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HomeMy WebLinkAbout2552 F 1~ , Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance pttmiutns is the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, Prgh yt~pt~+thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender tigrtx to other terms of payment, such amounts shall be payable upon notice From Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa~ttneat 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 Tender to incur any expense or take any action hereunder. Iarpeetioa. Tender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Tender shall give Borrower notice prior to any such inspe:tion specifying reasonable cause therefor related to I,ender'a interest in the Property. 9. Coedewrestbw, 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, are hereby assigned and shall be paid to Lender. 1n the event of a total taking of the Property. the proceeds shall be applied to the sums scoured by this Mortgage. with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums scarred by this Mortgage such proportion of the proceeds ' u is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bars to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds - paid to Borrower. Tf the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor oRers to make an award or settle a claim for damages. Borrower fails to respond to Tender 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 of the Proper rty 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 of such installments. 10. Eorrower Not Released. Extension of the time for payment or modification of amortiution 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's successors in interest. Tender shall not be required to comrnenoe 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. ll. Forbearance ry Lestfier Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not ere, 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 tender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Resredks Ctretolati~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 be exercised concurrently, independently or successively. 13. Seceeasors sect Assigns lionsd: Joist sad Several T.isbilily; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir>j and sevent. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to tie uxd to interpret or define the provisions hereof. 14. Notlee. 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 Ix 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 Tinder as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's sddress 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 hertiirr. lS. Ueiforra Mortgage; GoreraieR Law: Severabfiity. This form of mortgage combines uniform covenants for national use and nonuniform 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 F event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not aged other provisions of this Mortgage or the Note which can be given effect without the confiictiag provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. i lf. lsorrowtrr's Cory. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trawsfer of fire Trorerty: Assaraptiow. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior wriacn consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the crcatron of a purchase money security interest for household appliances. (c) a tnrrsfer by devise. ~ descent or by operation of law upon the death of a joint tenant or (d) the grant of any kasehoW 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 vvrived such option to accelerate if, prior to the sale or transfer. Lender t and the person to whom the Property is to be co1J or transferred reach agrYenrent in writing that the credit of such person x 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 Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obljjations under this Mortgage and the Note.. ~ if Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekntion in accordance with para,~nph 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 arms prior to the expiration of such period, Lender may. without further notice or demand on Borrower. invoke any remedies pet~rrtitted by paragraph l8 hereof. Nor+-UNIFORM COVENANTS. Borrower and Lender further covenant and apse ss follows: lfl. Acederatio~ Rnwedia. B:cent as provYeti ie psragrapr 17 hereof. ttpoa /ort+swetta Meath taf awy cevessd K agreesteat of harrower b tits Martsage. iwcrdiag ere eoretsssls to ray wires tine say sear trt~wei r7' [iris MotlgrRe. ieweier rriotr N aceelerstlow slier rwW ewke to laon~swtrr as rro•ided M ptwBtarr 11 infect sreeltyieg: p) Air Macr; (2) ere sctisw t+pisti Os ettarc wer M+eacr; (3) • lisle, rtwt tins trsw 30 eisys frorw ere sate Nre notice r msYed Is )iattrower. r!' wrkr wer Marcr etnt M eerertlk rttai N) Ira[ fsilrrro to elm seer Maser oa ar refute ere date yecMtd M ere eotke ttasy catrlt M aaekratlsw a[ Ire war ucwed by trig MextgtRt. toaeclostrre h N'g try artk ~ ere h~oretly. Tie wetter rtlrsr (ertrer idotr~ lsortswer tat Ire tiRrl to telwaste after sccekrMbw srttt ere rlgrt b ttrM i• ere tetecfasett rtoeeeig Ire wow•sxWtwrce of a tietawlt or awy crier efidewstr of rorrower to acceierNfow awtl taeciowte. K ere inset Fa wet t~td a or Mgere tit: iNte sreciieti f• tie raotiee. Lewder at T.ewder's tsrlitnr Tway decline aB d ere trtttr steewred i!'tria Mselgare fps k irtweifstely tlrre swi rsyaMe wftlroN teutrer demand rand nay toreeloste trb Met~aga iT }ikW N~R• Lender dial! s be trttrZltlei N edlaet M wet rroeeetffrrg sr espeases rat foredoseret. iidr/irtB. Mrt wet rwdlai /s. tearowsik sttwser'a fen. swtt eatrts d ioer-~ry eridewn. abstracts trwd title rtrorts. ' 1!. Mnowes's Rigrt to ReiwMate. Notwithstanding Lenders acceleration of the sums sercured by this Mortgage, q Borrower shall have the right to have any proceedings begun by Lender to en[orce this Mortgage discontinued at any time Y 'AAA/ '~/1F~~ n r~nY - 1 O~r2~ / . l~~