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HomeMy WebLinkAbout0201 Lender's written agreement or applicable low. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided under paragraph 2 hereof. .Any amounts disburxd by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other, terms of payment. such amounts shall be payahk upon notice from Lender to Borrower requesting payment thereof, and shall beam interest from the date of disbursement at the me payahk from time to time on a?tstanding principal under the Note unless pa}rment 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 contained in this paragraph 7 shall requiro Lender to incur any expense or take any action hereunder. s. Iwspectioe. Tender may make or cause to be made reasonable entries upon and inspections of the Property. provided that T-ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. 9. Cowdemnatbn, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Properly, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Ixnder. In the event of a total taking of the Properly, the prcxecds 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 Larder otherwix agree in writing. there shall bt 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 Morlgage immediately prior to the date of taking bears to the fair market value of the Properly immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Properly is abandoned by Borsower. or if- after notice by 1_ender to Borrower that the condetntror oRets to make an award or settle a claim for damages. Borrower fail. to respond to Tender within 30 days after -the date such rrotioe a mailed, Lender is a??thorized to collect and apply the proceeds. at Lender's option, either to testontion 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 dart of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. - 10. lbrrower Not Reksesed. Extension of the time for payment or modification of amortization of the sums atxtrted by this Mortgage granted by Lender to any cusses-tor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrowc~ c s??cccssors in interest. Lender shall not be required to commence proceedings against such successor or reface 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. T1. Forbearawce by Lewder Not a R?sjvcr. Any forbearance by Lender in exercising any right or remody herctmder, or otherwix afforded by applicable law,-shall not be a waiver of or preclude the exercix 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. Reracdks ComwlaMre. All remedies provided in this Mortgage are distinct and cumulative to any other tight or remedy under this Mortgage or afforded by law or lquity, and may be exercised concurrently, independently or successively. ' 13. Swccessors and Asaigws Bound:.joint snd Several T.iaM7ity; Capfiows. "I7re covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several. The captions-and headings of the paragraphs of this Mortgage are for convenience only and are not to lie ?aed 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 Mortga¢e shall be given by mailing such notice by certifkd mail addressed to Borrower at the Properly Address or at such uther address as Borrower may designate by notice to Tender as provided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. to T-enders -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. IS. Uniform MorlRaRe: Gorerwing Law: Severability. This form of morlgage combines ?miform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument coveting l real properly. 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 Morlgage or the Note conflicts with applicable law, such conflict shall not aged other provisions of this Morlgage or the Note which can be given e0ect without the conflicting provision, and to this ! end the provisions of the Mortgage and the Note are declared to be xverable. 16. Borrowers Copy. Borrower shall be furnished a conformed cope of the Note and of this Morlgage at the time of execution or after recordation hertof. l7..Traaster of the Property: Assnmptiow. Tf all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior writ?cn consent. excluding (a) the creation of a lien or encumbrance subordinate to ~ this Morlgage. (b) the crcatton 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 joint tenant or (d1 the grant o[ any leasehold interest of three years or less not containing an option to purchsx, Lender may, at Lender's option, declare alt the sums secured by this Mortgage to be s immediately due and payable. Lender shall have waived such option to aceelerate if, prior to the sale or transfer, Lender F and the persar to whom the Property is to be SoIJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intenwt 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 Borrowtr's successor in interest has executed a written auumption agreement accepted in writing by Lender. Lender shall release Borrower from all obljjations under this Morlgage and the Note. ~ Tf Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in- accordancti s+•ith paragraph 14 hereof. Such notice shall provide a period of rat Tess than 30 days from the date the notice is mailed within which Borrower may pay the sums doclared due. If Borrower fails to pay such sums prior to the expiration of wch period, bender may, without further notice or demand on Borrower, invoke any remedies permitted by paragrapfi lft hereof. NoN-UNIFORUt COVENANTS. Borrower and Lender further covenant and agree as follows: - la. AceekraMow; Rewedka. Except sw provided iw pwsagryr 17 rereo/. trpw Borrowers 6rewcr of owe cerewwN K agreeswewt of Borrower b refs Mortgagq iwdwdiwg the eorttwwwts to pY whew dwe ry ttwws seewred r7 refs Mortgage. Lssrier i prior to wceekrwtlow slur wail wotice to Bonrwer as prorNeA Iw pragrapr 14 rereol speclirlw~ p) the rtrewer: (21 ire setlsw j rgrkei to ewre..er >trescb; (3) w dale..ot ksa craw 3o dars tr+orw ire dsfe tee .otke r wrafid to BKrwwer. rry wrkr serer newer mwtR be etsrei; awa (4) teat taibre to scree strcr newer ow or retara trc date apcelred iw tee woMa way resrrN d aecekratiow d tee wms s+ccwrd by tris Morfgage.~twe~ioswre ti jwdkW poeesaiwg wwi sole of tee rroperty. TM watiee ~ srwY brtrer iwtorm Borrower of tee rf,Rrt m reiwstate dter wccekratbw sera tee right b atwM i• tee tosseleaae psoeee~ tee tww-a:istewce at a detawit or wwy otres ietewse of Borrower to wccekrwtiow awd toreelowwrc. K tee 6reaclr tr sot ewse! at or before tee thle spefiied i. ire srotice. Lewder at l.ewders opbw wear aeclort a• of Mee swrtra seewrei h Mds MortiwRr a be iwwediwtely dire awi prablc witbwt ttrrtrer demand and wear /or:ciose tMs Mortgage b7 jwdkhl peetts~lwlt. Lcnda .ear be ewtlMed to cored V swcr proceedirr~ s¦ a:pewses of foreclosure. iwclwdiwg. bwt wN 1~ a. neasowaMe stturseYs fees. ~ wwd costs of ioeuroewtary eriaewce. wbstrwets wtt~ lick rtporb. - 19. Bon~t?wa's Rfgrt to Relwstate. NotwithstandinE Lenders acceleration of the sums secured by thr_ Mart;age. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~~rr~n~ s'Sf1J'