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HomeMy WebLinkAbout0544 • , . ~ .i•, ~ - . ~ !_ender's written agreement or appGcabk law. Borrower shall pay the amount of all mortgage insurantx premiums in the manner provided under paragraph 2 heroof. Any amounts disbursed by Lender pyrsttant to this paragrap~t 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower an~ ltbadcr: agree to other terms of payment. such amounts shall be payable upon rx~tice from !.ender to Borrower regtresting payment thereof, and shall bear interest from the date of disbursement at the ratz payahk from time to time an outstanding principal under the Note unless pa}ta'teat of interest at such rate would t+e 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 expettse or fate any action hereunder. >l. isspectiow. 1_ender may make or cause to be made reasonable entrits 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.atder's interest in the Property. 9, Cotndetmnatbw. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or other taking of the Property, or part therm(, ar for conveyance in lieu of condemnation, are hereby assigned and shall be paid to !.ender. In the event of a total taking of the Property. fhe proceeds shall tx 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 otherwise agrre in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pt+ooeeds as is equal to that proportion which the amount of the same secured by this Morlga~te immediately prior to the date of faking bears to the fair market value of the Properly immediately prior to the date of taking, with the tularttx of the proceeds paid to Borrower. if the Property is ahandaned by Barsower. or if. after notice by lender to Borrower that the condemnor offers to mate an award ar settle a claim far damages. Borrower fails to respond to lender within 30 days after the date such notice is malted. Lender is authorized to collect and apply the proceeds. at lender's option, either to restoration or repair of the Properly ar 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 changt the amount oI such installments. - 10. Borrower Not Rekssed. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by [_cnder to any cuccecsor 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 required to eorrtrrtertce proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums secured by this Marlgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any fatfiearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shalt not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tars 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 chic Morlgage. 12. Remedies Cumuht~e. Ail remedies provided in this Mortgage are distinct and cumulative to say other right pr -remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently, independently or successively. 13. Swecsssors and Assigws Bound: ,Joist and Screed liability; Captiows. The covenants 'and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender attd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several. "ilte captions ~ and headings of the paragraphs of chic Mortgage are for convenience only and are not to lie 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 Martga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as 8orrawer may designate by notitt to i.ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to !_ender's address stated herein or to such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Harrower or Lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing taw; Sererability. 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 shag not affect other provisions of this Mortgage or the Nate which can be given efTect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate are declared to be severable. 16. 16ortrower'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. , Trsader of the Property; Assumption. if all ar any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the oration of a lien or encumbrance subordinate 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 (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 wham the Property is to be cold ar transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inter~~et payable on the sums secured by this Mortgage shall be at such rate ac 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 alt 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 due. if Borrower fails to pay such sums prior to the expiation of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. Norr-UNtcoanr Cove>vetvrs. Borrower and Lender further covenant and agree ss follows: lei. Accekratbw; Retwedtes. E:ceps s provided iw pragra'h 17 hereof. wp¦ lorrowda bneaeh of wwr coewt K agreeeewt oft )dorrower Iw this Mortgage. hxhdiag the corewaats to pr whew dwe awy sttnrta steed bf gds Mortgage. Lewder priior h aecekratbw shah wWl wotke to )dorrawcr as prorWcd iw pragrapA 14 hereof rleelfrtag: (1) the breach; (21 the actiow reywLed b cwre loch breach: (3) a daft, woe Less thaw 38 days tram the date the notice r twsRd fe lorrower. by whtich such breach ~trt be cwred; awd (q that failrre to cwre swch breach ow or before the date geclRed V the wotke way rtwlt b aceekrMlow of the son stctored bl' thk Mortgage. forecloawre bf Jndkial proceedLtg awti sale of the Pr+o'ertr. The wtrtiee shalt farther hlorwr Borrower of the +IRa to rtisststt after acceleratiow awe the right b assert rw the totrecloswre proete~ttg the wos•existewce of a defatrlt or awe other defewse of •orrower to secekrdtow swd toreelowre. N the breach b woe cwrN a or ttetore the date spcciietl b the wotke. Lewder at I.ewder's opiow wear dechrs a• d the tratws secwr+ed b7' thls llfiortgage Ia k iottaediatety dwe awl prabk without [trrther demand and war foreclose file Mortgage h' jiwilrl.t pr+aceedMlK. Lender shap be ewtlded to eoQeet is awe! p»ceediwg aB a:pewses of forccbswro. hclwdiwg. bwt wN ~ ta, reasewabit stt•xtser's fees. awd costs of doet.•~ary tivWewce, abstracts awl tick reprts. 19. ionown's Right to ReMntate: Notwithstanding Lender's acceleration of the sum:: secured by th~a Mortgage, Borrower shall have the right to have any proseedings hegun by Lender to enforce this Mortgage discontinued at any time ~~r~K 326 PdGE 542