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HomeMy WebLinkAbout2088 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premitums in the manner provided under paragraph 2 heroof. Any amounts disbursed by !.ender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage- Unless Borrower and t~etld~r,~poe:tQ other terms of payment. such amounts shaft bt payable upon ncWice from [.tinder to 8orraWrer requesting pa rat thcxdof, and shat! bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa'ymatt 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 expetaa of fate any action hereunder. fi, Isspecliow, Lender may make or cause to be made rcasoriabk entries upon and inspedioru of the Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to LertdePs interest in the Property. 9, Cowdemwatios. The proceeds of any award or claim for damages. direct or consequential, in rnnnection with any condemnation or other taking of the Property, or part thereof, or for conveyance in 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 be applied to the sums secc+red 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 writittR, there shalt tx applied to the sums sec++r+ed by this Mortgage such proportion of the proceeds as is equal to that proportion which the ama+nt of the sums secured by this Mortgage immediately prior to the date o[ taking tFars to the fair market value of rho Property immediately prior to the date of taking, with the balance of the proceeds paid to grower. If the Property is abandoned by 8or:ower. or if. after notice by lender to Borrower that the condemtar offers to nnate an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such rwtice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, eitMr to restoration or repair of tie Property or to the sums secured by this Mortgage. Unless Lender and Borrower otfierwice agree in writing. any such application of proceeds to principal shall not extend or postpone rho due date of rho monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments le. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums aecurtid 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 Brrrowcr c successors in interest. Lender shall not be required to commerxae proceedings against such successor or refuse 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 Borrower's successors in interest. 11. For6earawee try Leader Not s Rraiver. Any fnrhearance by Lender in exercising any right or remedy herttmder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or ranedy. The proctrrcment 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 indehtedness sec++red by this Mortgage. 12. Rewedks Ctirwslstirs, 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 concurrentty. independently or successively. ' 13. Ssceessors ar.d AssiRws Bound; .Iciest raid Seved l.iabilitr; Captions. The rnvenants and agreements herein contained shalt bind, and the rights hereunder shall inr+r~ to. the respective successors and assigns of Lender seed Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jary and several. The captions ~ and headings of the paragraphs of this Mortgage arc for convenience only and ate not to tk used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcgt+ired under applicable l:w 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 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 Lender'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 Borrower or Lender when given in the manner designated herein. 1S. Uwifons Mortgage; Govcreiag Law: Severab8ity. 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 be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause 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 oonAicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. tf. ¦omower's Co'r. Borrower shall be furnished a conformed rnp}• of the Note and of this Mortgage at the tithe of execution or after recordation hereof. 17..Trasder of ere >rro'ertr: Assumptiow. if all or any part of the Property or an interest therein a sold or transferred by Borrower without Lender's prior writrrn consent. excluding (al the creation of a lien or encumbrance .wbordinate to this Mortgage. (b) the crest+on of a purchase money security interest for household appliances, (c) a transfer by devise. descant or by operation of law upon ttx death of a joint tenant or (d) the grant of any leasehold interest of three yeah or less not containing an option to purchase, Lender may, at Lender c option, declare all the sums secured by this Mortgage to be - immediately due and payable. Lender shall have wrired such option to accelerate. if, prior to the sale or transfer. Lender and the person to whom the Property is to be told 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. Tf 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 accepted in writing by Lender, Lender shall release Borrower from all oblj`ations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aecordancc trirh paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice a mailed within which Borrower may pay the sums 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. Mort-Ut+tt=ortr?r CoveNerrrs. Borrower and Lender further covenant and agree as fellows: ii. Acedentios; Rerwe~a. Escept as provNed h puagrapb 17 Ireeeot. tspw Borrrwers rttaei of awe cor+ewast K agrtewsest o[ !chewer b tits Mortgage, iaclsiiwg ere coewarNs to rr wires l.t soy sans aeewrei y tlds Morgpige. Leaser pries M accderstlos s1W wail wotice to Borrower aa'rovNcl b psragrapr 14 iertof s~eelfrisgz (1) ere engage; (>h ere settees rgsirel Io ewe seer rrtaer; (3) a dMa. rat less tlias 3A days trees tie late ere work: Ir waged le Borrswer. err wttki sscr iresci rwM M tail: ass (I) flat hWrt to ewes serer rreaelr os or refoet tie date gecYel r ere wotke way resit d secderadors d tie ssrrrs secw+d by eels Mortgage. tortclossre b 1~ !r'oeeelirr[ sat sale 01 tie t'ro'erfr. 'ilte settee dtsB tsrtier tstorrs Borrower of tie right to refwstate after sceekrMiow swi tie rtgrt b asseA f• ere toredoasrs proete~sg - tre sow~e:Hence oft a letaslt or ~r otter lettwst of Borrower to aceekratbw awl tortclossst. N tie irrtaci r root cw+el ow err before tit Lee gecifiei i• tie sodce. Lewder at Lender's oltiow war 8eetsre a/ d ere strews stesrti b tits Morlgrtgt N re iwsselisMlr lrse awl psrsMe witlast tsrther demand and roar tortelose ells Mortgagt b jrsiieW /rretedtrM. Linder srafl be esWiel to collect i• ssei rroceediwg V txpewses of forcclossrt. techiiwg. rst sot fiwNel b, reasotaMt s+lturr+ev's fees. asl teats of ioct.-~r evWesce. sbstracts art tkk rrprb. 1f. terrowa's RIgW to Reisstste. Notwithstanding Lenders acceleration of the sums secured by th+~ Mortgage, Borrower shall have the right to have any proceedings hegun by Lender to enforce this +Nortgage discontinued at any time t;R ut;01E~~ PAGE