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HomeMy WebLinkAbout1069 Y' ~yt~,i'1 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage inwrance premium 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 agtoe to, other lprms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment th~taoA and 4h bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa`yrtgatt 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 require Lender to incur any experae or take any action hereunder. >s. Iwsrectiow, Lender may make or cause to be made rcaconable entries upon and inspectioAs of the Property, provided that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. - 9. Cotudeswwwtlow, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc 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 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 amatnt of the sums xcured 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 1_ender to Borrower that the condemnor offer to make an award or xttle a claim for damages, Borrower fails to respond to !.ender within 30 days after the daft such notice is mailed. Lender is authorized to cdlect and apply the proceeds, at Lender's option, either to restoration or repair or 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 shah not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 het+eof or change the amount or such installments. 10. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sum secured by this Mortgage granted by Lender to any cuccecsor 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 time for payment or otherwise modify amortization of the sums secured by this Mortgage by mason of any demand made by the original Borrower and Borrower's successor in interest. 11. Forbearwwce bl' Lewder Not a Walver. Any forlxarance by Lender in exercising any right or remedy hereunder, or otherwix afforded by applicable law, shall nc+t be a waiver of or preclude the exercise of any such right or remody. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Letder's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewredies Cturwhdve. 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 exercised concurrently, independently .,r successively. ' 13. Swccessors acrd Assitws sodrsd; Joiwt awd Several I3abRity; Capfbns. The covenants and agreemxnts herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and xvenl. The captions' and headings of the paragraphs of this Mortgage arc for- convenience only and are not to tk 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 Mortgage shall be given by mailing such notice by Certified mail addressed to Borrower at the Property Address or at such dher address as Borrower may designate by notice to 1_ender ss 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 i 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. Usiform Mortgage; Gorerwiag Law; Serenbility. This form of mortgage combines uni[orm covenants for national use and non-uniform covenants with limited variations by jurisdiction to cotutittrte a uniform axurity instrument covering ~ real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the E event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not alfed i other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision. and to -this € end the provisions of the Mortgage and the Note arc ckclared to be severable. 16. ¦orrower's Cory. Borrower shall be furnished a conformed cop} of the Note and of this Mortgage at the tithe of execution or after recordation hereof. 17..Trasrrrer or the >rrorenr; Asawmptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a? the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase monep security interest for household 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 IeasehoW 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. Leader shall have waived such option to accelerate if, prior to the sale or transfer, Lender j and the person to whom the Property is w be colt or transferred reach agreement in writing that the credit of such person i 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. i[ Lender has waived tiro option to accelerate provided in this paragraph 17, and if Bortrower's successor in interest has executed a written auumption agreement accepted in writing by Lender. Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in accordance wnh s puadnph 14 hereof. Such notice shall provide a period c+f raw less than 30 days from the daft the notice is mailed within which Borrower may pay the sum 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 IR hereof. Noty-Uxtrotent CovtrtentTS. Borrower and Lender further covenant and agree as tolkrvs: j lt. Accderatior. Rawcdks. Bttcert s rrorfaed ti rwagrarA 17 Iter~sor. oro. Itorrowars Masch er aMy corewawt or ~ agreaasewt of lorrower f• fltis Mentrste. iwclw~wt tre corewwwts to rwy whew dwe aq sass secured yr eki Morltate. Lewder t rsior a aeederatiow di wrap wotke to •orrower a rrorided fw rorattapM 14 `erect sreeltylw~: (1) pst rtseocr: (2) tlse setiew rgwiee~ b etae saver fir: (3) w drs, wot las Ntus 3tl days ts+aw fire date tlse wofke rs walled to Borrower. ~ wltkr stsclr Breach •oM k ewssd; awd p) that hilwse to crave stsclr brescls ow or `close trc date geclkd i• tlse wotke twat' reswlt b scceleratiow o[ tre swms sscwrsd 67' tYs Montate. resccloswre h' jwdkW rroessdirtt turd swig o[ the Troreny. Tire wotks dear rwrtrer htorm •orrower of t<te rtglrl to relstshte after wccekrotbw snsd the right b ttrcn r tre toneloswe reeeee~ttt tAe wow-ezistewce of w ierstoit or a¦y dher /elcwse or >sorrower to accekratiow awn loreebwre. Ir the 6rexh is wet cwse/ o¦ or bt:tore Itte dMe studied i• tlse wotiee. Lewder wt [.ewder's ertiow way declare aB or tlse tww¦s sttewnd ~ Ibis Mert;ttte N lee iw dw s~wti rwywik witltotsl fwnlser demand nwd why toreelose tlsis Montage ~ jtsdleW rroceedlwt. Lender s1raM be eMWed to collect <w wci rroeeediwt teat espewses at toretioswre. Iwchsdiwt, bwt tot ~ ~ saasowaMe stt~xAer's fees. awd oats of ioc.-!tseNary eridewes. alstrwels awd title rttrorls. 1!. Ror>rowes's Rltlrt N Reistate. Notwithstanding Lenders accekratan of the sums secured by this Mrngage, Borrower shall have the right to have any proctedings begun by Lender to enforce this Mortgage discontinued at any time l:DA~~ _