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HomeMy WebLinkAbout0597 • s - .r- ~~:1 L.~~.a ' ; ~ _ . ~ Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance pt+emitams is tine 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 I.enfkr agree to other tert~s of paymetat. such amounts shall be payable upon notice from Tender to Borrower requesting payment theregf~t~`s~ ~ar interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa~rtrteett of interes! 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 require Lender to incur any expense a take any action hereunder. fl. iaspcctios, Lender 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 specifying reasonable cause therefor related to I.endePs interest in the Property. 9. Gasdetssstiow. The proceeds of any award or claim for damages, direct or rnnsequential. in connection with nay . condemnation or other taking of the Property, or part thereof, or for conveyance is lieu of condemnation. are hereby assigned and shall be paid to Lender. ` 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 Leader otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pmeeeds ~ ; as is equal to that proportion which the amarnt of the sums secured by this Mortgage immediately prior to the date of taking bean 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 Bor:ower. or if. after notice by l.cnder to Borrower that the condemnor offers to matte ' an award or settle a claim for damages. Borrower fail. to res~nnd 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 d the Properly 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 hereof or change the amount faf such installments. 10. Iorrower Not Released. Extension of the time for payment or modification of amortization of the sums scented 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 requirrd to cotnrneraoe proceedings against such successor or refuse to extend lime for payment or otherwise modify amortization of the sutras secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearasee br Lewder Not a Waiver. Any forbearance by Lender in exercising any right or remedy heteemfkr, 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. Rewaedks Ctamahatlve. 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. Ssccessors swd Assigns Eousd; Joint and Several I.iabilNy; Captions. The covenants and agrexmenis herein ' contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender cad Borrower. subject to the provisions of paragraph 17 hereof. Alt covenants and agreements of Borrower shall be jolty and several. The captions and headings of the paragraphs of This Mortgage art for convenience only. and are not to tk 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 other address as Bormwer ri~ay designate by notice to i~nder u provided herein, and (b) any notice to Lender shall he given by certified mail. return• receipt requested. to t.endst'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 Bormwer or Lender when given in the manner designated herein. ~ 1S. Uniform MortgsBc; Governing 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 bt 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 conftiets 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. 16. Borrower's Copy. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the tithe of execution or after recordation hereof. ~ 17..Tt~sder of the >rropertr; Asssrwptios. If aH or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding lal the creation of a lien or encumbrance wbordinate to ! this Mortgage. (b) the creation 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 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 colt 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. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interest has exceuted a written aswmption agreement accepted in writing by Lender, Lender shall release Borrower from all obljsations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in aceordanc~ with psrasnph 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 expiation of such period, r [.ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. § Note-UNIFORM CovEtvetvTS. Borrower and Lender further covenant and agree as follows: 11R Atcekeatbs; Resaedia. Except as provWed i• pusgrapr 17 rrreot. ttpos iornwee's keeoela of nor efaveaarrt far agreement of dorewwer d trit Moetgsee, fwels~arg tie covenants to pr wrt~ doe car ssrss stxarfti rr tW Matgsge. Lesser -prior to scedorstbs sraM wail sotlce to Borrower as provided Iw paragraph 14 rereo[ sroetfritag: (1) ~e keeseM;12) ere setios E ~ b eme soela keener: (3) s rate. sd las tlasw 30 days frorw ere date ere sotke r fussed M llsnower. k!' wrkr snot keener msM bt esreeit stir (4) trst tailsrs to cstre ,.rr tareacr ow or refore ere date spaeldei Ms ere wodee roar eosslt i• accderatios o[ ere status sectrred 6r Iris Mortgage. foreclosure ti' jsdkW *roeseriRg afar sale fat tie >rr~opertr. Tine sotke stall fsrtrer idors lorro+rer d ere triRM to reltutate sfter acceleratfos swd ere rlgrt b avert M ere tsrstlosset NeeeefBrtg ~e sow•e:idesce of n fktnsN or swr fatter rdcwre of 13orrowfrr to aceekratbw and teredowre. a ere krenr? is set ester ss far bdore ere isle s'eelied f• ere sotke. Lewder at l.ewder's option rear declare cat o[ ere sttuets soonest k!' Iris MsrtpRt b lee iwwee~r dse ass psrsMe witbost trArer demand and twsr toroclose Iris Moe~age b jsrkW p+seeerfaR. Lender~xraN be estlfler to eoBeet V her N V a:posses of foreclostre. fseltadiwg. lest set ~ r. eeassrasik sttwaaev's fses. asrYOSts fat rseat~eshrr eviresee, sbstrscb awr tick reports. Ip. •orrowea's R1grt to Reinstate. Notwithstanding lenders acceleration of the sums securtd by thy. Mortgage. , Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time f