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HomeMy WebLinkAbout2082 .••s ? • • • t J , ~ .j~j~ Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance prsmiums rn the manner provided under paragraph 2 heroof. Any amounts disbursed by lender pursuant to this paragraph 7. wish interat thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless BorrQwet~p~ ~eptler agree to other terms of payment, such amounts shah be payable upon notice from fender to Borrower regtyittpg~ayment thereof, and shall 'near interest from tl'ie date of disbursement at the rate payable tram time to time on artstanding principal under the Note unless pa~rrrrertt 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 itrcur any experae or fate any action hereunder. g. Iaspeetiow. [.ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice pricer to any such inspection specifying reasonable caux therefor related to tenders interest in the Property. 9. Coodewwatiow. The proceeds of any award or claim for damages, direct or consequential, in connectiotr with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are botchy assigned and shall be paid to Lender. in the event of a total taking of the Property, the pracecds shall be 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 Louder otherwix agree in writing. there shall tx applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the same secured 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 pr~oeeeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemrwr offers to malts an award or settle a claim for damages, Borrower fair to respond to [_ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at lender's aption, either to ratoration or repair of t6o 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 date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the atnarnt of such installments. 10. Borrower Nof Retitwed. Extension of the time for payment or modification of amortization of the sums secured 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 c successors in interest. Lender shalt not be required to commence proceedings against such successor or refuse to estend time for payment or otherwise modify amortization of the sums secured by. this Mortgage by reason of :rny demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance lry bender Not a Wsiver. Any forbearance by Lender in exercising any right or remedy heretmder, or otherwix afforded by applicable law, shall sot 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. Rearedits Crn?rlssf?e. 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 tx exercised concurrently, independently or successively. 13. Swccessors and Assigns bound; Joint sad .Several I.iabiiily; Captions. The rnvenants and agreements herein - contained shalt bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender strd 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 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 bt: given in another manner, (a) any rwtice 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 Tender as provided herein, and (b) any notice to Lender shelf tre given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate by rratice to Borrower as provided herein. Any notice provided for in this Mortgage shall tx deemed to have been given to Borrower or Lender when given in tht manner designated herein. lS. Uwifonn Mortgage; Governing Law: SeverabBity. This form of mortgage rnmbina 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 be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clatrx of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the ronAicting provision, :nd to this end the provisions of ttre Mortgage and the Note are declared to be severable. 1f. bon+awcr's Copy. Borrower shall be furnished a conformed cop}' of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. ,Trsusder of the Property; Assumption. If all or any part of tht Property or an interest therein is sold or transferred ty Borrower without Lender's prior writrrn consent. excluding (a) the cneatan of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interat for household appliances, (c) a transfer by devise, descent or b)+ operation of law upon the death of a faint tenant or (d) 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 ti. be ca1J ar 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 arch rate ac Lender shall request. If Lender has waived tlx option to accelerate provided in this paragraph 17, and if Borrower 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 acceleration in accordance with 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 sums declared dug. If Borrower faits to pay such arms prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lg hereof. Note-UrvraFoteur Cova?rvarrTS. Borrower and Lender further covenant and agree as follows: lg. Aceeleratlo~ Rewsrks. Esctlt as provided is paragraph 17 hereof. tspw borrower's ireaei of a.y covesrawt K agreeweN of borrower d tis4 Mortgage. Iwcltrriag the covenants to pay whoa rue any stn's stcarei ty this Mortgage. i.ewrer prbr N aecekssdow shad wail notice to borrower as'rovired iw paragraph 14 herteo[ s~}eeitflag: p) the breach: ft) the setiow rgtrirsi b care wet Itr+ach; (3) a Babe, sot tics than 30 days crow the rate the wotiee ie tearer fo harrower. h!' whki sash flseach rwwst rte eMr'r' awe (4) that taNnre Io care wch !reach on or before the date specNal b the works say toss!! r aecekratiew of the wtws treerrred by this Mortgage. fereciowre tsy jadkW poeeeiMtg sat sale o[ the If'rorerty. The wetter char trriher htorw borrower of tits right to reias4ate sfter accekratbw gar cis rititt bo arnert i• tie torselesrae psoeseiwg tie wow-s:Wewee d a retawk or a•f other rttnae oft borrower to acccleratiow awn toreciosaa. >t the ireaci is wot ewrttr ow ar 1tKtas+e the rats sreeliei i• tie twtke, Lewder at I.ewiier's eptiow way reciar+e ar of fie wars seesrsr iy fhb Mortgage fw k itwwrerirrfely ewe awl payable wifhowl tnrther demand and way foretfose !tale Mortgage t1y jwricW pneeedirg- Leader shat W asflder to eareet r weh'rocetrirrg V eapewsa of forecloswre. hsciariag. titrrf sat rwrifer Mr reaeanahie sttwrrer's fees. swr eosbs of roer-•wewtarf evidewce, a6Rracts awe tick repels. l!. horsowa's Rljlrt to Rei¦statt. Notwithstanding Lenders acceleration of the sums secured by thre Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time BOOK PAf~(.V~