. lf;ue}t w provided M'aragrari 17 iereoft. tape Sorrawes'a Mwei oft awy ooveiaaat err agreewteat ere Borrower M tits Mete+tgage. iweitrerwg llte eove{waats to par wltei efiert ray taros aeesseaa ire tlda Meaetigare. Lewdetr prior fo ace:eierdiow star asap wettlce to Sernower aa'royNed iw psntgraplt 14 frereor speeUyia~: (1) tits fY+eaclr. (21 tie settee rapirei b acne sect Mead 13) • dale. act ksa thaw 30 days Craw the elate fire aerdce V feared to Mrrower. fry whk6 sect Mcacit ooR be awacd; aai (n that taihrre to eesre wci frretaei enr err before the flake gecNea V the aertke eray restrN 4 acceleratfow oft ere tttwra ttee:tased fey tIW MerrtgaRe. for~ecloaare fry jadicW NoeeteiM[ teed hale et flee rr+erQerly. Tie wetke shat beefier iatorr Borrower er[ ere right to relwstste after accekrMbw awe tie rlgUt b avert b tfre torselaaae tic wow-a:MeaaY d a ektaait or aq atlrer defewse o/ Sorrowa~ to sccekrstba ,titi torteloatrn. Ir the MrxM Y act ate! caw err beterre flee dale yeclied `tire esotke. Lewder at l.ewtlers erpba Tway Aeehre err d tMe twee aeewred try 1Na MorfpRe M k faaoedhtely dtre erred payable wifhoal terrtlrer dea+and trod wary foreebte tfrls Mort~e h' jerdicW }roeerediag. Lender sleet be eetr2illd ro a~kCt b weft poaediag r expenses of foreclosure. iaehrdiag. Mat eat rattled tetti reaaoaabie starner's feces. aa8 ears4 of dean:~seMary eviiewtt. abatraeb awd title r+eprts. 19.. lsorrtawea's RfgMt b RdarRate. Notwithstanding Lenders acceleration of the sums secured by tht• Morigagt. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time r~K ~~7 ~ 4ll Rnnr.